Are You Prepared?

With a big winter storm approaching the Lake Oroville real estate market here is information from Pacific Gas and Electric regarding storm preparedness.

 

Please be careful out there today!!!!!

 

The post Are You Prepared? appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

What In The Realty World is Going On Here?

One of the biggest challenges for anyone thinking of buying or selling real estate in any market across the country is determining the condition of the market in their particular area. Certainly the same holds true for the Lake Oroville real estate market.

But where in the world of realty can you get accurate market  information? Zillow? Trulia? Maybe the nightly news.? Or better yet, how about Facebook? After all, if it is on Facebook, it must be true, right?

Your best resource for LOCAL market conditions is right here on this blog site. Over the past 5 years I have brought market updates, real estate advice,  and sometimes some fairly provocative opinions. It is, and always will be, my opinion that there is a HUGE need for accurate local real estate market information in the Lake Oroville real estate market. I also believe that there is a drought of such information out there. This is why I make providing real estate market information the top priority of this blog site. I am always looking to bring information to you in a variety of ways and from different perspectives so that you know what is REALLY going on.

Which brings me to my latest graph. This graph  illustrates the changes in the inventory of Lake Oroville homes for sale over the past 8 months at different pricing levels. What spurred me to research this is the fact that , although prices of homes that have sold has admittedly increased, the number of homes that are selling in the Oroville real estate market is on pace to be the first year since 2009 that the market  will be selling fewer homes in the current year than the previous year. Yes, you read that right. Regardless of what the “salespeople” are telling you about how “busy” they are, the truth is the home sales in the Oroville market are significantly behind last years numbers.

Because the “numbers guy” in me is always looking to explain what would cause this to happen, I jumped into the database to see what I could glean. The graph below is the result of my research and is the basis for the following opinions:

1. Even though inventory of Lake Oroville area home listings have recently increase in the past 6 or 8 weeks, they are still too low to sustain any meaningful long term increase in unit sales. This is frustrating buyers and some have actually dropped out of the market until inventory conditions improve.

2. The run-up in prices over the past 12-18 months is now beginning to price some buyers out of the market and has caused some “irrational exuberance” among some sellers and their agents causing a lot home homes to be initially overpriced.

3. The graph tells us that in the past 8 months total inventory has increased about 22%. The graph also shows that the largest increases in inventories have occurred  in the prices ranging from $200,000 to over $500,000 with inventories almost doubling in the $300,000 – $500,000 range. This is troubling for a market that has a number of economic challenges. But it is nothing compared my next observation.

4. The increase  in the inventory of homes in the price ranges that some might call the “sweet spot” for most Lake Oroville real estate market home buyers,  $100,000 – $200,000 is barely any increase at all, and at the $150,000 – $199,999 range it is actually negative growth. This is the reason I keep saying that now is the perfect time to sell if you have a home that will fit in this price range. You may even find yourself with multiple offers.

5. And what about the large growth in the range from $75,000 – $99,999? Some of this is due to rising prices that have shifted inventory from the lowest end of my price scale into the next tier. I think is also an effect of  homes in this price range languishing on the market due to their “unloanability” and the fact that many “flippers” are not flippers anymore.

In my opinion, the Lake Oroville real estate market is still seeking that balance between the number of Oroville buyers looking to buy and the number of  Oroville sellers willing to sell that My gut tells me, and I think that these number support this feeling, that until we see upwards of 275- 300 homes on the market, ( we currently have 196 on the market) with the vast majority of that growth taking place in the aforementioned “sweet spot”  of the Oroville real estate market, that we will continue to face the same challenges that we are faced with today.

I am interested in what you think!

The post What In The Realty World is Going On Here? appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

I Was Feeling Rather Down, Then This Happened!

I have a friend (believe it or not) in the Lake Oroville real estate market  that I spend time with who is great with “turning a phrase” to make me laugh.

In fact, we make each other laugh for almost the entire time we are together.  It was not too long ago (actually almost exactly one month ago today),  that I was dealing with bit of a stressful situation when he reminded me in a text message that “It is always darkest just before it goes totally black.”   Yes,  he thinks he is funny!!  But it did feel a little bit like he was right.

BUT NOT TODAY!!

I am absolutely PROUD and EXCITED to announce today that Charity Berry, a life long resident of the Lake Oroville area real estate market has joined the REALTY WORLD-Best Realty family.

Before deciding to make real estate her new career, Charity had worked as an escrow officer at Mid Valley Title and Escrow. Having worked there since the age of 19, Charity’s experience and professionalism in the title & escrow side of the business now provides her Lake Oroville area real estate clients with a perspective that is very rare on the selling and/or buying side of the real estate business.

All of us in our office are extremely excited to have her as a new addition to our family. She began getting herself acquainted with her new surroundings yesterday and it makes the events of a month ago seem like a non-event; just another ho-hum day at the office. There is already a different, more positive feel around the office and I, for one, am feeling much more energetic and positive.

Will you all please welcome Charity to our team and wish her a wealth of success as she begins this new journey in her life.

The post I Was Feeling Rather Down, Then This Happened! appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

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.

http://www.youtube.com/watch?v=QNLLfcdf2s0

The post Looming Deadline Could Doom Your Loan appeared first on Mark Wisterman’s Oroville, Chico & Paradise Real Estate Blog.

Good News On The Horizon??

sunriseTHE 2014 California  Association Of Realtors projection for the housing market has been released.

To quote:  “After distressed sales lost their hold on much of California’s market, the state’s housing market will continue to improve in 2014, with sales shifting toward primary home buyers and both sales and home prices posting further gains, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2014 California Housing Market Forecast,” released today.

The C.A.R. forecast sees sales gaining 3.2 percent next year to reach 444,000 units, up from the projected 2013 sales figure of 430,300 homes sold.  Sales in 2013 will be down 2.1 percent from the 439,400 existing, single-family homes sold in 2012.

“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said C.A.R. President Don Faught.  “As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership, as buyers who may have been competing with investors and facing an extreme shortage of available housing return from the sidelines.”

As a Realtor doing business in Oroville, CA  this news is most encouraging! As we here in our office have numerous discussions on the past, current and future market and are always keeping a vigilant watch on the real estate trends such as the current pricing and inventory along with the fluid interest rates, not to mention the partial government shut down and it’s effect or lack thereof in some instances.

I look forward to 2014 and the improvements spoken of.

For now, I will cherish every day and my blessings. I will continue to be diligent in showing the Oroville homes to interested Buyers, or the Oroville vacant lands to those looking for that opportunity to develop their own slice of paradise. Our housing and bare land prices are very affordable and I do enjoy being one of the many tour guides for those new to our area and show them all of our amenities here, such as Lake Oroville, the mighty Feather River and it’s jumping salmon and awesome beauty, Bald Rock, and plethora of picturesque settings.

http://www.car.org/newsstand/newsreleases/2013releases/2014forecast

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