Chico, CA Real Estate News

By Steve, Joel & Steve A. Chain
(Chain Real Estate Investments & Mortgage, Steve & Joel Chain)
Buyer's Agent; What Is A Buyer's Real Estate Agent? Chico Real Estate  Properties listed for sale with Real Estate Agents have a contractual relationship that establishes a fiduciary responsibility on behalf of the Seller. Before a Purchase Offer Agreement is created all Real Estate Agents are contractually obligated to the Seller to fulfill that fiduciary responsibility. A clear exception to this arrangement can be created through the completion of a Buyer Representative Agreement. Otherwise Buyers looking for a new home have no representation established until a purchase offer is made. Many Buyer's maybe unaware that this agreement adds NO ADDITIONAL COST to the purchase process. Buyers essentially acquire a package of additional benefits WITHOUT ADDITIONAL EXPENSE by establishing a B...
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October 1, 2009 Even if a home looks flawless, it's a mistake to assume that it's actually problem-free. All homes have defects -- even fairly new ones and brand new ones.  So even though home inspections fall on the buyers list of things to pay for, getting a professional inspection before making the commitment to buy is crucial. Be sure to attend the inspection so the inspector can explain any issues. Home Inspection 101: Here's a glance at how home inspections are supposed to work: 1. Every house should be inspected.Otherwise, you're relying on the seller to be honest enough to tell you every thing that's wrong with the house. And, quite frankly, the home inspector very well could find something that the seller does not even know about. 2. You hire the inspector.You want him to work ...
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By Steve, Joel & Steve A. Chain
(Chain Real Estate Investments & Mortgage, Steve & Joel Chain)
   Chico Real Estate / Current Market Statistical Report,  September 30, 2009 The following  statistical information is representative of the real estate market of Chico Real Estate  and certain urbanized areas immediately surrounding the City.    The Current inventory of Single Family Chico Real Estate is as follows:                                             PRESENT INVENTORY/STATUS 337  Active Residential Listings 175  Pending Sales 25  Sold 36  Short Sale Listings   5  REO listings 42  Short Sale /REO Listings                                    2009 YEAR TO DATE MARKET PERFORMANCE 574 Homes Sold Year to Date 1009 Homes Listed Year to Date $279,317 Average Selling Price      Source: Paragon 4 MLS, September 30, 2009, Chico Real Estate      60 Days Remaining for capturing 1st Time Ho...
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By Ryan Vaught
(Ryan Vaught Real Estate)
September 25, 2009 A little funny for your Friday.  Happy Weekend! Next week I will be back on track with mistake #4 of the top ten home buying mistakes. The FSBO:WHEN A real-estate agency hadn't sold our house, we decided to do it ourselves. I placed ads in the local papers, spray painted a "For Sale" message on a sign board and posted it outside.When my husband came home that evening, he told me, laughing, that my sign was the most truthful one he had ever seen. Confused, I rushed outside to take a look. In my haste I had printed - "For Sale by Ower." Joke from: http://www.azlistedhomes.com/Real_Estate_Jokes.html----------------------------------------------------------------------------------------------------------------------- Take a look at my market report for today!http://www.ry...
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By Ryan Vaught
(Ryan Vaught Real Estate)
September 14, 2009 Buying the first house you look at it is kind of like marrying the first person you go on a date with -- not necessarily a good idea. The average homebuyer looks at least 10 homes over an eight-week search before making an offered. While you don't need to visit every home in the neighborhood, you should compare at least three homes before making a decision. Here are the top 4 reasons to shop around: You might find similar features in another home. When you go on your first showing, you have nothing to compare the home's pros and cons with. You might love the soaking tub in the master bathroom, but another listing nearby might have a better -- with a lower asking price. You'll learn more about each home's resale value. Shopping around can help you get a sense of the ne...
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September 10, 2009 Buying the first house you like is not necessarily a good idea. If you don't shop around and see what else is out there, you could miss out on a good deal or potentially regret your purchase.  While you don't need to visit every home in the neighborhood, you should compare at least three homes before you make a decision to ensure that you're getting the right house at the right price.  So, if you happen to think that the first house you view is the one you want to buy, just make sure to look around at some other houses and make sure you are getting what you really want.  Finding a home your really love usually takes time, patience and hard work.  Make sure you do your homework ahead of time to avoid buying a house that you find does not suit your needs. Take a look at...
