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Are you a veteran in need?
Come on down to Frick Hall 853 11th St. Lakeport, CA 95453
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Homebuyer Activity Shows Signs of Warming Up for Spring
The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Says The RE/MAX Elite Partners
“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”
We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:
“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”
That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:
In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph below):
What This Means for You
Buyers are coming this spring, which is typically the busiest time of the year in real estate. And if you’re a Seller, you need to prepare:
“If homeowners are planning to sell in 2023, now is the time to get ready.”
Here is a little local Lake County Real Estate information that is certainly is very interesting – Over the month of March 2023, a total of 80 single family homes were sold per CRMLS (Multiple Listing Service) compared to 51 homes sold in the previous month, and 130 sold during the same time period in 2022.
Our current market has 292 stick-built and manufactured homes available compared to 269 units available last month (February). The homes sold in March were selling at an average of 90% compared to original list/asking price – this is roughly the same stats as last month, however, less than one year ago homes at this time were selling at 100% of asking price. Another interesting fact of March sales is that 39% of homes sold had Seller concessions of an average of $8,126.00 a month ago 30% of homes had an average concession amount of $10,085.00 vs. one year ago 31% of homes had an average Seller concession of $6,847.00.
Bottom Line
The housing market is warming up for spring. If you’re thinking about selling your house and taking advantage of this recent uptick in buyer activity, let’s connect.
We look forward to meeting all the members of the Clearlake Chamber – We are very happy to be new members and look forward to seeing many of you at future events and perhaps even over a nice conversation about Real Estate! 🙂
There is so much to do and enjoy in our beautiful Lake County… we look forward to some Spring time and a wonderful Summer season!
Feel free to reach out to me or my fellow Team members directly below or visit our website at: www.ElitePartnersRealEstate.com
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It’s time to have some fun!
It’s all about creativity, community and connection with a new energy and vision.
Welcome to the Clear Lake Chamber of Commerce where we bring businesses, organizations and individuals together to promote our unique and beautiful Lake County. Our new expanded marketing capabilities help us build great events, activities, new programs and opportunities for networking. Our mixers and meetings are held in a variety of communities as we become more aware of all Lake County has to offer.
Join us Tuesday, May 2, for our Clear Lake Chamber of Commerce May Mixer at the historic Park Study Club. Learn more about its fascinating history and the amazing work and projects Park Study does for our community.
Working together, we make things happen!
And, what is the greatest part of the Clear Lake Chamber of Commerce – with an all volunteer staff, it is you, our volunteers, bringing purpose, meaning and mindfulness to this special place we call home. Our volunteers bring heart and energy.
Please join us as a volunteer and share in our creativity, community and connection.
Join the Clear Lake Chamber of Commerce … join the fun!
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The 8th annual Shakespeare at the Lake production is Measure for Measure. It will be held July 29, 30 in Lakeport and August 4-6 in Clearlake. We are looking for cast and crew, high school age and up.
No experience is necessary! Performers and crew must register for Theater 200 or 225 at Mendocino College in order to participate. Scholarships are available! Audition materials will be available at www.lctc.us in early May.
When?
Saturday, May 20, 2023 12:00pm – 2:00pm
Tuesday, May 23, 2023 6:00pm – 8:00pm
Where?
Mendocino College 2565 Parallel Drive Lakeport, California 95453
For more information, contact director John Tomlinson at [email protected]
Shakespeare at the Lake is a co-production of Mendocino College and the Lake County Theatre Company, and is generously supported by the Lake County Friends of Mendocino College, the Clear Lake Chamber of Commerce, and the Cities of Lakeport and Clearlake.
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We loved sharing the fun with Konocti Unified School District on Saturday, April 1st, as they completed the Ribbon Cutting Ceremony for the new All Weather Track at Lower Lake High School. Superintendent Becky Solato did a great job with those big scissors!
KUSD also celebrated their partnership with the Blue Zones Project – Lake County, working together to build a healthier community!
Nick Buettner, co-founder of the Blue Zones Project started off the day with an inspiring speech in the new gym.
There were cooking demonstrations, live music, activities for kids and more.
Thanks to all who joined and participated in this celebration!
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March 29, 2023 Submitted by Laura Barnes, SATL Producer [email protected] (707) 533-3406
For nearly a decade, Mendocino College and the Lake County Theatre Company have joined forces to bring Shakespeare’s celebrated plays to the local stage. Shakespeare at the Lake will return this summer with its 8th annual production. This year’s offering is Measure for Measure.
As summer calendars begin to fill up with weddings, concerts, and vacations, be sure to set aside an evening to enjoy a live Shakespeare performance by the beautiful shores of Clear Lake. Performances are scheduled for July 29 and 30 at Library Park in Lakeport and August 4-6 at Austin Park in Clearlake.
