Chico CA Real Estate News
Search here! Chico CA Foreclosures Listings for Sale
March 18th, 2008 categories: Chico CA Foreclosure Listings, Chico CA Real Estate News
Chico CA Foreclosures Listings!
Welcome to the most comprehensive, up-to-date list of Chico CA foreclosure properties available for sale on the MLS.
Interested in buying a Chico foreclosure?
Please be forewarned that purchasing a foreclosure or short sale property is quite a bit different than purchasing an average real estate listing.
Everything from the marketing, negotiating, forms, disclosures, and escrow process varies significantly from what most buyers and real estate agents are accustomed to. It is imperative that you, as a buyer, are represented by a foreclosure specialist who understands the complexities of the transaction so that you are adequately protected! Look for a Chico real estate professional that regularly lists and sells foreclosure properties.
Updated: 03/18/2008
Chico (and surrounding areas) Foreclosure Properties Coming Soon!
Want the inside scoop on foreclosure properties not yet listed? The following are scheduled for marketing within the next 30 days:
852 Lindo Lane, Chico
475 Sacramento, Hamilton City
254 E 15th Street, Chico
2136 Rosedale, Oroville
762 1st Avenue, Chico
269 W Rio Bonito, Biggs SFD $138,000 3 bed, 1.5 bath, 1222 sqft, built 1970
CHICO FORECLOSURES
1412 N CHERRY STREET Condos $114,900 (Pending)
2200 NOTRE DAME BLVD Condos $119,900 2 bed 1 bath, 864 sqft, built 1981
1186 E 1ST AVENUE Condos $135,700 (Pending)
2159 SHOSHONEE AVE SFD $174,500 3 bed 2 bath, 1336 sqft, built 1988
1527 B Street, Chico SFD $179,900 3 bed 2 bath, 1108 sqft, built 1989
2759 CERES AVE SFD $184,900 3 bed 2 bath, 1039 sqft, built 1980 (Pending)
569 WHITE AVE SFD $194,000 3 bed 1 bath, 989 sqft, built 1959
946 EATON RD SFD $194,900 3 bed 2 bath, 1167 sqft, built 1973 (Pending)
2099 HARTFORD DR SFD $199,900 3 bed 2 bath, 1382 sqft, built 2005
87 KEY WEST LOOP SFD $219,000 3 bed 2 bath, 1126 sqft, built 2006 (Pending)
709 POMONA AVE Duplex ($219,900) built 1948, 1436 sqft
8 SUN CIRCLE CT SFD $219,900 3 bed 2 bath, 1160 sqft, built 1986
1276 CALLA LN SFD $227,424 4 bed 1.5 bath, 1746 sqft, built 1963 (Pending)
1081 REY CIR SFD $232,900 4 bed 1.75 bath, 1414 sqft, built 1972 (Pending)
15 GLENSHIRE LN SFD $235,900 4 bed, 1.5 bath, 1305 sqft, built in 1987
747 WATERFORD DR SFD $237,450 3 bed 2 bath, 1374 sqft, built 1980 (Pending)
23 GLENSHIRE LN SFD $239,000 4bed 1.5 bath, 1305 sqft, built 1987 (Pending)
1482 DAYTON RD SFD $249,500
2 MARYDITH LN SFD $254,500 3 bed 2 bath, 1720 sqft, built 1969 (contingent)
2788 CEANOTHUS AVE SFD $259,900 (Pending)
713 WAYNE LN SFD $265,500 4 bed 2 bath, 1525 sqft, built 1956
4330 KEITH LN SFD $269,000 3 bed 1.5 bath, 1392 sqft, built 1976
4135 KEEFER RD SFD $279,900
1260 RAVENSHOE WAY SFD $287,000
2 WINDMILL CT SFD $289,000 3 bed 2 bath, 1573 sqft, built 1980 (Pending)
25 BUNKER CT SFD $299,900 3 bed 2 bath, 1801 sqft, built 2003 (Pending)
100 BENSON TERR SFD $299,900 3 be, 2 1/2 bath, 1967 sqft, built 2004
