By: Mark Wisterman
I know that as of the posting of this blog the month of August is not quite done yet.
But I hereby make a motion to put the memory of this month’s Lake Oroville real estate market sales numbers behind us and never look back again!
With another paltry week of Oroville real estate sales in the books and with just a very few sales yet to be logged into the Oroville area multiple listing service, the number of Oroville homes that sold this month will be the fewest number of homes sold in nearly 4 years. Yes, you read that correctly, not since Nov. 2009 has the pace of Oroville area home sales been this slow.
Although interest rates are still extremely low, the recent increase in the rates coupled with the lack of reasonably priced homes has apparently caused a pause in buyer demand.
There are however, a couple of bright spots in this weeks Oroville area home sales data. Continue reading
By: Mark Wisterman
Well, well, well what do we have here in the Lake Oroville area? The end of the Oroville foreclosure market?
Looking at this week’s home sales data for the Greater Oroville area you might draw such a conclusion being there was not ONE foreclosed property that sold in the past week. (see the red highlighted stat). To bolster your conclusion you may also point to the fact that this is the first week since I have been tracking this number dating back to October 2009 that there has not been at least one bank-owned Oroville home that has sold.
As I prepared to share this week’s Oroville real estate information with you my plan was to caution you that we should certainly expect to see more foreclosure sales take place and that it is a little early to say the foreclosure market in the Oroville area has met with extinction. However, as I was typing the first paragraph of this weekly editorial, and because I am such a great multitasker, I began think that I may be…..yes, wrong!
Maybe the “foreclosure market” IS over! Oh sure, there are still bank-owned homes for sale, but does the current inventory of Oroville bank-owned homes (19 homes, or less than 10% of the available inventory) actually constitute a “market?” I wonder?
Here is another interesting fact this week: Continue reading
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.
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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.
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.
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.
- How the Bond Market Relates to Your Mortgage Interest Rate (marketconsultingmortgage.wordpress.com)
- Living in a low interest rate world (financialpost.com)
- Market dive could rattle homebuyers (lansner.ocregister.com)
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?
You can buy a home at a significant discount at a foreclosure auction, but you’ll face a host of challenges. Don’t get burned; be solutions-ready. Read
Take steps to dry out quickly in order to mitigate water damage and save your possessions. Read
A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Read