Will we continue to see a strong Real Estate Market in 2018?
The signs are good that our local Real Estate market in Oroville will continue to be vigorous. The “signs” being the Multiple Listing Service that I look at daily and the various reports and media blurbs that point to a pretty strong economy as well as the growth in infrastructure that I see happening around town. It is unclear what impact the new tax laws will have on our local market, but from what I have read and heard, I don’t see a huge change in the buyer and seller motivations. It will be interesting to see if the “disasters” of 2017 (Spillway and Dam problem and horrendous wild fires) will have any sustaining impact on our housing market. We saw a MAJOR jump in rental demand as the workers were hired on 2 year contracts to do Dam repairs as well as the housing demand from families displaced in the fires. The interesting thing to note from the spillway incident was the lack of demand from homeowners living in the potential dam failure areas to relocate to properties that were above the dam. There really was not the large influx of listings in the “lowlands” that I expected. The Oroville Real Estate market continues to surprise and fascinate me just as it has for over 15 years now. I am honored to be a part of this towns growth and a witness to the spirit and determination of its residents. Bring it on 2018, we are ready!
Showing lake property without a lake has been an escalating problem for a few years now.
The Lake Oroville area has some amazing sights and tons of recreational activities. Unfortunately, a large portion of them have to do with accessing the lake which is kind of hard these days. With the lake levels at an historic low, the lake has been in the news more than at any other time in history. It seems that every time I pick up an article or magazine that is talking about the drought, there is a picture of Lake Oroville in its depleted state. We have become the “poster child” for California’s near crisis drought conditions.
The effect on the Lake Oroville Real Estate market is debatable. The spring/summer has been great so far with plenty of buyers still looking for that vacation or retirement home by the lake. The interest rates are still low and the home prices while going up a bit, remain stable in the area and the prospect of a wetter than average winter is making everyone I talk to positively giddy. People seem to be optimistic that the lake will fill up again SOMEDAY! Sellers are still selling and buyers are still buying, so from my perspective, things look pretty good.
According to MSN news, the ocean waters are warming up and we are in a position to experience an “El Nino” event that could rival the winter of 1997/1998. If you lived in the area at that time, you will remember the unbelievable amounts of rain that came down that year. My mom worked for the propane company in downtown Oroville at the time and recalls the huge propane tanks floating down the street on the flood waters. The engineers at the Lake Oroville Dam were very worried at one point that the dam would not hold all the water and that it would breach the dam. Scary stuff indeed.
I personally hope for a lot of rain spread out appropriately enough to fill the lake, but not to cause widespread flooding, but mother nature will do what she wants and we will deal with it. Hopefully, next spring I will be showing homes and showing off the beauty of our area that includes a FULL lake.
In the last 6 months I have been informed of several Real Estate transactions here in the Lake Oroville area that I think I should have been involved in or at least been given an opportunity to interview for. I was shocked and dismayed to hear the phrase “I didn’t know you were in Real Estate”.
How can that be? I asked myself. I have been doing this for over 10 years now! Haven’t I done everything possible to make sure that everyone knows that I am in the Real Estate business and that I love everything about it, that I am a great agent with tons of happy clients? Apparently not.
This has lead me to the realization that I am a “secret agent”. That is fine if you work for the CIA, but not so great if your success depends somewhat on people knowing your profession. Even though I wear my name tag everywhere I go, carry business cards with me and hand them out like Halloween candy and talk Real Estate and Mortgage rates with everyone I meet, obviously I am still not getting the message out.
So to remedy this situation, I have decided to go on a media “blitz”. I am going to write Real Estate related blogs and talk about the business every waking hour until everyone who even knows me a little bit will automatically associate my name with the Real Estate profession. Maybe even people who don’t know me yet will think of me when buying or selling Real Estate. This might get just a bit tedious for those of you that already know me and my love of this business, but you can help too by telling all of YOUR friends and family how awesome I am! If you do, I will do my best to make you proud. The company I work for: Realty World-Best Realty provides me and the other agents the very best tools and training available in the industry and I am ready, willing and able to provide top of the line service and technology to my clients.
Thanks for taking the time to read this and I hope to become a former “secret agent” soon.
A recent field trip to the LAKE OROVILLE Visitor Center served as a reminder that we live in an area that has amazing history and natural beauty.
I find myself taking the surroundings for granted when going about my daily duties. I drive over the Green Bridge to show property, see the coast range across the valley every day on my way down the hill and brake often for the wild turkeys, deer and other critters that roam our area in abundance without thinking much about it. Today I saw it all as if for the first time again from the tower at the Lake Oroville Visitor Center.
Lake Oroville is a magnificent body of water and the dam is an amazing feat of engineering. The view stretches for 100 miles on a clear morning like today and the coast range is starkly visible as are the Forebay and Afterbay and the endless rice farms in the flat lands. A truly inspiring view that makes me so proud and happy to be living here. The phrase “stop and smell the roses” comes to mind and I decide it is vital to take some time once in a while to look around and be inspired all over again.
It is too easy to get caught up in the struggles of day to day living and forget where you are and why. I love the Lake Oroville area and I love, love, love the work I do in Real Estate. I am truly blessed to be where I am and doing what I love. I hope you all reading this are able to feel the same way about your place in this world.
Whether you are a buyer, a seller or just a happy resident or our special community. You are fortunate to be surrounded by the natural beauty of Lake Oroville, California.
So where are we now?
The most recent news from Wall street has the market doing some pretty crazy things right now, but the bottom line seems to be that interest rates are about to start heading up.
If you have been on the fence about buying Real Estate in the Lake Oroville area or anywhere for that matter, you may want to get busy at it! Savvy sellers are keeping an eye on the rates and making some great deals right now while the buyers are still out in force.
Below is an excerpt from a newsletter I receive from Carl Henker at Mission Hills Mortgage. It sort of sums up the situation.
For all the talk and forecasts, and the Fed’s actual future actions, it depends on how healthy the economy really is when seen without the central bank supporting investments and low interest rates. Recent economic data overall has been slightly better based only on estimates and forecasts, but we ask this; is employment increasing with new jobs that pay wages at levels that will improve 80% of wage earners? Will businesses continue to report solid earnings and profits as they have in recent quarters? When ObamaCare kicks in in 2014 what impact will it have on individuals and business ( costs will increase)? Presently markets are not thinking about any of it, all market action in the last two weeks has been driven by reducing leverage and making decisions on the fly. Let’s give this a couple of months; we still hold that the economy isn’t as fundamentally strong as what most, including the Fed, believe it is.
All said though the present situation based on performance in the markets remains very bearish for interest rates and for equity markets. Our worn moniker, don’t fight the tape is still the best advice and the only way mortgage lender and originators can look at it. Opinions about the future, even two months from now in terms of conviction are as thin as shaved ham at the deli. The 10 yr note is toying with longer term support at the 2.40% levels but presently appears to be failing.