Lake Oroville Real Estate Market Week In Review

Well, with every technology upgrade comes a little bit of a learning curve.

It took me a little while to figure out how to report the Lake Oroville real estate market home sales report with the new blogging site that REALTY WORLD provided, but I think I got it figured out for this week at least.

I know that it has been a long time since I reported on market activity for the sale of Oroville area homes and the current levels of Lake Oroville area active listings on the market. Hopefully this new format is a little easier to digest.

What we are currently seeing in the Lake Oroville real estate market is Continue reading

Weekly Sales By the Month

By: Mark Wisterman

My 2013 Photo-Web-Revised

Whoever “they” is says that everything happens for a reason.

That must be why it has been over a month since we visited regarding the weekly state of the Lake Oroville real estate market. In all honesty as each week came and went, and because I am certainly not a professional blogger by any means, I struggled to find the words I thought were needed to summarize each week’s activity. Especially given the fact the not much was different from one week to the next.

But just like “they” said, I now think I know the reason. Over the past 5 weeks in the Oroville real estate market we have seen a widening gap between  Lake Oroville area home’s original asking price and the price at which it actually sells.  To see this trend more clearly here is the “Reader’s Digest” version of my weekly Lake Oroville homes sales report.  Here is what I think you can take away from this information, especially if you are a seller:

1. The widening gap between between original list price and the final sales price of Oroville area homes shows that some agents have demonstrated an “irrational exuberance” in pricing homes for their sellers when valuations bounced off the overdone drop in values.  Remember that many agents will purposely recommend an inflated price to get the seller to list the home for sale and then go back in a couple of weeks to convince the seller that the price needs to be reduced.

2. The inventory of homes is NOT loosening up as many homeowners, who would like to sell their Lake Oroville homes, still owe more on their mortgages than their home are worth. It is my belief that we will not see any significant increase in Lake Oroville area homes on the market until values get back to 2005-2006 levels, which, for many Oroville homeowners, could be more than a couple of years from now, or, the banks release more homes onto the market. ( if they actually have any to put on the market). Whether it be one or both of these things that occur, once it does, the rate that values have been increasing over the past 6 months will be a thing of the past and may actually back track somewhat. In other words, putting your home on the market now ( if you are able to) may be the best time to do so.

3. Based on the activity level in my office, the lack of an increase in the number of “Pending” sales is the a result of a shortage of quality, reasonably price homes on the Oroville market. As a homeowner who is considering the possibility of placing your home on the Lake Oroville real estate market you should seriously consider your price-point. It is easy to get wrapped up in the hype that you can promptly sell your home even if you price it a little high, because “you can always come down when an offer comes in.” But remember this: Quality, experienced, knowledgeable buyers agents will not show obviously overpriced homes to their clients and they won’t waste everyone’s time by writing an offer on one either. They will just patiently wait on you to reduce your price and then make a offer even lower than that.

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Week Ending
11/7/2013 11/14/2013 11/21/2013 11/28/2013 12/5/2013
Avg. List Price $188,044 $131,322 $145,620 $129,785 $154,580
Avg. Sold Price $189,978 $130,044 $140,840 $124,746 $149,700
Sold Price % of Listing Price 101.03% 99.03% 96.72% 96.12% 96.84%
Avg. Original List Price $196,717 $141,378 $150,020 $139,008 $169,780

Sold Price % of Original Price

96.57%

91.98%

93.88%

89.74%

88.17%

# of Single Family Listings

173

173

169

167

165

# of Pending Sales

63

67

67

67

67

Data compiled from the CRMLS multiple listing service for single family homes in the
Greater Oroville real estate market area including the areas of Oroville, Palermo, Concow, Forbestown, Bangor, Berry Creek, Brush Creek, Honcut, Yankee Hill
Information deemed reliable but not guaranteed.

 

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Another Happy Buyer

New FHA Rule Just Reversed

Just posted this on our Facebook page.

 

YAWN!! Another Week Has Passed

By: Mark Wisterman

My 2013 Photo-Web-Revised

 The sleepy real estate market in the Lake Oroville area continues to hit the “snooze”  alarm as the market seems to be sleep walking through yet another month.

