Chico Real Estate blog

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Man, I LOVE REO!

Just had to say it.

Here I am, at 9:30 on a Saturday morning, still sitting in my PJ's working through my inbox, when low and behold I come across an email that just makes my day!

It is short, simple, and to the point.

 

Sandi,


We'd like to move this listing to you.

Here's the address....

BPO is ready for you on _________.
I can't adjust the price until I have the values in.
I'll be sending the listing agreement shortly.   (woo hoo!)

Greatest Mortgage Company in the Whole Wide World, TX

When I pulled the MLS sheet on this property, it shows it's already been sitting 510 days with another Realtor.  Perfect!  I LOVE being the second or third Realtor on a listing.  Everyone's finally ready to get busy!  The best part is this house is already clean and ready to go... nice flooring, yard, etc.  No trash out necessary.

Yeah, baby!!

My time at Bidwell Park, Chico CA

My Time at Bidwell Park

by Zachary Staggs, Age 13

One of the first things that we did when we moved to Chico, CA was go to Bidwell Park.  We were surprised to see that there were a bunch of little spots along the creek with picnic tables and little barbecues. We pointed a few out, but my mom had to have the perfect spot. It had to have some shade, but not too much, and it had to be off the road a ways so that we had some privacy. But we finally found one, and piled out of the car. 

It was a great spot!  My sister Alexa was 4, and we made a little shallow area for her. We even built a dam, and got the water pretty high. There's a log that sticks out toward the middle and reaches up out of the water, and Alexa loves to get on there and bounce on it, pretending it is a horse.  Right next to that is a little deep area that goes kinda fast.  When we built the dam it got going even faster.

Whenever we go to the park, my stepdad barbecues delicious hot dogs, and makes baked beans and red, juicy watermelon. When we are done with the watermelon, we always have to go wash off in the creek.

One day we saw some people going down Chico Creek on inner tubes.  When we saw these people we thought it was a great idea, and went out and bought some tubes.   Our grandma secured our favorite spot one day, and off we went.  My sister shared a tube with my stepdad, and the rest of us had our own.  When we started, we had to go through a little tunnel, and it was awesome.

Almost immediately after, the call was heard:"BUTTS UP!" When you hear somebody say "butts up" it's because there are a bunch of rocks, and it's really shallow.  On some parts, my younger stepbrother Ricky and I were light enough that we glided right over, while everybody else was bouncing around, getting stuck.  In this way, we were able to take the lead and warn all the adults.

      Near the end of our tour of the creek via inner tubes, we came to a series of rapid chutes. The first was great until you realized that the water was carrying you straight into a log piled with sticks and debris, and had to paddle frantically to try not to ram into it and flip over, afterward getting run over by the people behind you. Everybody still ran into it, but just bounced off and headed down the fast moving water toward the opposite bank where there is an overhanging tangle of roots and dirt that nearly sucks you under into a deep area. The second was very shallow, and everybody was bouncin' around.

My sister's  favorite thing to do when we're at the creek is to catch the tadpoles. We have perfected this delicate art, but still have to try a few times before we catch one.  She loves looking at the big bullfrog tadpoles, because it's easy to see their developing legs and shrinking tails.  If the tadpoles aren't hatched yet, Alexa is not very happy, but still has fun doing the rest of the stuff at the creek.

Something our whole family has fun doing is picking the blackberries. Sometimes they are along the banks, sometimes they are closer to the road, and sometimes we end up not being able to see each other.  Ricky and I are the ones who get to the hard to reach places, with some help from my stepdad.  Last summer we made jam, to enjoy through the winter, and we still have frozen berries for the next batch.

We've gone to the park a lot since that first day, and have done a lot of things. All in all it's a great place to be during the summer.  I love going to Bidwell Park and have great memories from going there.

 

Search the Chico MLS here!  Chico CA Real Estate blog and MLS search 

June 2007 Market Report Chico, CA

June 2007 Market Report for Chico, CA

by Sandi Bauman
     Realtor, ABR, e-PRO
   
     Chico Homes
     2580 Sierra Sunrise Terrace, Suite 120
     Chico, CA  95928

     (530) 864-5407

Search the entire Chico MLS here!  http://www.chicohomesearch.net


Here are the numbers as reported by the Sierra North Valley MLS for the month of June, 2007.

