Wednesday, February 24, 2021 / by Monique 'Moey' Nichols
Weekly San Luis Obispo County Numbers are in, as well as the California Association of Realtors January 2021 Report and First American Title Company's Central Coast January 2021 Recap.
Tight inventory is making 2021 a great year to list a home! It's important to remember that the housing market today is not the same as the housing market during the 'Bubble Years'. Lower mortgage rates and rising incomes correspond with higher house prices, strong demand and low inventory.
Winter months tend to show slowing in the Real Estate industry year over year. Mortgage rates are beginning to inch up, however the FEDs have indicated they don't intend to raise the National rate anytime soon. For buyers, NOW is the time to take advantage of these historical low rates while they last!
Despite possible improvement on the supply side of the market as we approach the Spring Selling Season, upward pressure on prices are continuing to build up. With current inve ...
Wednesday, January 27, 2021 / by Monique 'Moey' Nichols
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 ...
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. ...
Wednesday, October 7, 2020 / by Monique 'Moey' Nichols
Even though we saw a slight decrease in new listings, opened escrows and sold homes this past week, the real estate market continues to thrive.
San Luis Obispo County has double the production currently compared to the state of the market in January of this year.
Despite the continued pressures of the pandemic, consumer home-purchasing power has stayed strong as mortgage rates remain at record lows. Meanwhile, for-sale inventory has continued to dwindle, dropping 17% nationally year over year in August, which created upward pressure on home price appreciation as buyers compete for the limited supply of homes.
Across the country, home equity was increasing before the health crisis swept our nation, and it continues to grow throughout the year, giving sellers powerful options in this market.
The real estate market has ...