13200 HAMILTON NORD SFD $325,000 3 bed 2 bath, 1888 sqft, built 1976
1134 11TH AVENUE SFD $335,300 3 bed 2 bath, 1853 sqft, built in 2004
305 MESA VERDE COURT SFD $347,624 4 bed 3 bath, 2325 sqft, built 2005 (Pending)
832 JACOBS CT SFD $359,900 3 bed 2 bath, 1760 sqft, built 1999
3006 TOP HAND CT SFD $379,900 3 bed 2.5 bath, 2336 sqft, built 1980
2721 ESCALLONIA WY SFD $439,000 4 bed 3 bath, 2435 sqft, built 2001
454 BROOKSIDE DRIVE SFD $498,000
10696 PLAYER LN SFD $649,900 3 bed 3 bath, 3342 sqft, built 2005 (Pending)
3217 SHALLOW SPRINGS SFD $894,900 4/4, 4361 sqft, built 2005 (Pending)
LOS MOLINOS FORECLOSURES
24890 KELLIE WAY SFD $199,900 3 bed 2 bath, 1252 sqft, built 1968
MAGALIA FORECLOSURES
13996 JARVIS CIR MFD $89,000 3 bed 2 bath, 1536 sqft, built 1976
13721 ENDICOT CIR MFD $129,500 2 beds 2 baths, 1616 sqft, built 1979
14569 ASHEVILLE DR SFD $169,900 2 bed 2.25 bath, 1738 sqft, built 1981 (Pending)
13980 CASCADE DR SFD $172,500 3 bed 1.75 bath, 1080 sqft, built 1980
13695 ANDOVER DR SFD $178,900 3 bed 1 bath, 1564 sqft, built 1982
14549 CARNEGIE RD SFD $189,900 3 beds 2 baths, 1486 sqft, built 1992
6560 HURON CT SFD $209,900 2 bed 2 bath, 1260 sqft, built 1980
14560 CARNEGIE RD SFD $212,900 2 bed 2 bath, 1751 sqft, built 1979
14569 ASHEVILLE DR SFD $219,900 2 bed 2.25 bath, 1738 sqft, built 1981
15220 SKYWAY SFD $225,000 3 bed 2 bath, 1696 sqft, built 1979
14658 BRIDGEPORT CIR SFD $261,250 3 bed 2 bath, 1903 sqft, built 2005
ORLAND FORECLOSURES
801 PECAN ST SFD $145,000, 3 bed 1.5 bath, 1080 sqft, built 1986
1311 FAIRVIEW ST SFD $145,500 3 bed 1 bath, 1000 sqft, built 1993
803 PECAN CIR SFD $152,900 3 bed 2 bath, 1080 sqft, built 1986
802 DATE ST SFD $154,900 3 bed 2 bath, 1080 sqft, 1988
1309 FAIRVIEW ST SFD $169,000 3 bed 1.5 bath, 1080 sqft, built 1993
802 DATE ST SFD $169,900 3 bed 2 bath, 1080 sqft, built 1988
611 WOODWARD AVE SFD $190,000 (Pending)
778 JACQUELYN DRIVE SFD $249,900 3 bed 2.5 bath, 1773 sqft, built 2006
6202 CO RD 15 SFD $299,900 3 bed 2.5 bath, 2300 sqft, built 1977
OROVILLE FORECLOSURES
2364 A STREET SFD $69,900 2 bed 1 bath, 864 sqft, built 1935 (Pending)
881 POMONA Ave SFD $78,900 2 bed 1 bath, 988 sqft, built 1921
2765 ORO BANGOR HWY SFD $84,900 3bed, 1bath, 1008 sqft, built in 1987
292 APACHE CIR SFD $91,080 2 bed 2 bath, 1440 sqft, built 1976
2151 OROVILLE BANGOR Duplex! $99,900 built 1954
1080 TEHAMA AVE SFD $104,900 1 bed 1 bath, 912 sqft, built 1949
118 NELSON AVE SFD $109,990 3 bed 2 bath, 1552 sqft, built1965
4771 V E AVE SFD $129,900 3 bed 1 bath, 1014 sqft, built 1964 (Pending)
3451 ORO BANGOR HWY SFD $134,900 3 bed 1 bath, 1266 sqft, built 1950
2126 GRAY ST SFD $137,900 3 bed 2 bath, 1080 sqft, built 1992
1020 BUTTE AVE SFD $139,900 2 bed 1 bath, 1030 sqft, built 1959
1604 SWEEM ST SFD $149,000 4 bed 2 bath, 1597 sqft, built 1960
1687 LETA LN SFD $152,600 2 bed 2 bath, 1038 sqft, built 1978
220 CANYON DR SFD $149,900 4 bed 2 bath, 1894 sqft, built 1954
2675 ORO AVE $155,000 2 bed 1 bath, 1082 sqft, built 1949
