Wherever I go, people ask, “How’s the real estate market?” That was always the case pre-COVID; it’s especially true now during COVID. With the pandemic taking swings at many sectors of the economy, people wonder, “What’s it doing to the housing market?”
The answer is, “The real estate market is hot right now.” Part of that is fueled by supply. Realtor.com reported that housing inventory across the country had dropped 29% from a year earlier through the week ending June 20. And as I mentioned before, part of the activity is stimulated by people’s re-emphasis on where they live, thanks to so much time sheltering in place and the freedom that working remotely gives today’s professionals.
Lake Oswego looks very attractive to urban dwellers wanting more space to roam, quality of life, and value for their buck.
Known for higher housing costs compared to the rest of Oregon, Lake Oswego may not seem like a “deal” to some house hunters, but when looking at where some of our relocators are coming from, you can see why the demand is growing.
I currently have this home listed for $949,900 in one of Lake Oswego’s most desirable neighborhoods. It’s a 4 bedroom, 3.1 bath home with 3,749 square feet of living space and a backyard big enough to install a swimming pool.
When I dialed that price into property listings in Burlingame, California, (located in the San Francisco Bay Area and similar in median age, income and population), all that showed up were two condos like this one at $940,000 with 2 bedrooms, 2 bath and 1,080 square feet.
Another one of my current Lake Oswego listings is at $799,900 in the Rosewood neighborhood. It’s a 5-bedroom, 3.1 bath home with 3,516 square feet of living space with a private backyard patio and rights to three different lake easements. Those two condos I mentioned above are the closest thing you could buy for that amount of money in Burlingame.
If we step up in price and compare homes over $1 million, the trend continues.
Here is a brand-new construction home I have listed with a pending sale for $1,500,000 within walking distance of four lake easements. It features 5 bedrooms, 3.1 baths, 3,746 square feet and a covered patio with gas fireplace.
Would you rather live here or for $1,525,000 you could live in this 2-bedroom 1 bath Burlingame single family residence with 1,420 square feet and a backyard that needs some TLC.
So Lake Oswegans who already live here—count your blessings and count your property values going up.
And if you’re thinking of moving to Lake Oswego, give me a call at 503.939.9801, check out my website, and/or fill out the contact form below. You’re on the right track if you’re thinking of moving to Lake Oswego. Let me help make that happen!