Chico, CA Real Estate News

February 11, 2009 As I promised yesterday, here are the steps to avoid the "5 Big Mistakes Home Buyers Make" that I shared with you yesterday.  You could end up saving thousands by avoiding these common mistakes. 1. Ask mortgage bankers & lenders the right question to get the best loan for you based upon your needs & your financial goals.There are numerous types of loans so do your homework and find out what is out there.  It's not only a good idea to ask the lender lots of questions to find out what the best loan type might be but also do a little homework before hand.  Search reputable internet sites for information about loans specific to your state/area. 2. Act quickly when you find the right house...someone else may consider it to be the right house for them and you could miss out ...
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By Ryan Vaught
(Ryan Vaught Real Estate)
February 10, 2009 Review these mistake that are common to home buyers alike and then check back tomorrow when I will share how you can avaid making these mistakes. 1. They don't ask the lenders enough questions, or the right questions so they don't necessarily get the best loan for them. 2. They don't act quickly enough when they find the right house...and someone else buys it. 3. They don't make themselves and their offer look attractive to the seller... 4. They don't think resale BEFORE they buy... 5. They select the wrong agent and/or company to help them!  Check back tomorrow for how you can avoid these simple mistakes. Take a look at my market report for today!http://www.ryanvaught.com/chicomarketreport Currently Ryan has about 30+ listings in inventory, and has already sold 5 home...
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By Ryan Vaught
(Ryan Vaught Real Estate)
February 4, 2009 Looking to hear some interesting but concise real estate news?  Why not skip the ads and head over to CNN.com to listen to some hot topic real estate news without having to wait and hope to hear something on the nightly news.  You can listen to clips that range from about 2 minutes to 5 minutes in length.  I use these online clips to get my news because it allows me to pick what I want to hear and see.  Here is a link to some of the real estate clips on CNN.com: http://search.cnn.com/search?type=video&sortBy=date&intl=false&query=real+estate Go check them out!  Even though they are not stories based on the local Chico market, they will still provide you with some good, interesting information.   Take a look at my market report for today!http://www.ryanvaught.com/chicoma...
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By Ryan Vaught
(Ryan Vaught Real Estate)
February 3, 2009 I wanted to share with you two free websites I have been introduced to that can help to make your life as a realtor, home owner, home buyer or just random looker of my blog a little easier.  I have started implementing some tools from them such as converting my voicemail into text and it is a great way to be even more efficient! Here they are: www.jott.com It will help you if: you are the type of person, like me, who seems to always remember the important things when you are on the go and can't easily write them down. How it works: Jott is an easy way to keep your many to-dos up-to-date even when you're on the go.  On the website you can create a list.  Then, if you are out running errands or unable to write info down you can add additions to your list by calling a toll...
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January 30, 2009 Educate you regarding the purchase agreement.  If you have ever seen a purchase agreement then you know well what I am talking about!  There is a lot of technical and legal garb to sort through and understand.  Most people trying to read a purchase agreement on their own would feel like they are reading something written in a different language! Prepare an offer to purchase.  This can be a stressful and scary thing to have to do on your own.  A professional real estate agent will help you to come to a purchase price that you feel comfortable with. Assist in the negotiation of your selected property.  Going back and forth with counter offers and negoationas (i.e. if the spa and fridege will be included in the transaction) can be hard to do if you are trying to do it on y...
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By Ryan Vaught
(Ryan Vaught Real Estate)
January 29, 2009 They will work with you to find properties that meet your specific requirements such as location, price and amenities.  Doing this on your own can be a tedious and very time consuming chore, especially if you already have a full time job. Arrange for appointments and show you the properties selected.  They will coordinate showing you the homes you want at the times that work best for you. Provide you with information regarding the price and value of properties.  This is very important.  You want to know what you are buying is worth the price that it is being sold for.  A professional real estate agent can also show you homes that are comparable in price and in value to the ones you are interested in so that you have something to compare them to. Provide knowledge of the...
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By Ryan Vaught
(Ryan Vaught Real Estate)
January 27, 2009 Having your house on the market involves a certain invasion of your privacy.  This bothers some people more than it does others.   You can count on real estate agents previewing  your home.  This is where they come see the home first hand with one or more clients in mind before they bring clients through. Many real estate agents want to filter the homes they recommend their buyers.  You can also expect real estate agents showing your home to buyers with some regularity. While you want to make your home reasonably accessible to the real estate professionals and their prospects, you don't want to run the risk of stepping out of your shower just as a broker is ushering in buyers.In many areas real estate agents use a handy little tool of the trade called a "lock box". When...