853 HARLAN AVE SFD $159,900 3 bed 1 bath, 1088 sqft, built 1951
3081 ORANGE AVE SFD $161,000 3 bed 2 bath, 1443 sqft, built in 1954
1445 7TH AVENUE SFD $173,000 2 bed 1 bath, 1228 sqft, built 1925
11 GLEN CIR SFD $178,900 3 bed 2 bath, 1936 sqft, built 1963
18 WESTWOOD WAY SFD $179,900 3 bed 2 bath, 1152 Sqft, built 1979
37 SELF LN SFD $184,000 2 bed 1 bath, 1240 sqft, built 1982 (Pending)
21 LA CRESENTA DR $189,900 3 bed 2 bath, 1338 sqft, built 1951
3131 TRES VIAS RD $199,900 3 bed 2 bath, 1787 sqft, built 1968
105 ANTLER DRIVE $221,900 4 bed 2 bath, 1687 sqft, built 2005 (Pending)
17 LA FORET DR SFD $259,900 3bed 3 bath, 2344 sqft, built 1983
3615 HILDALE AVE SFD $277,200 3 bed 2 bath, 1778 sqft, built 1961
2680 HWY 70 SFD $339,900 2 bed 2 bath, 1836 sqft, built 1981
PARADISE FORECLOSURES
1835 DRENDEL CIR SFD $114,900 4 bed 1 bath (Pending)
6338 DIAMOND AVE SFD $129,900 2 bed 1 bath, 1147 sqft, built 1949 (Pending)
1537 SYLVAN WAY SFD $130,000 2 bed 1 bath, 1056 sqft, built 1954
5371 SAWMILL RD SFD $139,000 2bed 1 bath, 1014 sqft, built 1950 (Pending)
5757 HOLLY LN SFD $139,900 1bed 1 bath + den, 1080 sqft, built 1948
6340 TABERNACLE LN SFD $139,900 2 bed 2 bath, 1058 sqft, built 1949 (Pending)
5571 KEITH LN SFD $144,900 2 bed 1 bath, 904 sqft, built 1940
6399 LUCKY JOHN RD SFD $144,900 2 bed 1 bath, 1065 sqft, built 1948 (Pending)
463 VALLEY VIEW DR SFD $138,000 2 bed 2 bath, 1020 sqft, built 1947
1115 NUNNELEY SFD $150,900 3 bed 2 bath
1462 ELLIOTT RD SFD $158,900 2 bed 1 bath, 1064 sqft, built 1954 (Pending)
1481 MAGGIES LN SFD $159,900 2 bed 1.5 bath, 996 sqft, built 1980
6893 LUNAR LN SFD $169,900 2 bed 1.5 bath, 988 sqft, built 1970
6104 OLIVER RD SFD $169,900 2 bed 1 bath, 1054 sqft, built 1950 (Pending)
1363 PEARSON RD SFD $177,900 3 bed 1 bath, 1056 sqft, built 1988 (Pending)
5575 SIERRA PARK DR SFD $190,000 3 bed 2 bath, 1420 sqft, built 1948
5811 PERRY MASON LN SFD $195,000 2 bed 1.5 bath, 1799 sqft, built 1956
490 WILLS LN SFD $199,900 3 bed 2 bath, 1505 sqft, built 1976 (Pending)
5892 COPELAND RD SFD $225,000 3bed 2 bath, 1715 sqft, built 1966
1658 JARAMILLO SFD $239,000 2 bed 2 bath, 1530 sqft, built 2006
1635 ALEXIS LN SFD $262,000 6bed 3 bath, 2977 sqft, built 1981
6479 GREGORY LN SFD $269,900 4 bed 2 bath, 2088 sqft, built 1985 (Pending)
6165 SAWMILL RD SFD $269,900 4 bed 2 1/2 bath, 1936 sqft, built 1979
1246 ELLIOTT RD SFD $345,000 4 bed 3 bath, 2236 sqft, built 1960
3366 HAMLIN CANYON CT SFD $ 384,900 4 bed 3 bath, 2548 sqft built 1992
3591 SUNVIEW RD SFD $389,900 3 bed 2.5 bath, 2107 sqft, built 2002
WILLOWS FORECLOSURES
319 N SHASTA STREET SFD $85,000 2 bed 1 bath, 703 sqft, built 1950 (Pending)
651 GLENNWOOD LN SFD $125,000 3 bed 2 bath, 1354 sqft, built 1979 (Pending)
430 W ASH ST SFD $145,000 3 bed 1 bath, 1535 sqft, built 1910
833 W SYCAMORE ST SFD $149,500 3 bed 1 bath, 1100 sqft, built 1915
695 E WOOD ST SFD $145,000 3 bed 2 bath, 1200 sqft, built 1940 (Pending)
1271 E 9TH STREET SFD $168,500 2 bed 1 bath, 1296 sqft, built in 1943