When a market turns as this one has over the past few weeks some may think that the buyers are beginning to leave the market. If the recent activity in our office is any indication what is going on in overall home sales activity in the Oroville real estate market, that thinking would be incorrect. For example, I have shown more buyers Oroville homes for sale in the past couple weeks than I have at any other time this year. The buyers are not sitting on the sidelines worrying about interest rate increases. The fact is that Oroville buyers are now shopping more cautiously, and are beginning to consider  the actual value of the homes at which they are looking, not wanting to overpay for their next home.

So how do more Oroville homes get sold at a quicker pace? Continue reading

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

What’s Happening???????

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

So do you ever wonder how a real estate agent reacts to a weekly market report like this one after being through 7 years of career challenges like the Lake Oroville real estate market  has presented?

The answer lies in the 1982 movie “Poltergeist” Click on the image to get the answer.

Continue reading

Bitten By The Back-To-School Bug?

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

Sorry for being a few days late with last week’s sales information for the Lake Oroville real estate market.

I got caught up in “reporting” on the current fire situation in the foothill area just outside Oroville. What turned out to be taking a few photos of the fire turned into an hourly Facebook posting with updates from CAL-FIRE which took up most of my weekend.

In any event, here are the numbers for the week. One of the biggest challenges with reporting the Lake Oroville real estate market activity is that we are a fairly small market. As a result the weekly numbers have a tendency to be somewhat volatile making it difficult to really get a feel for what is going on.

As we have discussed here many times before , the week to week, or month to month, or even the year over year numbers tell only a small part of the story of the market. In my view, it is the TREND that is important to watch when attempting to gauge the market.  To help you spot how things are trending in the Lake Oroville home sales market, Continue reading

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

Coincidence?…..I Think Not!

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

 This is a little difficult for me to write as I have never been one to speak in any type of open forum about why things like I am about to relate to you happen. 

In the past I would chalk up things like this to “coincidence” or “luck.” But I do not think those things anymore. I think it is much bigger that. And I do mean BIGGER!!

This is just the latest in a series of events that have occurred to me over the past few months that can only be described as, well, indescribable.

This afternoon  I received an Estimated Settlement Statement for my buyer. For those of you who don’t know, these statements are issued by the escrow companies in order for buyers and sellers to see what the financial implications of their sale or purchase is. In this case the estimated statement called for my buyer to bring in a check in the amount of about $6,400 for the balance of their down payment and other closing costs. As I always do, I reviewed the statement before e-mailing to my client for her review. There was nothing that stood out to me as being wrong or out of the ordinary.

About an hour later she called me very confused and concerned about the amount that she was being required to bring in when she signed her loan documents. I do not want to get into the details as to why she thought what she thought about the amount, but she was assuming that she only had to come up with another $3,000 to close the transaction. We talked about it for a few minutes and then I called the loan officer’s assistant to review the numbers with her. Nothing in the numbers had changed since the buyer signed all the lender disclosures.

I called the buyer back to further discuss it with her. Although she still did not quite understand what had happened she said that she had  the additional $3,400 that was needed thanks to her husband’s parents who, by the way, are also co-buyers of the home.

Here is how the part of the conversation went leading up to the reason for this post.

Me: So you have discussed this with your husband’s parents?

Buyer: Yeah. Thank goodness they have the money to help. They have been very supportive. If I had to turn to my parents I would not be able to come up with the money because they could just not do it.

Me: That is great that they are so helpf……..

Buyer: Oh my god!!

Me: What’s the matter?

Buyer: My husband just opened mail from my parents and they sent their wedding gift to us. It is a check for…………………………$3,500.

Me: Are you kidding me.

Buyer: No…… I think I am going to cry.

 

By the time the conversation was over my client was barely able to speak as she was trying to hold back the tears. I hung up the phone and just sit quietly at my desk for a minute or two contemplating what I had just been a part of. All I could think at the time was…WOW!

Like I said, in the past, I would  use words like coincidence, luck, spooky, crazy, etc. But no more. It is events like this and the others that I have witnessed lately that now move me to use words such as, grace, intercession, miraculous, blessing, etc. There can be no other way to explain these things.

To those of you who have long ago had your faith training wheels removed this is probably no big news. But to someone still learning to get my faith-feet on the ground I am still more than a little amazed at what just happened.

Today God provided, in His own time,  and just in time, to my buyer. But He also provided something more to me during a day when I was struggling to get from one hour to the next.

It was this message:

Do everything that you can do and He will do what you can’t.

 

 

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