Wednesday, April 14, 2021 / by Traci Pimentel
A recent Survey of Consumer Finances study released by the Federal Reserve reveals the net worth of homeowners is forty times greater than that of renters. If you’re wondering if homeownership is a good investment, the study clearly answers that question, and the answer is yes.
Do Americans believe a home is a better investment than stocks?
In a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York notes that 93.3% of Americans believe buying a home is definitely or probably a better investment than buying stocks.
Here’s how the results break down:The survey also shows a wide range of reasons why Americans feel that way (respondents were able to pick more than one answer):
Bottom Line
The data show how strongly Americans believe in homeownership as an investment. That belief is warranted. The Liberty Street Economics blog put it best by saying:
“Housi ...
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Wednesday, February 10, 2021 / by Traci Pimentel
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.
1. This time, housing supply is extremely limited
The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase.
In real estate, supply and demand are measured in “months’ supply of inventory,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about 6 months. Anything above that defines a buyers’ market, indicating prices will soften. Anything below that defines a sellers’ market in which prd ...
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Wednesday, January 27, 2021 / by Traci Pimentel
Market Update
San Luis Obispo County hasn't seen much change with New Listings hitting the market in comparison to the previous couple weeks. We did see a nearly 13% increase in properties going Pending. With more than 15% less properties sold this past week, the uptick of escrows opened, and no influx of inventory hitting the market, we're still very much in a Seller's Market.
A swell of buyers are looking to enter the market, keeping demand firm amidst the continued historically low interest rates. By the 4th quarter this year, experts are forecasting that refinance volume will decrease, largely because many will have already refinanced due to these low rates.
In 2020, median listing prices grew 13.3%, according to Realtor.com. Experts forecast prices will stay on this upward track.
Even if home prices rise as forecasted, that w ...
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Monday, December 14, 2020 / by Traci Pimentel
If you’re currently feeling the stress of affording your mortgage payment, or if you know someone who is, there’s still time to get help. For homeowners experiencing financial hardship this year, the CARES Act provides mortgage payment deferral options, creating much-needed relief in these challenging times.
It’s important, however, to understand how forbearance works. It’s not automatic. You need to take action now and apply for the program before these options expire.
A study by the Urban Institute determined:
“Approximately 400,000 homeowners who became delinquent after the pandemic began have forgone forbearance and become delinquent. These borrowers may not know they are eligible for forbearance.”
Thankfully, there’s still time to apply for forbearance, even if you’re just learning about it now. Doing so may be the game-changer you need to stay in your home, just when you need it mos; ...
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Thursday, December 3, 2020 / by Traci Pimentel
Market Update
We've seen greater than a 50% drop in inventory since mid-October.
With so few homes on the market, buyers have been grasping at straws.
Interest rates are still hovering at an all time low. With an upcoming shift in Presidency and so much uncertainty with Covid-19 cases surging, home buyers want to take advantage of the low rates while they last.
REAL TIME MARKET NUMBERS
PISMO BEACH STATS
ARROYO GRANDE STATS
GROVER BEACH STATS
OCEANO STATS
AVILA BEACH STATS
SAN LUIS OBISPO STATS
NIPOMO STATS
ATASCADERO STATS
TEMPLETON STATS
PASO ROBLES STATS
MORRO BAY STATS
CAMBRIA STATS
CAYUCOS STATS
LOS OSOS STATS
Fewer new sellers coming to the market while a greater than usual number of buyers continue to search for a home causes inventory to continue to evaporate. Historically, six m ...
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