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By Ryan Vaught
(Ryan Vaught Real Estate)
January 26, 2009 6 Characteristics Of An Economically Healthy Neighborhood 1. Pride of OwnershipThis is usually made apparent the first time you drive through the neighborhood.  Ask yourself- are the yards well maintained, are the cars in good, working condition, is the front of the house free of clutter, etc. 2. A Low Crime RateIf you are unfamiliar with Chico and you are looking to buy a house here you will definitely want to find out where the low crime rate neighborhoods are located.  A realtor can help you determine this. 3. Quality Schools In The AreaThis can be found by searching websites such as www.greatschools.net where you can find a school "report card" and find out the demographics of the school and how the students that are at that school are performing.  4. The Economic S...
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By Jeff Vandermate
(The Real Estate Book)
Hello all my Inland Empire agents and Victor Valley Agents,   I need some agents to take advantage of a huge opportunity to get unparrelled exposure. Corporate has extended the PROMO for February. If an agent comes into the book for a half page then we will automatically upgrade them to a full page. So, your only paying $320.00 versus $520.00, this includes your listings being fed to all of our partner websites, 35+ !! This is a 3 issue agreement, a savings of $600.00. As an added BONUS, the first agent in the Victorville market and the Inland Empire (Valley floor) to respond will get a home featured on the COVER for free!   I know times are tough, however we all need exposure in this market and I have the best program out there. I have a team of graphic artists waiting to build the pa...
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January 22, 2009  These are some important issuses you may want to consider and prioritize as you look into buying a home: How many bedrooms? Is your family growing?  If so, consider how many bedrooms you may want in the near future in this decision. How many bathrooms? Master bath? Ex. Are double sinks a must? How soon would you like to be in your new home? The escrow and closing process may be very different from house to house depending on each situation.  Find out from your realtor about how long the escrow will take for a given house. What type of condition does the home need to be in? Age of home? Older home vs. newer? New construction? Or resale? Type of home? Condo, townhouse, single family? Style of home? One level, two-story, multi-level? When considering this take into accoun...
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January 15, 2009Step #3Remember You Have Safety Nets Available To You... Your judgement as an educated/informed buyer.Following steps one and two (see the last two blogs) and also doing your homework and knowing the market helps you to be an educated and informed buyer. A local market report prepared by your agent.  For the Chico area please check out my daily market report on my website: http://www.ryanvaught.com/chicomarketreport A whole house inspection.  This is something that is typically done after you enter  escrow.  As the buyer you are usually responsible for paying and having this inspection done.  Although it is not mandatory, I believe that it is a must have for any buyer that does not want to end up with a "bad apple".  It pays to have someone that is experienced go through...
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January 14, 2009 Step #2After Viewing Each Property Ask Yourself These Important Questions... What did I like about the property? Write down all of the things you really liked about the property, I.E. a good location, in a good school district (if you have kids), close to work, a big backyard, a big walk in closet, etc. What, if anything, would I want or need to change?I, personally, would make this two lists- one of things that really need to be changed/fixed to make it livable and a list of things I would want to change but wouldn't have to be done right away.  If there are truly things that need to be fixed, such as a roof that needs replacing in the next year or so, then you can always negotiate this to get a credit from the seller once you write and offer.  If the price were right,...
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January 13, 2009 Step #1Approach The Home Buying Process Objectively... There is no such thing as a perfect house.  Use the 85% rule- make sure you are finding most everything you want (85%) in a house you purchase.  Write a list of ‘must haves' such as a dishwasher, 2 car garage, and three bedrooms.  Then write a list of ‘would like to have' items such as a pool, a hallway bathroom and walk in closet in the master bedroom.  It may sound wierd but it is also a good idea to make a list of the ‘must NOT have' things such as excessive road noise, a tiny backyard, etc.  This will give you and your realtor a clear and focused idea of what you want in your prospective house. Keep in mind that the good ones go quickly!  If you are serious about finding a house that suits your needs and you wan...
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By Shannon Karlstrom
(Aloha Realty)
Every once in a while, I see something that really gets under my skin, pisses me off, and reminds me that there are some real idiots out there. This morning, on my way to the office, I passed by my neighbors car parked in front of their home and was disgusted to see the vandalism shown in the picture.  It bothered me so much I left the office to return to the scene of the crime to take a couple of pictures and, if the opportunity arose, share my disdain for the cowardly act with our good neighbor. I ended up taking the pictures and chatting with another neighbor about the ridiculous things some people do and the need to watch over each other's homes' and property. Although, my neighbor (the recipient of this malicious act) is a person of color, I suspect that he was targeted, not becau...
