April 2010 Home Sales Lake Oswego / West Linn

 

Residential

Homes & Condo

April 2010

Change vs.

Prior Month (Mar)

April 2009

Change vs.

Apr 2009

Available Inventory

1,049

(6.0 mos)

-5.41%

1,173

(15.4 mos)

-10.57%

Under Contract

175

53.51%

76

130.26%

Sold

101

10%

59

71.19%

Avg. Days on Market Solds

82

-27.43%

87

-5.75%

Median Sold Price

$390,000

-1.97%

$395,000

-1.27%

Lake Oswego / West Linn home sales see surge in home sales April 2010.

  • Under contract homes climb 130% year over year
  • Inventory is less than half what it was a year ago, reaching a new two year low
  • Homes selling faster with days on market dropping to 82 days
  • Median sale price declines

There is now just a 6.0 month supply of available homes on the market here in Lake Oswego and neighboring West Linn.  A balanced market is considered to be 5-6 months of inventory.  At 6.0 we may have an equalization of buyers to sellers, good news for our rebounding real estate market. 

If you are a  home buyer or home seller looking for local professional assistance with your real estate needs.  Call or ping me.  I would welcome the opportunity to earn your trust.

Roberta Nopson

info@Lakeoswegohomesellers.com   

www.RobertaNopson.com

HAFA rules helps Lake Oswego home sellers

Effective April 5, 2010 the new HAFA rules will join HAMP to help Lake Oswego home sellers.  What does this mean?

In simple terms – HAMP is the loan modification program for home owners trying to hold on to their home by reducing the monthly mortage.  On the other end of the spectrum is the new HAFA  program.  Rules put into place to speed up the process by putting guidelines into place for the short sale.

For Lake Oswego home owners that have attempted the HAMP program and were not successful with the outcome, now have an option to first attempt a short sale under the new rules of the HAFA program before foreclosure.

Lake Oswego home buyers of short sale properties also benefit from this new law as lien holders are now held to a time line to respond to offers and closing transactions.

If you are considering buying or selling a short sale property in Lake Oswego or the surrounding communities, call or ping me.  Let my knowledge benefit you.

Regards,

Roberta Nopson 

503-495-5231

Home Buyers $8000 Tax Credit

Tax Credit Time line is ticking – Are you ready?

The internet has brought the convenience of searching for a new home into our living room. These sites permit you to see currently listed homes and there are a lot of them. When you are working with an experienced local real estate agent he/she can help move the process along and save you a lot of time.

Knowing the market is my job.  Knowing what you want and can afford is your job.  Following these 4 short steps will help position your home search and together we will find your new place to call home.

1. Get Your Financing in Line:

Knowing what you can afford is the first place to start.  Talk to a reputable lender right away and go through the pre-approval process. Let me know if you need a good referral. 

2. Narrow Your Search:

Answer the two basic questions:  Where and how much.  There is a lot of inventory to choose from.  Where you want to live and how much you can invest is a must start.  Searching for your new home in Lake Oswego; friends have told you to look at value comparisons in West Linn; love the nostalgia of the close in communities of Portland Heights or Alameda? All nice areas. Once we narrow down we can look at commute time, schools, and other factors that make the community of choice a perfect fit for you.

3. Separate Needs from Wants:

There are must haves and then there are would be nice.  Be honest and realistic about priorities.  Start with the basics.  How many bedrooms do you need; is a separate space for play or office a need or a want;  Traditional home or attached townhome;  Single story or two story; need or want a basement.

4. Consider Condition:

Today, we hear lots about deals out there.  Many of the best values are homes that are not in move in condition.  Decide up front what you are willing to tackle to polish your ‘diamond in the rough’. Dated wallpaper in that mid century modern in Lake Oswego may be easy, but can you finance that fabulous West Linn home that has no appliances and even the bathroom fixtures are gone.

There are many points to discuss when preparing to seach for your new home. If you are ready to take the next step, call or ping me,  I would welcome the opportunity to discuss your real estate goals.

Roberta 503-495-5231

 

Still waiting to buy? That could cost your 1/2 point!

For those buyers sitting on the side lines waiting and wondering when to buy, the answer could be RIGHT NOW.  If you are planning on buying your next Lake Oswego home on any FHA product be aware of fee increases.

If you do not have 20% down and you were planning on the minimum of 3.5% down just in time to get the $8000 tax credit – you clock is ticking.

Effective 4/5/2010 Mortgage Insurance (MI) goes from 1.75% to 2.25%.  OUCH!

More news – Buying a foreclosed FHA home in Lake Oswego or West Linn?  You could get into it with as little as $100 bucks – yes $100 bucks.  FHA needs to move some homes.  Call me.

Being informed is my job.  Informing you is my job.  Helping you is my job. 

Working for you is what I do. 

Call me today.  Roberta Nopson 503-495-5231

Visit my main website at www.RobertaNopson.com