OROVILLE – SUPPORTING OUR LOCAL HEROES!!!

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SUPPORT YOUR LOCAL VETERAN’S!!!! Here in OROVILLE, the OROVILLE AMERICAN LEGION POST 95 will be presenting a fun time with EATS AND DANCING  TO BENEFIT THE FURTHER DEVELOPMENT OF THE OROVILLE VETERAN’S MEMORIAL PARK that will feature the NAMES of our beloved VETERANS OF BUTTE COUNTY. Come on down to the OROVILLE VETERAN’S HALL on Montgomery Street by the River – Saturday, August 9th!!! Performance by DECADES with music from Chuck Berry to Katy Perry at 7:30 p.m. Spaghetti feed is from 1-7 p.m. – FULL No Host Bar. Raffle and door prizes. Dinner and Dance tickets $15.00 in advance and $17.00 at the door. Only want the dinner??? $10.00.   I know Realty World – Best Realty will be in attendance. Below is one of my favorite Veteran’s. My awesome DAD – Leslie C Gentle, Sr.—Rest In Peace..Dad!!

dad

Good News On The Horizon??

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sunriseTHE 2014 California  Association Of Realtors projection for the housing market has been released.

To quote:  “After distressed sales lost their hold on much of California’s market, the state’s housing market will continue to improve in 2014, with sales shifting toward primary home buyers and both sales and home prices posting further gains, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2014 California Housing Market Forecast,” released today.

The C.A.R. forecast sees sales gaining 3.2 percent next year to reach 444,000 units, up from the projected 2013 sales figure of 430,300 homes sold.  Sales in 2013 will be down 2.1 percent from the 439,400 existing, single-family homes sold in 2012.

“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said C.A.R. President Don Faught.  “As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership, as buyers who may have been competing with investors and facing an extreme shortage of available housing return from the sidelines.”

As a Realtor doing business in Oroville, CA  this news is most encouraging! As we here in our office have numerous discussions on the past, current and future market and are always keeping a vigilant watch on the real estate trends such as the current pricing and inventory along with the fluid interest rates, not to mention the partial government shut down and it’s effect or lack thereof in some instances.

I look forward to 2014 and the improvements spoken of.

For now, I will cherish every day and my blessings. I will continue to be diligent in showing the Oroville homes to interested Buyers, or the Oroville vacant lands to those looking for that opportunity to develop their own slice of paradise. Our housing and bare land prices are very affordable and I do enjoy being one of the many tour guides for those new to our area and show them all of our amenities here, such as Lake Oroville, the mighty Feather River and it’s jumping salmon and awesome beauty, Bald Rock, and plethora of picturesque settings.

http://www.car.org/newsstand/newsreleases/2013releases/2014forecast

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HAPPY EASTER

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LAKE OROVILLE, OROVILLE, CA NATURE WALKS 2013

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RENTING VS. BUYING

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For all of those who are renting and may be considering buying a home..this article,  from California Association of Realtors, has very good information in it. If you are looking for real estate in the Lake Oroville – Oroville area, there are some awesome deals right now making it more affordable to own your own home than to rent. 

Renting Versus Buying: 2011

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This year California housing market conditions make a strong and compelling case for homeownership. With prices still well below the historic highs of just a few years ago and attractive mortgage rates, qualified buyers have a unique opportunity to own their own home. As seen below, a rigorous analysis of renting versus buying hears this conclusion out. As shown in the following chart, the monthly housing costs (principle, interest, taxes, and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590 (Fourth Quarter 2010 median priced home in California).  This assumes the buyer is making a 20 percent downpayment and financing with a 30-year fixed rate mortgage at 4.62 percent. In comparison, the median rent on a three-bedroom two-bath apartment with renter’s insurance in California is $1,810. That means buying a home would save the homeowner $220 per month when compared to renting and the homeowner would save over $2,600 a year.

