4 Reasons to Move Up to Your Dream San Luis Obispo Home This Spring

San Luis Obispo Real Estate Homes For Sale

 

Spring is in full force; the summer months are right around the corner. If you are debating moving up to your dream San Luis Obispo home, here are four great reasons to consider listing your current home and moving up to your dream home now, instead of waiting.

1. Buyer Demand is High & Inventory is Low
Recent numbers show that buyer demand is at the highest peak experienced in years, and inventory for sale is at a 4.5-month supply, which is still markedly lower than the 6 months needed for a historically normal market.

Demand in many markets is far exceeding the supply, and more properties in March sold in less than 30 days (42%) than in any month since last July.

Listing your home today can greatly increase exposure to buyers who are out in force and ready to act.

2. Prices Will Continue to Rise
CoreLogic recently released their latest Home Price Index in which they predict that national home values will appreciate by 5.3% by this time next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting for your current home’s value to increase before selling could price you out of your new home if you aren’t careful.

3. Mortgage Interest Rates Are Still Near Record Lows
Interest rates have remained below 4% for some time now and are substantially lower than the rate previous generations paid when getting a mortgage.

The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison projecting that rates will rise over the next 12 months.

An increase in rates will impact YOUR monthly mortgage payment. Even an increase of half a percentage point can put a dent in your family’s net worth. Whether you are moving up or buying your first home, your housing expense will be more a year from now if a mortgage is necessary to purchase your home.

4. It’s Time to Move On with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Have you always wanted to live in a certain neighborhood? Would a climate change be just what the doctor ordered? Would you like to be closer to your family?

Bottom Line

If the right thing for you and your family is to move up to the home of your dreams this year, buying sooner rather than later could lead to substantial savings. You may even consider one of the these luxurious homes currently on the market!

Top 10 Luxury Homes For Sale in San Luis Obispo, CA

We picked out the top 10 luxury homes for sale in San Luis Obispo, Ca! From Modern Farmhouse to Classic European to Vintage Spanish Style Homes these properties have it all. From Downtown SLO living to peaceful country acreage, you’re sure to fall in love with these homes. Check out how the elite of San Luis Obispo live and who’s looking to sell!

 

#1 – 951 Pasatiempo DriveSan Luis Obispo, CA 93405 | Listed Price $3,250,000

951 Pasatiempo Dr San Luis Obispo

 

#2 – 4950 Davenport Creek RoadSan Luis Obispo, CA 93401 | Listed Price $2,850,000

Davenport Creek San Luis Obispo Home

 

#3 – 1650 Harmony WaySan Luis Obispo, CA 93401 | Listed Price $2,699,000

Harmony Way San Luis Obispo Home

 

#4 – 6970 Canada VistaSan Luis Obispo, CA 93401 | Listed Price $2,495,000

Edna Valley Home For Sale

 

#5 – 672 Oakridge DriveSan Luis Obispo, CA 93405 – Listed Price $2,395,000

Oakridge Drive San Luis Obispo Home

 

#6 – 550 BassiSan Luis Obispo, CA 93401 – $2,325,000

Bassi Ranch San Luis Obispo Home

 

#7 – 7175 Paseo VinedoSan Luis Obispo, CA 93401 – $2,295,000

Paseo Vinedo San Luis Obispo Home

 

#8 – 875 GreystoneSan Luis Obispo, CA 93401 | Listed Price $1,995,000

Greystone San Luis Obispo Country Club

 

#9 – 1190 Bassi DriveSan Luis Obispo, CA 93405 | Listed Price $1,999,000

Bassi San Luis Obispo Home

 

#10 – 1443 Osos StreetSan Luis Obispo, CA 93401 | Listed Price $1,845,000

Osos St Downtown San Luis Obispo Home

San Luis Obispo and National Housing Inventory Disappearing

San Luis Obispo Housing Inventory

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions nationwide.

Inventory Levels & Demand

Sales of existing homes rose 5.1% month-over-month in March and are 1.5% higher than this time last year. Sales rose in all four major regions in March.

Total unsold housing inventory is 1.5% lower than March 2015 at a 4.5-month supply and remains well below the six months that is needed for a historically normal market.

Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4%, programs available for down payments as low as 3%, and you have an attractive market for buyers.

Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.

Prices Rising

March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

Housing Supply SLO

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

“Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”

Bottom Line

If you are debating putting your home on the market in 2016, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Let me know if you are ready and we can get the process started.

 

The Ultimate San Luis Obispo Seller’s Checklist

Here’s pretty much everything that you need to consider and be mindful of before we put your San Luis Obispo home on the market. If you want top dollar for your property it’s crucial that we present your property in the best possible light and in the best possible condition. If you need help with referrals for contractors or any other local central coast service people let me know and I can help you with that as well.

Remember we can only make one first impression with buyers, why not make the best most attractive first impression possible?

If you are ready to get started let me know and I can guide you through this entire process, my team and I are here to help and get you to where you and family want to go.

San Luis Obispo Real Estate

6 San Luis Obispo County High Schools Receive Top Rankings

Morro Bay real estate

Six San Luis Obispo County public high schools received silver medals in U.S. News and World Report’s annual assessment released Wednesday.

The magazine evaluated data on more than 21,000 schools, weighing their performance on state assessments, how well they serve disadvantaged students, their graduation rates and how well they prepare students for college.

From that total, it identified 6,218 schools as gold, silver or bronze medal winners, ranking them according to a College Readiness Index based on students’ rate of participation and success at passing Advanced Placement tests. The top 500 ranked schools nationwide received gold medals. The next 2,173 received silver medals. And an additional 3,545 earned bronze medals. California has 683 ranked high schools.

Arroyo Grande High School placed the highest locally, ranking No. 170 in California and No. 1,032 nationwide.

It was followed by San Luis Obispo High School (No. 221 and No. 1,262, respectively), Templeton High School (No. 279 and No. 1,555), Coast Union High School (No. 430 and No. 2,278), Paso Robles High School (No. 449 and No. 2,345) and Morro Bay High School(No. 475 and No. 2,492).

Central Coast New Tech High School in Nipomo earned a bronze medal but wasn’t ranked.

Atascadero and Nipomo high schools were unranked locally.

The report named the School for the Talented and Gifted in Dallas, Texas, as the best in the country. Whitney High School in Cerritos was named the No. 1 high school in California.

For more information on the school rankings and to see detailed breakdowns on local high schools, visit www.usnews.com/education/best-high-schools.

San Luis Obispo Home Prices Are Up…But There is a Challenge

San Luis Obispo home values

Home values continue to climb and are projected to increase by about 5% over the next twelve months here in San Luis Obispo. That is good news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank.

The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market.

SLO real estate

And the challenge is deepening…
Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.

Central coast homes

As we can see the difference has increased each of the last two months.

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be more difficult than the first. If you are planning on putting your San Luis Obispo home on the market this year, I am here to guide you through this process, and effectively deal with any other obstacles that may arise. That’s what I am here for!