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: Continue reading
By: Mark Wisterman
One of the more difficult things to measure in the Lake Oroville real estate market, and quite frankly just about any market that has any type of diversity in the make up of homes, is how much values may be increasing or decreasing as the case may be.
Your everyday, run of the mill real estate agent usually falls into the trap of using price per square foot to value properties. If the agent thinks that homes are selling for $100 per square foot and your home is 1500 square feet then your home gets valued at $150,000. Now this may work great in area where there are plenty of cookie cutter subdivisions in which there are only 3 or four different floor plans. But, in the more rural areas like the Lake Oroville real estate market, this valuation approach is not reliable. Valuations in a town with such diverse property types can be quite the challenge which is why sites like Zillow and Trulia are sometimes very inaccurate in our area when it comes to their estimates of values of homes in the Oroville real estate market. There are just too many variables to consider if you are trying to take a simplistic approach to valuations.
Today I have a chart that takes a little different approach to looking at how prices are changing for homes in the greater Oroville area. This chart shows the behavior of home prices for active listings as a percentage of the overall market over the past year. For example, on February 1 2013, thirty percent of the homes on the Oroville market were priced between $100,000 and $149,999. On July 12, 2013 the number was 23%. I have broken values down into 8 different price ranges and I am recording these number on a semi annual basis in the hopes that it will provide more insight into what is happening with asking prices of homes in the Oroville market. There is definitely a shift going on. The big question is, will the shift result in fewer buyers being able to buy homes?
For a full screen look at the chart just click on it.
Seaching for homes in the Oroville real estate market, the Chico real estate market, and the Paradise real estate on your mobile device just got a lot easier and more convenient with the recent release of REALTY WORLD’s Mobile Connect home search program.
This new platform allows buyers to obtain listing information, nearly instantly, on any residential property for sale in the area in which they are currently located by simply texting as simple two letter code. There is even a QR code available for you iPhone and Android users. No more searching through cumbersome apps like REALTOR.com, Zillow and Trulia looking for a specific property that you are standing in front of trying to get updated information. And no more hassles when calling the phone number on a yard sign and getting hold of an agent that has no idea of what property you are asking about.
With this new system you get not only the information on the specific home you are texting for, but you also have the option of seeing the 5 other homes for sale that are closest to the home you are looking at. I have included a couple of links here that will provide further information on this awesome new system. The benefits to buyers and sellers alike are explained in the flyers.
To sign up for this program just give me a call or drop me an e-mail with your cell phone number and I will get you enrolled. As always there is NO CHARGE for this service and there is NEVER any abuse of your contact information. In fact, I will make you this promise: I will not ever call you about any home you inquire about through this system unless you ask me to.
Mobile Connect for Sellers
Mobile Connect For Buyers
Happy House Hunting!!!!!!!!!!!!