Compared to May, real estate activity in Lake Oswego picked up a bit in June, by 9%, but compared to last year, the market is still much slower, with 33% fewer homes sold year-to-date.

Sellers are choosing to stay put, enjoying the record low-interest rates they captured when they were as low as 2.65, compared to today’s 7.1+. (As much as that may cause us to pause, historically, the 30-year mortgage rate averaged 7.74% from 1971 to 2023, so we’re still under that). As a result, inventory remains low for the most part; although we are seeing a more balanced market in the $2M to $2.5M range.

For the sellers who do decide to list their homes, there is good news. There is a large pool of buyers out there and homes are going quickly if…

–they are priced right

and/or

–they work for a lot of people in terms of floor plan, updates

and/or

–they are a unique property.

Now more than ever sellers pay a price for putting a home on the market that doesn’t meet one of these criteria as buyers will swarm at first; however, if it doesn’t strike one of those notes, the property will sit and the longer it sits, the less desirable it seems.

Which means that now more than ever, it’s important to work with a local Realtor who really knows the market and can help you strategize and justify price as well as advise you as to how best to present your home to capture its highest value.

Questions about today’s Lake Oswego housing market? Give me a call at 503.939.9801, or email me at kevin.costello@cascadehassonsir.com. Together with my daughter, Riley, we are helping both buyers and sellers make their next moves successfully. We’d love to do the same for you.