Lake Oswego
Saturdays: May 16 - Oct 10
8:30am - 1:30pm
Millennium Plaza Park

West Linn
Tuesdays: Jun 2 - Sep 29
4:30pm - 8:30pm
1725 Willamette Falls Drive (between 10th and 14th streets)

Summertime is rodeo time in some of the nearby rural communities. St. Paul and Molalla have their big rodeo over the 4th of July weekend; the Buckeroo in Molalla holds several events throughout the summer including 4 weekends of the Willamette Valley Junior Rodeo Association (kids ages 2 through 18).

The 2009 Federal tax credit of up to $8,000 is a great opportunity for qualified first time home buyers purchasing their principal residence before December 1, 2009. Visit http://www.federalhousingtaxcredit.com/ to learn more and take advantage of the credit to buy a home this year. Here are some of the highlights:

• A first-time home buyer is someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid if you live in the home for 3 years.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Housing prices in our market started to decline in late 2007. The average Lake Oswego sale price fell 4.5% in 2008 and through the first 6 months of this year it has decreased another 13%.

Year	Average Sale Price	Real Buyers
2005	573,443	756
2006	682,144	634
2007	739,801	598
2008	692,828	384
through June 2009	563,862	146

We are in a strong buyers' market with sellers vying for the attention of buyers by beating the competition in price and condition.

In addition to the decrease in the number of potential buyers, those that can "afford" to sell are faced with competition from:

• undervalued bank owned foreclosures
• drama-priced "short sales" trying to avoid foreclosure
• new construction inventory with below market financing

Distressed Property Information -zip codes 97034 and 97035

Currently Listed For Sale in RMLS

Bank Owned Properties                                            10

3^rd Party Approval Required -short sale?                      46

 

From Real Quest Investor Data

Received Notice of Default                                         3

Date Set for Auction on Court House Steps               305

REO Properties -bank owned                                      10

Stricter appraisal regulations were enacted earlier this year resulting in lower mortgage appraisals.  Comps used for appraisal purposes have to be within the last 90 days and the appraiser must note that the local market is in a decline and make a deduction for that.  The standard Oregon sale agreement states, "If a new loan is required, this transaction is subject to buyer and property qualifying for the loan and the lender's appraisal being not less the than the purchase price."

Although we are in a challenging market, there are buyers looking and activity seems to be picking up.  Good homes, presented and priced well are selling.

by Mark Miller, Lake Oswego, Oregon Realtor®

Lake Oswego - West Linn Market Area
From RMLS published data

For the Month of December 2007
Active Listings: 762
New Listings: 100
Pending Sales: 71
Pending Sales 2007 vs. 2006: -5.3%
Closed Sales: 84
Average Sales Price: $667,000

Year to Date
Closed Sales: 1,434
Average Sales Price: $567,900
Average Appreciation: 7.8%*

*comparing the last 12 months (01/1/07 - 12/31/07) with the 12 months before (01/1/06 - 12/31/06)

by Mark Miller, Lake Oswego, Oregon Realtor®

Lake Oswego - West Linn Market Area
From RMLS published data

For the Month of November

Active Listings: 886
New Listings: 191
Pending Sales: 75
Pending Sales 2007 vs. 2006: -22.7%
Closed Sales: 101
Average Sales Price: $592,900

Year to Date
Closed Sales: 1346
Average Sales Price: $562,200
Average Appreciation: 5.1%*

*comparing the last 12 months (12/1/06 - 11/30/07) with the 12 months before (12/1/05 - 11/30/06)

by Mark Miller, Lake Oswego, Oregon Realtor®

With the winter weather settling upon the Pacific Northwest it's time to prepare your home for winter.  I posted this list last year but it is worth repeating; besides, I don't think people are searching through my old posts.

This list is not all inclusive, just some of the things I think of as we head into the cold weather.

• Shut off and drain outdoor faucets when you think a hard freeze is coming
• Learn how to turn off water at its source so you can stop leaks immediately if they start
• Take care of known issues with pipes that freeze. Heat tape can be used to keep them warm during extremely cold weather
• Close foundation vents when really cold weather is expected
• Drain garden hoses, roll them up, and store them inside
• Set sprinkler system to "off", turn off water and drain the pipes
• Clean gutters and downspouts
• Trim tree limbs that are hanging over or touching the roof
• Cover outdoor furniture or store it inside
• Have chimney inspected and cleaned
• Close fireplace damper when not in use

Emergency Supply List

• Candles, matches (or lighter)
• Flashlight, batteries
• Hand crank or battery operated radio
• Weather radio
• Extra batteries
• Bottled water
• Non-perishable food
• Hand operated can opener
• Paper plates, plastic eating utensils
• Paper towels
• Propane or charcoal for outdoor grill
• Extra firewood
• Fuel for generator (keep generator outdoors when in use)
• Snow shovel

by Mark Miller, Lake Oswego, Oregon Realtor®

Lake Oswego - West Linn Market Area
From RMLS published data

For the Month of October

Active Listings: 940
New Listings: 237
Pending Sales: 101
Pending Sales 2007 vs. 2006: -24.6%
Closed Sales: 98
Average Sales Price: $595,300

Year to Date
Closed Sales: 1240
Average Sales Price: $560,400
Average Appreciation: 3.8%*

*comparing the last 12 months (11/1/06 - 10/31/07) with the 12 months before (11/1/05 - 10/31/06)

November 23rd - 5pm - 8pm
Holiday Tree Lighting Downtown Lake Oswego
Lighting of of the giant Sequoia tree near Safeway on A Street and lights at Millennium Plaza Park

December 1st and 2nd - 9am -5pm
Holiday Market
West End Building, 4101 Kruse Way

December 1st and the 7th to the 20th
Christmas Ship Parade on Willamette River
Viewing at Foothills Park Saturday December 8th at 6pm

by Mark Miller, Lake Oswego, Oregon Realtor®

Lake Oswego - West Linn Market Area
From RMLS published data

For the Month of September

Active Listings: 1009
New Listings: 253
Pending Sales: 113
Pending Sales 2007 vs. 2006: -19.9%
Closed Sales: 81
Average Sales Price: $547,700

Year to Date
Closed Sales: 1140
Average Sales Price: $557,300
Average Appreciation: 3.7%*

*comparing the last 12 months (10/1/06 - 9/30/07) with the 12 months before (10/1/05 - 9/30/06)