Experience the gripping tale of power and corruption in Shakespeare’s Measure for Measure, like never before! This new dramatic adaptation will take you on a thrilling journey through the twisted world of justice and authority, where no one is truly innocent and power can corrupt even the most virtuous.
Don’t miss this unforgettable theatrical experience that will leave you questioning the very nature of power and corruption. Save the date, and be there to be a part of the conversation about one of Shakespeare’s most thought-provoking plays.
If you’re interested in being a part of the production as a cast member, auditions are scheduled for May 20 and 23. Actors and backstage crew of all experience levels are needed. For more information, contact [email protected] or check the Lake County Theatre Company website at www.lctc.us.
Shakespeare at the Lake is generously supported by the Lake County Friends of Mendocino College, the City of Lakeport, the Clear Lake Chamber of Commerce, and the City of Clearlake.
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🏞 Lake County Home sales are starting to pick up, even with the crazy weather 🌨 we just had. I personally showed 3 different sets of buyers homes as soon as the power came back on 🙃 (literally). Spring is going to be here before we know it and people are still looking even with a higher interest rate. One phrase we have in the industry is you “date 🌹 the rate and marry 💍 the purchase price”. Some buyers know what they are looking for and others are just getting started. When buyers hesitate to write the offer it makes less competition for others making the offer accepted without a multiple counter situation happening.
Homes that have been sitting this winter are more likely to see lower 📉 offers accepted. Some sellers are even considering allowing credits to the buyer for closing costs or buying down the rate temporarily. Freddie Mac is reporting an average rate of 6.5% currently and will rise 📈 again this spring. Inventory is still below average for the amount of homes we currently have active on the market in Lake County.
🏡📣 February 2023 Active listings in Lake County are sitting at 67 homes and 64 active vacant land properties.
💵🏡 Sold homes for the month of February were at 52 and 18 sold in vacant land. Currently on the market for Lake County we have 293 homes available and 542 vacant land properties for sale. Commercial 🏢 properties are starting to pick up as well with 55 active currently in Lake County.
If you are looking 👀 to sell this spring, price your home correctly. It’s more likely to get more showings and an offer sooner. When you list too high the buyer won’t even consider looking at the home because it’s out of their budget and they think the seller is unrealistic. The market this spring 🌱🌿 is going to be different than last year. We are going through inflation and buyers are more cautious before writing the offer.
Helpful tips before listing are getting pre-inspections before listing to help show the buyer what condition the home is in. It can mean little to no re-negotiating during the escrow process. Call 📲 your local expert, like myself to see just how we can help you achieve your 2023 goals.
Jessica F. Spencer DRE #02021763 Better Homes & Gardens Real Estate Wine Country Group
*If you are interested in writing an article for our newsletter please Contact Us, we would love to hear from you!
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It’s an exciting time for the Clear Lake Chamber of Commerce – The Oldest Chamber of Commerce in Lake County.
We invite you to join us as we bring new ideas and energy to not only enhance our business communities, but also invite and welcome visitors to beautiful Lake County.
A Special Thank You to Jim & Sue Burton and the staff at the Clearlake Oaks Moose Lodge for hosting our installation dinner. Sue spoke about the Clearlake Oaks Catfish Derby. Held annually for over thirty years, the Clearlake Oaks – Glenhaven Catfish Derby is the largest catfish tournament west of the Mississippi. Each May hundreds of eager fishermen and women visit Clear Lake for a chance to land the BIG ONE and win one of many prizes.
This is not your ordinary derby with a $5000 top prize to the winner. In previous years, the event has raised $45,000 for local programs. Please see the Chamber website for more info under the Calendar tab at the top.
Juan Salazar and Rosario Onape of Lake Auto Registration Service in Clearlake were the winners of the Member of the Month drawing at the last Chamber dinner!
Want to have a wonderful dinner?
Our next Clear Lake Chamber of Commerce dinner will be held at the beautiful new Greenview Bar and Grill in Hidden Valley Lake. Matt Metcalf; Food and Beverage Manager, is preparing a special dinner on Tuesday, April 4. Dinners are $ 35.00, tax and tip included. Social at 5:30, Dinner at 6:00.
Greenview Bar and Grill 19210 Hartmann Rd, Hidden Valley Lake, CA
Want to learn of some exciting development in Lake County?
Our guest speaker will be Alan Flora, Clearlake City Manager. If you have not seen his presentation on Impact on Clear Lake, I encourage you to attend and learn how these projects affect all of Lake County, bringing pride, value and a new excitement to our communities. We invite you to bring a friend or neighbor to enjoy the presentation.
Make a reservation HERE or call the Chamber office at (707) 994-3600
See you on April 4th!