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September  2, 2009 This is from a good article I found on www.frontdoor.comabout how you can avoid being in over your head on house payments if you are honest and conservative in figuring out all of your monthly expenses.  In all your excitement about the prospect of buying a house, you'll be tempted to twist your financial numbers so you appear more desirable to a potential lender. Instead of admitting the balance on your Visa is $7,000, you give the more rosy figure of $5,000. It will be lower in a few months, right? Remember: Buy too much house and you'll be flat on your back financially. Be honest about what you spend and what you can afford house-wise. If you need more encouragement to be harshly honest about your expenses and comfort zone of monthly repayment, simply look at the n...
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August 31, 2009 Just because a lender is willing to loan you a fortune doesn't mean you should take it. Buying more home than you can afford can quickly lead to financial trouble. As a rule of thumb, your mortgage payment should be less than 28 percent of your gross monthly income. Besides your mortgage payment, be prepared for the additional costs of homeownership, such as insurance, property taxes, utilities and maintenance. You may want to scale back the size of the home you're looking for in order to bring the whole package in line with your budget. Check back this week as I will be going over how to add up a true picture of your monthly expenses and then how to add up a realistic budget for home related expenses (i.e. mortgage, insurance, utilities, etc.).  Article Obtained from: h...
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 August 26, 2009 Ambitious first time buyer?  Want a custom home but can't afford to buy new?  Not afraid of spending some cash and possibly getting your hands dirty and doing some work yourself?  Like the neighborhood and the price but not the condition?  If you answered yes to these questions then maybe you are a person that should consider the idea of buying a fixer-upper? Sometimes referred to as "handyman specials" and sometimes referred to as "red flags", fixer-uppers can range.  They are usually homes with physical problems that may go further than "skin deep".  Some of the problems are more cosmetic, such as peeling paint, broken windows, unsightly carpet and more.  And some are hidden deeper and only found upon a whole house inspection and might include faulty electrical system...
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August 25, 2009 On to mistake #7 of the 10 mistakes home owners make that can cost them.  Make sure to check out the past 3 weeks of blogs for mistakes #8, 9 & 10 if you missed them.   Yeah, so this example of a house...?...is extreme but it is true that fixing up a fixer-upper can be quite expensive. Know what you're getting into before buying a home that needs major repairs. Mistake #7: Buying a foreclosure or fixer-upper without doing your research Some homebuyers are so set on finding a bargain, they overlook the fact that buying a home that needs repairs can be a stressful and expensive endeavor. Before buying a fixer-upper, get estimates on any necessary repairs and renovations and make sure they will pay for themselves in increased property value. The foreclosure market is also f...
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By Ryan Vaught
(Ryan Vaught Real Estate)
August 21, 2009 5 steps to finding a place where you belongHere are the last two steps, #4 & 5 to choosing a neighborhood.  If you missed the others, check out my blogs from earlier this week.  Hope these tips have helped you in your home search. STEP 4 -- Find the Clues Once you've done the background research, visit neighborhoods that made the preliminary grade in person. There's no better way to paint a real picture of life in the neighborhood. Use your senses to get a complete picture of the prospective community. Sights: Remember your first impression. What do you notice first about the neighborhood? Do the streets have curb appeal? Are the houses well-maintained? Do the shops and restaurants look hip and inviting? You'll want to feel good about where you call home, and impress buy...
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By Ryan Vaught
(Ryan Vaught Real Estate)
August 19, 2009 5 steps to finding a place where you belong Steps #2 & #3.  Check Monday's blog for step #1 on how to choose a neighborhood. STEP 2 -- Zero In on the AreaIf you're moving within the same city, you probably already know the various neighborhoods. Choose the ones that best match your list of wants. If you're moving to a new city, you'll have to do more research. This is where working with a Realtor familiar with the area can also help.  They can help you narrow down your choices, possibly based on how close you want to be to work, how close you want to live to public transportation, a good school district, etc. Then once you find an area or areas you like then start focusing your home search on that area. STEP 3 -- Get the SuspectsWith your area of choice in mind, start di...
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August 17, 2009 Mistake #8: Not researching the neighborhood Week 3 of my 10 week series on home buying mistakes that can cost you.  This week we're looking at mistake #8, "Not Researching the Neighborhood".  Here's the scenario: You've just moved into your dream home but you didn't have time or didn't even think to research the neighborhood and now, due to not liking the neighborhood, you are thinking your dream home might be your nightmare home...if only you had done your homework!  Make sure you go in the right order: Step #1- find a neighborhood/location you like, then step #2 find a home in that area!  I am going to go over 5 steps to choosing a neighborhood that will fit your needs this week.  So let's jump right in with Step #1: Profile Your Perfect Neighborhood Before you start ...