612 GLENNWOOD LN SFD $174,900 3 bed 2 bath, 1100 sqft, built 1972
SOLD
16 DELAWARE DR SFD $255,900 3 bed 2 bath, 1550 sqft, built 1991 (SOLD)
800 BUSCHMANN RD SFD $649,900 (SOLD)
975 LUPIN AVE SFD $289,000 (SOLD)
32 EL CERRITO DR SFD $230,000 (SOLD)
7 DONNA ST SFD $242,000 3 bed 2 bath, 1646 sqft, built 2005 (SOLD)
835 BLACK WALNUT WAY SFD $239,900 (SOLD)
2630 CEANOTHUS AVE SFD $264,900 (SOLD)
395 E 8TH STREET SFD $100,000 (SOLD)
2752 Rafael St SFD $205,000 (SOLD)
2733 CEANOTHUS AVE SFD $215,000 (SOLD)
6479 GREGORY LN SFD $269,900 (SOLD)
Have questions? Need more info on any of these properties? Call me: 530-864-5407
Information listed for each property is derived from sources deemed accurate but we do not guarantee the accuracy of such information.
Foreclosures: What you should know BEFORE you make an offer, Part 1
Foreclosures: What you should know BEFORE you make an offer, Part 2
Coming soon! What you should know BEFORE you make an offer, Part 3.
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New Hope for Chico HomeOwners!
March 15th, 2008 categories: Chico CA Real Estate News
On the Brighter Side
by Mike Wiegert, broker Chico Homes
There’s new hope on the horizon for Chico homeowners saddled with ruinous adjustable rate loans that are threatening to convert happy homeowners to cheerless renters. Last week House Financial Services Committee Chairman Barney Frank announced new legislation to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders. A summary of the proposed draft and the full text is available on the Financial Services Committee website. Mr. Frank cautioned interested readers that the text of the proposed legislation could change over the next few weeks and encouraged comments from all concerned parties.
The new program would permit FHA to provide up to $300 billion in new guarantees that would help to refinance at-risk borrowers into reasonable and affordable new loans. In consideration of a significant reduction of principal, the existing lender or mortgage holder would receive a short payment from the proceeds of a new FHA loan and subsequently the new loan would result in terms that the borrower can reasonably be expected to pay. The existing lender or mortgage holder would receive a cash payment and would agree to not harm or affect the credit of the borrower.
This proposal could potentially refinance between 1 and 2 million loans, thereby helping Chico families to stay in their homes, protect neighborhoods and help stabilize the housing market.
Under the proposed program, a homeowner or existing loan servicer would contact an FHA approved lender who would determine the eligibility and size of the loan consistent with the program’s guidelines. The lender would also evaluate and confirm the borrower’s ability to reasonably repay the new loan. If the current mortgage holder agrees to a write-down or discount of the existing principal balance in accordance with the requirements of the program and makes the new loan affordable, the FHA lender will pay of the existing mortgage.
