New Property Video Tour Premier

Welcome to my newest video tour for the Lake Oroville area real estate market.

I hope these videos are helpful to all of you looking for a home for sale in the real estate market of Oroville. I always appreciate any feedback you are willing to give me about these Oroville home property videos.

Look Ma, No REO’s!

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

Well, well, well what do we have here in the Lake Oroville area? The end of the Oroville foreclosure market?

Looking at this week’s home sales data for the Greater Oroville area you might draw such a conclusion being  there was not ONE foreclosed property that sold in the past week. (see the red highlighted stat).  To bolster your conclusion you may also point to the fact  that this is the first week since I have been tracking this number dating back to October 2009 that there has not been at least one bank-owned Oroville home that has sold.

As I prepared to share this week’s Oroville real estate information with you my plan was to caution you that we should certainly expect to see more foreclosure sales take place and that it is a little early to say the foreclosure market in the Oroville area has met with extinction.  However, as I was typing the first paragraph of this weekly editorial, and because I am such a great multitasker, I began think that I may be…..yes, wrong!

Maybe the “foreclosure market” IS over! Oh sure, there are still bank-owned homes for sale, but does the current inventory of Oroville bank-owned homes (19 homes, or less than 10% of the available inventory) actually constitute a “market?”  I wonder?

Here is another interesting fact this week: Continue reading

A Taxing Situation

By: Mark Wisterman

 

Here is an illustration of how the assessed valuation calculation works when you have been awarded a reduction in your assessment.

We are going to assume the following:

1. Joe Homeowner has just had the assessed valuation on his Lake Oroville home reduced from $300,000 to $225,000
2. For the sake of keeping this discussion as straightforward as possible, Mr. Homeowner will make no improvements to his Lake Oroville home.
3. Over the next 5 years  the value of his Lake Oroville home rises 10% per year

Under Prop 13 rules Mr. Homeowner’s assessed valuation, before the reduction can only increase a maximum of 2% per year. Without the reduction, under Prop 13, in the next tax year, Mr. Homeowner’s assessed valuation could be no more than $306,000 ($300,000 + the 2% increase of $6,000).

While still enjoying the benefits of the reduced assessment, the  2% Prop 13 limitation does not apply. In the tax year following the reduction a reassessment is done to reflect the 10% valuation increase. The new assessment becomes $247,500 ($225,000 + 10%).

The following year the assessment will be increased to $272,250 ($247,500 + 10%)

Year 3 will be $299,475 ($272,250 + 10%)

Which now brings us to year 4. And here is the twist:

Notice that the year 3 value is still below the $300,000 pre-reduced assessment. Does this mean that the county can increase the assessment another 10% to $329,423 ($299,475 +10%), or do they assess it at the $300,000 from 3 years ago.

The answer is: Neither.

During the time that the reduced assessment is in place there is a running calculation kept of what the assessed valuation would have been WITHOUT a reduction ever taking place. This is called the Factored Base Year Value. The current assessment cannot exceed this Factored Base Year Value. In our case, the year 4 assessed value can be no more that $324,730. Which is the equivalent to adding 2% per year to Mr. Homeowner’s $300,000 original assessment.

If you are now thoroughly confused, I do not blame you. Here are a couple of websites for you to visit that have more detailed information. But, with values on the rise, it is important for you to know how it will affect you in this regard.

 

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Weekly Oroville Sales Update

Hello, once again, Lake Oroville real estate market stats fans. I can’t believe it has been nearly 3 months since I have reported week sales for the Oroville real estate market to you. Boy, how time flies when you are having fun selling Oroville homes, Paradise homes, Chico homes and homes in Yuba City and Marysville.

Lately the word is, the more things change the more they stay the same. Except for overall home values, that is. In Oroville we can’t seem to sell anymore than 7-8 homes per week and average prices of the Oroville home listings that are selling continue to trail downwardly.

Here are this week’s numbers: 

MLS Stats for Oroville Area Week Ending
  6/16/2011
   
# of Total Sales 9
   
# REO/Short Sales Sold (SS) 6
   
% Sales that are REO/SS 66.67%
   
Avg. List Price $91,366
   
Avg. Sold Price $84,089
   
Sold Price % of Listing Price 92.04%
   
Avg. Days On The Market 87
   
Total Sales Volume $822,290
   
# of Single Family Listings 250
   
# Foreclosed On Market 50
   
% of Foreclosed on Market 20.00%
   
# Short Sales on Market 22
   
% Short Sales on Market 8.80%
   
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Don’t Touch That Wallet

At least until July 1st, if you can. It is on this day that the sales tax rate in the State of California is reduced by 1 percentage point. In the Oroville, Paradise, and Chico areas this means that our sales tax goes from the current rate of 8.25% down to 7.25%.

The higher rate was imposed upon California by our legislature and Governor on April 1, 2009 in the hopes of helping close the budget gap caused by the out of control spending of our “state leaders.” As usual, raising taxes only made matters worse. But enough about politics.

With the expiration of the current increased tax rate only two weeks away (unless it is somehow extended) it is wise to consider putting of any non-essential purchase until the new rate takes effect. Consider the savings you will enjoy by putting off the purchase of that new car you are about to buy. By simply waiting a mere two weeks you can save yourself $200 in sales tax for a $20,000 car and $300 in taxes for a car that costs you $30,000. Heck, that is like getting a free tank of gas 🙂 Speaking of cars, you can also save on registration fees if you put your purchase off until July 1st because vehicle registration fees are also being rolled back then.

The reduction in the sales tax is going to be good for the economy of a state struggling to get back on its economic feet by leaving consumers with more money in their pockets that will most likely be spent on other things. For example, the overall price on a gallon of gas will be reduced by the reduction in the sales tax. At today’s price of $3.77 per gallon at the corner AM/PM you will save almost 4cents per gallon with the new (or should I say old) rate.

If it is at all possible for you to put off that taxable purchase until July 1, then I say do it and keep more of YOUR money.

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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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Lake Oroville Sales Week

 Another ho-hum week for Lake Oroville real estate market as sales activity continues to under perform. But once again we find that the inventory of Oroville homes for sale has dropped to another low. 

If the current activity in the office of our Oroville market is any indication we may soon be seeing a change in these sales numbers. Our Oroville agents have been very busy this week showing property and writing offers. It is good to see that maybe the spring-like weather is bringing buyers out.

If you are thinking of selling, now might be the time to get your home on the market.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Weekly % 
  2/8/2010 2/15/2010 2/22/2010 Change
         
# of Total Sales 8 9 8 -11.11%
         
# REO/Short Sales Sold (SS) 5 4 5 25.00%
         
% Sales that are REO/SS 62.50% 44.44% 62.50% 40.63%
         
Avg. List Price $156,674 $108,188 $116,644 7.82%
         
Avg. Sold Price $149,800 $98,722 $109,500 10.92%
         
Sold Price % of Listing Price 95.61% 91.25% 93.88% 2.88%
         
Avg. Days On The Market 303 67 53 -20.90%
         
Total Sales Volume $1,253,392 $973,692 $933,152 -4.16%
         
# of Single Family Listings 308 291 287 -1.37%
         
# Foreclosed On Market 36 35 31 -11.43%
         
% of Foreclosed on Market 11.69% 12.03% 10.80% -10.19%
         
# Short Sales on Market 49 46 44 -4.35%
         
% Short Sales on Market 15.91% 15.81% 15.33% -3.01%
         
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