                        click on graph for larger view   rentvsbuy2011.graph3.rev

In addition, existing tax laws allow homeowners to itemize and deduct the mortgage interest and property taxes from their taxable income. For example, compare the tax implications for two households both earning $63,430 a year, the minimum income required to purchase the statewide median-priced home of $301,430.* The household that purchases the home with a 20 percent downpayment and finances the mortgage at the current rate of 4.62 percent will receive a tax deduction of over $14,000 in the first year of ownership. The renter household will most likely utilize the IRS Standard deduction of $11,400, $2,600 less than their homeowner counterparts. The homebuyer reduces their total tax liability by $400 compared to the renter in the first year of ownership. Accounting for the out-of-pocket savings as well as the tax savings, the homebuyer saves over $3,000 in their first year of ownership.

                         click on graph for larger view
rentvsbuy2011.graph4.rev

The mortgage rate is a significant factor in determining just how much a homebuyer can afford. Today’s low mortgage rate environment tips the scale—for some—in favor of buying versus renting. For a home priced at $400,000, with a 20 percent downpayment and a 4 percent mortgage rate, the monthly PITI will be $1,990 for the homebuyer. The monthly PITI jumps to $2,180 at 5 percent and to $2,380 at 6 percent. For each one percentage point increase in the mortgage rate, the payment goes up by almost $200 under these assumptions. Even for a lower priced home at $200,000, the difference in the monthly payment is significant as each percentage point rise in the mortgage rate tacks on $100 to the monthly PITI.

                       click on graph for larger view
rentvsbuy2011.graph6.rev

Of course, there are many other socioeconomic benefits that homeownership brings to communities. And there are other costs associated with homeownership above and beyond the downpayment and monthly PITI. So as long as one has considered all of the costs and benefits of owning a home and is in the financial position to do so, there are some pretty compelling reasons to strive for the “American Dream.”

Other resources you may find useful for your clients:

NY Times Interactive Rent versus Buy calculator:
http://www.nytimes.com/interactive/business/buy-rent-calculator.html

Bankrate.com’s questionnaire for potential homebuyers on whether or not to buy a home:
http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx

The National Association of REALTORS® resources for clients on renting versus buying:
http://www.realtor.org/library/library/fg301
 
*Assumptions:

1. Underlying assumptions for the Mortgage Interest Deduction and Property Tax (1 percent of the purchase price) deduction are based on the Traditional HAI Q4-2010 assumptions of: The prevailing median price in the 4th quarter 2010 (Median Price $301,430), effective FRM interest rate of 4.62%, a 20% downpayment, and a $241,144 loan amount.

2. Incomes are based on the underlying assumptions for the Traditional HAI. The same income is used for both Renters and Buyers and is assumed to be the Minimum Qualifying Income needed to purchase a median priced home in the 4th quarter 2010.

3. Tax rate based on 2010 IRS Schedule Y-1 Married Filing Jointly in 15% tax bracket (latest available from the IRS) assuming no changes over the 5 year horizon

4. Interest deduction based on the Traditional HAI Q4-2010 underlying effective FRM interest rate
of 4.62%, a 20% downpayment, and a $241,144 loan amount.

5. Property taxes are assumed to be constant over this 5 year analysis, thereby assuming the underlying market value remains unchanged. If the home value were to increase, under Proposition 13, the property tax assessment would increase at a rate of 2 percent per year. Along these same lines, income is also assumed to be constant over this 5 year analysis in order to keep the analysis simple and determine the basic 5 -year tax benefit of buying a home in 2010.

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ROBERTSON’S MARKET

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When I am out showing real estate in Oroville, CA and my clients need hot or cold food or drink fast..I take them by Robertson’s Market located at 5291 Lower Wyandotte Road in Oroville, CA. This is is my favorite local Mom and Pop store but it is not owned by a Mom and Pop but rather Frank.

