Lake Oswego Condos are hot right now. 3924 Carman Dr is conveniently located near I-5 and 217. It’s currently listed for $138,000 5058 Foothills Dr sits near the Willamette River and is listed for $179,900. Lake Oswego Condos are great way to own a piece of Real Estate in this beautiful community. Lake Oswego Condos are currently offered in all price ranges. Yes! ALL price ranges!!! We’ve seen Lake Oswego Condos for as low as $62,000 or as much as $2,590,000. People often ask us about HOA fees when considering purchasing Lake Oswego Condos. It’s important to hire the right Realtor who can answer your questions. She will help you understand what the fees cover. Don’t balk at the HOA fees until you understand where the money is going. HOA’s often pay for water, sewer, garbage, exterior maintenance, and some insurance. Sometimes HOA’s even cover things like cable and some utilities. Most important is a the reserves. Always verify that money is being set aside for major repairs and maintenance down the road. Lake Oswego Condos located in Mountain Park have an additional fee that is paid twice a year. This goes to run the beautiful rec. center that includes a swimming pool and work out facilities. So, be sure you’re comparing apples to apples when factoring this fee into your budget. Today’s prices and interest rates are at an all time low! Making this a fabulous to buy Lake Oswego Condos. Our team of experts is here to help you! From obtaining home financing, finding the perfect fit, writing a winning offer, inspecting the home and closing the deal! Contact Us if you are interested in buying or selling Lake Oswego Condos.
We may be there!! We are seeing inventory dropping and mulltliple offers on homes under $400,000. Just yesterday an agent came into my office and had to write an offer $20,000 above list. His client had lost 2 others home and did not want to be without a home!! If you are a buyer and working with us ask us about our 20 point multiple offer and how to win flyer…Case Schiller studied 20 top cities and their activity and it looks like we are inching up to actually getting close to appreciation instead of depreciation. Notice the graph I am posting…it looks like we are bouncing around the bottom.
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So what happened?!?!?!? On the second week of March 14 of our listings got multiple offers. One had 7, one had 5 and the rest about 2. All are pending. It was a whirlwind. And somewhat unexpected!! Our inventory dropped to 6.5 months of listings and the buyers suddenly came out! This is what we call the seasonal push! We peak in May and June for the most number of pendings of the year and close the most number of homes in August. We have started the upward movement of the bell curve for Oregon. So we are now trying to close 8 short sales (this will take many months) and 8 traditional sales on the board.
Our whole office is busy. We had a record 193 buyers who registered on our website last month and we are searching for another buyer’s agent. Cindy Nelson, our buyer’s agent, sold 3 last month and is working with about 14 more buyers for the next month or so. Know anybody who’d like to join a team? If you’re a seller you need to consider getting on the market soon to catch the wave. April is a month with both Easter and IRS day. Both days will slow to crawl and there will be a slight hesitation after April 17th for a few days as buyers recover from the shock of their taxes. But within a week they will be back out and gobbling up the inventory.
Let’s determine if you have an equity position. If you have purchased in the last 6 years then there is a chance that most of your equity has been absorbed through depreciation. The Portland Oregon Real Estate Market has lost about 34% of its’ value. 6.7% of that was in 2011. The predictions of the future show that we still have 5 million foreclosures that will be in 2012 and short sales abound. That being said we will see continued pressure for a downward movement on pricing. The forecast is that we will not stabilize until 2014 or 2015. It would be safe and conservative to say that if we begin new appreciation it will probably not exceed the national average of 4%. (The average from 1900 until today). Expect our market to drop another 5-10%..before the turn. That would mean we have 40-45% loss before we start up again. At a 4% increase per year after 2014 it will take another 10 years to get to 2008….(2024). Life changes…and decisions to stay or sell may come into view. Get the facts…Call us and we’d be happy to do the numbers and help you in this challenging market.
The Market Action Report was released Saturday and showed that the inventory for Portland, Oregon had dropped to 5.3 months. That means there is only enough homes to last for 5 months! In the market 5-6 months shows we have a balanced market between buyers and sellers. But that isn’t all there is to see! We have a market with 35% short sales. At any given time these homes have a chance they already have an offer on them submitted to the bank. It is probably about 50%. So assuming the math 35% of the market with 50% with offers adjusts the market availability down 17%…17% of 5.3 months is almost a full 1% (.9). So we really have 4.3 months of viable inventory. What’s this mean? It means buyers will have less choice, more competition and a faster pace to decide. Sellers will have a bit more leverage. It may mean they can be a bit more stubborn on pricing. It will be interesting to see the next few months trends with sellers. Will they get back on and try to sell? I’ll keep you posted..
We are looking at another similar year as 2011. Expect about 19,000 closed sales with 35,000 listings. All cash buyers comprise 25% of our transactions. It should take about 145 days to find a buyer. There are currently about 5,000 real estate agents in Portland. There are maybe 1,000 agents locally that actually make a decent living. Most of the sales go to these agents. Pricing looks like it is back to 2003. So more and more homes are beginning to slip value under their mortgages. In 2011 we had 23,000 homes resell , 1200 lots sell, & 2930 condos. Our net population growth was 1% in Oregon. The largest problem we have is family formation. It is measured by low or no employement. In other words children & parents are living more together than starting new households. People are bunching up in rentals. The goal of housing for the government was to make it more affordable. They wanted to move homeownership from a consistant 65% to 70%. So the government put pressure on the banks to lend to as many as they could. When we reached 69% the housing market crashed. Lenders had given mortgages to people who could not afford them and interest rates reset. Right now it is equally expensive to buy as rent. But rents appear to be rising. 2011 saw about an 8% increase. What is the advantage of buying? Lock in your rate! And your payments!! The average home in Portland is $220,000. I remember when it was hard to find one under $300,000!! The affordability index is at 14%…incredible!! It only takes 14% of your income for the payment!! When inflation hits….and it will..having a home can be a blessing…with fixed payments..
We are seeing a rise in apartment rents by about 8-10%. This was reported in the Willamette Week December 7, 2011. Portland has the lowest vacancy rate in the United States of the 10 major cities at 3.2%. Foreclosures are adding to the tension of housing needs. In single family homes we are seeing $100 to $200 more per month. Families that lose their homes to short sales and foreclosures are finding rentals reasonable compared to their previous mortgage payments of $2000 to $3000 per month. Rents in the Portland Area have been stagnant for 3-4 years. Landlords have felt the pressure too. Taxes have increased per year and yet they can’t raise their rents sometimes because they would not be competitive. My belief is that we will see even more rent increases in the next few years. It is apparent inflation will hit & costs to turn over a home will require more net income to landlords.