Chico Foreclosures

Well, if you can’t beat them, join them! The foreclosures are getting bid up with multiple offers but there are still some good deals so I bought one! When I told a friend about it today he said you must be a good agent to sell your husband and you something! Haa! Anyway, the time is ripe for buying Chico real estate I think, I’m trying to pass along this thought to let you know I’m putting my money where my mouth is!

I’ll be starting up the Prater Project blog soon again which will cronicle the fixing up of our newest purchase on Wendy Way, here in Chico.  As always, you have to start with a good location and good “bones” of a home.  We’ve hopefully got both here.  I’ll add the new blog to my website for you to follow the saga.  I’ll always post new foreclosure sales that I think are above average and you can search anytime on my website for short sale and foreclosure listings. 
Stay tuned!!

Inventory is Down!

 As much as you hear bad news daily, the real time situation is this: In the local Chico area we currently have 218 homes on the market total.  We at the same time have 122 homes in escrow, including 22 short sales and foreclosure sales on bank owned homes. 
So about 20% of our market right now is short sale and foreclosure homes, considering many parts of Northern Calif. are broaching the 50% ratio of bank owned or short sale situations we aren’t doing to bad for little Chico. 
It’s not surprising to have multiple offers on any homes under $300,000 right now, in fact there is one home in the popular Avenue’s neighborhood that has over 30 offers on it currently!   An underpriced home in a good location with no to much fixing up to do equals lots of current buyers!! It’s surprising how many CASH buyers there are also, the key is getting financing lined up and ready to go quickly! Having your loan preapproved in this price range is KEY!

Call me anytime to get the latest word on new listings or sign up for instant notifications from my website, its free and a way to stay really up to date on the latest listings!

FHA Mortgage and Tax Credit Update

This story has been floating around for a few weeks, now its a reality! The federal tax credit of $8,000.00 for first time buyers can be used to pay for closing costs or to augment their down payment immediatly at the close of escrow instead of waiting for the credit on next years taxes.   I’ve included a full article on this new great program at the link below.  Its another reason to look into buying NOW!
http://money.cnn.com/2009/05/29/real_estate/tax_credit_as_downpayment/index.htm?postversion=2009060109

Be on the watch for interest rates raising as well, the last few weeks haven’t been kind to the 5% loan, but I have some great lenders that I work with and we’ll help clients get the best rate possible!