Chico Market Watch

By Tammy Waller Aviles

This week I’ll be reviewing the condominium and duet/half-plex market in the six urban areas of Chico as reported in the local Sierra North Valley Multiple Listing Service. Currently there are forty nine properties currently available for sale including two that are bank owned and an additional seven offered on a short sale basis or approximately 18% of the current inventory. The average asking price for these active properties is $171,851 with a median asking price of $168,000 and an average day on the market (DOM) of one hundred forty one days. In looking back one year from April 30^th 2008 till April 30^th 2009 there were a total of fifty four condo/duet/half-plex properties sold, which going by the current rate of absorption, would give the Chico market approximately eleven month supply of this type of property.

HOW TO BUILD TRUE WEALTH IN THESE TROUBLED TIMES

By Ken DuVall

There’s no question that America is in a tight spot. It’s not pretty out there. Most days we still get recession related bad news. But tune out the negative chatter for a moment and listen up. All our recent financial and housing crises have in fact led to opportunities for smart investors who want to get rich the right way. Real estate remains the original get rich slow scheme. Visit a casino if you want to gamble.

Banks Win…Homeowner’s Lose…

By Scott Gormley,

New Appraisal Law Expected to Further Reduce Home Values Across America…Beginning May 1st!

Make no mistake about it, this change is not set to protect Mr. and Mrs. Homeowner, rather it’s set to protect the banks. A major change is set to affect Homeowners across the United States, beginning May 1st. All appraisals will be ordered directly through lenders, to “enhance the integrity of and confidence in the national housing system”. Fannie Mae and Freddie Mac have agreed to adopt the appraisal policies contained in the Home Valuation Code of Conduct (HVCC), which can be found here:

Top 11 Mistakes Made While Buying a Home

By Scott Gormley,

If you are like most people, purchasing a home is the biggest investment you’ll ever make! If you are considering buying a home, you are likely aware of the complexity of the endeavor and the numerous factors to consider when purchasing a home. That is why it is important to prepare as best you can. Some common home buying

INDEPENDENT HOME INSPECTIONS ARE A NECESSITY FOR BUYERS

By Linda Almlie,

In the “real estate bank owned” culture we are in now, the new buyer should be diligent in obtaining independent home inspections.

Banks and mortgage companies are not in the business of owning and maintaining properties.  They are exempt from providing a Transfer Disclosure Statement disclosing problems with the property but not the Seller’s Statutory Disclosure.  They also require the purchase to be “as is” with no recourse.

TO RENT OR BUY

By Linda Almlie.

With the changes in home prices and available tax credits along with lower mortgage interest rates, there is a greater gain in purchasing a new home.

The new First-time home buyer should weigh the advantages of owning a home versus renting a home.

Homeowner Affordability and Stability Plan Part 3

Two weeks ago, I gave an introduction to the Homeowner Affordability and Stability Plan, which is intended to help those that are struggling to pay their mortgage for any given number of reasons. The Homeowner Affordability and Stability Plan is a two-part federal program, which includes the Home Affordable Modification Program (which I wrote about last week) and the Home Affordable Refinance Program (which I’m writing about this week). Between both programs, an estimated 7-9 million families across America will be impacted by the program, with the hopes of stabilizing the housing market.

WHERE TO GO FROM HERE

It’s nearly total chaos out there of late. But don’t give up hope yet. We’ll get through this debacle and shall emerge victorious once again. We always have, we always will. A friend of mine said to me, “Just don’t read email, newspapers, or watch TV anymore!” We need a break. All the poor jobless should be in our prayers as U.S. unemployment tops 12 million, and grows.

REFINANCING AND WHAT IT MEANS TO YOU!

Many mortgage professionals are advising their clients not to wait to refinance.  Obama Administration’s “Making Home Affordable Refinance” program will not last and stricter loan underwriting along with market price fluctuations could result in some homeowners becoming ineligible.

Refinances also are taking longer to complete.  A refinance used to take three weeks and is now taking up to six weeks.

Homeowner Affordability and Stability Plan Part 2

Last week, I gave an introduction to the Homeowner Affordability and Stability Plan, which is intended to help those that are struggling to pay their mortgage for any given number of reasons. The Homeowner Affordability and Stability Plan is a two-part federal program, which includes the Home Affordable Modification Program and the Home Affordable Refinance Program. Between both programs, an estimated 7-9 million families across America will be impacted by the program, with the hopes of stabilizing the housing market. I will spend this week going into the highlights and details of the Home Affordable Modification Program. Next week, I will go into details on the Home Affordable Refinance Program.