Weekly Oroville Home Sales Roundup

This latest edition of the weekly Oroville home sales roundup shows that the Lake Oroville real estate market may finally be normalizing.

Price stabilization seems to be taking hold as monthly  median prices have barely moved over the past 12 months. Between April 1, 2014  and March 31, 2015 the median Oroville area home price (the midpoint price of all homes sold)  was $145,000. During this time, the highest monthly median price was September 2014 at $159,000 and the lowest price being recorded this March at $128,895. In addition, March was the first month since May 2013 that the monthly median price was lower in the current year than it was in the same month of the previous year.

There are two things that you should be watching very closely if you are trying to gauge the health of the Oroville real estate market. One of those things is Continue reading

Looming Deadline Could Doom Your Loan

Take heed Lake Oroville area home buyers.  You may be about to have your home buying plans moved to the sidelines.

This information is also valuable to  Oroville home sellers as it is entirely possible that the pool of potential home buyer could be shrinking.

Watch this latest video for a brief explanation for why this may happen to you.

FHA Cuts Loan Limits

New FHA Rule Just Reversed

Just posted this on our Facebook page.

 

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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News Flash: More Completed Transactions To Report

By: Mark Wisterman

Congratulations to our agents who worked so hard to complete these transactions in the Lake Oroville real estate market. View the video for details.

 

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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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Dear Real Estate Commissioner:

Have you ever had one of those days, weeks, or years when you finally get so fed up with something that your head almost explodes. Well, I am having one of those moments right now, in good old Lake Oroville, CA. and I guess I am going to have to be the first one to do something about it since it seems that nobody else wants to.

Below is a letter I just mailed off to the California Department of Real Estate, in the hopes that something can finally be done to bring some of these REO agents back to reality. I am absolutely tired of these agents hiding behind the excuse that a bank owned listing exempts them from doing their job. They must be held accountable for their inaction.

February 16, 2010

California Department of Real Estate

Attn: Enforcement

P.O Box 187000

Sacramento, CA 95818-7000

Dear Sir/Madam:

Over my nearly 16 years in the California real estate business, I have seen a continuing deterioration in the care that many licensees take in the performance of their duties as required by the laws and regulations under which they operate.

With the enormous numbers of foreclosures that have come to the market over the past 3-4 years has come a likewise increase in the number of licensees who fail to fulfill their duties under their license. The biggest violations have to do with the lack of disclosures being made by listing agents for their bank owned listings.

In the past, if an agent neglected to provide me with the appropriate disclosures, a simple phone call to the agent fixed the problem. The missing disclosure would either be faxed or e-mailed to me promptly. This is not the case in today’s market environment. There are an ever increasing number of agents who either refuse, or ignore their duty of disclosure. In particular, many agents are not performing any type of diligent visual inspection, and the problem seems to be growing.

Enclosed are three examples of what we have received in our office lately from agents who have neglected, or ignored their duty to disclose. Each of these from agents representing REO listings.

While it gives me no satisfaction to resort to lodging this complaint with your department, I feel I can no longer sit silently by while our industry continues to shoot its reputation in the foot. I am sure that I will most likely suffer some repercussions from my fellow REALTORS for lodging this complaint, but at some point someone has to stand up for the right thing; not the popular thing.

If there is anything I can do to shed further light on these cases please do not hesitate to contact me.

Yours truly,

Mark S. Wisterman

Broker/Owner

DRE# 01181168

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Oroville’s Week In Review

 It seems that this week’s Lake Oroville real estate market report reflects some ongoing reporting issues the local REALTORS are having with our new multiple listing service system.

It looks as though that the inventory of unsold homes is beginning to increase slightly. This may be an effect of some sellers trying to get a head start on what most people think is the peak selling season of Spring. Hopefully we can get the bugs worked out of our new MLS system soon. Watch for the weekly sales numbers for the Paradise real estate market later this week.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Weekly % 
  1/11/2010 1/18/2010 1/25/2010 2/1/2010 Change
           
# of Total Sales 13 12 4 10 150.00%
           
# REO/Short Sales Sold (SS) 4 7 3 8 166.67%
           
% Sales that are REO/SS 30.77% 58.33% 75.00% 80.00% 6.67%
           
Avg. List Price $124,300 $148,383 $75,975 $79,790 5.02%
           
Avg. Sold Price $115,100 $112,637 $68,475 $83,229 21.55%
           
Sold Price % of Listing Price 92.60% 75.91% 90.13% 104.31% 15.74%
           
Avg. Days On The Market 112 107 163 154 -5.52%
           
Total Sales Volume $1,496,300 $1,351,650 $273,900 $830,599 203.25%
           
# of Single Family Listings 315 317 320 324 1.25%
           
# Foreclosed On Market 44 45 38 34 -10.53%
           
% of Foreclosed on Market 13.97% 14.20% 11.88% 10.49% -11.63%
           
# Short Sales on Market 44 41 50 52 4.00%
           
% Short Sales on Market 13.97% 12.93% 15.63% 16.05% 2.72%
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