Joan M. Jacobs President Clear Lake Chamber of Commerce
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By Jessica Spencer, Realtor at Better Homes and Gardens Real Estate Wine Country Group
January total home sales for Lake County at 44, Hidden Valley Lake leading the total with 11, the City of Clearlake right behind at 10 sold homes. In 2022 we had 60 homes sold in January, making 2023 down by 26.7% compared to last year.
The average number of days to sell in 2023 is 65, in 2022 it was only 59. Our county’s median sold price is $315,000, which allows us to still be affordable compared to most counties in today’s market. Last year the median home price sold was $344,950, the difference is -8.7%.
The monthly supply inventory in 2023 is at 4.7, last year at this time we were at 2.5.
Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Historically, six months of supply is associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly. -source from nar.org By: Meredith Dunn
We are still down in inventory, giving the sellers a better chance at getting closer to the list price. Interest rates remain above 6% across the nation, we have been seeing a steady rate between 6% and 7% for the last 3 months. The experts are predicting a lower interest rate come springtime. Historically we have never seen interest rates as low as they were during the pandemic.
*This chart is from FreddieMac.com – 2/16/2023
The 30-year, fixed-mortgage interest rate averaged 6.27 percent in January, up from 3.45 percent in January 2022, according to Freddie Mac. -sourced by car.org
Lake County: The inventory of homes available in Lake County at the end of January stands at 351. Approximately 32% of the inventory (114 homes) is in the communities of Clearlake and another 12% (42 homes) are in Lakeport. The countywide inventory is 13% above the inventory in January 2022 (310) and it is 2% below the inventory last month (357). -Sourced from Gerry Snedaker Broker/Partner at Better Homes and Gardens RE – Wine Country Group
The chart above represents the different cities and towns in Lake County market update for January 2023.
I want to end with a message from the author; “We still have a need for listings, inventory is low in Lake County and buyers are shopping again. We had a quiet January, which we always do after the holidays. February listing appointments turn into March listings and a sale by April. And buyers, please do not listen to the news on TV. It is not all doom and glume about buying, experts are predicting a great buying season this spring. The next 5 years are going to be a “normal market”, so start getting ready to buy or call a mortgage broker to talk about the different loan programs they have for investors and vacation homes. We have more choices now than we have ever had before with mortgages. Lake County has the potential to grow and will be growing, so grow with it. Buying or selling can be a scary thing to some, so check in with your local experts if you have any questions. I look forward to working together to help the businesses and families grow in Lake County.”
– Jessica Spencer, Realtor at Better Homes and Gardens Real Estate Wine Country Group
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Wed Jan 25, 2023 5:30pm – 7:30pm , Join Zoom Meeting: https://us06web.zoom.us/j/89603074296 During this session, EPA will provide information and updates related to the Proposed Plan, offer time for Q&As, and an opportunity to submit official written comments. Please use the information below to join the online meeting via Zoom, and feel free to share this information with anyone else who may be interested.
EPA will host an optional in-person public open house for community members interested in learning more about the Sulphur Bank Superfund Site Proposed Plan. This is an opportunity to ask questions of EPA staff, learn more about the site and related issues, and submit official written comments on the Proposed Plan. This optional open house is one of several engagement opportunities related to the Proposed Plan.
Date and Time: February 8th, 2023 from 3:00 – 7:00 p.m.. Location: The Moose Lodge, 15900 Moose Lodge Lane; Clearlake Oaks, CA 95423
The 160 acre Sulphur Bank Mercury Mine Superfund site sits on the shore of Clear Lake in Lake County, Calif. Historic mining contaminated the property with unhealthy levels of mercury, arsenic and antimony. Contamination from the site also impacts the wetland area north of the mine and Clear Lake itself. Since the site was added to the Superfund cleanup program in August 1990, EPA has completed eight early cleanups to protect human health and the environment and reduce contamination in soil, lake water and sediments, fish and wildlife, and Tribal and residential properties near the mine.
The goals for the proposed cleanup are: Combining smaller waste piles with larger piles to reduce the area of contamination. Putting a liner, clean earth, and clean soil over the contaminated waste and soil to: make residential areas safe for a lifetime of use; make on-mine areas safe for use by Elem Indian Colony residents (hunting, fishing, foraging, transit to nearby lands); and prevent contamination from leaving the site with stormwater or wind. Limiting mercury entering Clear Lake to allow mercury levels in sediments and fish to decrease over time, and help EPA determine the cleanup needed for the lake.
The public can submit comments to EPA on the proposed plan until April 10, 2023, in the following ways: Email comments to EPA’s Gavin Pauley and Carter Jessop.
Printed comments can be mailed to:
Gavin Pauley, EPA Community Involvement Coordinator 75 Hawthorne Street (Mail Code: OPA-2) San Francisco, CA 94105.
Mailed comments must be postmarked by April 10th.
Oral comments can be left on EPA’s voicemail box at: (800) 231-3075.