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housing market

BUYING BEFORE THE SCHOOL BELL RINGS

BUYING BEFORE THE SCHOOL BELL RINGS

Just because summer is here does not mean it’s too late to get in before the school year begins. It does mean time is of the essence to find the perfect family home and get your kids enrolled in a great school!

RIGHT SCHOOL

Buying the right home is more than square footage and amenities, for many young families it’s also about being in the right school zone. At C21 Hometown we understand the importance of knowing what ’s going on in a Community. That’s why at C21首页.com, we offer Climate, Culture, Market, Lifestyle and School information for every Community we serve. Most Central Coast schools boast above-average rankings for California.

To find out how specific schools are ranked, check out:
San Luis Obispo County: https://school-ratings.com/counties/San_Luis_Obispo.html
Santa Barbara County: https://school-ratings.com/counties/Santa_Barbara.html

MARKET IS HOT

Whether you’ve been looking and may have lost out to multiple offers or have been holding out to avoid the Spring Frenzy, now’s a great time to buy. Many new homes have been added to the inventory pool in recent weeks and prices are slightly lower than last year’s summer season according to the California Association of Realtors.

THIS WEEKEND

A typical time period from offer to closing is 30-45 days, assuming no issues come up with the mortgage and title process. So let our C21 Hometown Agents find you and your family the perfect home so you can start the school year off right!

关于 CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.

CALIFORNIA DREAMIN’ FOR PROPERTY INVESTORS

The “California Housing Market Report and Predictions” article released by Gord Collins of Manage Casa, explored the key factors that will drive the California market for the years ahead. Below are key excerpts from the article.

CALIFORNIA DREAMIN’

California is a special place to live and rent, and to buy and sell a home. The market diversity is hard to comprehend. And the battle for homeowners hanging onto proposition 13 benefits is very different for young buyers who discover that renting an apartment is better.

It’s this dynamic pull of outrageous wealth and outrageous regulations that makes it hazardous to invest in real estate in this state. Definitely wise to hire a Realtor.

No other economy is as diverse and dynamic. It’s the opportunity that attracts millions of newcomers to live and start businesses here. Most tech startups for instance launch in the Bay Area despite the high cost. Employment and wages have grown and that has put pressure on the California housing market.

WHAT’S HAPPENING AND WHAT MAY HAPPEN

A few pundits believe the California housing market is well past peak. Yet economics, demographics, buyer demand (and last 2 months sales stats) seem to refute that notion. Millions of apartments need to be built in the next decade, a good portion, right here in CA to soothe in insatiable demand (housing crisis).

California’s economy grew 4.7% in the 12 months ended in February compared to the national rate of 2.8%. It could grow at a 2.55% pace in the next six months — faster than the national 1.59 – report from Mercury News.

With interest rates fears gone, and new trade deals with China, any negative economic aspects could disappear. That would mean fast rising prices again for the whole state.

KEY FACTORS IN CALIFORNIA’S HOUSING MARKET GROWTH

1. wages create prices pressure on housing
2. demographics – lots of millennials buying and babyboomers selling
3. interest rates – staying stable
4. migration – slowed to keep prices stable
5. cost of business – extremely high (would you like to see my San Francisco parking fee?)
6. home prices – wickedly high
7. rent vs buy – for most the idea of purchasing is a hopeless dream
8. multifamily new construction – picked up nicely but NIMBY’s still winning
9. taxation and tax savings – much better this year With taxes dropping, interest rates stable, wages rising, prices stable, mortgage requirements reasonable, and rising personal savings, why aren’t people buying? Simple, they’re hoping prices will plummet.

A HEALTHIER CALIFORNIA

There are more homes for sale and more buyers. After a strong lull, the upward march on California homes prices continues.

Zillow gives California an improved 9.6 out of 10 rating and a revised forecast of 7.6% price growth prediction for the next year.

“We’re seeing interest and money shift away from the overheated markets into less expensive secondary markets…Even if we see some markets overheat and demand softens slightly, that doesn’t mean prices will go down” — Javier Vivas, director of economic research at realtor.com.

