It Rained On Our Parade but…

Even a little rain on our Feather Fiesta Days parade could not keep the throngs of people away from the Lake Oroville real estate market for our annual week-long celebration of our hometown.

The Saturday before Mother’s Day is the tradition kick-off to the wealth of spring and summer activities that abound it the Lake Oroville real estate  area each year. There is so much to do around Oroville Ca and the surrounding areas this time of year that you would have to clone yourself to see it all. Luck for you, I will be posting videos like this one throughout this time of year so you can enjoy as much as you can of the Lake Oroville Ca area. I hope you enjoy the video.

All About Them

By: Mark Wisterman

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.

Photo Courtesy of cyberchimps.com

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  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.

Photo Courtesy of www.dailyspeculations.com

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 wounded 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 away land, to do the same for us and for others.  Make this Memorial Day “All About Them.”

Enhanced by Zemanta

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.

New Property Video Tour Premier

Welcome to my newest video tour for the Lake Oroville area real estate market.

I hope these videos are helpful to all of you looking for a home for sale in the real estate market of Oroville. I always appreciate any feedback you are willing to give me about these Oroville home property videos.

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.

 

Enhanced by Zemanta

Is It That Time Already?

By: Mark Wisterman

Here we are once again to take a look at the latest weekly market activity for the Lake Oroville homes sales market.

As with nearly every week for the past two months there is certainly nothing earth-shattering going on in the Oroville real estate market.  Thanks to a couple of sales in the higher price ranges, the average sold price and the total value of Oroville area homes sold looks to be improving. But be careful not to get fooled here. With so few homes selling, it is very easy for a couple of large sells to tilt the numbers.

If you are wondering where the sales numbers may go in the coming weeks keep your eye on the very last line of the chart. The number of pending sales is a great future indicator of  the trend we will see 30-45 days from now regarding completed sales of Oroville homes. It has been flat for weeks now, indicating that we will not be seeing any significant increases in closed sales in the near term.

This is the 5th week in a row that the gap has grown between what an home in the Lake Oroville real estate market was originally priced at and at what price it actually sold. This gap may continue to increase as there is still a number of homes coming to market that have been……well, let’s just say,…………optimistically priced.

 

MLS Stats for Oroville Area Week Ending Week Ending Week Ending % Change 6 Month
9/26/2013 10/3/2013 10/10/2013 Previous Week Average
# of Total Sales 14 11 9 -18.18% 11
# REO/Short Sales Sold (SS) 7 5 1 -80.00% 4
% Sales that are REO/SS 50.00% 45.45% 11.11% -75.56% 36.24%
Avg. List Price $127,479 $140,205 $196,031 39.82% $140,198
Avg. Sold Price $127,007 $134,536 $189,617 40.94% $135,787
Sold Price % of Listing Price 99.63% 95.96% 96.73% 0.80% 96.80%
Avg. Original List Price $136,893 $151,800 $217,800 43.48% $148,463
Sold Price % of Original Price 92.78% 88.63% 87.06% -1.77% 92.92%
Avg. Days On The Market 123 56 83 48.21% 65
Total Sales Volume $1,426,100 $1,479,900 $1,706,550 15.32% $1,544,030
# of Single Family Listings 184 177 175 -1.13% 172
Days of Inventory Left 92 113 136 20.84% 120
# of Pending Sales 77 71 72 1.41% 77
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.
Enhanced by Zemanta

The Government “Shutdown” and Your Loan

By: Mark Wisterman

Are you more than a little confused about how the current government slowdown will affect your loan processing for the purchase of your home? Well join the crowd!!

Thankfully, I work with a number of quality lenders that serve the Lake Oroville real estate market and the surrounding Butte County markets who are very good about communicating with me when off the wall issues like this occur.

One of these lenders, Tim McCabe of Academy Mortgage, just e-mailed this flyer to me which discusses the impact of the current slowdown on the loan processing by the various government agencies which currently control the mortgage market.

Click here to see the flyer or click on the graphic.

Gov Shutdown


Check back to this site, or see myFacebook business page  for any updates to the situation.
 

 

Enhanced by Zemanta

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