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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Lake Oroville Election 2012

Time to voice your opinion for your favorite candidate in the Lake Oroville Real Estate market.

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3 Quick Sales

As I continue my journey into converting from a text based blog to one of video for the real estate markets of the Lake Oroville, Chico, Paradise, Gridley  areas as well as the home selling markets of Yuba City and Marysville, I put together the following video which ever so briefly discusses  what happens when all the stars line up just right and a seller does all the right things to get their home sold in the shortest amount of time.

I am still a little rough around the edges with my video production capabilities and I certainly would welcome any thoughts, suggestions, and even criticisms of these videos to help me  make them look a little more polished.

 

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There Goes The Neighborhood?

In the nearly 18 years that I have been actively negotiating on behalf of buyers and sellers in the Lake Oroville real estate market, I have been involved in numerous transactions involving property located in the Kelly Ridge Subdivision.

 For those of you unfamiliar with Kelly Ridge, it is a nice community overlooking Lake Oroville and Bidwell Marina; with a 9 hole golf course intertwined among many of the homes. For the most part it is a quiet neighborhood and pride of ownership is evident as you drive through the community’s winding roads.

As with nearly all subdivisions of this nature, there is an active homeowners’ association (HOA) there, as well as a document called Conditions, Covenants, and Restrictions. (CC&R’s) recorded on each lot in the subdivsion. These CC&R’s are basically a set of rules established as a means of insuring a certain conformity among the homes in the subdivision, which in turn protects the integrity of the subdivision and helps in maintaining property values. For example, most CC& R’s that I have read over the years set minimum lot sizes, minimum square footage requirements, prohibit livestock, require that your RV be parked out of view of the street, and so on. For the most part, the CC&R’s in this area are not as restrictive as they are in the more urban areas, but are just restrictive enough to do the job they were intended to do. Continue reading

A Market of Higher Lows

My intent today was to report the weekly sales of the Lake Oroville real estate market to you for last week.

But during my number crunching I realized that it  has been a while since I had updated my charts that I have been using to track the monthly and annual Lake Oroville home sales

After updating these charts I noticed an interesting long term trend in one of the charts that I thought you needed to see. From past blog posts, you all know that I do not take the  month to month numbers that are released into the media on an ongoing basis as important as what has happened over longer periods of time. I think the media is far too focused on what this month did compared to that month, which in turn has focused the consumer on the very same thing.  This narrow focus is what I believe is going to cause many buyers to miss  the great opportunities that currently abound in the marketplace as far as prices and interest rates are concerned. 

Now before you get excited, thinking this is another one of those real estate blogs posts that tells you to BUY NOW!!!!, let me tell that it is not. This market is going to provide great buying opportunities, for those of you that still have jobs in this economy, for the foreseeable future.   What I am telling you is to look at this chart and see for yourself what this Lake Oroville real estate market is whispering to you. When looking at a chart like this most people look at the peaks to see how high things have gone. What I suggest that you look at here is the lower side of this chart. The former stock broker in me says ignore what is happening in the high side and pay close attention to what is happening on the low side. In the stock broker world a stock that showed a trend of higher lows was one to pay attention to and was a good signal that the stock was poised to move to higher highs.  (Click Here or on the Chart to Enlarge)

As indicated on this chart, Continue reading

LOCK…LOCK…LOCK

For those of you in the Lake Oroville housing market and the real estate markets of Chico, Paradise, Yuba City, Marysville, Gridley, Biggs and Durham, who did not see the Facebook posting I made on my business page yesterday at Facebook/RealtyWorld.CA, and, since I have not seen this recommendation from any other area real estate agent anywhere on the ‘net, I will repeat what I advised my Facebook readers to do:

If you are working on a loan for the purchase or refinance of a home, you need to have a SERIOUS  discussion with your lender about locking your interest rate ASAP.

CurrentLast Week

As a former financial advisor with a major Wall Street firm, I have seen this type of market volatility before and I will tell you that when you get the gigantic drop that the stock market took today and the huge drop in interest rates that came with it, there is a better possibility that that stocks and interest rates will “bounce” off these lows very quickly, then there is of rates continuing to fall in a fashion that makes it worth the risk to “wait and see” what happens.

There are two events coming up that make it a good idea to consider locking your rate as soon as your loan officer is available to do this for you.

1. The monthly employment numbers will be released tomorrow. If the numbers are at all better than analysts are expecting, or even in line with expectations,  I anticipate that interest rates will tick up slightly. If, as some suspect, the number is worse than the overall consensus expectation you may see rates tick down on the news. But not by much (unless the number is some off the wall number like 10% unemployment).

2.  The weekend is here. In a volatile market like this, and with rates as low as they are now, waiting through the weekend may cost you. If there is any positive economic developments from the international markets over the weekend it most likely will cause some upward movement in rates before your feet even hit the floor Monday morning.

Obviously, there is no way to know exactly what rates are going to do in the coming days, and , as I am no longer a professional financial advisor, the above comments should not be considered financial advice. I want you to be sure and make your own decision about this based on your current financial situation in consultation with your personal finance management team.

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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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More Services To Help Navigate The Market

One of  the great benefits of my association with Realty World of Northern California is the amount of technology and information they provide to me free.  Without their commitment to me and other Northern California Realty World broker’s and their associates, this blog site would not even exist.

To be perfectly candid, in a market such as this, and,  as a matter of fact, in any type of market,  it is pretty much an economic impossibility to have a website such as this one, pay for it myself, and still be able to subscribe to other online real estate tools that assist buyers, sellers, and others in the Lake Oroville real estate market and beyond, in quenching their thirst for information on market conditions, or in assisting them in determining the value of their Oroville, Chico, Paradise, or Yuba City home.  A simple comparison search of other agent’s personal websites, if they even have one, will bear me out on this.

The newest feature that I able to subscribe to is one that provides you the ability to do a FREE search for the status of properties in the foreclosure process. With just a couple clicks of your mouse you can search for, and request foreclosure information on, not just any Lake Oroville home, but of homes in the states of California, Arizona, Washington, Oregon, and Nevada that are facing foreclosure.  This new service is powered by ForeclosureRadar.com, which is the new leader in the gathering and disseminating of foreclosure information in the Western United States.

If you find a property about which you would like to know more, simply click on the link and complete the request form. The request form comes direct to my e-mail box and I can then provide the current status to you.  (Don’t worry, I am not going to spam you into oblivion with a bunch of worthless e-mails)

Accessing this free search service can be done by clicking the Foreclosure widget or the Foreclosure Search navigation link at the top of my site. Or click here to access the search screen.

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