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Chico, CA Real Estate News

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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By Sandi Bauman, Chico CA Realtor
(Chico Homes Real Estate)
The Tour of Lights is a wonderful local Chico CA holiday tradition. Chico residents love to pile in their cars after dark to take a leisurely tour of all the brilliantly decorated Chico area homes. For some, it's a grand event, worthy of a limousine rental! Our family likes to enjoy Christmas music playing on the radio, and we always bring along mugs of hot chocolate or apple cider. Add in candy canes and Grandma and Grandad, and we have beautiful holiday memories in the making! My favorite part is watching the faces of the children as they spot one unexpected treat after another: Santa in a sailboat, angels on rooftops, moving elves, and magical light displays. Of course, half the fun is viewing all of the Chico home properties gloriously lit up at night! The Chico Enterprise Record m...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 11, 2008 *Note: Since this article contains several technical terms/words, I have included some helpful definitions in order that you may better understand the article.  Vocabulary Terms: Lien: 1 : a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law Bond: a: an obligation made binding by a money forfeit ; also : the amount of the money guarantee b: one who acts as bail or surety c: an interest-bearing certificate of public or private indebtedness Adjudication:  a: a judicial decision or sentence Disclose:  a: to expose to view c: to make known or public Quitclaim: : to release or relinquish a legal claim to Occasionally homeowners who are trying to sell their home are surprised to learn that their title is bur...
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By Ryan Vaught
(Ryan Vaught Real Estate)
Many prospective buyers find the kitchen to be a very important factor to the house buying decision. Even though your kitchen may not be new and state-of-the-art, you can still do several things to help make it sparkle and shine and win over prospective home buyers. Follow these tips to help make your kitchen stand out from the others: Make sure your kitchen is spotlessly clean: Clear off all of the countertops and clean, clean, clean!  Start from the top and work your way to the floor.  Start with cleaning/wiping down the cupboards, finding any hidden cobwebs lingering on the ceiling.  Make sure to give the sink a good cleaning.  If you have tile countertops take some extra time to clean the grout.  Bleach and an old toothbrush usually do the trick.  Clean the oven, fridge and microwav...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 9, 2008  Home safety precautions are always important, but it is especially important to make your home "accident-proof" while it is on the market. Many potential buyers will be coming through your home who won't be aware of the minor hazards that you and your family instinctively avoid.Go through your home with an eye for potential hazards.  If you are having a hard time spotting any ask an outsider (i.e. a friend, your realtor or a neighbor) if they can walk through your house and look specifically for any potential hazards.  Remove any obstacles that you can.  By removing "obstacles" you will also be making your house appear neater and more accessible.   If there are potentially hazardous obstacles that you can't remove consider posting "watch your head" or "watch your step"...
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By Ryan Vaught
(Ryan Vaught Real Estate)
Many realtors have shared stories of having their fingers or ankles nipped by furry creatures during a showing. We have opened the front door to the home we are showing only to have a purebred Persian kitten scoot toward the nearest busy street. If you have pets and are going to put your house on the market, be sure to work out the showing arrangements carefully.  It is rare for pets to pose significant problems, but big dogs can be menacing. Buyers or agents may be allergic or even a little phobic about dogs or cats. It is difficult to get a buyer excited about your home if he or she is sneezing continuously or unwilling to cross the threshold because your dog is barking away intruders. If your agent knows there might be a problem, they can arrange ahead of time for you to walk the dog...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 3, 2008 Odors...flowers...first rain...new car...stinky socks...freshly painted house...Smokey house... You can most likely get a clear "smelly" image of each of the above odors.  Our nose tells us a lot and it doesn't lie!Be aware of odors in your home-both pleasant and unpleasant. If your family room smells stuffy and stale, or if your cat or dog has left a distinctive odor in the hallway, take action by eliminating the source of the odor rather than merely treating the effects. Smells have a powerful effect on the way people react to a house, and no amount of room freshener or vanilla on the light bulbs can mask a serious odor problem. In fact, such remedies may draw attention to the problem. Real estate agents have seen homes with an odor problem languish unsold on the mark...
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By Ryan Vaught
(Ryan Vaught Real Estate)
December 2, 2008 Once you get your home listed for sale you may find it difficult to step aside and let your agent take over.  You may be fighting the urge to linger around while prospective buyers view your home, hoping to get the chance to point out all of the "bells and whistles" you know make your house more "sellable".  If you really want to help, however, you will leave the house whenever it is being shown!We have found that the sales process does not really begin until buyers have begun to voice their objections about a property.  Most buyers won't feel comfortable truly voicing their opinions in front of the home owner.  Many buyers are walking through with family members or friends and want to be able to openly discuss the pros and cons of the home.  Sometimes their objections ...