This has got to be the friendliest store in town. It offers all the usual
fare, then hot food that the local high school kids and workers gobble up as fast as it goes on, and a deli. Fresh sandwiches made at the time of order. Fresh meat cut daily. You can call and order meat packages. Your way. Absolute customer service.

You can get your money orders there, your newspapers, and a daily dose of politics if you really want. It seems that the vendors all have a smile on their face when they deliver there. I have seen customers walk in and they just know what that particular customer will request for the most part! Like magic, but really just very good service making the customers feel like they matter, like they are at home there. It has happened often that when you walk into the store, you will encounter folks standing around..not because of a long line but because everyone is chatting with each other. Regardless of your age, it seems as if the clerks know everyone’s name. Small town atmosphere, not just another face in the crowd. Personable and good natured folks taking care of you.

So stop by and see Frank, Babe, Ben, Jerry, Perry and Shannon and/or Brittany!! They are awesome.  I thank them for
making Robertson’s Market such a  friendly place to come to.

Open 7 days a week 6:30 a.m. to 11:00 p.m.

530-533-5226 Robertson’s Market

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OROVILLE SELF SERVE

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Jerome, Bear, Buddy, Happy, Nancy, Cowboy

Oroville  Self  Serve, Oroville’s best, full service, newly renovated and expanded dismantler yard is owned and operated by Jerome, Joyce and Bear Johnson. This big dismantling yard is comprised of the old B&E  and Nick’s located on Feather River Boulevard. 

Oroville Self Serve boasts the biggest dismantler yard in Oroville, in addition to being the most orderly and as clean. They provide you with interchange searches. They will loan you the tools to remove your part(s) and a wheelbarrow to help cart it. You can buy batteries and tires. If you need an engine or transmission, they will locate one for you for purchase. You can purchase Anti-freeze for just a buck..best to bring your own container in case they are out. Think of all the money you save.

Oroville Self Serve offers motorcycles, cars big and small, trucks of all types,  the occasional tractor and golf cart for sell. You just never know what will be offerred for sale until you go check it out.  If you have a vehicle for sale, give them a call.  If you need property cleaned up, a home trashed out, mobile homes removed, give them a call.  They assist home owners or realtors with their needs of having  properties in Oroville, all of Butte and Yuba County cleaned up.

Come on by and see the folks at Oroville Self Serve, you will be treated fairly and honestly and leave with a smile on your face. They truely are an ALL SERVICE DISMANTLING YARD. All of this along with years and years of experience and veracity make this the best dismantler yard in my opinion, all of  Northern California.

COME ON DOWN to 2815 Feather River Boulevard, Monday – Saturday 8:00 a.m. to 5:00 p.m. sharp.
Plenty of Parking. Millions of Parts. Hundreds of Vehicles. Great Deals. Honesty. Great Service.
530-533-0717

Promoting the Business and Service spirit in Oroville

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OROVILLE. For those of you who don’t know Oroville, I will be doing a blog fest introducing local businesses and what they offer. Oroville is comprised of alot of the “Mom and Pop” stores with some big corporations mixed in. A nice combination.

We have alot of hard-working and honest entrepreneurs in our midst bringing us unique offerings and/or services in a hometown atmosphere. That is not to say that we are left behind in the ages but rather a blend of old and new.  Some business owners are from here and some have come to visit and ended up staying. No, not the Hotel California kind of staying but rather, a choice!

Whether I am going to town for a specific need or driving clients around town and out-lying areas to look at Oroville real estate, or just beebopping around taking photos of our gorgeous Oroville lake, Feather River, and other beautiful areas to post..it is just comfortable here.

Stay tuned, same bat channel, different day to learn about the great businesses and services Oroville has to offer.