In addition to the first lien, the newly proposed program grants the government a “soft” second lien to cover the FHA’s costs and preclude borrower misuse of the program such as “flipping” or speculative buying and selling of homes. When the borrower sells or refinances the home there would be a required payment from the profits. This payment would be the higher of a 3 percent exit fee or a declining percentage of any profits ranging from 100 percent in the first year to 20 percent in the fifth year. After the fifth year, the 3 percent exit fee would be the maximum.
Other requirements for eligibility to the program must be met. Eligible applicants are limited to owner occupied principal residences. There is no availability to rental homes, speculative homes or owner occupied second homes. The existing senior loan being refinanced must have been originated between January 1, 2005 and July 1, 2007. To avoid borrowers purposely defaulting on existing loans, the borrower must have a debt to income ratio of 40 percent or higher as of March 1, 2008 and must certify that he/she has not intentionally defaulted. Existing mortgage holders or investors wishing to participate must waive any penalties or fees associated with the existing mortgage and accept the proceeds of the new loan as payment in full. In order for the existing mortgage holder to participate in the program, a significant reduction of the existing loan balance must be “written off” so that the new FHA loan does not exceed 90 percent of the property’s current appraised value. Additionally, the principal reduction of the existing loan must provide for all up front fees for the new loan. Participating existing mortgage holders are limited to a payment of no more than 85 percent of the current appraised value of the property.
Distressed borrowers stuck with adjustable rate loans that are about to be or have been recently reset really need to pay attention to this program. Once enacted, this program will provide to eligible participants not only relief from a looming, excessive home loan, but the possibility of increased equity and a new loan tailored to a borrower’s realistic ability to repay.
Let’s hear it for this bold new step in the right direction by our Federal Legislators.
| Discussion: 1 Comment »
Senate Bill 1055: Damned if You Do, Damned if You Don’t
March 3rd, 2008 categories: Chico CA Real Estate News
by Mike Wiegert, broker Chico Homes Real Estate
A bill that is now pending before the California full Senate would make it possible for California taxpayers to avoid paying taxes on forgiven mortgage debt through a short sale, short sale payoff or other loan modifications.
Senate Bill (SB) 1055, authored by Sen. Michael J. Machado, passed the Senate Revenue and Taxation Committee on an 8-0 vote. The measure would help California taxpayers whose lenders have forgiven a portion of their mortgage debt, by allowing them to exclude the forgiven debt from their incomes for state income tax purposes. Under existing state tax law, forgiven debt on mortgages is taxable to the borrower as ordinary income for the year in which the debt is forgiven. OUCH!
Think about it. You’re already in financial straits, otherwise you wouldn’t be in foreclosure. You list your home with your friendly Chico Realtor hoping to stem off the foreclosure and hopefully not have your credit significantly damaged. Next thing you know you’re getting a tax bill from the state. I regrettably report to you that a huge number of home sellers were unaware or didn’t understand the tax implications of the short sale/foreclosure process in Chico CA. Broken record time: Don’t make any major moves in buying or selling Chico real estate without adequate counseling from a trusted and knowledgeable real estate professional, attorney or tax specialist.
“SB 1055 an example of something the Legislature can do to help mitigate the pain that the mortgage crisis is causing,” said Machado. “The last thing we want to do to a borrower who has just lost his or her home is hit them with a higher tax bill.”
Currently, when a bank or other lender forgives debt on a house sold for less than what its value was when the mortgage was funded (a so-called short sale), the owner must pay taxes on the difference. So if a home originally valued at $350,000 sells for $300,000, and the bank forgives the difference, the owner must pay state taxes on the $50,000 difference. A law recently passed by Congress eliminates those taxes at the federal level for the next three years.
At the national level, Treasury Secretary Henry Paulson recently said a correction in the housing market was “inevitable and necessary.” Paulson, speaking last month at a foreclosure forum in Stockton went on to say that 1.8 million subprime mortgages are scheduled to reset to sharply higher rates over the next two years. Reasoning that this mortgage crisis might result in market failure prompted the administration to broker a deal with the mortgage industry to freeze certain subprime mortgage rates for five years, thereby allowing the housing market to recover. The overall effect is yet to be seen but this is definitely a step in the right direction.
