Archive for April, 2008
Chico, CA Market Report 4/11/2008
April 11th, 2008 categories: Market Report
There are currently 416 active Single Family Residential Homes and 41 Condos listed in Chico, ranging in price from $89,000 to $1,499,900. The average days on market for active listings is, 107 days.
129 Homes and Condos are Pending sale.
Since the beginning of the year, 141 have sold, with an average list price of $415,631. The average list price of those that have sold is, $346,314. The average sale price of those sold is, $333,679. The average days on market for those sold, 90 days.
Since the last Market Report, posted 3/19/2008, there are 11 more active homes and condos available for sale. 29 more homes and condos are in escrow. The ratio of pending sales to active listings is up to 28%, from 22%.
The average sale price of those sold has increased more than $2,000, when averaging all solds since the start of the year. The average list price is up, $8,076.
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“The Boss” Fires up lively crowd at Arco Arena
April 7th, 2008 categories: Events
“Bruuuce!” “Bruuuce!”… sounded the appreciative Sacramento audience in answer to Springsteens’ jeers, “Sacramento!”. Everyone seemed to be having a great time this past Friday as they danced and sang to their favorite Bruce Springsteen tunes.
We didn’t hesitate to accept the two free tickets so generously offered to us earlier that Friday. Who would? I mean Bruce Springsteen and The E Street Band are living legends. They are the real deal. We were happy to drive the 85 miles from Chico to see this show. Known for playing non-stop marathon shows lasting as long as 4 and 5 hours, we were treated to about 2.5 hours of both, classic and new music.
“Here’s to the end of eight bad years of magic tricks”, proclaimed the progressive Jersey rocker to the receptive middle aged crowd. I’m not sure that everyone got it, but they cheered anyway.
The strange thing was the guitarist who looked just like Silvio from the Sopranos TV show. Fortunately though, nobody got wacked… except, for maybe the overly enthusiastic couple seated next to us. They were definitely having a good time! We enjoyed it, too. Thanks for the tickets, Sue!
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2221 Danbury Way, Chico, CA
April 3rd, 2008 categories: Pick of The Week
Listed at $285,000, at 1,247 square feet, this modest and understated, 3 bedroom, 2 bath home, built 1966 sits on .14 of an acre. The price per sq. ft. at the listing price is, $228.55.
I like this home for a number of reasons. The 2 car garage does not face the street (improving the homes’ “curb appeal”). Although the roof is wood shingle, the design and pitch are attractive. While the home is not large, the layout is functional and open. Granite coutertops and hardwood floors add to the appeal and value.
And, perhaps best, is the sliding glass door in the master bedroom that opens to the inviting inground swimming pool in the rear yard. It is located in an established Chico neighborhood.
This would be a terrific home for the first time home buyer. Thanks for visiting this “Pick of The Week”!
Contact me for a showing.
Listed by, Lisa Lawrie at Homelink
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Borrowing For Home Could be Even more Difficult
April 1st, 2008 categories: Mortgage News
New lending underwriting standards could make it more difficult for you to qualify for the loan you want. This is not an April Fool’s joke. Although, I wish it was.
Last Friday, Blue Sky Lending was sent a memo from one of its’ most used wholesale lenders, stating that effective April 7, 2008, the company was going to impose changes to their underwriting guidelines. Now, that in and of itself is not unusual, especially of late. Recent market and credit conditions have caused lenders to make some pretty radical and broad changes with regard to the products offered to customers and to the thresholds that must be met by borrowers to qualify for those products. 
Most home loan shoppers are aware that the days of “easy money” and loose lending practices are, all but a memory. Borrowing 100% of a homes value has become a near impossibility. It has once again become standard that banks and lenders will finance no more than 80% loan-to-value (LTV). Now, there are certain exeptions that will allow a borrower to finance more than 80% of the homes value, but they have become increasingly scarce and limited to only the most qualified borrowers. Those are people with great credit, typically 720 and above, and strong incomes.
But now, as this particular memo states, those lenders’ quidlines will change to require 25% down for the purchase of a single unit residence or rate/term refinance and require a minimum credit rating of 700. These guidlines become even more stringent as you move into two-unit and multi-unit purchases and cash-out refi’s.
Do these changes indicate an industry trend to come? Well, it is impossible to say with certainty. But, I would venture to say that others will soon follow.
So, my suggestion if you are currently working on a purchase or refi, lock it up quickly and move forward before you get caught by any coming changes that could impact your ability to do so in the future.
The good news is that there are still some good subsidy programs, such as Chico’s Mortgage City Subsidy Program which allows a qualifying first-time home Buyer to borrow up to $70,000 to help fill the gap. FHA programs that allow a borrower to finance up to 97% of a homes’ value will surely grow in popularity and should help fill the gaps left by other products.
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Blogging at 3:00 A.M.; Not just for Crackheads
April 1st, 2008 categories: This and That
OKAY… so, really it was about 4 in the morning when I woke up, but 3 a.m. just sounded better than 4. I ‘m not really sure why I couldn’t sleep. Regardless of what my photo on the “About” page might lead you to believe, I do not use crack and am normally sound asleep at this time of the morning. So, why am I awake and writing this silly blog now?
It could have been the restless thoughts in my head about all of the things I have to get done today… you know… the phone calls, meetings, listing appointments, files to manage, blogging… oh, and tennis lessons start today. Busy, busy, busy.
Or, maybe I just can’t sleep because I was anticipating the “cold hand, get-back” my wife promised to wake me up with this morning. This sinister retaliation was sure to come around 6 o’clock this morning (when normally I would be sleeping cozy as a baby) as a result of the afront I launched upon her sleepy self before we went to sleep last night. I guess I started it. And she did warn that my attack on her would result in a swift and decisive counter attack. Or, at least, as she predicted, a very early morning for me wondering if and when the attack would come. I guess she wins this round. But, at least no shocking wake up.
Maybe I’m just experiencing the creative energy that is proported by some to be especially strong at this time of day. According to inspirational writer, speaker, and beach lover, Wayne Dyer, we are most clear of mind and creative at this time in the early morning (I saw him speak in San Francisco once). The things we do for the people we love. Well… it wasn’t so bad.
Or, perhaps more likely, my sleeplessness comes from what this BIG calendar day represents. April 1st, or April Fool’s Day, is steeped in tradition in my family. There is a great deal of pressure to pull a good prank on someone, before they have a chance to pull one on you. And, this year, I have been so busy with other important things, that I don’t have any good jokes planned. I am uncomfortably vulnerable to getting got.
At least it won’t be by a cold hand wake-up….. Oh, she is going to be so mad… Let the games begin.
Happy April Fool’s Day!
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