Lake Oswego May home trends

The end of May has brought a stretch of lasting sunshine and some home buyers into the market.  Lock box activity continues to increase week over week as more homes are being shown to potential buyers. 

There seems to be quite the range in pent up home needs.  While April only had one home close over 1M, May has 5 that went pending.  Good sign for the Lake Oswego market, where the average listing price in hovering around 875K.

Don’t discount the other end of the spectrum, of the 63 homes that are now pending, 20 are under 300K.  Many condo’s in the Mtn Park area fall into this category and it is a good price range for the first time buyer  taking advantage of the $8000 tax credit or the investor looking for ready to rent properties.

Short Sale and/or REO (bank owned) still represent around 15-19% of the transactions here in Lake Oswego.  Not a segement for everyone, as it can really test your patience, but we cannot ignore this element as it pulls on pricing.  

If you are feeling the pinch and are considering your short sale options, give me a call 503-495-5231.  We can separate fact from myth.

$8000 for your downpayment – HUD says yes!

To sweeten the spring selling season – first time home buyers $8000 credit just turned to cash ~ for your downpayment that is… What are you waiting for?  Choice inventory – incredible rates – and now your downpayment. 

Maybe – not so fast.  HUD is working toward this but as of yet is not able to implement….

Take advantage of this excellent opporturnity – give us a call 503-495-5231. 

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

What’s selling in Lake Oswego

Hard to believe it’s May already and the home selling season is in full bloom.  With just over 600 homes on the market – one is sure to be what you are looking for!

April sales in Lake Oswego stayed in line with the trend we have seen since December with the average selling price still under 500K @ 473.9K.  It was a mixed bag of closings when we take a closer look;  23 total closings – 6 condos 17 single family homes.

Pricing was aggressive and looks like investors are moving back in the market as Cash is King – averaging 17% off original list price of the 7 cash closings.

Buyers with conventional financing are still able to negotiate an average of 10% off original list.  A few distressed properties also closed.   4 short sales & 2 bank owned accounting for about 25% of the transactions.

Lake Oswego Luxury homes are still quite slow with only one at 1.4M closing.  A contemporary view property up on Crestline.

Overall, whether it was a condo, sf home under 500K or in the 700-800K range, buyers are buying neutral easy to move in homes.  

If you are a home owner needing to get your home on the market – give us a call; 503-495-5231 or email info@lakeoswegohomesellers.com

one even at 1.4 for a view property up on Crestline.