Mark Wisterman's Paradise & Lake Oroville Real Estate Blog

With the stroke of his pen the President of the United States has extended the deadline for first time home buyers to close their real estate transactions to September 30, 2010.

As with the old deadline, the extension only applies to home buyers that were under contract on or before April 30, 2010.

The extension will allow an estimated 180,000 first time home buyers, many of whom are in the Lake Oroville and Paradise real estate markets, whose loans got caught up in the backlog of files that lenders encountered by being less than prepared for the easily foreseeable crunch of home loans that resulted from buyers making a mad dash to beat the April 30th contract deadline.

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More good news for first-time homebuyers in the Lake Oroville, Paradise, and Chico California real estate markets who missed the June 30, 2010 deadline for closing the escrow on the purchase of their home.

The U.S. Sentate, last night, passed H.R. 5623 which, when signed by the President, will extend the deadline of closing a transaction that was under contract before May, 1, 2010. The new deadline will be September 30, 2010.

There is estimated to be 180,000 homebuyers that were unable to close their transactions by the June 30th deadline due to delays in getting their loans processed.

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• Extension to Home Buyer Tax Credit Deadlines Resurrected by House of Representatives  findwell.com)
• Closing Deadlines for Home Buyer Tax Credit Extended  findwell.com)

The United States Senate failed to pass a bill yesterday that, among other things, would have extended the home buyer tax credit until September 30, 2010.

The bill, H.R. 4123, included an amendment allowing home buyers the three-month extension on the tax credit. The extension, though, only applied to buyers who signed purchasing contracts before the original April 30 deadline.

With a backlog of transactions waiting to be processed, and in danger of not closing by the required deadline of June 30, 2010,  the National Association of REALTORS®, as well a mortgage lender groups, had urged Congress to extend the time for escrow closings to the proposed September time frame.

Unfortunately for those of you in the Lake Oroville real estate market and the Paradise real estate market in danger of not closing your transaction on time, the provision for the extension was added as an aside to an unemployment bill that had become a political hot potato.

Why Congress can’t do the common sense thing, (oh wait, my English teacher told me never to use the words Congress and common sense in the same sentence), and vote on these unrelated issue separately is beyond me.

If you are in danger of missing this deadline you might want to turn up the heat on your loan officer, as loan processors and underwriters could really care less about your time frame

There is still an outside chance that this extension amendment and be added to another bill or simply be voted on on its own merits. My advise though is don’t assume anything.

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Today’s news that new homes sales are at their worst level in recorded history comes on the heels of yesterday’s report that existing home sales we down more than 2% while the “experts” were expecting an increase of almost 6%, is great example of what I am afraid is going to be another 6 months to a year of pain for sellers and homeowners.  I hope I am wrong , but I fear that I am not.

But, wait!! I thought the government’ s tax credit program was supposed to stabilize the market. If you listened to, and believed what,  the National Association of REALTORS® and the California Association of REALTORS® have had to say about the credits, you should be seeing a recovery by now. But, what we are beginning to see, on a National basis, (which is what most of us read and hear about) is a rapid move of the market toward the place it would have already gone,if  the people who should know better would have been honest about the ultimate impact of these credits they were supporting.

Instead these groups landed on the side of  getting a quick “fix” instead of thinking long term. Now we have to look even longer term because the inevitable has been prolonged.

Now let’s be honest here. I and my office associates, here in the Lake Oroville and Paradise real estate markets,  no doubt benefited from the temporary increase in sales that resulted from the credits. Our sales numbers increased like everyone else’s.  I would, however, have gladly sacrificed the short term benefits in order to re-establish a viable, vibrant and free real estate market. One that has staying power.

As it is we are saddled with the hangover from the housing version of  Cash For Clunkers, or as I prefer to call it:  “Funds For Foreclosures”

If you think that I am all gloomy and doomy about this market you are wrong. I think that expiration of these tax credits now allow us to come back to reality and now focus on the real cause of this market today. UNEMPLOYMENT!!!!!!!!!!!!!!!!

Maybe a softer real estate market going into election season will be one more reason to finally get us the changes we need in order to get  our country’s, and our state’s, economic engine restarted.

As they say, Everything Happens for A Reason.

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Throughout my relatively short period of time on this earth I have witnessed many things. Some good, some not so good. Some funny, far too many, tragic.

One of those not so good things I am reminded of on nearly a daily basis as I watch and read the news, or I observe watching the overall behavior of our society in general, is the constant march toward the “it’s all about me” way of life. There is an incessant drive to care only about oneself and to heck with everything else.  I even see it at special times of the year like this when we have these national holidays. How often did you hear a response similar to this when you asked someone what they are doing for this Memorial Day weekend?: “Well, we are going to have some people over and have a Bar-B-Que and some beer and then maybe go out on the lake.” Or, ” We’re taking the family on a camping trip.”

Now, don’t get me wrong, I think these are fine things to do on a Memorial Day weekend. My point is that there seems to be only talk of ourselves and very rarely a mention of THEM. After all, this holiday was given to us, not for us, but to honor them. It’s all about them.

It’s all about the over 1.3 million people who have given their lives in the formation and defense of this country. It is about nearly 1.5 million people who have been wounded in preserving our freedom, securing our rights as human beings, and the ability to exercise those rights without fear of persecution. It is their bravery and sacrifice that allow you to have that BBQ, to be able to say what you want and go where you want.  Would it be too much to ask in light of the sacrifices made by so many if when asked what we are doing this Memorial Day weekend, part of answer includes something along the lines of : ” I am going to take some time to thank God for those paid the ultimate price so I can be free to do what I want this weekend.” Could it be that hard to drop the,  ”all about me attitude” for one weekend a year and take a moment to remember those who died or were wounded in defense of your right to be that way? I certainly hope not.

