Higher interest rates would have you believe that it’s a buyer’s market out there. But low inventory, particularly in the under $2.75M price range, means that well-priced homes in good condition are in demand.

Who are these buyers? Just within our clientele in the last month, we have a young couple moving up from California, a Lake Oswego resident looking for an investment on the lake, and another young couple relocating from Portland. We’re also working with an older Lake Oswego couple looking to downsize in a home with a view.

And they are not alone. In many of the homes they considered, there were multiple offers. So while the number of buyers at large is smaller than in 2021, the competition for a home priced at fair market value can still be stiff.

The chart below shows that the discrepancy in home sales between now and this time in 2021, is significant, and still falls 28% lower than where we were in 2022 with 297 homes sold year to date in 2023 compared to 412 in 2022.

How can buyers increase their chances of finding and getting the right house in this market?

First of all, work with a hyperlocal Realtor. Two of our recent sales were of off-market homes that we knew about because we are plugged into the local network of Realtors and residents. We also understand Lake Oswego value because we’ve worked this market for over 35 years.

Have a list of what’s most important to you in a home. In Lake Oswego is it a certain school? Easements? Being on the water? Close to the freeway? Big backyard or no yard maintenance? Main floor master? And then rank your criteria because in this market, you may have to make some concessions and it helps to know what you’re not willing to negotiate on.

Make your offer as attractive as possible. That doesn’t always mean offering the highest price. Sometimes the terms and conditions are what make or break a deal, like offering free rent back if that’s important to the seller. Again, an experienced Realtor can flesh out what might be the winning combination of price and conditions to put you in first position.

My daughter Riley and I would be more than happy to help you navigate today’s housing market and help you price your home effectively (if you’re looking to sell) or be a competitive buyer if you’re looking to move. Give us a call and let’s go over your situation. We’d love to make your next move your best one!

Kevin  503.939.9801 kevin.costello@cascadehassonsir.com

Riley   971.322.6205 riley.costello@cascadehassonsir.com

CHRISTMAS IN AUGUST ALERT –

We know it’s only August but the popular Tinseltown Trolley yuletide ride on the Willamette Shore Trolley complete with holiday lights, games, carols and a visit from a North Pole guest regularly sells out so we’d suggest you purchase your tickets as soon as registration opens at 10:00 a.m. tomorrow, August 7. Visit www.loparks.org or call 503.675.2549.