Best Realty's Lake Oroville Real Estate Blog » Realtors

Free Market Begins To Heal Housing?

Mark Wisterman — Tue, 13 Jul 2010 23:31:00 +0000

As a reader of this blog you know that the market guidance I give for the Lake Oroville real estate market and Paradise real estate market is intended to provide a forward looking perspective to where the market is going.
Attempting to take into consideration all the factors that affect the market and trying to provide accurate guidance into the future is a balancing act to say the least. The biggest challenge in trying to do this is in separating the hype from reality.
Every day you hear the hype but rarely the reality.
I think the reason this Lake Oroville real estate blog is so popular is that readers have realized that the perspective and advice I give is based solely what I see the realities of the market to be. For example, if you go back to some of my previous blog posts you will see that I was maybe the only REALTOR you heard saying that the tax credits would not help the market in the long term; that the market cannot recover until we find a way to get some of the 8 million or so who have been foreclosed on back into the market; and that government “purchase incentives” will only prolong the pain homeowners and sellers are going through with regards to home values.
My contact with two separate buyers in the Lake Oroville real estate market over the past couple of weeks has led me to believe that we are about to see the very small beginnings of a truly sustainable recovery in home sales and home values.
This belief is based on the fact that each of these buyers were coming to me following their homes being foreclosed upon in late 2007 and early 2008. With FHA lending standards allowing a borrower to get a loan with a foreclosure of 3 or more years old on their credit report, these buyers are poised to get back into the market and find another home to purchase.
With the first big wave of foreclosures rolling through the real estate market in 2008 it stands to reason that there should be the beginnings of an uptick in real estate transactions sometime in the middle of 2011 as many of those who lost their homes may possibly qualify again for a loan.
And as corny as this may sound, with the much lower prices and the almost free, fixed interest rates, many of these buyers may look back on their foreclosure with fond memories as it enabled them to get out of a house they most likely over paid for and which they financed with an adjustable loan with a top rate that would make a loan shark blush.
Time is a great healer, isn’t it?

You’ve Decided to Buy a House, Now What? Part lll

Christi Nelson — Tue, 26 Jan 2010 22:40:00 +0000

So your agent has shown you a bunch of houses and you might be getting a little frustrated if you havent found the right one. Be patient! Sometimes it takes a few showings to really fine tune what it is that you REALLY want.
Then, you finally find it! Let the flood of emotions and questions begin!
In my opinion, it is good idea to educate the buyer as to what the process is and what decisions we will have to be made when finally making the offer. However there are still little things that will need to be addressed and especially if there are going to be multiple offers on the property. Thats where you will need to really listen to what your Realtor advises you to do. They have the experience and negotiating skills that will put your offer in its strongest possible position.
Although there are many part to the purchase contract here are a couple examples of things to think about:
The purchase price. What is the amount you really want to offer? This will usually be a number you come up with according to the sold comps your agent has provided to you. Keep in mind this is probably the toughest part. There are a couple of factors to consider when finalizing the price. Is the seller being asked to give a credit for your closing costs? Are you asking for the seller to pay for all the inspections? How long is your escrow period? These are things that need to be considered and your agent will help you fine tune the numbers to make it attractive to the seller.
Escrow Period- How long of an Escrow do you need? Generally the normal time period is 30-45 days. Its a good idea to check with your lender regarding the time period they may need to complete the loan process.
Inspections- What type of inspections do you want to do? What is customary? What do you want the seller to pay for and which ones will you as the buyer pay for? Your agent will be able to advise you on what the different types of inspections you can do and the importance of them. Your lender may also require certain inspections depending on the type of loan you have.
Here is an example of what a Califonia Purchase contract will look like.

You’ve Decided to Buy a Home, Now What? Part ll

Christi Nelson — Wed, 20 Jan 2010 22:06:00 +0000

Let the Home Search Begin!
When buying a home, it’s important to think carefully about what it is your looking for in a home. You have heard it before, location location location! Most people have an idea of the location or area they prefer, whether it is for a certain school district, close to work or to be near family. This would be in my opinion, the first priority of buyers. Then the search begins to find a home with the features you want in that neighborhood. Here is a sample of the Realty World Home Buyer System that seems useful to our buyers.
Where do you search?
Typically when you get together with your real estate agent, they will make a list of your criteria. That can become a search in the MLS system that can be emailed to you daily. There are also many websites available to search on such as Realtor.com and Trulia.com, Trulia gives a lot of good information such as maps,schools,recent solds,etc… The listings you are interested in can be emailed to your agent. The agent can then get more information and make an appointment for you to view the home. Some agents have websites that have a customizable search for buyers. The real estate agent and the buyer receive an email when a property that matches the buyers search comes up.
Keep in mind once you have hired an agent work with you, they are spending alot of their time looking for a property and setting up showings for you. If you see a property in the paper or while out driving around, call your agent about it. They will usually have the property info available to them and can give you the information that your looking for.
Happy House Hunting!