Don’t wait until you’re ready to move to start preparing financially to buy a home.
If you’re like the vast majority of home buyers in the Lake Oroville or Paradise or Chico real estate makets, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.
The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But I’ve outlined three simple steps to get you started on your path to homeownership.
Even current homeowners with a homes for sale in Oroville, Paradise or Chico, it’s a good idea to prepare in advance so you don’t encounter any surprises along the way. Lending requirements have become more rigorous in recent years, and changes to your credit history, debt levels, job type and other factors could impact your chances of approval.
It’s never too early to start preparing to buy a home. Follow these three steps to begin laying the foundation for your future home purchase today!
This latest edition of the weekly Oroville home salesroundup shows that the Lake Oroville real estate market may finally be normalizing.
Price stabilization seems to be taking hold as monthly median prices have barely moved over the past 12 months. Between April 1, 2014 and March 31, 2015 the median Oroville area home price (the midpoint price of all homes sold) was $145,000. During this time, the highest monthly median price was September 2014 at $159,000 and the lowest price being recorded this March at $128,895. In addition, March was the first month since May 2013 that the monthly median price was lower in the current year than it was in the same month of the previous year.
There are two things that you should be watching very closely if you are trying to gauge the health of the Oroville real estate market. One of those things is Continue reading →
If there was ever a reason to use the time-tested phrase of Buyers Beware, this is it.
This type of thing has been going on for a long time, and not just in the real estate market of the Lake Oroville area. Just think how much money these type of companies are coaxing out of unsuspecting new homeowners. If they only get a 10% participation rate they would be raking in millions of dollars. Don’t fall for it folks.
Welcome to Deja Vu all over again for the national real estate market!!
Do you think that this industry will ever learn why the real estate market fell nearly into oblivion over the past 6 years? I don’t. Here is the web page from CNBC that discusses the new Continue reading →
One of the biggest challenges for anyone thinking of buying or selling real estate in any market across the country is determining the condition of the market in their particular area. Certainly the same holds true for the Lake Oroville real estate market.
But where in the world of realty can you get accurate market information? Zillow? Trulia? Maybe the nightly news.? Or better yet, how about Facebook? After all, if it is on Facebook, it must be true, right?
Your best resource for LOCAL market conditions is right here on this blog site. Over the past 5 years I have brought market updates, real estate advice, and sometimes some fairly provocative opinions. It is, and always will be, my opinion that there is a HUGE need for accurate local real estate market information in the Lake Oroville real estate market. I also believe that there is a drought of such information out there. This is why I make providing real estate market information the top priority of this blog site. I am always looking to bring information to you in a variety of ways and from different perspectives so that you know what is REALLY going on.
Which brings me to my latest graph. This graph illustrates the changes in the inventory of Lake Oroville homes for sale over the past 8 months at different pricing levels. What spurred me to research this is the fact that , although prices of homes that have sold has admittedly increased, the number of homes that are selling in the Oroville real estate market is on pace to be the first year since 2009 that the market will be selling fewer homes in the current year than the previous year. Yes, you read that right. Regardless of what the “salespeople” are telling you about how “busy” they are, the truth is the home sales in the Oroville market are significantly behind last years numbers.
Because the “numbers guy” in me is always looking to explain what would cause this to happen, I jumped into the database to see what I could glean. The graph below is the result of my research and is the basis for the following opinions: Continue reading →