Enjoy fabulous views of the Mesa and coastline from the upper deck of this fabulous 3 bedroom 2.5 bath home located in one of Pismo Beach's most desirable neighborhoods.
Just a few steps from the entry lies the formal living room featuring a fireplace built in entertainment center and direct access to the front view deck. The main level features the bedrooms, baths, the gourmet kitchen, formal dining room and family room featuring an additional fireplace and direct access to the stunning back yard.
The extensive landscaping in the front and back yards include waterfalls emptying into a pond, deck with spa, steps to upper view deck, low maintenance, drought resistant plants plus a fountain in the front. Relax at the end of a long day in the spa with the glow from the fire pit and the sounds of the waterfall, ending the night on the upper deck with a beverage and great views of the city lights.
Many people are asking if we’re currently in a bubble. The short answer is no, but let’s take a closer look at what could change that, and what happened last time we were in one.
With the market headed in its current direction, I’ve been getting asked a lot recently whether we’re in a real estate bubble.
This is a valid question that's on a lot of people’s minds.
However, what I’d like to discuss first is what caused our last real estate bubble about a decade ago. Understanding those factors will help us see what might lead to another one. Today, I’ll be going over three of these factors.
1. Loose lending standards and poor lending products. In 2006 when the government made an initiative to lower lending standards, which disregarded things like bad credit, the loan products were also poor. Therefore, low lending standards increased the number of people on the market who were buying homes without the means to do so. It also increased the number of speculators, since you could buy a house for little money and then flip it for a profit.
2. Supply of homes. Looking back to 2006 in our San Luis Obispo area, we had 219 active listings. Recently, we haven’t even come close to that number. In fact, this July we had only around 90.
3. Glut of homes. Especially in conjunction with loose lending standards and poor loan products, this amount of supply became an issue. Too many people were buying homes just to flip.
Right now, we aren’t likely to find ourselves in a bubble. However, a few things could change that. If interest rates were to jump up, prices would likely be impacted negatively. Also, if more homes suddenly came on the market, this could affect home prices as well.
We must also think about big economic factors outside of real estate. If something can affect the general economy, it can affect real estate as well.
If you have any other questions or would like more information, feel free to give me a call or send me an email.
BIG NEWS! We are 90% to our goal of making 60 new North County matches in 2017. Have you thought about becoming a Big Brother? Apply today and get the ball rolling. Visit Slobigs.org or call (805) 239-3534 and let's get those boys off the waitlist.
Today I wanted to introduce a great client and friend of mine. John Turner is a 38-year veteran of the insurance industry who met with me to discuss some of the intricacies of homeowners insurance.
First of all, today’s homeowners insurance industry is more regulated than it has been at any other point in its history.
It’s also more politicized—meaning politics have a greater influence on rates than business. This means insurance carriers currently can’t make their own rate decisions.
Right now, carriers simply aren’t enthusiastic about accepting new clients. If you’ve had a loss in the last three years, you may not be able to get any quotes at all.
Underwriting is now a data-driven process. Small claims tend to lead to bigger claims. As a result, companies may stop offering insurance to people with small claims.
There are a few things you can do to put yourself in the best position possible. As John has emphasized, it’s important to choose your agent and your company wisely.
Ideally, you want to work with people who you trust and who offer the best possible combination of product, price, service, and financial stability. Shopping for insurance every year can really add up, so it’s always a good idea to find a company you trust and stick with it.
Additionally, choose the highest deductible you can afford and then double it. Submitting a small loss is something you really want to avoid. Insurance is best used on more serious losses. The more losses you have, the higher your insurance will go.
It is important to stay on top of things. With inflation, your coverage will simply not hold up forever. You should always review your insurance annually, at least. Making sure you are always aware of where things stand will eliminate the potential for costly surprises down the road.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Home warranties have been a part of real estate transactions for about 40 years, but how much do you really know about them?
According to Amanda Wood, a home warranty is a limited service contract designed to address common malfunctions in systems and appliances in the home and provide repair and replacement options.
If your water heater blows up one day after you close escrow, for example, home warranty companies have to make sure they apply coverage appropriately and verify that the water heater failed due to normal wear and usage during the term of the plan instead of some pre-existing issue. Realtors typically include their buyer’s request for a home warranty in the purchase contract, and it’s common for the seller to pay for that home warranty, though that can depend on the state of the market.
A seller can also get a home warranty when they list their house. A seller’s warranty provides coverage for the seller during the days they have the property listed and in escrow. In essence, this gives the seller peace of mind and budget protection. It can also help distinguish your home compared to other similar homes on the market and help it sell quicker and for a higher price.
Generally, the coverage costs less than $1 per day and extends from low-end repairs like a leaky faucet to more higher-end ones like a whole HVAC system.
If you’d like to know more about the different types of coverages available, whether you’re a buyer or a seller, you can contact Amanda by phone at (800) 282-7131 ext. 1210 or email her at email@example.com.
If you have any other questions, feel free to give us a call or shoot us an email. We’d be happy to speak with you.
