Lake Oroville Real Estate Market Review

By: Mark Wisterman

My 2013 Photo-Web-Revised

This is starting to get down right boring.

Another slow week in the Lake Oroville real estate market this past week.  Yes, it is true that the number of Oroville homes that sold in the past week is the best it has been in about 5 weeks. But that may be the only semi-bright spot in these numbers.  I say semi-bright because if you look at the average sales price of each Oroville home sale it clearly shows that most of the sales that took place this week in Oroville were very low priced homes that appear to have been snapped up by investors.

Tune in next week for more….hopefully good news! Continue reading

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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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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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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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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Tong Fong Low – 100 Years Young

There is one thing the Lake Oroville real estate market has plenty of and that is places at which to eat.

Yesterday one Oroville’s favorite eateries celebrated its 100 year anniversary.  Here is  a short video of the festivities.

 

 

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Introducing Mobile Connect

Seaching for homes in the Oroville real estate market, the Chico real estate market, and the Paradise real estate on your mobile device just got a lot easier and more convenient with the recent release of REALTY WORLD’s Mobile Connect home search program.

 This new platform allows buyers to obtain listing information, nearly instantly, on any residential property for sale in the area in which they are currently located by simply texting  as siImage representing iPhone as depicted in Crunc...mple two letter code. There is even a QR code available for you iPhone and Android users.   No more searching through cumbersome apps like REALTOR.com, Zillow and Trulia looking for a specific property that you are standing in front of trying to get updated information. And no more hassles when calling the phone number on a yard sign and getting hold of an agent that has no idea of what property you are asking about.

With this new system you get not only the information on the specific home you are texting for, but you also have the option of seeing the 5 other homes for sale that are closest to the home you are looking at. I have included a couple of links here that will provide further information on this awesome new system. The benefits to buyers and sellers alike are explained in the flyers.

To sign up for this program just give me a call or drop me an e-mail with your cell phone number and I will get you enrolled. As always there is NO CHARGE for this service and there is NEVER any abuse of your contact information. In fact, I will make you this promise: I will not ever call you about any home you inquire about through this system unless you ask me to.

Mobile Connect for Sellers

Mobile Connect For Buyers

Happy House Hunting!!!!!!!!!!!!

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Latest Foreclosure Stats Just Released

For all of you interested in the foreclosure trends in the areas that I service, which includes the real estate markets of Lake Oroville, Paradise, Chico, Yuba City, Marysville, and Tehama and Glenn counties, here are the latest stats as compiled by ForeclosureRadar.com

These one year charts show that an interesting long term trend has begun to develop that we have not heard too much about in the media.  These charts are beginning to show significant reductions in the number of foreclosures filings taking  place.  Although the charts are a little roller-coaster-like when looking at the monthly numbers, the overall trend is slowly working its way down.

To be sure, we are certainly not out of the woods by any stretch of the imagination when it comse to the impact foreclosures are having on the overall value of the home across the state.  It is encouraging to see that the long term trend is beginning to head south ever so slightly. Will it stay down? That is hard to say given the recent events with the foolishness surrounding the debt ceiling, stock market gyrations, and the fact that consumers have a general feeling of despair when it comes to the current economic climate in which we find ourselves. What I do know is that with the media so focused on the incompetence in Washington, D.C. there is a good chance that this news will not be considered important enough to share, simply because it is not “dramatic” enough.

On this blog site we take the drama out of the market and replace it with just the facts so you can decide for yourself what is happening.

I have placed links at the bottom of this posting for each area of the real estate market I service. Click on whichever area in which you are interested in seeing.

Oroville Foreclosure Report      Chico Foreclosure Report

Paradise Forclosure Report      Marysville Foreclosure Report

Yuba City Foreclosure Report     Glenn County & Tehama County Foreclosure Report

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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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