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.
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.
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