To read the entire article addressing “California Housing Market Report and Predictions”: https://managecasa.com/articles/california-housing-market-report/

关于 CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the central coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.

Should you buy a second home? Predictions for the 2019 market.

In view of the healthy economy, you may be thinking of buying a second home as a vacation getaway, as housing for family members or as an investment property.
That could reap great benefits, but you should only proceed with insight into this year’s secondary home market.

A few predictions from real estate specialists:

In general you can expect a buyer’s market, according to Bloomberg.

Costs may be attractive in vacation areas, where prices grew only 14.8 percent in the past three years compared to 25.2 percent in non-vacation areas. Another report notes vacation markets have underperformed the overall market every year but one since 2010 (except in the Midwest, where they’re now slightly overperforming). Factors in the downward slope may include everything from climate change to demographics to Trump’s tax reforms.

Because interest rates may rise this year, buyers may wish to act soon, anticipating slightly higher loan rates for secondary homes.

HEARTFELT THANKS FOR A GREAT 2018!

HEARTFELT THANKS FOR A GREAT 2018!

As the hustle, bustle and chaotic pace of the holidays continues, we want to just take a moment to stop and express our heartfelt gratitude and reflect on what you, our treasured customers and Hometown Realty Team mean to us!

TO OUR CUSTOMERS

Here at C21 Hometown Realty, it is our privilege to help you make one of the most important decisions you will make. It’s not just about a property or a house, it’s about helping you find a home where we hope your family builds wonderful, lifelong memories filled with love, laughter and joy! Thank you for trusting us and we value not only your business, but the many cherished friendships we have made along the way.

TO OUR HOMETOWN REALTY TEAM

C21 Hometown Realty is truly blessed to have the hardest working, most caring real estate professionals on the Central Coast!  We want to say “thank you” for going above and beyond and taking extra special care of our valued customers whom we can now call friends.  You are the heart and soul of our team and we treasure each of you as part of our Hometown Realty family!  Thank you for your unwavering professionalism and dedication, you continue to inspire us.

2018 HIGHLIGHTS

It’s hard to believe it’s time to say goodbye to 2018, but we are so THANKFUL for a great year!  Here are just some of the highlights:

  • C21 Corporate Rebranding – new contemporary update of the C21 Brand to assure customer relevance for upcoming generations.
  • Zillow Partnership – strategic alliance of market powerhouses, Zillow and C21 Hometown Realty, providing an incomparable competitive edge to agents and customers.
  • Cartus Relocation Program – closed double the amount of transactions.
  • In-House Realty/Quicken Loans – large increase in traffic and customer leads.
  • Touchpoint In-House Marketing Agency – increased traffic and development of website, social media, digital media and individual agent consulting.

Happy holidays  and we look forward to a tremendous 2019!

关于 CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the central coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations

Housing Crisis Ends in San Luis Obispo County

It is very difficult to be quick to call the beginning or the end of any type of major economic cycle while it is happening. But it is pretty easy to call it when it is over. This 10 year report by CoreLogic shows the depth of the housing crisis in one of our central coast zip codes, 93420.

Distressed Property for 93420As you can see, the slope of the housing tragedy for too many homeowners has largely dissipated at the same pace. It is interesting to note that the Auction rates, REO rates, and short sale rates were pretty steady though out the entire cycle. A short sale is when the homeowner and the bank agree to sell the property for a price below the loan value. REO and Auctions are mostly a result of a bank foreclosing on a property or a homeowner’s strategic default.

For most homeowners who have stayed in their property through the crisis, the value of homes have returned to 2006 prices. Indeed, today’s home market sees home prices continuing to rise as a result of demand outpacing supply. There has been very little new home building in our county but our population continues to grow. This market is also influenced by the global demand for California property. The central coast offers the most value and highest quality lifestyle in the state (or as many magazines suggest, the best place to live in the nation!).

Be sure to check out the community pages to find out what is happening in the housing market where you live.

