Bitten By The Back-To-School Bug?

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

Sorry for being a few days late with last week’s sales information for the Lake Oroville real estate market.

I got caught up in “reporting” on the current fire situation in the foothill area just outside Oroville. What turned out to be taking a few photos of the fire turned into an hourly Facebook posting with updates from CAL-FIRE which took up most of my weekend.

In any event, here are the numbers for the week. One of the biggest challenges with reporting the Lake Oroville real estate market activity is that we are a fairly small market. As a result the weekly numbers have a tendency to be somewhat volatile making it difficult to really get a feel for what is going on.

As we have discussed here many times before , the week to week, or month to month, or even the year over year numbers tell only a small part of the story of the market. In my view, it is the TREND that is important to watch when attempting to gauge the market.  To help you spot how things are trending in the Lake Oroville home sales market, Continue reading

Where Have All The Homes Gone?

By: Mark Wisterman

Sellers in the Lake Oroville real estate market, as well as those in the Paradise, Chico, and other Butte County real estate markets, are currently experiencing the makings of a perfect storm for home prices.

Buyers finally jumping off the fence to take advantage of the low government suppressed interest rates and the increased affordability brought on by an over-correction in housing values, are finding difficulties in having a home because inventories of homes for sale continues to shrink.  Fewer foreclosures coming to market and potential home sellers who can’t sell  because they owe more that their home is worth on the open market, are providing plenty of opportunities for current sellers to stand firm on their pricing.

I invite you to watch my latest vlog post for my take on the whole situation. And, as always, I welcome your comments. Especially yours, Eric!

 

 

 

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I Hope This Doesn’t Cause A Headache

Well, hello again, everyone! It is good to be able to take the time to update you on the real estate market in the Lake Oroville market area.

It has been a very long time since I last provided any meaningful stats on the Lake Oroville real estate market and I hope to be doing this on a much more frequent basis now that we are beginning to see new trends emerge in the number of Oroville homes that have sold as well as the number of Lake Oroville home listings that are currently on the market.

Probably the biggest news when in comes to the Oroville real estate market has to due with current inventories of homes available. Since the depths of the market crash we have seen a steadily decreasing number of  Oroville homes come to market. When you view the slide show that is included with this post, you will see that the number of homes available was just over 400 in March of 2009.  According to our Multiple Listing Database, as of this past Friday, there are now only 150 single family homes for sale in the greater Lake Oroville real estate market. This low inventory is making it extremely difficult on buyers as it causes a little bit of a “feeding frenzy’ whenever a home that is in move-in ready condition comes on the market in that some of the prices get bid up to the point where some buyers can no longer qualify.

You can expect this inventory shortage to continue until values recover to the point where homeowners, who are “underwater” and would like to sell but can’t, finally see that their homes are once again worth more than they owe on them. Barring anything that the government will do to screw things up, we should begin to see more news reports of significantly fewer of these upside down situations in the 2nd half of this year, which should provide the impetus towards an increasing number of Oroville CA homes for sale.

Below is a 4 week chart of the sales in the Lake Oroville CA market and below that is  a slide show that provides a little more overview on the current state of the Oroville Ca housing market.

As always, I appreciate your comments and questions.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Previous %
1/31/2013 2/7/2013 2/14/2013 2/21/2013 Change
# of Total Sales 11 9 8 6 -25.00%
# REO/Short Sales Sold (SS) 6 5 2 2 0.00%
% Sales that are REO/SS 54.55% 55.56% 25.00% 33.33% 33.33%
Avg. List Price $130,550 $90,756 $122,516 $117,100 -4.42%
Avg. Sold Price $125,768 $86,278 $117,138 $102,525 -12.48%
Sold Price % of Listing Price 96.34% 95.07% 95.61% 87.55% -8.43%
Avg. Days On The Market 56 66 178 51 -71.35%
Total Sales Volume $1,383,450 $776,500 $937,100 $615,150 -34.36%
# of Single Family Listings 162 158 155 150 -3.23%
# Foreclosed On Market 22 20 20 18 -10.00%
% of Foreclosed on Market 13.58% 12.66% 12.90% 12.00% -7.00%
# Short Sales on Market 8 8 7 7 0.00%
% Short Sales on Market 4.94% 5.06% 4.52% 4.67% 3.33%

 

 

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Video for Real Estate is Getting Easier To Do!

OK, I know that this is not the most well produced real estate video that any of you in the Oroville real estate markets, or the real estate markets of Paradise and Chico, CA. have ever seen.

Quite frankly I hadn’t even intended for this video to go beyond the eyes of my client. But, then I thought, “Aw, what the heck,”  I might as well let all of you see the how cool some of my latest and greatest technology is helping me help my customers. This video was shot and entirely produced entirely on my iPhone5 with a really awesome app that is actually still being beta tested.  The amazing thing is that it only took about 10 minutes to put it all together once the images were recorded on the phone.

I would be happy to provide this service to any of you out there in the real estate markets that I serve including the market for Oroville homes, Paradise homes and homes in Chico and Sutter and Yuba Counties.

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Sellers On The Fence

It seems that the tide is beginning to turn in the national real estate market. I invite all of you in the Lake Oroville real estate markets as well as the housing markets of Chico homes and properties of the Town of Paradise to check it out.
 


