What’s up with Chico Real Estate

                                                           

Are we immune to the downturn? NO, the fast and easy answer, but we’re not as bad as other cities in California.  In 2010 Chico Association of Realtors averaged 60-70 homes closing escrow monthly, except the last few months of the year in which we closed escrow on less than 50 monthly. 

I have had several calls in the last week on a listing of mine that is a short sale waiting for bank approval from other agents wanting to show this home in case the first buyer backs out, this is a $459,000 home, that and other “feelings” are leading me to be positive about 2011 real estate home sales in Chico.  It appears in general that peope I meet at open houses, on the street, in the grocery store or socializing are asking more about the sales, if this is the time to jump in? Well, this “Great Recession” fooled me before and it may again but interest rates are low, 5% for fixed rate 30 year loans, prices are lower than they have been in almost 8 years and we have a community that is desirable for many. 

Not to say that we’re out of the woods, but I’m hopeful we start leveling off the second half of this year.  We’ll check back in a year and see how my prediction goes!

In the meantime here’s a new word ” Chillax” meaning to calm down and relax! Let’s hope this year in Chico Real Estate is a year to chillax!

Current Chico Real Estate Listings

I’d like to follow up on some of the 2011 statistics that I started last week after a client asked me this weekend how many homes are currently on the market in Chico.  Here is the latest information according to the Chico Association of Realtors MLS data service;

Current Single Family Homes Listed as of 1/1/11- 285
Median Price of Above 265
Median Days on Market 98
Median Sq footage 1705

YTD Homes Going INTO ESCROW -37!!
Median Last Listing Price 239,900
Median Days on Market 114
Median Sq Footage 1600

As a side note; of the 37 homes going into escrow so far this month ONLY 8 were over $300,000, showing us that the lion’s share of the market is still the first time buyer OR move down buyer.  It is also interesting to note that the median listing price, days on market, sq footage is less for pending sales as current listings. 

Also noteworthy, average mortgage rates for 30 year fixed rate loans is back under 5%!! Great time to be a buyer, less expensive homes and interest rates makes it more affordable.

2011 Off and Running with Chico Real Estate

I thought I’d start the year with a few new words and statistics for our Chico Real Estate market.  Personally 2010 was a year filled with learning new tricks in this changing market, I’m now more familiar and effective at the short sale process and foreclosures.  Its surprising how many buyers are in the market, all looking for “the deals”.  Also surprising how many buyers have CASH and are looking to make the most of their investments, as the money market, bonds and CD rates are still historically low. 

Chico SOLD Single Famly Homes in 2010- 749
Chico SOLD Average Price for SF in 2010- $277,914.00
Chico SOLD Average Days on Market in 2010- 88
Chico SOLD Average Sq. ft iin 2010-    1608

Now a true market indicator of Chico Real Estate- of the above 749 sales, 101 were Short Sales ( in other words both the lenders and the sellers had to agree to the purchase price offered because more was owed against the home than the sales price) and 162 were bank owned properties!  35% of our local market sales were distressed sales, this meant good “deals” for buyers but not good news for sellers if they are hoping that the value had bottomed out.  Above information based solely on the Chico MLS statistics. 
Other good news for buyers is the current interest rates, I had buyers take advantage of very low rates in Dec, dipping to 4.5% and lower for 30 year fixed rate loans.  Interest rates are still low but hovering around 5% this week.

I look forward to helping any of you, your friends or family with the sale or purchase of a home in Chico in 2011!  Please email or call me anytime for a current market assessment of your home’s value.

Is the Chico Real Estate market turning

I’m beginning to “feel” signs of change.  We had 3 SOLD listings on our newest Chico MLS tour this morning.  With the first time buyer credit coming to an end in a little more than 2 months and inventory shrinking in the lower price range homes are selling quickly under $275,000.  Most of the seller’s unfortunetly aren’t moving up yet though, so the higher price ranges are lagging and probably will for awhile.  We saw some unusual homes this morning, a “DONE TO DEATH” home on Eastwood, a classic Chico street close to downtown.  A really cute home on corner of Filbert and Sheridan for $315,000 and super clean home on Windham for $419,000, so clean you could eat off the driveway!! Interest rates are hovering around 5% or slightly less, we’ll keep watching for the Real Estate tide to turn away from declining market.  Chico CA is always a great place to own any real estate because its still highly desirable as a place to live, ride and have fun!

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!