Market Statistics All MLS
Statistics for:  Single Family Residences in the greater Chico area  

Active:  557
Average Price:  $446,142
Average Days on Market:  100

Total Listed in June:  158
Total Sold:  84
Percent Sold:  53.16%
Average List Price Sold:  $392,668
Sale Price/List Price Ratio: 97.23%
Average Days on Market Sold:  62

Average List Price Unsold:  $421,418
Percent Expired: 17.72%
 
 
If you are relocating or in the market to purchase or sell real estate in Chico, Durham, Paradise, Magalia or Orland, please visit my website http://www.chicohomesearch.net for further information on my services. I would be my privilege to help you with your next move.

30 Franciscan Way, Chico, CA 95926 SOLD!!

30 Franciscan Way, Chico, CA 95926
Main Photo
Location: Chico, CA
Fabulous FORECLOSURE OPPORUNITY!! This is the great deal you have been waiting for! This property features an awesome inside corner lot with huge shade trees. In addition, there is a LOT of square footage here for the money, plus a nice backyard with an inground swimming pool. Bring your toolbelt and elbow grease, and pick up where the last owner left off! Lots of new windows and doors have been installed, and a major remodel of the bonus room is underway.
Information
Contact Information
My PicAssociation Logo
Sandi Bauman
530-864-5407
Pricing
Asking Price: $229,900.00
Flexibility: Negotiable
Additional Pricing Information: This property is listed $20,000 LESS than the appraised value!
Property Location
30 Franciscan Way
Chico, CA 95926

Features
Bedrooms: 3
Bathrooms: 2
Year Built: 1958
Lot Size: .13
Square Footage: 1798
Agent Name: Sandi Bauman
Broker: Chico Homes
MLS #: 200705307
Attributes
Appliances
Range/Oven
Full Refrigerator
Washer/Dryer
Sink Disposal
Interior Amenities
Fireplace
Hardwood Floors
Exterior Amenities
Patio
Fenced Yard
Swimming Pool
Grass Lawn
Powered by vFlyer.com EQUAL HOUSING OPPORTUNITYVFLYER ID: 1195086
Search the Chico MLS here! Chico CA Real Estate blog and MLS Search listings

1047 Blue Ridge Avenue, Chico, CA 95973 Butte County

Sandi Bauman | Chico Homes | (530) 864-5407


1047 Blue Ridge Avenue, Chico, CA
Great price, great location!
3 Bdrm Single Family House
offered at $242,000
Year Built 1984
Sq Footage 1,039
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking Unspecified
Lot Size 7,405 sqft
HOA/Maint $0 per month

DESCRIPTION

Priced to sell! Clean home with some upgrades, newer appliances, and large backyard. Near future Ceres Neighborhood Park! It shouldn't last at this price... better hurry!


see additional photos below
PROPERTY FEATURES















Central A/CCentral heatLiving room
Breakfast nookDishwasherStove/Oven
DryerYard

COMMUNITY FEATURES




Garage parking


ADDITIONAL PHOTOS

Seller contact info:




Sandi Bauman
Chico Homes
(530) 864-5407
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Jul 14, 2007, 7:17pm PDT
Visit me here: Chico CA Real Estate blog and Chico MLS listings Search

Absorption rate and pricing a listing

 

Absorption Rate and Pricing a Listing

by Sandi Bauman, Realtor, e-PRO, ABR

I was just re-introduced to the term "absorption rate" and how it applies to real estate.  Up in my neck of the woods, it's not a commonly used phrase, and as far as I know, not a common practice used when pricing a property.  Although the principle is one that I've used to an extent, (without remembering there was a term and formula for it) I think that I may explore utilizing the absorption rate information when working with a seller to price their property.

Columnist Jerry Rossi explained it beautifully in the June 2006 edition of Realty Times.  http://realtytimes.com/rtapages/20060623_absorptionrate.htm  Be sure to check it out!  I actually thought my broker had put together Jerry's eloquent example for my exclusive learning privilege.  Little did I know, there was a true writer behind those words!  Thanks, Jerry for the tutorial.

The application allows you to paint a realistic picture, based on fact, for your sellers regarding the liklihood of  selling their home at the price they want you to list it at.