In other recent real estate news, an upcoming trend we’re starting to see is actually a reenactment of the long ago use of custom crafted seller “takeback” or carry back financing. This type of financing has been popularly used in past times of stringent mortgage lending practices or higher interest rates.
Takeback financing means property sellers offer mortgages on their own to buyers on mutually beneficial terms. Interest rates, payback terms, and down payments are all negotiable. There is no bank involvement and the seller can spread out receipt of the full price for the property over a period of years. In the meantime, the seller collects interest and principal payments and often gets a balloon payment at the end of a specified number of years.
Senate Bill 1055 is really a temporary alternative solution to the current mortgage conditions and presumes that the property in question has little or no existing loan against it, but in many instances can make the difference to a buyer having trouble qualifying to buy and a seller experiencing difficulty selling.
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Would You Buy A House With A Sex Offender Living Next Door?
February 29th, 2008 categories: Chico CA Real Estate News
Imagine yourself in this scenario.
You have been searching high and low for what seems like FOREVER, for the “perfect” new home.
You have scoured the glossy magazines available in your local supermarket. You’ve been scrambling to read the classifieds first thing every morning. As a sophisticated house hunter, you have spent hours upon hours pouring over every website in your local area. You even check Craigslist, Localism, and Zillow. Come to think of it, you know the listings in your price range better than your favorite Realtor!
After a LOT of effort, the day finally comes when you find IT.
The perfect house.
Your new house is in the right Chico neighborhood. It faces just the right direction for optimal sunlight. It has the right yard for the kids and dogs and stuff. The carpet is perfect. The laundry room is in the most convenient location. There are plenty of cupboards! All of your furniture will go perfectly.
You excitedly write the offer.
You jump up and down when your Realtor congratulates you on your pending sale.
You cancel your lease, start packing, line up friends to help you move, and spend extra time picking out just the right new paint colors for the living room.
Just when you are all geared up, your Realtor tells you that the sellers just disclosed that they live next to a sex offender.
What are you going to do?
Panic?
Live in denial, because you REALLY want the house?
Track the guy down online and memorize his tattoos, alias’ and address?
Decide he looks too old to be dangerous?
All of the above?
For many buyers, the story above hits pretty close to home. They only find out the bad news AFTER they have fallen in love with the house. Depending on personal factors, the decision about whether or not to move forward with the purchase can be an agonizing one.
One buyer I know stopped to consider what the sex offender was actually charged with. In his mind, some offenses were more worrisome than others, and he carefully weighed his decision on the information we were able to obtain. By utilizing any one of the websites below, you can find pictures of the offender, address, descriptions of identifying tattoos, and a history of offenses such as:
m647.6(a) ANNOY/MOLEST CHILDREN
288(b) LEWD OR LASCIVIOUS ACTS WITH CHILD UNDER 14 YEARS W/FORCE
f243.4(a) SEXUAL BATTERY
288.5 CONTINUOUS SEXUAL ABUSE OF CHILD
261(a)(2) RAPE BY FORCE/FEAR/ETC
261.2/261.3 PRIOR CODE-RAPE WITH FORCE AND THREAT
286(c) SODOMY WITH PERSON UNDER 14 YEARS OR WITH FORCE
288a(c) ORAL COPULATION WITH PERSON UNDER 14/ETC OR BY FORCE/ETC
220 ASSAULT W/INTENT TO COMMIT RAPE, SODOMY, OR ORAL COPULATION
Some buyers don’t express any concern whatsoever, regardless of the offense. Other buyers (probably childless) are less concerned with a convicted child molester than they might be with a 250 pound rapist.
No seller in his right mind will actually advertise up front that his house sits next door to a convicted sex offender.
Take responsibility for learning as much as you can about the neighborhood and history of your potential new Chico home! If this is an issue that is particularly sensitive for you and your family, why not do the research before you ever view the house? It will only take a minute, and you will be glad you did.
National Sex Offender Public Website
I have found all three of these websites to be particularly useful- I especially like the Family WatchDog site because it shows the locations of local Chico residents in relation to a particular address, whether it’s a school, residence, park or other location. However, I am not representing that the information provided is all-inclusive, accurate, or up-to-date. The sites are provided as additional resources only.
