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SLO County Home Sales, Median Price Increase in September

by sanluisobispo.com

The San Luis Obispo County housing market once again soared in September. The total number of homes sold in San Luis Obispo County — including new homes, resale single-family homes and condos — was 309 last month, up 5.5 percent from the same month in 2012, according to DataQuick of San Diego. This is the most homes sold in a September since before the recession in 2006, when 348 were sold.

The overall median home sale price in San Luis Obispo County increased 7 percent in September from the year-earlier period to $420,000. The median is the midpoint where half of the residences sold for more and half for less; figures are compared year over year because of the highly seasonal nature of home sales. About 77.7 percent of the homes sold were resale single-family homes. Those sales fell 3.2 percent to 240, marking the first time since 2007 that the number of resale single-family homes has decreased year-over-year.

Despite the decrease in sales volume, the median price of resale single-family homes grew 15.3 percent to $461,000, its highest point since September 2007. DataQuick also tracks sales of condos and new homes, though data for those categories are subject to large swings because the sales numbers are so small.

Condo sales stayed stagnant year over year with 39 units being sold in September (the same as in 2012), but the median price rose 21 percent to $302,500. Sales of new homes in August increased by 400 percent year over year, with 30 being sold compared with six in the same month in 2012. The median price of a new home decreased by 22.8 percent from the same month last year to $400,500.

http://www.sanluisobispo.com/2013/10/23/2746881/slo-county-home-sales-median-price.html


Read more here: http://www.sanluisobispo.com/2013/10/23/2746881/slo-county-home-sales-median-price.html#storylink=cpy

C.A.R. One Cool Thing: Buyer Optimism is Way Up!

by CAR.org

Why You Should Sell Your Home Now

by keepingcurrentmatters.com

October 15, 2013

Many now realize that it is a great time to buy a home. It might also be an opportune time to sell your house. Here are the five reasons we believe now may be a perfect time to put your house on the market.

1. Demand Is High

The most recent Existing Home Sales Reports by the National Association of Realtors (NAR) show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 25 months. There are buyers out there right now and they are serious about purchasing.

2. Supply Is Beginning to Increase

Total housing inventory is again approaching historic norms of a 5 month supply compared with 4.3 months in January. Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases may garner you your best price.

3. New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4. Interest Rates Will Again Rise

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by this time next year.

Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5. It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.

To view the original article, click here: http://www.keepingcurrentmatters.com/2013/10/15/why-you-should-sell-your-house-now/

RE/MAX National Housing Report

by Remax.com

Reality Check: Why Home Inspections Matter

by Remax.com Housing Blog

October 12, 2013

One of the best pieces of advice you can heed when it comes to buying a house is to order a home inspection. Regardless of whether you’re a first-time homebuyer or an old pro, you might have on rose-colored glasses when it comes to buying a house – your future home. Luckily, a certified home inspector has no emotional attachment to your new place and can impartially and appropriately identify structural, electrical and plumbing problems. Plus, this person can offer insight into the safety and value of the house.

During your home search, you’ll probably notice the great front yard, charming breakfast nook and spacious bedrooms. What you won’t notice, however, are the termites in the basement, nests in the chimney or cracks in the foundation. That’s why it’s important to speak with your real estate agent, who will be able to recommend inspectors who can reliably and responsibly check the nooks and crannies, walls and roofs.The inspection will cost you several hundred dollars, depending on where you live, but it’s a small price to pay to ensure your home is worth the investment. Usually conducted after an offer is accepted, the inspection also provides leverage for negotiating concessions with the seller before the sale is finalized. Based on the inspector’s detailed report, you're able to alert the seller to all issues you’d like fixed or addressed before the sale is closed.

In other words, a home inspection allows you to know exactly what you’re buying – and if it truly is the perfect place for you.

http://www.remax.com/c/housing-blog/blog-post/reality-check-why-home-inspections-matter?rmxaid=20156594

C.A.R. One Cool Thing

by CAR.org

U.S. Home Prices Rise 12.4% from a Year Ago

by sanluisobispo.com

Read more here: http://www.sanluisobispo.com/2013/10/01/2711784/us-home-prices-rise-124-pct-from.html#storylink=OCT 1, 2013

— U.S. home prices climbed 12.4 percent in August from a year ago, fueled by more buyers bidding on a limited supply of houses. Real estate provider CoreLogic says prices also increased 0.9 percent in August from July. But the gain was half the 1.8 percent increase in July from June. The group said higher mortgage rates and the end of the summer buying season likely slowed the gain. Prices rose in every state compared with the previous year, and in 99 of the 100 largest cities. Akron, Ohio was the only area to report a decline. Mortgage rates have risen about a full percentage point since May. Some analysts worry that higher rates could slow home sales.

http://www.sanluisobispo.com/2013/10/01/2711784/us-home-prices-rise-124-pct-from.html


Read more here: http://www.sanluisobispo.com/2013/10/01/2711784/us-home-prices-rise-124-pct-from.html#storylink=cpy

C.A.R. One Cool Thing

by CAR.org

Displaying blog entries 1-8 of 8

Contact Information

Real Team 360
RE/MAX Parkside Real Estate - BRE #01421338
1213 Vine Street
Paso Robles CA 93446
Office: (805) 238-1555