Sellers On The Fence

It seems that the tide is beginning to turn in the national real estate market. I invite all of you in the Lake Oroville real estate markets as well as the housing markets of Chico homes and properties of the Town of Paradise to check it out.
 


 

Buyers Struggle with Low Inventory

Sellers on the Fence

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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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Keep Your Perspective

It has been far too long since we last had some quality time together.  When I first started this blog it seemed I was blogging 3 or 4 times per week. Lately, though it has been more like 3 or 4 times per year.

Don’t ask me why I had lost my enthusiasm for commenting on the real estate markets of Lake Oroville, Chico, Paradise and the surrounding areas. I guess it just seemed like that I could not muster up an effort to comment on what seemed to be a dismally depressed real estate market.

Lake Oroville

Or maybe I was just dismally depressed.  Whatever the reason, I have been feeling for a while now that it is time to get this blog up and moving forward again. Market conditions both locally and nationally have been changing lately and it seems a good time to get back into the swing of things.

Let’s get restarted by taking a look at this article that I found at Inman News. While reading this “gloom and doom” titled column I want you to tell me what is missing from this article that discusses the state of the foreclosure market on a national level. I think what you do not see in this article is why I have told all of you since the beginning of this blog to keep your perspective on things.  We’ll pick up on our discussion when you get done reading.

CLICK HERE TO VIEW THE ARTICLE

So what did you NOT see in this article about the number of foreclosures on the market?

You get a gold star if you said that the word CALIFORNIA did not appear in the article. That’s right, the state that was hit as hard or harder by the foreclosure mess than any other state in the Union does not even get a mention in a report that says the number of foreclosures in this country is still at an all time high.
This is why I keep updated links on this site showing the latest foreclosure filings in, not only the Lake Oroville real estate market, but also the real estate markets of Chico, Paradise, Yuba City and Marysville areas. As they say, all real estate is local. It is ok to keep yourself abreast of the national real estate market, because quite frankly, and I am sorry to say, it seems to be the national numbers that set the mood of the country. But it is your job to set the mood of this state and this local Oroville real estate market by staying informed on the local markets.  Only time will tell, but it seems that the light at the end of the tunnel is no longer a gigantic freight train.

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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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New Foreclosure Reports Now Available

Here are the latest foreclosure reports for the real estate markets of Lake Oroville, Ca, Chico CA, Paradise CA, Yuba City Ca and Marysville, CA.

These reports still show what has been true for the past couple of years- a very volatile market with not much in the way of any long term trend that could assist us all in anticipating where the market is going from here. This uncertainty, as well as rampant unemployment, is doing its best to keep many buyers on the sidelines, as they seem to be waiting to the bottoming in pricing.

If you are one of these buyers be sure that you are keeping a close eye on trends on prices and interest rates as you wait. Remember that the Federal Reserve has pulled out of the mortgage market and are no long artificially deflating interest rates. Rates are going to react much more quickly to changes in the economy than at anytime in the past 2 years without the government interference that has kept them low. Believe me when I say I understand the fence-sitting mentality as not much this economy has to offer feels very good right now. Continue reading

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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Weekly Oroville Sales Update

Hello, once again, Lake Oroville real estate market stats fans. I can’t believe it has been nearly 3 months since I have reported week sales for the Oroville real estate market to you. Boy, how time flies when you are having fun selling Oroville homes, Paradise homes, Chico homes and homes in Yuba City and Marysville.

Lately the word is, the more things change the more they stay the same. Except for overall home values, that is. In Oroville we can’t seem to sell anymore than 7-8 homes per week and average prices of the Oroville home listings that are selling continue to trail downwardly.

Here are this week’s numbers: 

MLS Stats for Oroville Area Week Ending
  6/16/2011
   
# of Total Sales 9
   
# REO/Short Sales Sold (SS) 6
   
% Sales that are REO/SS 66.67%
   
Avg. List Price $91,366
   
Avg. Sold Price $84,089
   
Sold Price % of Listing Price 92.04%
   
Avg. Days On The Market 87
   
Total Sales Volume $822,290
   
# of Single Family Listings 250
   
# Foreclosed On Market 50
   
% of Foreclosed on Market 20.00%
   
# Short Sales on Market 22
   
% Short Sales on Market 8.80%
   
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LISTEN UP!!!!

In speaking with a number of lenders that serve the Oroville real estate market, there seems to be an increase in the number of prospective borrowers who aren’t listening to the instructions their loan officers are giving them during the loan process which is jeopardizing the purchase of their homes.

Today’s public service message is short and sweet to homebuyer’s everywhere:

LISTEN UP!!!

 

When your loan officer tells you not to buy anything using your credit card during the loan process…..Listen up!

When your loan officer tell you to be sure you have a paper trail for ANY funds you receive during the loan process….Listen up!

When your loan officer tells you that any gift funds that someone is willing to give you must not go directly into your bank accounts…Listen up!

When your loan officer tells you not to deposit those “stashed under the mattress” funds into your accounts….Listen up!

As a borrower you must understand that the loan qualification does not end when your lender pre-qualifies you for a loan.  Any changes to your financial position before your home purchase is COMPLETE will affect your ability to procure your loan. In most cases the effect is that you disqualify yourself for your loan.

Your lender will be monitoring your financial situation throughout the loan process and WILL be aware of changes to it. Be sure that you not only hear what your loan professional is telling you, but also be sure to LISTEN UP!!

If you do, you will find that the loan process is much simpler and less stressful.

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More Services To Help Navigate The Market

One of  the great benefits of my association with Realty World of Northern California is the amount of technology and information they provide to me free.  Without their commitment to me and other Northern California Realty World broker’s and their associates, this blog site would not even exist.

To be perfectly candid, in a market such as this, and,  as a matter of fact, in any type of market,  it is pretty much an economic impossibility to have a website such as this one, pay for it myself, and still be able to subscribe to other online real estate tools that assist buyers, sellers, and others in the Lake Oroville real estate market and beyond, in quenching their thirst for information on market conditions, or in assisting them in determining the value of their Oroville, Chico, Paradise, or Yuba City home.  A simple comparison search of other agent’s personal websites, if they even have one, will bear me out on this.

The newest feature that I able to subscribe to is one that provides you the ability to do a FREE search for the status of properties in the foreclosure process. With just a couple clicks of your mouse you can search for, and request foreclosure information on, not just any Lake Oroville home, but of homes in the states of California, Arizona, Washington, Oregon, and Nevada that are facing foreclosure.  This new service is powered by ForeclosureRadar.com, which is the new leader in the gathering and disseminating of foreclosure information in the Western United States.

If you find a property about which you would like to know more, simply click on the link and complete the request form. The request form comes direct to my e-mail box and I can then provide the current status to you.  (Don’t worry, I am not going to spam you into oblivion with a bunch of worthless e-mails)

Accessing this free search service can be done by clicking the Foreclosure widget or the Foreclosure Search navigation link at the top of my site. Or click here to access the search screen.

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