Although an ethical seller will disclose all known material facts to you at some point, the seller might not actually be aware of issues that could be a deal breaker for you. Some sellers just don’t know anything about their neighbors or the things that go on right next door.
Don’t forget, as a buyer, it is YOUR responsibility to be diligent in your investigation of the house, neighborhood, and any other extraneous factors that are important to you.
| Discussion: 6 Comments »
Will Buyers Benefit from the New FHA Limits?
February 21st, 2008 categories: Chico CA Real Estate News
Economic Stimulus or Stagnation?
by Mike Wiegert
After months of hopes and expectations our legislative and executive branches of government have come together to approve the economic stimulus package containing higher mortgage limits for both FHA and FNMA/FHLMC mortgages. Although this is certainly a step in the right direction, what affect does the new bill really have on our local and regional real estate economy? More directly, will Chico buyers benefit??
In many instances, particularly in California we will see that the plan will provide limited benefits to specific geographic areas. The bill sets the FHA and conforming (FNMA/FHLMC) loan limits to the lesser of $729,750 or 125% of an area’s median home sales price. If 125% of an area’s median home sales price is below the current conforming loan limit of $417,000 the current limit still applies. In other words, you will not be any worse off than you are today. The area median home price is determined by HUD and is based, in part, on the National Association of Realtors data for each Metropolitan Statistical Area (MSA). In California there are 28 MSAs. Our local MSA is Butte County. With the latest figures of median home prices at about $344,000 in the Chico area and about $294,000 county wide, we are not going to see a real benefit from the increase of mortgage limits provided in the bill. Using the county wide median price statistic will not even bring us to the current loan limit and if the Chico area median price statistic is used, that only gets us to about $430,000.
Not much help!
The FHA and conforming limit changes are meant to be temporary and are set to expire on December 31, 2008 unless extended. The new limits will apply to 30 year and 15 year fixed rate, fully amortizing mortgages. So by now many of you that are continuing to read may feel that all of this has little affect on your home buying choices, and you’d be right. But for those looking to buy their second or third home to accommodate an expanding family, the insignificant end product of this part of the economic stimulus bill can have some major affects. Why? Because jumbo loans (those above the conforming limits) carry some hefty surcharges and increased interest rates. When you consider that an extra half to three-quarter of a percent increase in interest rate on a $600,000 loan equals about $250 to $400 per month, a lot of buyers are going to be looking for solutions. Adding on a number of costs and surcharges not common to conforming loans, the end result is the new bill doesn’t really do anything to help sales of upper middle to upper priced homes.
Again, I urge you to seek counseling with your trusted mortgage or Chico real estate professional to look at options when considering purchasing a home.
Now here’s some interesting statistical reporting: In the first six weeks of 2007, the Chico MLS reported only 2 pending (under contract but not closed) homes sales and 145 sold (closed) homes sales. The first six weeks of this year reported a total of 57 pending and 60 closed home sales in the Chico area.
The obvious statement these statistics make is that lesser periods of time do not give an accurate overall view of market conditions. It’s very common to have one month of considerable market activity and the next month can be sluggish. As stated in previous posts, while market activity has shown definite signs of slowing in recent months, sales of homes in our area continue to be brisk.
Whether you believe the market has bottomed out or not, you won’t want to miss some of the great Chico real estate opportunities available today. The interest rates are phenomenal!
Chico Homes Real Estate is located at 2580 Sierra Sunrise Terrace in Chico, CA.
Call Mike 530-624-3800 or Sandi 530-864-5407 today!
| Discussion: 5 Comments »
Chico CA Real Estate Market Report for Week Ending 2/18/2008
February 20th, 2008 categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
Chico real estate market data.
I’ve always found real estate market reports to be really dry reading… but many of you potential Chico buyers and sellers have been coming to my blog looking for this type of information, so here you go!
The following represents the market data including Chico homes sold, listed, price changes, and pendings for single family homes only. Chico areas covered are 1A to 1F, as provided by the Sierra North Valley MLS.
Looking for other Chico real estate market data? Tell me what you need!
