Moving Chico Blog

2019 is in the rearview mirror, and for most of us Butte County Residents, the sentiment is good riddance! After the devastating Camp Fire, 2019 was quite a roller coaster ride as our communities struggled to adjust to dramatic population changes. When looking at Real Estate Market stats, the graphs are generally lines that have little bumps and waves, with an obvious trajectory, but that was NOT the case with 2019. In weeks and months following the fire, prices in Chico literally skyrocketed. The average sales price in Chico shot up 20% between November 2018 and March 2019. By summer, the market began falling almost as quickly as it had spiked. Inventory climbed during the spring as both investors and ...

Governor Newsom signed the controversial AB 1482 into law October 8, 2019. If you own an investment property OR you are a renter in California, this law will affect you. We wanted to provide a quick summary of what you need to know!

You must take action to exempt your property! A single family home or condo (there are other exemptions, but this is the primary one!) can be...

Realtors always ask their sellers to vacate the property during showings. We are often met with some reluctance. Sellers are excited about the features of their home and feel compelled to point them out to the buyer. Sometimes, it is simply inconvenient for the seller to pack up and clear out for a showing. Trust me on this. . .. LEAVE! Two separate incidents in the last couple of weeks reminded me of just how important it is for the seller to not be present at showings.

I had a buyer call me about a ‘For Sale By Owner’ listed on Zillow. I arranged the showing and the seller met us at the home. The seller of course pointed out the features of the home, that was currently tenant occupied, and what plans for repairs they had, what property would likely be left, and what improvement/repairs would be as-is. I cringed as each ...

I wrote in my December blog post that I thought our market had changed so dramatically on November 8, 2018, that we would forever refer to the Chico/Paradise real estate market in terms of pre- and post-fire. Here we are 8 months later, and while I am beginning to think it might not actually be forever, we are certainly still referring to prices as pre-fire and post-fire prices. . . That said, while the Paradise/Magalia market is still a big question mark from day-to-day, the Chico Market is beginning to stabilize. We are hitting a new “post-fire” normal.

In June of 2018, there was an average of 274 homes on the market, with average inventory levels peaking at 333 homes in August of 2018. In the weeks following the fire, inventory was almost completely wiped out, the low was about 50 homes by December. Since then, inventory levels have steadily climbed to...

My insurance agent calls me every year to schedule an annual check-up. She wants to review my policies and make sure my coverage is still appropriate. I have gone once or twice in the last decade or so, but honestly most years, I cancel the appointment and duck her calls. Who has time, right? NOT THIS YEAR! I learned a lot of things from the devastating Camp Fire, but by far the most valuable lesson I learned was the importance of Homeowner’s Insurance. In the days, weeks and months following the fire, I worked with and spoke to dozens of families affected by the fire. Some experienced total loss, some smoke damage and some homes were seemingly untouched. Here is what I learned: All Homeowner’s Insurance is not created equal. Some agents and companies bent over backwards to help, some did their best to put up every roadblock under the sun, and some were mediocre at best. Then there were the really unlucky one’s: those that had let policies lapse or were simply under-insured. For those that had “good” insurance, they had checks in their hands within a matter of days, and for the most part, and while I am in no way minimizing the loss or the emotional toll, many were better off financially because of fantastic insurance policies. Should my home ever be damaged or lost, I want to fall into that category, and I want you to as well!

Imagine passing away unexpectedly. Then imagine that you had equity in your home. . significant equity. . . And the bank foreclosed. Your loved ones get nothing. Impossible right? Unfortunately, it can and does happen. Probate is lengthy, and expensive and COMPLETELY AVOIDABLE!

I received a call from a friend of a friend who’s mother had passed away. The grown children all lived out of state, but mom’s house was here. When I asked if she was the executor of her mom’s trust, my heart sank when she said that mom had never set up a trust. Without a trust, there is no one who can legally sign a listing agreement and move forward...

Ah, that time of year already. . the mailbox is full of 1099’s and everyone is procrastinating tax preparation! It’s depressing under normal circumstances, but for those affected by the fire, it is probably beyond daunting. We have come across a few little tidbits of tax relief for disaster victims that you should be aware of. As always, we HIGHLY recommend you discuss these things with your CPA or tax preparer, but here are some items you may find useful. . .

According to the IRS, some victims of the California Wildfires may qualify for some tax relief. Most notably...

The Paradise CampFire changed everything. Literally, EVERYTHING. Like the housing collapse of 2007, we will forever put things into context based on pre- and post-fire. Those first few days were horrific. For those that escaped, the trauma that they endured was unimaginable. For those of us waiting for our friends and family to answer their cell phones or arrive at the bottom of the hill. . .well it was the longest day of our lives. And then shock and uncertainty set in. For days, the fire raged on and the residents of Paradise had no idea if their homes were still standing. Most of us sat glued to the news all weekend. Then Monday came and we began to check on our friends and clients. The stories of escape and the loss was truly horrifying. Our hearts broke both with and for our neighbors in Paradise.

The end of another quarter. . .as a recovering C.P.A., my life is no longer measured by quarterly closes, but old habits die hard and I am compelled at the end of every quarter to run numbers and analyze the trends The data is in for 3rd quarter, and it is safe to say that the market is shifting. We have had 6 years of double (or nearly) digit price appreciation and all time inventory lows, creating a major seller’s market. While median prices have continued to rise, albeit slightly more modestly, inventory levels and days on market are inching their way up. With inventory swelling, we are seeing an unprecedented number of price reductions. This isn’t to say that it’s a bad time to sell. . the buyers are still out there. It just means that sellers can’t price their home 5% above the last comp in the neighborhood and expect to have a bidding war. The market is flattening out. So, if you have been waiting to sell, wanting to ride the wave up, this may just be the time. Likewise, for those of you waiting to buy, with more inventory available, there will be far less competition and a lot more to choose from.

Hi 😊,

We wanted to make sure you know about all the avenues in which we can stay connected!

• Quarterly Mailer
• Moving Chico Facebook Page
• Monthly ‘Ezine'
• Investor Group
• Neighborhood Watch