CENTURY 21 Hometown Ventures Ranks as One of Nation’s Top-Producing Brokerage Firms in RISMedia’s Power Broker Report

CENTURY 21 Hometown Ventures Ranks as One of Nation’s Top-Producing Brokerage Firms in RISMedia’s Power Broker Report

(RISMedia-Norwalk, CT)— With the record books now closed for 2013, Power Brokers are pleased to weigh in on the real estate market’s second solid year of recovery. In 2013, brokers across the country paid witness to many key indicators of the housing market’s gradual return to normal, heading toward a balance that we haven’t seen since before the boom years.

This welcome balance is reflected in the statistics generated by RISMedia’s 26th Annual Power Broker Survey, the real estate industry’s preeminent report ranking the nation’s top real estate firms. According to survey results, this year’s more than 1,000 responding brokers reported a collective $896,865,166,104 in sales volume for 2013 and a total of 3,165,310 closed transactions—that’s an increase of more than $125 billion in sales volume and more than 175,000 transactions over 2012.

Each April, RISMedia highlights the Top 500 of these firms in its annual Power Broker Survey. Included in this year’s report, CENTURY 21 Hometown Ventures, headquartered in 阿罗约格兰德, CA, ranked number 458 with 1,597 transaction sides closed last year and a total sales volume of $540,221,316.

Now in its 26th year, the Power Broker Survey has long honored the incredible business feats of remarkable real estate leaders—and brokerage firms—who continue to shape our industry.

RISMedia President & CEO John Featherston congratulated CENTURY 21 Hometown Ventures for their prestigious ranking in this year’s survey. “The firms represented are the nation’s most elite brokerage firms serving literally millions of consumers with their real estate needs,” Featherston said. “2013 was a turnaround year for real estate firms across the country, as consumer confidence in housing returned and buyers flooded back into the marketplace. But there are many challenges ahead for brokers and agents, from low inventory to lingering economic uncertainty. Discerning real estate consumers will look to proven real estate professionals to help guide them toward the best decision. Being included in the Power Broker Report validates your firm’s reputation as a trusted resource for today’s homebuyers and sellers.”

RISMedia’s Annual Power Broker Report ranks firms by closed transactions and sales volume for 2013. The Top 500 rankings appear in the April 2014 issue of Real Estate magazine and online at rismedia.com. The complete ranking of all firms that meet the criteria will be available in the 2014 Power Broker Report publication, available both digitally and in print this summer.

RISMedia’s 26th Annual Power Broker Report & Survey is based on results garnered from a survey distributed via

Where do Central Coast Home Buyers Come From

Buyers Shopping for Central Coast Real EstateCentury 21 Hometown has more consumer website traffic (over 600,000 monthly visits) than any other brokerage or franchise website on the Central Coast according to Hitwise. Only Century 21 Hometown partners Realtor.com, Zillow.com, and Trulia.com have more. No other brokerage ranks in the top 10 for the Central Coast DMA, Hitwise reports. The Central Coast DMA or Demographic Market Area is defined as the stretch of the California coastline that includes Ventura County, Santa Barbara County, and San Luis Obsipo County. The image to the left explains where consumers are connected to the internet when they access C21首页.com for property information. Our ability to attract buyers from beyond the local market area is a key reason why sellers choose to list their home with a Century 21 Hometown agent.

As you might imagine, most buyers for real estate on the Central Coast are local. San Luis Obispo and Arroyo Grande, two of the region’s largest cities account for the most significant amount of consumer traffic. Where it gets interesting is looking at the other cities in the top 10. They include, in order of traffic volume: Bakersfield, Los Angles, Santa Maria, Paso Robles, San Francisco, Atascadero, Paso Robles, and Orcutt.

“I am not surprised at all by these results,” says Century 21 Hometown Realty broker Amy Gallagher. “I review every transaction for the company and I routinely see the buyers coming in from the Central Valley, Bay Area, and Los Angles.” Central Coast is known by many to provide one of the best lifestyles in America and real estate here trades at a discount to property closer to the major metropolitan cities.

The Future Looks Bright

The county planning commissions in Ventura, Santa Barbara, and San Luis Obsipo Counties have taken care to manage growth. Every planned development project goes through a careful consideration process to ensure that expansion does not overwhelm community roads, school, or other population sensitive services. We have a condition whereby far more people are trying to move to the Central Coast than move away. This holds property prices stable and drives property value growth.  If you would like to see our recent Central Coast Market Trends, here is a sample for the CCRMLS market area for Northern Santa Barbara County and San Luis Obispo County.