Subscribe to Chico CA Real Estate Blog and MLS Listings Search to receive regular market updates.
| Discussion: 1 Comment »
When Business Gets in the Way of Blogging
February 19th, 2008 categories: Chico CA Real Estate News, My Opinion on Things
Business, for me, sometimes gets so crazy I feel that I’m barely keeping my head above water.
Every couple of months, it just seems to hit all at once! I find myself working 12-15 hour days just to stay on top of the details.
As much as I’ve disliked not attending to my blog regularly the past couple of weeks, I’ve had several critical transactions in front of me that necessitated my full attention. 24 hours a day doesn’t seem quite enough, let alone leave time to do any blogging!
I’ve worried a great deal about what my peers and readers must be thinking when I disappear from the blogosphere.
It’s occurred to me that I might appear to be inconsistent, undisciplined, or untrustworthy. I can’t tell you how much the idea bothers me, or how far from the truth it actually is! Unfortunately, I am not superhuman, and something has to give. In this case, it is posting to my blog.
I have made the business decision to NOT delegate critical tasks to a team member, and above all, quality customer service is imperative.
When seriously stretched for time, I choose to focus my efforts on clients that need my immediate attention.
The good news is this: when YOU are ready to move forward, you can rest assured that my attention will be on YOUR transaction- not on procuring new Chico buyers and sellers, blogging, social networking, or anything else that takes time away from your file.
After all, YOUR deal is the most important of them all, is it not?
Thank you for your patience! Though I might take a break now and then, I will always be working to bring helpful posts to The Pink Couch. Some days are just harder than others!!
| Discussion: 8 Comments »
Chico CA Real Estate Listings SOLD! Week Ending 2/16/08
February 18th, 2008 categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
Chico Residential Listings SOLD!
$165,000 1401 SANTA CLARA AVE 1161 sqft
$220,000 330 W 14TH STREET 1300 sqft
$231,500 689 E 18TH STREET 2000 sqft
$285,000 1196 #B FILBERT AVE 1173 sqft
$285,000 1300 CHESTNUT ST 1280 sqft
$275,000 1391 CROUCH AVE 1967 sqft
$269,000 1389 KERI LANE 1592 sqft
$280,000 735 PINE ST 2020 sqft Duplex
$285,000 667 E 8TH STREET 1261 sqft
$255,000 1558 FILBERT AVE 1658 sqft
$275,000 1300 CHESTNUT ST 1280 sqft
$295,000 5 TORINO CT 1810 sqft
$390,000 1520 LOCUST ST 4 plex
$545,000 638 STILSON CANYON RD 2402 sqft
$775,000 488 E 3RD STREET 4500 sqft
$900,000 1328 ESPLANADE 5-15 units
Want to see your Chico property listed up there in the “SOLD!” section?
Contact me for a no obligation, Comparative Market Analysis to find out what your house may sell for. Ask me about my internet marketing plan!
My direct number: 530-864-5407. Email: [email protected].
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Did you think I had forgotten about you?
February 14th, 2008 categories: Chico CA Real Estate News
There are probably at least a dozen people out there thinking that I have either forgotten about them, or completely ignored their requests for assistance.
If you, my reader, are one of those people please accept my sincere apology.
Please be assured that although I’m not perfect, I’m not prone to unreliability.
My Yahoo email account has been randomly deleting email straight from my inbox!!
If you receive an “Error 5” message from your Yahoo account, be forewarned that your messages may begin to disappear! Several calls and emails to customer support, and I have yet to receive any answers.
Until the issue is resolved, I will be taking measures to caution against any future loss of information.
If you have been waiting for a reply from me, please don’t hesitate to call or email again so that I can assist you! 530-864-5407.
| Discussion: 4 Comments »
Chico Real Estate: What happened to prices in 2007?
January 22nd, 2008 categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
Chico CA Real Estate Prices History Comparison 2005-2007
Misery loves company, or so the saying goes. It’s the only explanation for the dismal outlook many folks have when discussing the Chico real estate market. While it’s true that prices have come down from the record highs of 2005 and 2006, it’s safe to say that we fared pretty well compared to many of our California neighbors. If Chico Realtors have said it once, we’ve said it a million times: REAL ESTATE IS LOCAL!
The chart below compares average asking prices and sold prices for single family, residential properties in the urban Chico area.
| Discussion: 2 Comments »