 

Buyers Struggle with Low Inventory

Sellers on the Fence

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LISTEN UP!!!!

In speaking with a number of lenders that serve the Oroville real estate market, there seems to be an increase in the number of prospective borrowers who aren’t listening to the instructions their loan officers are giving them during the loan process which is jeopardizing the purchase of their homes.

Today’s public service message is short and sweet to homebuyer’s everywhere:

LISTEN UP!!!

 

When your loan officer tells you not to buy anything using your credit card during the loan process…..Listen up!

When your loan officer tell you to be sure you have a paper trail for ANY funds you receive during the loan process….Listen up!

When your loan officer tells you that any gift funds that someone is willing to give you must not go directly into your bank accounts…Listen up!

When your loan officer tells you not to deposit those “stashed under the mattress” funds into your accounts….Listen up!

As a borrower you must understand that the loan qualification does not end when your lender pre-qualifies you for a loan.  Any changes to your financial position before your home purchase is COMPLETE will affect your ability to procure your loan. In most cases the effect is that you disqualify yourself for your loan.

Your lender will be monitoring your financial situation throughout the loan process and WILL be aware of changes to it. Be sure that you not only hear what your loan professional is telling you, but also be sure to LISTEN UP!!

If you do, you will find that the loan process is much simpler and less stressful.

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Weekly Oroville Sales

Well, well. well, has it been a very long time since I posted Lake Oroville real estate stats, or what? 

Don’t ask me why I haven’t done this for so long. Except for the fact that the market for Oroville home sales has not changed much since we last discussed this, I really have no reason, or even a lame excuse.

But, with Spring  just around the corner (I think), there is no better time than the present to start again. First you will notice that I am again posting monthly and yearly comparison stats in the right columns of this blog.  Here you can see how the sales of Oroville homes compare to Butte County as a whole. Remember the old saying that all “all real estate is local”. So ignore the national stats because they have nothing to do with our local markets.  Oh, one more thing…. MY intent is to also post these stats on my facebook business page at www.facebook/RealtyWorld.CA so if you haven’t been there please stop by and “LIKE” my page to be sure that you see my posts there.

         
 
MLS Stats for Oroville Area Week Ending            Week Ending           Week Ending    Weekly % 
  02/03/2011 02/10/2011 02/17/2011 Change
         
# of Total Sales 4 10 6 -40.00%
         
# REO/Short Sales Sold (SS) 3 8 3 -62.50%
         
% Sales that are REO/SS 75.00% 80.00% 50.00% -37.50%
         
Avg. List Price $114,050 $105,467 $120,812 14.55%
         
Avg. Sold Price $108,255 $102,760 $120,133 16.91%
         
Sold Price % of Listing Price 94.92% 97.43% 99.44% 2.06%
         
Avg. Days On The Market 74 73 56 -23.29%
         
Total Sales Volume $432,900 $1,027,600 $720,800 -29.86%
         
# of Single Family Listings 227 230 235 2.17%
         
# Foreclosed On Market 47 47 48 2.13%
         
% of Foreclosed on Market 20.70% 20.43% 20.43% -0.05%
         
# Short Sales on Market 18 18 19 5.56%
         
% Short Sales on Market 7.93% 7.83% 8.09% 3.31%
         

        

 

 

  

 

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Detecting the Detector

For years California home sellers, including those selling their homes in the Lake Oroville real estate market have been required to certify, in writing that working smoke detectors will be in place at the close of their transaction.

Beginning July 1. 2011 a recently enacted law by the California legislature requires that, in addition to working smoke detectors, a working carbon monoxide detector must be in place in each  “dwelling unit intended for human occupancy.”

This means that you, as a seller, as well as your agent is going to need to be sure that you have a working CO detector in place before close of escrow .

Here is a synopsis of the requirement as provided by the California Association of REALTORS® website:

This law enacts the Carbon Monoxide Poisoning Prevention Act of 2010.  The law requires a carbon monoxide device (battery or hard-wired) to be installed in a “dwelling unit intended for human occupancy.”  A violation is punishable by a maximum fine of $200 for each offense.  Owners of residential rental property must also comply with this law.  Tenants are responsible to notify the owner of an inoperable or deficient carbon monoxide device.

Installation Time Period:

  • On or before July 1, 2011 for existing single-family dwelling units
  • On or before Jan. 1, 2013 for all other existing dwelling unit

I think most people would agree that this is a good idea to put into place. But, what has me scratching my head about this new regulation, is the definition of a “dwelling unit intended for human occupancy.” the State of California is using in order to enforce this law. Here is the actual text from the law itself:

“Dwelling unit intended for human occupancy” means a single-family
dwelling, factory-built home as defined in Section 19971, duplex, lodging
house, dormitory, hotel, motel, condominium, stock cooperative, time-share
project, or dwelling unit in a multiple-unit dwelling unit building or
buildings. “Dwelling unit intended for human occupancy” does not mean
a property owned or leased by the state, the Regents of the University of
California, or a local governmental agency.

As you can see by the text I have highlighted in red, government agencies are exempt from protecting occupants of their properties from CO poisoning.  So I guess all you college dorm dwellers, and public housing occupants will have to provide your own protection.

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