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By Ryan Vaught
(Ryan Vaught Real Estate)
November 18, 2008 Many real estate listings come from individuals who tried on their own first to sell their home. Sellers who try to sell their own home learn the hard way that selling a home is not easy. Keeping it sold and getting to the closing table is even more difficult. What are the pitfalls involved in selling your own home? Pricing: Being that you are not daily involved with the real estate market it will take a lot of research and hard work for you to figure out how much your home is really worth.  Manytimes "FSBO's" (for sale by owners) end up pricing their house incorrectly. Face-to-face negotiations can be difficult, even when the buyer really wants the house. Having a realtor that can do the negotiating on your behalf really helps take a lot of the stress out of the home ...
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By Ryan Vaught
(Ryan Vaught Real Estate)
November 13, 2008 Here is a scenario that you may encounter when you sell your home. You make a listing appointment with a real estate agent who shows up with a detailed market analysis and a list of all the advantages of listing with his or her company. The agent then walks through your home with you, making suggestions about how you can present your home at its best.The real estate agent's recommendations about cosmetic "fix-ups" make some sellers feel a little uncomfortable.  If the suggestions about the cat box, spider webs, kitchen and bathroom cleanup, and removal of clutter make you feel a little defensive, remember that none of this is personal! Most sellers need a little coaching to make their homes show well.  Providing suggestions for home staging is an important part of an a...
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By Ryan Vaught
(Ryan Vaught Real Estate)
November 12, 2008 If you are about to list a home that you have lived there for many years, you know that it is not perfect. For example, there might be a leak in the basement that is noticeable only after a heavy rain. Your garage door might stick, and the dishwasher may be prone to work stoppages. Every home has a few quirks. When it is time to sell your home, you have a choice of either making the necessary repairs or letting the buyers know about the problems. Material defects must be fully disclosed.  Some buyers will order a structural inspection in order to learn exactly what they will be getting. Even if the buyers don't ask for an expert to look at the house, it is the seller's responsibility to disclose any known defects in the property. The seller's agent will provide the dis...
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By Ryan Vaught
(Ryan Vaught Real Estate)
November 11, 2008 Finding A Real Estate Agent in Chico Finding an experienced, reliable real estate agent whom you like and trust is the first step in locating your new home and/or selling your current home. Here is an approach to finding the right agent. Do some homework online.  Search for realtors in your area.  Just go into a search engine like Google and type in something like, "Chico(your city) realtors". You could also search for local realtors that you've heard good things about.  For example, "Ryan Vaught Real Estate" to find more information about that realtor.   Take some time searching the net and finding some valuable information. From you online findings, call some of the realtors offices that sound good to you. Describe the type of home you are looking for.  Ask them any ...
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By Ryan Vaught
(Ryan Vaught Real Estate)
November 7, 2008 Selling a home is one of the most complex transactions that people are ever involved in. Finding a buyer is often the easy part! When you find someone who wants your home and who has the money to buy it, it is still a long way to the closing table.You must first negotiate a purchase contract that covers the price and all the terms of the agreement. Will the buyer qualify for the loan amount they want? When and how will the transfer of title occur? Under what conditions can either the buyer or seller back out of the contract? A professional home inspection will inform all parties about the condition of the property. Having a good agent to handle the details can make the difference between a successful transaction and a failure. The buyer must obtain financing, and the le...
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By Ryan Vaught
(Ryan Vaught Real Estate)
October 29, 2008 If you are selling a home, the buyers will probably include a home inspection clause in the offer. This will allow them to hire an expert, called a Home Inspector, to make sure that the house is structurally sound and all the systems are working properly.  The home inspection consists on an in-depth report of the property with a laundry list of things they look at such as the plumbing, electrical wires, foundations, heating/cooling systems, etc., etc. The best  time to prepare for the home inspection is before you sell your house!  You, as the owner, usually know about most of the defects in your house, such as plumbing or electrical problems or leaks that occur when it rains. When you decide to put your home on the market, you should repair any defects immediately. You...
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By Ryan Vaught
(Ryan Vaught Real Estate)
October 28, 2008 Have you ever walked into a house that feels like you are stepping into a dimply lit dungeon?  No, I'm not talking about a festively decorated Halloween house.  I'm talking about a house with drawn curtains, dim lighting, excessive amounts of dark colors, and overgrown shrubbery blocking any last hope at light.  You don't want this to be your house during a showing. It might seem like a small thing, letting in the light, but when prospective buyers are walking through it's not.  A dark house is not appealing to most buyers.  Most people prefer homes flooded with light, especially and great sources of natural light.  So in order to make sure your house is the "brightest" choice, follow these simple steps before any open house or showing of your home: Clean all windows in...
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October 27, 2008 Is it better to show a house empty or with the furnishings in it?  First off, many times you may not have a choice on the matter.  If you already purchased another home, you would obviously need to take your furniture to your new home.  If you haven't bought a home yet, then you have to keep your furniture in the house.  My advice is to keep some furniture in your house that you are selling- the key word is SOME.  The furniture and belongings in your house should showcase it and bring out the highlights.  For example, if you have a nice high countertop in the kitchen you would want to leave your perfectly fitting high barstools in that space.  On the other hand, if you have a large workout machine scrunched into your already small master bedroom you should find a place ...
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