Chico Real Estate Market Snaphot
May 23rd, 2008 categories: Market Report
Snapshot Comparison: Average Sold Prices for Chico, CA
1st Quarter 2008:
- 132 Single Family Homes Sold
- Average price of $340,955
- Median price of $292,000
- Average Days on Market, 91
1st Quarter 2007:
- 207 Single Family Homes Sold
- Average price of $366,835
- Median price of $330,500
- Average Days on Market, 92
1st Quarter 2006:
- 187 Single Family Homes Sold
- Average price of $374,134
- Median price of $339,000
- Average Days on Market, 69
Analysis:
The Chico, CA real estate market has experienced continued home price declines in home values as reported during the 1st quarter of the past two years.
- 7% reduction in price from 1st Qtr. 2007 to 1st Qtr. 2008
- 2% reduction in price from 1st Qtr. 2006 to 1st Qtr. 2007
That’s a total of only 9% reduction in average home values comparing 1st Qtr. 2006 to 1st Qtr. 2008, indicating a healthy market correction, but certainly not a collapse in Chico, CA home values. Look for further analysis here as I will compare our local figures with others around the region and the nation.
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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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3, 2, 1.5, 1….Blast Off! Tomato’s 101st Blogger takes off.
March 20th, 2008 categories: This and That
Got your attention?
I hope so. Because if I have learned anything about blogging, it is the importance of getting the readers’ attention with an attention grabbing Headline. But, that is about as far as I’ve got so far.
Let’s hope I pick up some more tricks along the way…
I am sitting here with a sense of anxious anticipation that often comes before embarking on a journey to a place I have never before visited. Such is my sense with regard to writing my first blog post. Or, maybe its more akin to the feeling a virgin has before engaging in that thing that no longer makes them a virgin- I’m trying to remember.
Anyway, I thought to begin this journey, I would first dip my toes in the water and briefly touch on my goals and expectations before I actually dive in with something truly substantive and ground shaking. I suppose this is sort of an introduction to both, myself and the throngs of readers to come.
But first, I would like to thank the “Academy“, or at least give props, to the folks who helped me get here.
First of all, thanks to Jim Cronin and everyone who has helped get me off the ground at The Real Estate Tomato. Thanks to Mark Moineau of IDXcentral for turning me on to the Tomato. And lastly, I would like to acknowledge “me” for recognizing the opportunity!
Ok. I know…Get on with it!
From the outset, my vision for ChicoRealEstateVoice.com is to create Chico’s premiere resource for local community and real estate information. I want it to be informative, meaningful and FUN! People should enjoy the site and, hopefully, learn some things too. But, while I will try not to genuinely offend, I am pretty sure that buttons will be pushed along the way. Certain issues will require positions to be taken and opinions to be expressed. And, as we know, you can’t pick a side without making a few waves.
So, surfs up… Thanks for having me and I hope you enjoy my future blogs!
(now that wasn’t so hard…)
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