Wednesday, February 10, 2021 / by Monique 'Moey' Nichols
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 ...
Thursday, December 3, 2020 / by Monique 'Moey' Nichols
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
AVILA BEACH STATS
SAN LUIS OBISPO STATS
PASO ROBLES STATS
MORRO BAY 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 ...
Wednesday, November 18, 2020 / by Monique 'Moey' Nichols
As the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself.
This year, homeowners are able to request 180 days of mortgage relief through forbearance. Upon expiration of that timeframe, they’re also entitled to request 180 additional days, bringing the total to 360 days of deferred payment eligibility. As forbearance expires, homeowners should stay in touch with their lender, because creating a plan for the deferred payments is a critical next step to avoiding foreclosure. There are multiple options for homeowners to pursue at this point, and with the right planning and communication with the lender, foreclosure doesn’t have to be one of them.
Many homeowners are conce. ...