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August 14, 2009 Boost your odds for a successful resale down the road with these four essentials As promised from Wednesday here are #3 & #4 In-Demand Amenities to look for in  your next house.  If you haven't read Wednesday's blog, start there to read the #1 & #1 in-demand amenities.   #3: Modern MustsMany buyers, 46% to be exact, are looking for a home with energy-efficient features.  These features include: newer, dual paned windows, Energy Star appliances, and a well maintained HVAC system.  Many buyers also want to be able to have cable and satellite connections, including access to high-speed internet.  #4: Exterior ExcellenceWhen it comes to people, it's the inside that matters, but this is not true for a house- the outside of a house is definitely something buyers consider.  Buy...
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 August 12, 2009 Boost your odds for a successful resale down the road with these four essentials If you're buying an investment property, buying your first home or buying your dream house it's important to think about the amenities.  If you plan wisely and purchase a property with these following "in-demand" amenities then when you go to sell you will be able to tip the resale scale in your favor. #1: The Coolest House on the BlockMost buyers want a cool house-literally, a cool house.  In a National Association of Realtors survey, almost 75% of the people ranked it as a "very important" house feature.  Being that adding central air is pricey it's probably not something you are going to want to have to add later if you change your mind.  So if you know the area where you are moving can ...
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August 11, 2009 Top 10 Home Buying Mistakes That Can Cost You: Avoid these blunders that homebuyers commonly make Mistake #9: Thinking short-term  Shop for a home with your successors in mind. Look for buyer-friendly features, such as ample storage space. You want to think about purchasing a home that is a place that you and your family feel comfortable in, but don't forget the other side of it-home buying is probably the largest purchase you will ever make.  When shopping for a home it is a good idea to consider how long you think you will live in that home.  Then remember, too, that even if you are planning on moving up in, say, 5 years unknowns might pop up that keep you from moving up in your ideal time frame.  So try to find a home that you will be happy in for the long term, and d...
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 August 7, 2009 I found this great article from www.frontdoor.com that does a great job explaining the difference between pre-approval and pre-qualification for a loan.  Know Your Terms Before Looking for a Home Before you begin house-hunting, it's best to know from your lender if you pre-qualify or are pre-approved for a loan. The distinction between the two is that pre-qualifying determines how much a lender will lend you. It involves obtaining a letter from the loan officer who looks at your debt ratios, gross income, and work history to see if you're qualified to make the monthly payments. This usually can take weeks while you wait for a pre-qualifying letter. Pre-approval, on the other hand, takes it a step further and usually involves non-refundable fees. This process takes into c...
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August 5, 2009 Get ready to learn a lot!  For the next 10 weeks I will be blogging on some detrimental home buying mistakes that can really cost you.  Some of them may seem obvious, but there is more to them than the superficial title so read on.  I have found most of this information from one of my favorite user-friendly sources for real estate information for the public, www.frontdoor.com.  Over the next 10 weeks I will take one home buying mistake a week and cover it in detail.  Even if you are not looking to buy a house right now, this is good information for any future home-buyer to have.  Also, if you are already a home buyer there are still things you can learn!  Starting it off with #10, here they are: #10:Not getting pre-approved before house hunting Do you know how much of a h...
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 July 30, 2009 As a follow-up from yesterday's post here are some more questions to ask yourself when you are searching for your next home.  For questions #1-5, check yesterday's post. 6. How many bedrooms do you want/need? It might be wise to consider along with this how long you want to live the that house and if your family will be growing during that time. 7. How many bathrooms? Again, consider how long you want to live in the home. 8. What would be the most compelling reason for you to purchase a particular property? i.e. location, price, lot size, square footage, new house, established neighborhood, etc. 9. Which of those amenities would be nice to have but not necessary? i.e. double oven, pool, 3 car garage, granite countertops, fans in bedrooms, etc. 10. What in your current hom...
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 July 29, 2009 Answering the following questions may assist you in determining the most important features you would like in your next home. It is important to prioritize your needs in housing and also recognize that compromising on less important features will help in narrowing your selection of homes. Remember that there is no "perfect" house. 1. Are there features in your current home that you would like in your next home? What are they? 2. Do you have a floor plan preference? I.E. do you want to have a dining and living room area, master bedroom away from other bedrooms, open floor plan, etc. 3. Do you prefer single story, two-story, or multi-level living? When considering this, you may want to take into account how long you plan on living there (would stairs ever be an issue?) and ...
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