The Lake Oswego housing market is starting to thaw. Just as the ice melted from last month’s storm, the freeze on homebuying and selling is also giving way to more activity.

Just in the last month alone, my daughter and I have been involved in sales that featured an offer that was over asking and one listing that sold in one day. And we are working with buyers who either have to move or have become acclimated to the new interest rate range, with sights on refinancing down the road.

Inventory still remains lower but sellers who want to move their homes still need to position themselves strategically. That means….

1. Pricing strategically. It’s important to work with a hyperlocal Realtor who can do a comparable market analysis, looking at things like location, condition of the home, certain desired amenities like main floor primary and lake easements, and when other homes sold. Comparable homes that sold at the height of the pandemic when the market was at its hottest are probably not the best reference points when dialing in a number that will attract buyers today. The median sale price in January of this year in Lake Oswego was down 22% from last year so be sure you or your agent are comparing apples to apples.
2. Putting your home’s best foot forward. This is not two years ago when it seemed anything on the market would fly. With interest rates where they are, it is costing buyers more to buy a home so they want a home that is move-in ready. Update as much as you can, improve your curb appeal, remove clutter, improve the lighting even if it just means getting brighter light bulbs.
3. Working with a Realtor who knows the local market and is a good communicator. This works to your advantage in several ways from pricing your home to negotiating to sourcing any work that needs to be done. A Realtor who keeps you in the loop and is accessible can take the stress out of the equation.

If you’re a buyer out there, be sure to shop around for a lender. Some are offering free refinancing for up to five years which can soften the blow of higher mortgage payments in the short term. By getting in now, you can beat the competition for homes that is sure to heat up once rates lower, which I’m anticipating happening by the summer. If you need some referrals, give my daughter Riley (971.322.6205) or myself (503.939.9801) a call and we can put you in touch.

Whether you are looking to buy or sell a home in Lake Oswego or the Portland metro area, Riley and I are here to help. Let us make the market work for you. Please reach out.

Kevin – kevin.costello@cascadehassonsir.com   503.939.9801

Riley – riley.costello@cascadehassonsir.com      971.322.6205