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.

Time Flies- Another Week Behind Us

By: Mark Wisterman

My 2013 Photo-Web-Revised

 

The preliminary market results are in for home sales in the Lake Oroville real estate for the most recent week.

I say preliminary because I discovered a bit of a glitch in how I have been reporting the weekly home sales numbers for the Oroville market. The week that I report on runs from Friday through Thursday of each week. What I discovered is that some agents are not getting their sales logged into our multiple listing service in time for me to pick them up for my weekly report causing an under reporting issue for Lake Oroville area home sales.  To correct this issue I will be revising the previous weekly Oroville home sales numbers at the time that I gather data on the recent weekly market numbers. I want you to have the most current and relevant data as you can possibly have and this new reporting standard will help with that.

Speaking of current and relevant numbers, I am making big change in this weekly report chart. Beginning with this report I am no longer providing data on the number of bank-owned Oroville homes for sale or the number of homes for sale in the Oroville market that are considered short sales. The reason for this is that the current level of these homes on the market is insignificant and they are no longer making a major impact on the market. I am still tracking the numbers but will no longer report them on this site.

In place of these numbers I have added something that I think, going forward, will provide more perspective on the market than the reporting of REO do. 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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Another Week Come and Gone

 By: Mark Wisterman

We meet, once again, to review the latest weekly real estate market information for the Lake Oroville real estate market

The number of Oroville home listings that sold this week continue to show increases as does the average price for Oroville real estate market listings that have sold. With $1.75 million in total sales of Oroville homes listed, this was also an above average week for sales volume.

So what the heck is the cause of all these increases? Take a look at the numbers highlighted in red. The number of homes in the greater Lake Oroville area available for sale continues to shrink. Down over 2.5% from the previous week.  It is this number alone, in my opinion, that is driving the rest of the numbers.  In my next post I will spend a little time discussing these low inventory numbers and how I think it is going to affect the Oroville, CA real estate market in the short term and what buyer’s and seller’s can do in the face of the changing real estate market in Oroville.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change
2/28/2013 3/7/2013 3/14/2013 Previous Week
# of Total Sales 9 10 12 20.00%
# REO/Short Sales Sold (SS) 3 5 6 20.00%
% Sales that are REO/SS 33.33% 50.00% 50.00% 0.00%
Avg. List Price $144,367 $132,915 $153,700 15.64%
Avg. Sold Price $140,861 $124,940 $145,925 16.80%
Sold Price % of Listing Price 97.57% 94.00% 94.94% 1.00%
Avg. Days On The Market 64 190 186 -2.11%
Total Sales Volume $1,267,750 $1,249,399 $1,751,100 40.16%
# of Single Family Listings 150 149 145 -2.68%
# Foreclosed On Market 19 17 21 23.53%
% of Foreclosed on Market 12.67% 11.41% 14.48% 26.94%
# Short Sales on Market 9 5 6 20.00%
% Short Sales on Market 6.00% 3.36% 4.14% 23.31%
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Lake Oroville Real Estate Week In Review

Time to once again take a look at the weekly home sales for the greater Lake Oroville real estate market.

Another good week for the number of  Oroville homes sold in the Lake Oroville real  estate market this past week. Total sales volume exceeded $1,000,000 in back to back weeks for the first time in months.  The inventory of available homes for sale in the Oroville real estate market continues to decline as more buyers are entering the market as they try to beat the rise in interest rates that is occurring in the face of improved unemployment numbers were reported this week.

The number of  “distressed” Oroville home listings, those that have been foreclosed upon or have loan balances in excess of their values also continues to slide. Going forward I look for the short sale market of Oroville homes for sale to be on the brink of extinction towards the end of the year as values continue to slowly recover.  As the value of Oroville homes increases we will begin to see more inventory of owner occupied homes which will provide buyers more opportunities to avoid having to deal with the foreclosure market and the backwards way that the banks and their agents have deal with their transaction.  Before writing this post I briefly researched the sales activity of local agents whose clients are predominantly banks. I think that the most telling stat I discovered was that, for the first two months of this year, one of the busiest foreclosure agents in the Lake Oroville area has seen a nearly 40% decrease in the number of listings sold as compared to the same period last year.  I will monitor this in the coming months to see if this is just a blip or an actual trend developing.

 Tip of the Week: Pay attention the interest rates. The pressure is on for rates to increase! 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending % Change
2/14/2013 2/21/2013 2/28/2013 3/7/2013 Previous Week
# of Total Sales 8 6 9 10 11.11%
# REO/Short Sales Sold (SS) 2 2 3 5 66.67%
% Sales that are REO/SS 25.00% 33.33% 33.33% 50.00% 50.00%
Avg. List Price $122,516 $117,100 $144,367 $132,915 -7.93%
Avg. Sold Price $117,138 $102,525 $140,861 $124,940 -11.30%
Sold Price % of Listing Price 95.61% 87.55% 97.57% 94.00% -3.66%
Avg. Days On The Market 178 51 64 190 196.88%
Total Sales Volume $937,100 $615,150 $1,267,750 $1,249,399 -1.45%
# of Single Family Listings 155 150 150 149 -0.67%
# Foreclosed On Market 20 18 19 17 -10.53%
% of Foreclosed on Market 12.90% 12.00% 12.67% 11.41% -9.93%
# Short Sales on Market 7 7 9 5 -44.44%
% Short Sales on Market 4.52% 4.67% 6.00% 3.36% -44.07%
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I Hope This Doesn’t Cause A Headache

Well, hello again, everyone! It is good to be able to take the time to update you on the real estate market in the Lake Oroville market area.

