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san luis obispo county real estate

Foreclosure rates drop nearly 15% in San Luis Obsipo County

Here is another great sign of economic stability and home ownership stability in San Luis Obispo County. According to CoreLogic, The Foreclosure 12 – Month Percentage shows the percentage change in home foreclosures in San Luis Obispo County. CoreLogic records this data from banks and public record sources.

Foreclosure Rate in Decline for San Luis Obispo County
Data from CoreLogic

 

 

 

 

 

 

 

 

 

 

Century 21 Hometown Realty has been working with consumers on short sales and with banks to liquidate foreclosed properties for the past 5 years. It is with a deep sigh of relief that we see stability returning to the marketplace. With every foreclosure is a family that is being asked to move – something that breaks our hearts and the hearts of our community.

There are many economists that are theorizing what caused the turn around in housing, but in reality – it is likely a combination of many factors: low interest rates; changes in lending standards; population expansion, government policy, and so on. For us here on the central coast, we see inventory as the driving factor. As you can see from this next graph, there have been fewer sales.

 

Corelogic Sales Reporting

 

 

 

 

 

 

 

 

Century 21 Hometown Realty is actively seeking listings to fulfill our buyer requests. If you are thinking of listing your home for sale, please contact one of our agents immediately. To learn more about our programs for sellers, please check out this information.

Here is a quick snapshot of real estate trends in a town like Arroyo Grande. If you would like these trends for your area, contact any of our offices or agents today.

Arroyo Grande Market Data
Arroyo Grande Public Record data from CoreLogic ePropertyWatch

How Interest Rates impact the housing market

Here in California, buying a home or other property is a factor of loan affordability. Today, we see a lot of “cash buyers” in the market – but that simply means that they have already arranged financing. In this borrowing home ownership economy, the interest rates play a very significant role in the value of homes. The national economic recovery in America has reached every part of the economy except for jobs and housing. The good news for Californians is that home prices in Bakersfield and on the Central Coast have stabilized or began to rise again. Every listing on C21home.com has a handy mortgage calculator which will allow you to estimate how much you can afford. Be sure to take advantage of low home loan interest rates while they last. It is a great time to lock in a low rate for a 30 year mortgage. There is a chart below that shows you why.

Century 21 Hometown Realty CEO Jack Hardy shared a story yesterday. Jack and Shelia Hardy were at a listing presentation in Grover Beach where the homeowner felt like their home was valued in the low $600’s. It is common for homeowners to think that their homes are worth more than buyers are willing to pay today. Each homeowner has recent memory of an even higher home value 5 or 6 years ago. But the fact remains that we have seen 20% to 40% drops in some home values over the past few years. It is a heartfelt loss. But things are looking up. Homes that were selling in the low $500,000 range in Berry Gardens are now fetching prices in the mid to upper $5s. “We are seeing a lift in home prices in many areas of the Central Coast and Bakersfield,” says Hardy.

Grover Beach Home Values
Grover Beach Ev Values, look at neighborhood details on any listing for market stats

 

The housing market is an uncertain place unless you take a long term view. In the long run, buying a home is not like buying a car. If you own your home long enough, population growth and housing demand will increase its value. If you are both buying and selling a home, you always have a balanced transaction. The buying and selling power are equal. If you sell high, you buy high. If you sell low, you buy low.

Here are a few tips that can help you prepare to buy or sell your home.

1. Look into financing options first. Century 21 Hometown Realty offers mortgage support through Prime Lending. They have local loan officers who will be happy to walk you through the financing process. If you choose Prime Lending or other mortgage company, there should be no application or consulting fees to see where you stand.

2. Keep a close watch on interest rates. The risk associated with your loan is what determines your interest rate. There are many factors including the bank’s cost of funds (Federal Bank Interest Rates), your credit rating, and the loan to value ratio on the property you purchase. Even a small difference in interest rate can make the difference in thousands of dollars in purchasing power. Here is a chart to help you understand this.

 

Buying power and interest rates

 

Here are the current interest rate trends as published by the National Associaton of REALTORS

interest rate trends

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