The new San Luis Obispo County ordinance for ADUs represents a great opportunity to add value to your house. Here’s why:
Notable changes have been made regarding ADUs in San Luis Obispo County. What is the new state law and what does it mean for you? I’ve brought in Greg Wynn, an expert on this subject, to help explain.
As Greg says, in San Luis Obispo City, we previously had a secondary dwelling unit ordinance that allowed individual legal conforming lots to have a 450-square foot unit to be added to the back of the parcel. For many people, this ordinance was cost-prohibitive and size-prohibitive. On January 1st of this year, the state created a new ordinance that increased the size, decreased the cost, lowered the parking requirement, and changed the configuration requirement for ADUs.
Greg predicts people will look at this as a way to add value to their house. In San Luis Obispo City, ADUs will be required to be owner-occupied, but not in the county. It’s a great opportunity for people to live in either unit—they can live in the back unit and rent the front house or rent out the back unit to a student to help pay for some of their primary mortgage.
Owners can build new units of up to 800 square feet, and you can build up to 1,200 square feet on a large parcel if the primary house is large enough. The over-the-counter permit approval process has also been modified into a simpler checklist.
The ADU configuration component used to be a studio configuration in which the bed, kitchen, and everything else had to be within one living space. Under the new configuration rules, you can have a bedroom, a kitchen, and a dining area that can be separated further out.
As previously stated, the county might not have the same owner-occupancy rules as the city, meaning if someone moved away, they can still rent out that property. If you recently inherited a property from your parents in the city, the owner occupancy rule can be waived for a period of time so you don’t have to sell the property right away while living somewhere far away.
If you have any questions about these new rules and regulations surrounding ADUs, please don’t hesitate to give us a call. We’d be happy to help you.
Located in Terraces at Las Ventanas with great ocean views! Gorgeous 3 bedroom 3.5 bath home featuring open concept floor plan with gourmet kitchen featuring center island with breakfast bar seating opening to the dining area and living room.
Featuring bleached French oak flooring, fireplace and sliding glass door access to the deck with great ocean and hillside views. Single level living feel with the master bedroom located on the main level with a wall of windows including sliding glass door access to the view deck.
The lower level features a family room, currently being used as an office, nestled between the 2 guest bedrooms with baths, and each with access to the covered back patio and yard. 2 car attached garage with epoxy finished floor and ample room for storage.
Over $55K in upgrades including flooring, window coverings, patio area in the front side area and the beautiful landscaping. Just minutes to Pismo, Shell or Avila Beach, hiking, biking and world class wineries.
Click the link to find out more and we look forward to seeing you on Friday - http://bit.ly/2tkjFle
A rare opportunity to own this wonderful custom home right across the street from beautiful Cayucos beach, just 65 short steps to the sand and ocean. Enjoy beautiful sunsets and great views of the ocean and Morro Rock from the living room. Open concept floor plan with the gourmet kitchen opening to the dining area and living room. Featuring 3/4" hardwood floors, wood plank vaulted ceilings and plenty of windows to bring in the natural light. 2 bedrooms and 1 bath at entry level plus a private patio with outdoor shower. Upstairs showcases the living area, master bedroom, multi-functional bath and access to the deck overlooking the tranquil patio. 2 car tandem attached garage could be converted to 4th bedroom. Enjoy sun, surf and sand in one of the most desirable beaches on the Central Coast.
Click the link to find out more and we look forward to seeing you on Friday morning - http://bit.ly/2so2Ap2
How can you make the most money possible from your home sale?
The answer to this question oftentimes depends on the marketplace. Right now, we’re in a seller’s market. We’ve worked with numerous sellers lately whose homes generated multiple offers that drove their sale price way up.
Across the board, there is very limited inventory. At this time last year in San Luis Obispo, there were 133 homes listed for sale. This year there are 102, which is a 30% drop. In Morro Bay, there were 63 available homes last year. This year there are 48. In Atascadero, there were 111 homes for sale last year. This year, there are only 71.
There are two factors that affect the value of your home. The first is the condition of the home, which is something you can control. This includes variables like whether you’ve upgraded the kitchen or whether the landscaping looks fresh.
The condition of the home, though, won’t have as much of an effect as the second factor—the condition of the market. Timing the market is impossible, but knowing when it’s a buyer’s or seller’s market and acting accordingly can get you more money than putting $30,000 or $40,000 into upgrading your house.
If you feel that you must remodel areas of your house, remember that it usually costs more and takes longer than you anticipate.
So, what can you do to sell your house?
The first thing you can do is give us a call. We’ll tell you exactly what to do. Prepare your home for sale the same way you’d prepare your automobile for sale. Nine times out to 10, you probably wouldn’t go so far as to repaint it or do any reupholstering, right? You’d probably just get it detailed, decluttered, and washed thoroughly. After the preparation is done, you want to take advantage of the market with timing.
If you have any questions about getting the most money out of your home sale, don’t hesitate to give us a call. We look forward to helping you.