Sunrise

What In The Realty World is Going On Here?

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

FHA Cuts Loan Limits

Weekly Sales Review is Back

By: Mark Wisterman

Here we are once again, meeting to review the past week’s market activity of Oroville home sales in the Lake Oroville real estate market.

There is not much out of the ordinary to report this week.  The only interesting statistic in this chart concerns the number “distressed” sales (bank owned or short sales) that have taken place 2 of the last 3 weeks. With only one of these sales last week and just 2 of them 2 weeks ago it will be interesting going forward to see if this is an early sign of a trend developing in the sale of Oroville homes or if it is just a temporary slowdown. The next few weeks will tell.

In a recent post on our office Facebook page at http://www.facebook.com/RealtyWorld.CA  I commented about the perception some buyers, and quite frankly their agents, have about prices in today’s Lake Oroville real estate market.  The comment being that there is no factual basis for anyone to make a blanket statement that everything is selling for more that asking price.  In fact for the 4 years that I have been tracking Oroville home sales there have been only 4 weeks where the average sales price has exceeded the average listing price. And not one, I repeat, NOT ONE of those weeks has occurred in 2013. In fact, the average sales price to listing price ratio is pretty much within historic norms. That is certainly not to say that some homes have not sold for more that asking price, because they have. My point here is that, as a buyer in the Oroville real estate market, you need to be sure you are fully informed about what the market is actually doing. It is easy to get sucked into the real estate hype. But do not feel bad if you do because many who work in the industry get sucked into it to. The reason: They do not take time to actually look at the numbers.

Lucky for you, you have this Lake Oroville real estate market blog site to help you stay on top of the numbers.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
5/2/2013 5/9/2013 5/16/2013 Previous Week
# of Total Sales 10 13 10 -23.08%
# REO/Short Sales Sold (SS) 2 7 1 -85.71%
% Sales that are REO/SS 20.00% 53.85% 10.00% -81.43%
Avg. List Price $132,430 $141,500 $138,350 -2.23%
Avg. Sold Price $127,195 $130,244 $132,445 1.69%
Sold Price % of Listing Price 96.05% 92.05% 95.73% 4.01%
Avg. Days On The Market 57 96 94 -2.08%
Total Sales Volume $1,271,950 $1,693,169 $1,456,900 -13.95%
# of Single Family Listings 151 158 156 -1.27%
# Foreclosed On Market 17 21 20 -4.76%
% of Foreclosed on Market 11.26% 13.29% 12.82% -3.54%
# Short Sales on Market 9 6 8 33.33%
% Short Sales on Market 5.96% 3.80% 5.13% 35.04%
Days of Inventory Left 106 85 109

 

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My Latest Market Minute

By: Mark Wisterman

Here is the second installment of the newest feature that was recently added to this Lake Oroville real estate market blog.

I call this video feature “Mark’s Real Estate Minute (or 2). Why the “or 2?” Because I have quickly found that I talk to darned much and there is NO WAY that I will every be able to limit these spots to 1 minute!!!! The latest and greatest of these spots will always be on the sidebar of this site for easy access.

I will periodically produce these spots to provide my perspective and advice on a wide array of topics including those you may like to hear about. A lot of changes are once again taking place in the Oroville real estate market and I think it is absolutely essential that you have as much information about Oroville market conditions, as well as market conditions in the greater Butte County real estate market area.

As the old saying goes, “Information is Power.”  And this is exactly what I want to provide to you; the power to make the right decision regarding your real estate needs.  It is my hope that I can pack enough info into each one of these ‘minutes’ to make a difference.

To make this little corner of  this blog site work I am going to need your help. Please e-mail or text or IM me at my Facebook page with any questions or topics that you would like to have addressed.

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Feather Fiesta Days is Coming Right Up

By: Mark Wisterman

It is time, once again, for everyone living in and visiting the Lake Oroville real estate market to take time out from the hustle and bustle of their busy lives to enjoy the community celebration know as Feather Fiesta Days.

With the centerpiece of the festivities being the 66th annual Fiesta Days Parade of May 11, 2013, the City traditionally turns out in huge numbers to partake of the many venues of entertainment that have become part of the fabric of our community.

Enjoy this short video of last year’s activities.

 

 

 

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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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Is Your AgentNTouch?

You knew it wouldn’t be long before I made it easier for you to utilize your smart phone to access this blog site, search for properties in the Lake Oroville, Paradise  and Chico California real estate markets, and get the latest in interest rates and other real estate news and advice.

Today I am announcing the launch of my very own iPhone app that is now available for download at the App Store. With this highly sophisticated, but easy to use, app you now have not only my contact information in the palm of your hand but you can now access all the services of my blog site with just the touch of a button. No more addresses to remember and no more passwords to forget. This is just another investment I am making for you in order to provide a service, that nobody else in the Lake Oroville real estate market will,  in order to make current and relevant real estate information readily available to you.

See my current listings, check out my latest blog post, or even find my Facebook, Twitter, and Linked-In pages. Spend as much, or a little time as your prefer because there is NO COST to you to download this App. Check back often, though because updates and come cool additions are coming soon.

And unlike many of today’s apps this app will be compatible with Blackberry and Droid users. Look for the rollout annoucement for these phones on the site sometime before Labor Day.

Download your app at the iTunes App store and search for AgentNTouch. After downloading, launch the app and in the Agent I.D. box enter 5303704691.

I would greatly appreciate your feedback and suggestions. My goal is to always be an AgentNTouch.

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