Real estate activity was up in Lake Oswego by almost 25% compared to last month with 51 homes selling as opposed to 41. The median and list prices were down slightly from the month before; however, the sale-to-list price held at 98%. At 170 homes sold year-to-date in Lake Oswego, we are still down 41% from the 286 homes that sold by this same time in 2022.

Here’s what we are seeing on the ground.

Bidding wars are not a thing of the past. We’ve been involved in (and won) at least two this past month (and one had ten buyers vying for the prize!) This is where an experienced and hyper-local Realtor earns his or her chops. Knowing what is a well-valued home and what it will take to get it is something that comes from knowing the market.

Inventory will most likely stay low as homeowners sitting on 2.65%-3.11% interest rates are hesitant to trade that in.

Buyers are out there, either all-cash or comfortable with the higher interest rates for the time being, anticipating they will be able to refinance down the road.

Some mortgage lenders have tried to sweeten the pot by offering loans at current market rates which can be refinanced later when rates go back down without having to pay the standard closing costs, which can translate to a savings of 2.5% to 5% of the loan amount. The terms vary from lender to lender so buyers should do their due diligence to ensure they fully understand the conditions of their loan and to ensure they are not paying more upfront for the “free” refinance promised down the road.  

Thinking about buying or selling a home in Lake Oswego? I’m ready to put my 30+ years experience as a Lake Oswego Realtor and homeowner to work for you. Give me a call at 503.939.9801, email me at kevin.costello@cascadehassonsir.com and/or check out my website.