The Loan Modification Process – Part 2

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Once you turn your documents into your lender, you should call them to make sure they have received the documents and that it is up-loaded into their system. If you are late on your mortgage payment, you will still receive telephone calls from basically, “line filler inners” who have no clue as to what is going on. They can’t really seem to give you any valuable information. You just have to go through the whole rendition of what is going on, what steps you have taken, etc. Sometimes, these people will request additional information from you. Just give it to them. You will also receive information from a loan processor. This is the person who you will have to answer to, the person who will be working on your loan modification. The person who when they ask for some documentation, you get it to them in a timely manner. The rule of thumb seems to be that you will have to up-date your hardship letter and financial information every 60 days. Obviously, this rule varies from lender to lender. I would contact my loan processor once a week, stay on top of the loan modification. You should receive a “trial” loan modification package within 2 months. Look it over, if agreeable, get the ratified paperwork back to the loan processor. Follow the directives. If they tell you to contact a credit counselor, do so and keep records of who you spoke to, from what company, date and time of discussion, and the confirmation number they will give you of said discussion. Your loan processor may or may not want that information, but you should keep it just in case as you won’t know which way your loan processor will go…better to be safe than sorry.

Answer your lender calls, keep current on your information, and contact your lender on a weekly basis. HOPEFULLY, you will be told that your loan modification has been approved. You will receive a package in the mail that may or may not need to be notarized. Follow the instructions, make a copy of the entire package for yourself and after you have sent the package off to your lender, make sure you contact them to find out if it has been received, then up-loaded into the system. You will want to continue to contact your lender to make sure it has gone to the proper loan officer and that it has gone “through”. Most lenders will NOT send you a ratifed contract, but here is a simple trick to make sure the loan modification is now in the system. Call your lender, go through the automated portion, you will hear your loan amount, your interest rate, your payment and your due date. If your loan has been finaled, you will hear the new terms you agreed to on the automated call. Also, when you get your new mortgage statement, it will reflect the new loan terms.

Hopefully, you are one of the borrowers that comes through this successfully!! Good Luck and remember, stay on top of the loan modification!! A successful loan modification will assist you in navigating through this challenging housing market.
I would love to see more successful loan modifications in the Oroville, CA area than foreclosures!!

The Loan Modification Process – Part One

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You may have heard about the news that the government has asked the mortgage banks to work with homeowners who have been hit by the sluggish economy.

This comes in many different forms, but the one I will be discussing is the loan modification. You may have also heard good or bad things about the loan modifications.  I know personally of two in the past few weeks that were approved for residents in the Oroville area, one through Bank of America and one through Wells Fargo Home Mortgage.  If you find yourself in a financial bind, it does not hurt to contact Making Home Affordable and enquire as to your eligibility and the requirements.

If you decide to make that call or get on the website, have a good bead on what your income and expenses are, how much you owe on bills, credit cards, mortgage, and your household costs such as food, gas.  Once you contact Making Homes Affordable and your lender, they will want all of this information over the phone. They will ask you what your intentions are for the property. You should receive a package in the next few days with directions and information as to what is expected of you, the borrower. It may seem intimidating or intrusive, I understand…but it is information necessary to obtaining the loan modification. You must be 100% honest and be able to back up your position. In addition to providing your financial information, you will be required to prepare and submit a “hardship” letter.  This is a letter directed to the lender describing your specific hardship. This is your chance to put it all in writing, in your own words, asking for help in the form of a loan modification.  I would state in this letter what your intentions are with your home, if this is a home you feel is truly your home and not just a place to hang your hat, so to speak..by all mean, express yourself!!! This is a more personal snapshot of you and not just your financial situation.

Make sure the financial sheet you fill out matches your bills. You will need to provide proof of income and some banks will require 3 most current bank statements. If your are an Independent Contractor, you will need to provide a Profit and Loss statement current to the date you send your loan modification package back. 

To begin the Loan Modification process contact:  “Making Home Affordable”:

You can go to the website at http://makinghomesaffordable.com , click on the link at the top of the page “Loan Modifications” or contact them by phone at 1-888-995-HOPE.

To Be Continued in Part Two.

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