Predictions? Need professional opinions on where the market is headed in Lake Oswego.

Asked by Jj, San Ramon, CA Mon Feb 8, 2010

Are we gonna bounce up or continue to go down in 2010? How about short term? Is now a good time to buy or wait till summer?

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Linda Heinrichs’ answer
Linda Heinri…, Agent, Lake Oswego, OR
Sat May 15, 2010
As a Lake Oswego Resident and Real Estate Broker, I can confidently say that Lake Oswego will always be in demand for discriminating buyers that want great schools, low crime, easy commutes and a small town atmosphere where family life, privacy and property values are a priority.

As with any major purchase, having the right professional that knows and understands the nuisances of the community so you can make an informed decision about your purchase is critical. There are some great deals, ok deals and not so good deals, but I can help.

If you are still looking for a home, please call me to discuss the opportunities out there and find out why my clients consistently say I have exceeded their expectations.

Linda Heinrichs, Broker
RE/Max Equity Group, Inc.
0 votes
Jj, Both Buyer And Seller, San Ramon, CA
Tue Feb 9, 2010
Ok... what I am looking for is right in the middle, I think.... My budget is from $400k to $600k (I know it is broad range, but I am willing to spend up to $600k if I can get a much better deal.).... Looking for a house greater than 3000 sqft. thx,
0 votes
Kris Simpson, Agent, Tualatin, OR
Tue Feb 9, 2010
Hello JJ
Lake Oswego has added a lot of new listings in recent months, and as previous responders indicated, there is no real way of predicting future sales in that area. If you are thinking of trying to use the Tax Credit for existing homeowners then time is of the essence. Plus lending rates, and FHA mortgage insurance rates, are going to go up very soon.

I have a statiscal sales report for Lake Oswego, and reports for other cities surrounding it, posted on my web site that may be helpful to you, as well as current single family home listings sorted by square footage and list price, which should easily demonstrate how much "bang for your buck" you can get at this time. Select the Featured Areas option to find this information.

If I can be of further assistance to you in your property search, please let me know.

Have a great day,

Kris Simpson
World Wide Realty, Inc
0 votes
June Lizotte,…, , Portland, OR
Tue Feb 9, 2010
Hello Jj,

L.O. continues to be an attraction, however there is much more thought going into the purchase of homes in price ranges over $400K. (you are the perfect example of that) You can certainly get much more house for your money now than ever before and a plan for long term living in such a purchase will surely prove to be an worthy investment over the long haul.

Having said that, and not wanting to repeat what has already been written (good insights) you can be sure of this....buyers who have been looking for their dream home have a better chance at getting it now than they ever had and making a move before interest rates go up (recent report indicates they are projecting they will go up by the end of next month) should be motivation to look at all that may be available and get locked in.

If you would like assistance from an agent experienced with relocations I would love to send you information about current available listings (including pre-foreclosures and REO properties). You can contact me directly if you need further assistance.

Until then, best to you!

P.S. Here is a little article that just came through today in REALTOR (R) MAGAZINE regarding the general feel nationally:

More Owners Optimistic About Home Values
The number of home owners who fear the value of their homes will fall in the next year declined to 15 percent in January, the lowest level since early 2007, according to a Thomson Reuters/University of Michigan survey published last week.

That’s a big improvement over the first quarter of 2009, when 26 percent expected the value of their homes to decline.

Home owners were less optimistic about gains in the value of their homes, with the average anticipated annual gain holding steady at 2.7 percent in January.

In January, 46 percent said the value of their homes decreased in the past year, while 14 percent said the value had increased.

June Lizotte, Real Estate Principal Broker
Providing REAL Service
June Lizotte Real Estate
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0 votes
Dirk Knudsen…, Agent, Hillsboro, OR
Tue Feb 9, 2010
Facts are facts.

Home over $1 Million are being hammered. Over $500,000 is very slow. Most financing is hard to come by.

I would expect LO to be hot in the lower ranges but the fact is it is a very expensive community. Having said that you could never find a better place to live. It really is cool.

If your able to pay over 1 Million you will be able to kill this market. But if you are paying that type of money you should shop region wide. We have a 8,000 SF all Custom on an Acre with $400,000 in landscaping that cost $2.4 M to build that we think a person can pick up for $1.3 M.

So your question is a great one but I would say is one that we should concentrate an answer around your price point.

I say buy sooner. The Rates are going up. That is the #1 factor to consider. Even more important than the price.

Thanks Jj and we will talk at yah soon.

Dirk Knudsen
Re\Max Circle of Legends
Re\Max Metro Gold
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Craig Loughr…, , Oregon
Mon Feb 8, 2010
I believe prices are probably leveling off. While I still see prices a little lower than they were at the same time last year, sales have been heating up. I am seeing shorter marketing times, along with more properties sold (compared to the same period in the previous year). Barring any changes in the economy (which could happen), I don't think waiting to buy is a good idea now.
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0 votes
The Stephen…, Agent, Portland, OR
Mon Feb 8, 2010
I believe you will be able to get better deals now while the market is much slower. I doubt highly prices will drop further in the summer, maybe they will next fall or winter, but not during the summer.
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