Central Coast Market Trends

 

Free Credit Scores Abound

As a home buyer, a mortgage may play an important role in your purchase. It is a good idea to check your credit history before starting the home buying process. You will want credit hygiene to enhance your opportunity to negotiate the best possible mortgage program.  A handful of credit card issuers are betting that you’d like to see your credit score every month. Discover, Barclaycard US and First Bankcard’s have started offering their 35 million cardholders free access to their credit scores.

The score they’re sharing ? called FICO ? is used by credit card issuers to decide whether to give you a charge account and what interest rate to charge you.

Discover is putting your credit score on your monthly statement. Barclaycard and First Bankcard customers will have to visit their credit card company’s website to see their score.

You don’t have to open a new credit card account to see your credit score. Credit.com, CreditSesame.com and CreditKarma.com will give you a credit score (without making you pay for credit monitoring services as some other sites do).

The score you get on those sites can be different from your FICO score and from the credit scores used by mortgage companies, auto dealers and other types of lenders.

All credit scores are calculated using information from your credit report, but each type of credit score is based on a proprietary formula devised by the company that sells the score. While different scores have different number ranges they all predict how likely you are to repay.

So if you have good credit based on one scale, you should have good credit based on another credit score’s scale, even though the two numbers might be different.

 

Central Coast Real Estate Market Trends

The Central Coast Real Estate Market is in great shape, with one problem. Our inventory counts are down dramatically. Over the last 5 years, we have averaged an inventory of 3400 homes for sale at any given time. Now we are in the 1500 range. Mouse over the lines on the map below to see the changes in listing inventory over the past 5 years.

What this really means to you is that between now and next year, prices will continue to rise as a result of fewer listings. Common wisdom would lead you to believe that the reason why people are not selling is because they do not have equity in their home. Nothing could be further than the truth. Only 14% of homeowners in the CCRMLS region currently show negative equity. The number of distressed properties county wide has dipped below 100 according to information from CoreLogic. A distressed property is either bank owned, in the process of foreclosure, or has been sent a notice of default. These are really low numbers.

 

Take a look at the effect of low inventory has on the market. We have continued to sell just under 600 homes a year, but you see a significant spike in 2013 corresponding to the drop in inventory. Take a look at the inflection point in March where inventory dropped down into the eleven hundreds and the price spiked up nearly 80% the corresponding month.

If you want to see pricing trends in your town, contact a Century 21 Hometown Agent or visit your Hometown real estate page at the bottom of the home page at Http://c21home.com

 

How Long Will It Take To Sell

How long will it take to sell a home is a key question asked by every seller during the listing presentation. The answer usually depends on price. If you price too high, not only will it take longer to sell, but you will typically get less money for the home than it is worth. Listings that languish in an overpriced status typically get “low-ball” offers from buyers. The longer on the market, the lower the offer. The old strategy of pricing high and hoping for the best typically yields the worst results.

The best strategy for pricing a property is pricing low. Not only will you sell the home in a shorter time frame, but the value pricing is likely to attract bidders who over bid the listing price or who will pad their bid with fewer contingencies. It sounds counter productive, but pricing below market attracts far more interested buyers and a higher sale price.

Regardless of your pricing strategy, you should know what to expect.

Most homes sell in 30 to 60 days.

This is followed by 60-90 days, then oddly, 120-180 days. 90-120 is awfully close behind.

Why you should call us for real estate help

There are literally millions of real estate information websites on the internet for you to use, but they are not all created equally. We are happy that you choose ours. What you may not know if that real estate agent and broker websites are governed by laws that protect you in ways that consumer websites are not. One of the most important features of an agent or broker website is the assurance that the property information that we provide on this website is accurate and up to date. We run our property updates every 15 minutes to make sure that every listing on this website is as current as possible. Websites like the newspaper website, Zillow, Trulia, Craigslist and others have as many as 50% of the listings which are inaccurate or not for sale.

We ran across this humorous video today that you might enjoy.

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