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The new year... or maybe better, the end of an old year, gives us an opportunity to take a look back at the Chico housing market, compare some past housing numbers and try to spot any trends that may help us see where we could be headed in the future.  So, let's take a look... Total Sold     1st Qtr.    2nd Qtr.     3rd Qtr.     4th Qtr. Sold: 133 244 210 182 Avg. Price: 341,586 338,022 308,937 298,199 Median Price: 292,000 291,250 271,500 268,250 Days On Market: 92 64 86 64           REO's Sold: 5 38 47 47 Avg. Price: 343,980 257,794 239,924 255,960 Median Price: 250,000 265,500 238,000 228,900 DOM: 50 37 33 38           Short Sale Sold: 3 10 12 9 Avg. Price: 231,667 281,320 272,542 275,317 Median Price: 230,000 270,500 243,500 255,000 DOM: 99 39 105 110 *Note: descrepencies shown here...
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By Shannon Karlstrom
(Aloha Realty)
What the Chico Housing market looks like NOW There are currently 363 Single Family Homes for sale in Chico.  21 of those are Bank Owned (REO's) and 54 are Short Sales.  67 Homes are Pending, accounting for an 18% absorption rate. Housing inventory tightens up On September 30, 2008, I reported 463 active homes on the market, 23 of those were REO's and 48 Short Sales.  That is an overall reduction in inventory of 100 homes, while the number of RE0 and Short Sales didn't change all that much.  So, total inventory decreased by 22%.  However, because of the reduction in all available homes for sale, the percentage of REO and Short Sales available on the market increased 7%, from 15% on September 30th. Does this tightening indicate a change in the market?  Maybe.  Maybe not.  It is typical fo...
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By Ryan Vaught
(Ryan Vaught Real Estate)
 January 6, 2009 Timing can sometimes be difficult if you have to sell a home before you can buy another one. Most people need the equity from the sale of their first home for the down payment on the new house. If your present home goes on the market first, you may be concerned that it will sell before you find the one you want to buy. On the other hand, if you find the perfect home before your present home is under contract, the sellers may be reluctant to accept your offer, and you may be too nervous to sign a contract.It is a good idea to sit down with a good real estate agent for some professional advice before you begin your search. It will probably be necessary to be flexible on the closing date, because it can be easier to find a home that you want to buy than to sell your presen...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 30, 2008 So here it is as promised in yesterday's blog- the total market overview for the Chico area as of 12/19/08.  Please leave me a comment to let me know if you find this market overview helpful and if you would like me to post it periodically (once or twice a month).  Here is a breakdown of what the different columns mean: Price Range: Prices of Chico area homes Number of Active listings: # of houses for sale in that price range Number of pending listings: Out of the number of active listings, this shows the # of listings in escrow in the given price range (as of 12/19/08) Months worth of inventory:  If no other houses come on the market within this price range, it will hypothetically take this amount of months for all of the houses in the given price range to sell Expire...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 29, 2008 In Chico, like many other towns, there are some homes that sell rather quickly, while others linger on the market.  One of the top reasons is home price, location and condition.  For example, bank owned, repossessed homes are usually quick to go because they are priced to sell.    Your Realtor should suggest several approaches to maximize a home's curb appeal -- everything from fresh paint to new landscaping. But if the "For Sale" sign in front of your home has become a neighborhood fixture, a permanent statue that is cemented, or something that is such a common sight that it is no longer even noticed, then it is important to work with your real estate agent to ensure you keep your home listing fresh. Whenever your house is shown, your real estate agent should receive ...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 26, 2008 Pricing a house is one of the most important parts of the marketing process. You want to get as much for the property as you can, but if you set the price too high, you can turn away qualified buyers. Your real estate agent can tell you the selling price of homes comparable to yours. Pricing strategy depends on market conditions, and it is different in a buyers' market than it is in a sellers' market.If your home is overpriced, the marketplace will reflect that to you. When a property fails to sell in a reasonable period of time, you and your real estate agent should have a frank discussion to determine whether too high a price tag is the reason. Your real estate agent will also be getting feedback from other agents who have shown your home.  Be sure to listen to your ...
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