It has been a very long time since I last provided any meaningful stats on the Lake Oroville real estate market and I hope to be doing this on a much more frequent basis now that we are beginning to see new trends emerge in the number of Oroville homes that have sold as well as the number of Lake Oroville home listings that are currently on the market.

Probably the biggest news when in comes to the Oroville real estate market has to due with current inventories of homes available. Since the depths of the market crash we have seen a steadily decreasing number of  Oroville homes come to market. When you view the slide show that is included with this post, you will see that the number of homes available was just over 400 in March of 2009.  According to our Multiple Listing Database, as of this past Friday, there are now only 150 single family homes for sale in the greater Lake Oroville real estate market. This low inventory is making it extremely difficult on buyers as it causes a little bit of a “feeding frenzy’ whenever a home that is in move-in ready condition comes on the market in that some of the prices get bid up to the point where some buyers can no longer qualify.

You can expect this inventory shortage to continue until values recover to the point where homeowners, who are “underwater” and would like to sell but can’t, finally see that their homes are once again worth more than they owe on them. Barring anything that the government will do to screw things up, we should begin to see more news reports of significantly fewer of these upside down situations in the 2nd half of this year, which should provide the impetus towards an increasing number of Oroville CA homes for sale.

Below is a 4 week chart of the sales in the Lake Oroville CA market and below that is  a slide show that provides a little more overview on the current state of the Oroville Ca housing market.

As always, I appreciate your comments and questions.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending Week Ending Previous %
1/31/2013 2/7/2013 2/14/2013 2/21/2013 Change
# of Total Sales 11 9 8 6 -25.00%
# REO/Short Sales Sold (SS) 6 5 2 2 0.00%
% Sales that are REO/SS 54.55% 55.56% 25.00% 33.33% 33.33%
Avg. List Price $130,550 $90,756 $122,516 $117,100 -4.42%
Avg. Sold Price $125,768 $86,278 $117,138 $102,525 -12.48%
Sold Price % of Listing Price 96.34% 95.07% 95.61% 87.55% -8.43%
Avg. Days On The Market 56 66 178 51 -71.35%
Total Sales Volume $1,383,450 $776,500 $937,100 $615,150 -34.36%
# of Single Family Listings 162 158 155 150 -3.23%
# Foreclosed On Market 22 20 20 18 -10.00%
% of Foreclosed on Market 13.58% 12.66% 12.90% 12.00% -7.00%
# Short Sales on Market 8 8 7 7 0.00%
% Short Sales on Market 4.94% 5.06% 4.52% 4.67% 3.33%

 

 

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E-Newsletter Service Just Launched

I just signed up with this really cool new Newsletter service provided bt the National Association of REALTORS®. I will be using this service from time to time to bring important real estate topics to all of you in the Lake Oroville, Chico, Paradise, Yuba City, Marysville real estate markets and the real estate markets surrounding these areas. I would appreciate your feedback on this service as I always want to be bringing you the most pertinent real estate information available. Afterall, shouldn’t you have the most current information available to you as contemplate selling or buying a home?

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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Short Sale and Foreclosure Certified

Those of you who know me, whether you are a client, or another REALTOR®, or a friend, know that I take the business of negotiating and successfully completing real estate transactions very seriously. You also know that I do not believe for a moment, that just because someone may have a real estate license or calls themselves a REALTOR®, means that the particular someone is competent, or educated enough to properly represent their clients best interests. Let’s face it, it is way too easy to get a real estate license in this state.

It takes more than a license or the paying of dues to the National Association of REALTORS® (NAR)  to acquire the proper level of competence to do the job. Above all else it takes education and the desire to stay informed of the latest trends, rules, laws, etc.

This is why I am SFR_cmykvery pleased to announce that each of my associates have thought it important enough to spend the time necessary to join me in completing the educational requirements set forth by NAR  in order to obtain our Short Sales & Foreclosure Resource Certification. This is the ONLY “distressed property” certification recognized by NAR. A certification that, at the time we received ours, had been attained by only 2,500 of the nearly 1 million REALTORS® nationwide.

Through the attainment of this certification we have gained valuable knowledge and have access to the resources necessary to counsel and better guide our clients through the foreclosure and short sale processes. In fact, (here comes the commercial), we are the only office in the Lake Oroville real estate market, and maybe the entire Butte County real estate market, where every associate in the office has earned the certification. Are we “experts” yet? Nope. But, knowing my associates as I do, we are going to be as close as you can possibly be as this market begins to move away from foreclosures and more into the short sale arena.

Oh, just a side note regarding “experts”  in this business. If someone calls themselves that, in most cases you should probably run away as fast as you can. Case in point-There is one REALTOR® in town that claimed in her advertising that she was a “Short Sale Expert” and yet had never, ever negotiated a short sale transaction of any kind.!!!!!!!!!!!

 

 

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