For example!

An investor wants to sell his 4-plex for $300,000.  After doing a Comparative Market Analysis on the property, you know that his 4-plex is probably only worth $275,000.  To help him understand why he should NOT list it $25,000 over value, you apply the formula to figure out the absorption rate.

In simple terms: 

  • Take the number of 4 plexes sold in the past 12 months at $300,000.  (let's say 5 sold)
  • Divide this number by 12 to get the absorption rate. (5 divided by 12 = .42)
  • Find the number of 4 plexes available at $300,000.  (10 available)
  • Divide this number by the absorption rate.  (10 divided by .42 = 23.80)

It will take 23.80 months (yikes!) for the market to absorb the 4 plexes currently for sale at $300,000.

It would take 7.5 months on the other hand, if they were to list at your suggested price of $275,000... and there were 5 4-plexes available at $275,000.

If the difference in the number of months doesn't help your sellers understand the dangers of overpricing, try detailing the amount of money they will pay OUT during that extra 16.3 months the property could sit on the market. 

If they are paying $1900 per month on a mortgage, their SAVINGS could be $30,970 in payments.     

Ultimately, they will save $5970 by pricing their 4 plex $25,000 LESS!!                   


If you can assist your sellers in following the rationale, it certainly makes a lot more sense for them to price it at the $275,000 mark, considering the rate at which those properties are selling.  The trick is in helping them to understand the detriment to over-pricing their property... even a little.  In a market flooded with inventory, they are not doing themselves any favors!  In addition, imagine the emotional stress avoided for your sellers by selling their property in a quarter of the time.

 

Like what you're reading?  Visit me here:  Chico CA Real Estate blog and Chico MLS listings Search 

 

Whatever happened to "Honesty is the BEST policy?"

Didn't we ALL have parents who drilled that philosophy into our head at every possible learning opportunity?? 

                        What happened?  Why is it soooooo hard to get the truth out of people?

                                

"Honesty is the best policy" is a mantra I try to live by every day.  It's just second nature for me, I guess, after learning the hard way as a kid.  My dad was very big on "Don't lie, cheat, or steal!"  The consequences of breaching these simple rules were enough for me to develop life long habits, and value them in the people around me.  I am far, far from being perfect, by any stretch of the imagination.  However, given the chance, I can usually be found admitting when I've screwed up, or telling the whole, unedited story, even when it makes me look less than stellar (or like a complete idiot).  It's just so much EASIER to tell the truth!

While honesty is a virtue I take seriously in my personal life, I find it to be imperative and completely non-negotiable in my professional life!  People don't want to do business with people they can't trust, and inevitably...  the truth comes out!

1.  How does a Realtor fulfill their fiduciary duty to their client if they don't practice speaking the truth at each given opportunity? 

2.  Why does a seller, after being carefully versed in the laws and consequences of disclosure, still choose to NOT disclose all of the problems with their property?  I'm not talking itty bitty issues, I'm talking ISSUES that will certainly be discovered.

3.  Why is it that a buyer is often not truthful or accurate when it is most beneficial to him?  If he were to tell the Realtor or lender the facts up front, how much time and hassle could be saved?   Have you been prequalified?  What is your gross monthly income?  Do you claim all of that on your tax records?  Do you have a bank account?  How much is in it?  What's your credit like?  My favorite:  Do you have a JOB!?

4.  Why would a lender give a good faith estimate out on a client when they know they can't provide the loan product they've just promised?  Do they think that it makes them look good later when they are frantically scrambling for a loan for these buyers?  Why get the buyers hopes up for a great rate, only to put them in a much less attractive loan later?

4.  Why don't fellow professionals practice being more honest with each other?  After all, for a long term relationship, honesty and communication are critical!  I personally don't want to do business every day with people I can't trust to tell me the truth.  When someone I know who is more than a casual acquaintance isn't quite honest with me, it feels like a huge slap in the face!  Is there no mutual respect at play?  When people do that, do they really expect me to invest time, effort, referrals, and support in their business?  Even the little white lies get under my skin...  why say you did something when I will inevitably find out later that you didn't?

Whew!  I feel better, now that I got that out!  Honesty IS the best policy!!  Life would be so much simpler...