Please take a moment out of your busy schedules to remember not only those that have fallen or have been wouded in defending our freedoms but to also remember and pray for those who, this very minute, are putting their lives on the line, in some far way land to do the same for us and for others.  Make this Memorial Day “All About Them.”

Wow, it has been a very long time since we last got together on what was the leading real estate blog site in the entire northern end of California.

What’s that you ask? Where have I been?

If you must know, I have been in the same place I have been since the beginning of this blog. In my Lake Oroville Real estateoffice; attending to the needs of my clients; brushing up on the lastest real trends, expanding my knowledge through a couple of certification programs that allow me to be of even more help to those struggling with their home mortgages; and spending a little more quality time with family and friends.

What I haven’t been doing, as I am sure you have noticed, is blogging. It seems that I have a ton of ideas of which to write about, but I have just simply been unable to sit down and do it. I feel like I have had “blogger’s block.”  If you have never heard of this debilitating ailment before it is because I just made it up and am sure that I am the first to suffer from it. I am sure though that the cost to treat this disease will be covered under the new national health care plan!!!!

A few of my Facebook friends and I were joking around during the peak of my blogging activity one day and the word “blogarrhea” was used to describe my prolific blog postings. Now however, it seems that I have been suffering from “blogstipation.”  

No longer though. Today I am taking control of this disease and will no longer let it deny you the opportunity to once again read the most relevant real estate news and advice of the day. It is true, I have a lot of work to do to catch up. But I am undaunted by the tasks that lie ahead.  Beginning today I am back, and I thank you for your loyalty to me and this blogsite.

Now……..back to work!!!!!!!!!!!!!!!!!!!!

I am sure you have all heard the old saying that, “The more things change, the more they stay the same.” I don’t know if it was Yogi Berra who said that or some other great philosopher. But it seemed, until this week, that it was sage advice.

With the unexpected passing of Judy DeLaby this past week, the change may be so impactful that there is no way for it to stay the same. Judy was a very large presence in the Lake Oroville real estate market for more than 35 years.  She was one of what is becoming a vanishing breed in this business. Someone who had unwavering opinions on a range of real estate issues. Opinions she was not bashful about sharing with others when the time was appropriate. Someone who kept herself abreast of changing real estate laws and procedures in order to better serve her clients and educate her agents. Someone who put her clients needs ahead of her commission.

My first experience with Judy was about 16 years ago when I was negotiating with her on a house she had listed on Foothill Blvd.  As an agent in training, I was already nervous enough about one of my very first real estate transactions. And, trust me, she didn’t make it any easier on me. Looking back on it now, at that point in time if someone asked me to describe Judy, I would have said that I thought she was the Dale Earnhardt of real estate. The real estate “Intimidator.”

As fate would have it  Read the rest of this entry »

Here are the numbers for last week’s Lake Oroville real estate market. This is the third week in a row that the number of Oroville home sales has been in single digits, and the 7th week out of the past 8 for this. With inventories still low, and a lot of that inventory in disrepair it is becoming more and more difficult to find properties for Oroville area buyers.  All of my team members have pools of buyers that they simply cannot find decent properties to show them.

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This is the 200th  post for thisLake Oroville & Paradise, CA real estate market blog. For a milestone such as this you might think that I would have something profound to impress upon you about the housing market in the Lake Oroville and Paradise, California areas.

To tell the truth, I actually considered that. But I came upon something yesterday that changed my mind about how to celebrate this monumental moment.

The hard drive on the computer that I use in my day to day operations is getting a little full. Ok, it is almost totally full. The hard drives on all my computers are  like my garage and storage area at my home.  I have a hard time throwing anything out. After all, I might need that stuff someday.

But, the time had finally come to clean house in a cyberspace sort of way.  As I was deleting files to make room for those that are now more important,  I came upon some old ad copy that I had written more than 10 years ago for listings that we were marketing back in the days when I was working with Bob Beever Realty.

Given the condition of the housing market in Oroville and Paradise, I thought you might enjoy a look back at some of those ads. See, I told you I might need them some day!!!

Ad copy for 9/30/99

 HARD TO FINDfive acres with well and 3 bd septic. Close to airport, golf, fishing and boating at Afterbay. Power readily accessible. Owner will carry with low down. Asking $45,000

 BANK REPO! 3bd 2ba 1980 mobile on 4 level acres. Has potential but needs work. Seller willing to finance for a long long long time with low low low down. Only $34,900

 TRIPLEX close to downtown. Seller motivated to sell quickly. Almost no vacancy rate. Assume favorable financing or ask seller to carry some paper. All offers considered. $114,900

 BEAUTIFUL VALLEY VIEW: Level to gentle sloping 5 acre parcel. Power close, minutes to lake, and you can almost see forever from here. Just $37,000

 ALMOST DESPERATE sellers need quick sale on this gorgeous property. Over 2700 sq ft incl. finished basement, 2 kitchens, 2 fireplaces, 24X48 shop, fenced pasture, small citrus grove. All on five acres close to town. Recently reduced to $198,000

 OUT OF TOWN SELLER can’t play landlord anymore. This home would make good rental or be perfect for buyer on small budget. Only $35,500

COPY FOR 12/3 – 12/4 1999 Read the rest of this entry »

 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.