Team Sweasey's Real Estate Blog

Dec. 11, 2018

Your November Market Update for San Luis Obispo

As the year wraps up, we’d like to first thank you for all of your continued support. Our business would be impossible without all your help, and we are so very grateful to all of you. Secondly, we’ll share a quick update on the latest statistics from the San Luis Obispo real estate market.

As has been the case for the last several months, we saw an increase in inventory this November, as well as a little bit of a reduction in sales. Specifically, inventory has risen by 15% year over year, while closed sales were down by a little over 15% during that same period.

At the end of the day, there is still plenty of opportunity in our real estate market. Good buyers and sellers are still out there, just perhaps not in as great a volume as before.

So what does this mean if you’re looking to buy or sell? Ultimately, you should proceed as you would any other time. If you’re a buyer, one of the first steps you should take before beginning your home search is to partner with a strong local lender. You may know someone who offers this service but lives outside of our area, but the truth is that only professionals who live and work in the San Luis Obispo market will know how to get you the best possible deal. The same logic applies to real estate agents. Our team would be happy to serve you or put you in touch with professionals who can do so in your specific area.

The final thing we would like to share with you today is the fact that conforming loan limits are set to change on January 1, 2019, at which point the limit will be $484,300.  Last year, those with the most favorable rates enjoyed a limit of $417,000. As you can see, this means that the coming change is going to be quite a jump from where we are right now. Following the change, those interested in borrowing or refinancing will be able to secure a little more money for a slightly lower cost.

If you have any other questions or would like more information about anything we discussed today, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Nov. 13, 2018

What Should You Know About Our November Real Estate Market?

It’s time for another exciting real estate market update. Today I’m going to recap what we saw in October, compare it to what we’ve seen in the past, and talk about the upcoming holiday real estate market.

This past October, we saw about a 10% increase in the number of homes for sale from what we saw last year, as well as a 12% drop in sales. On a day-to-day basis, we are actually finding that the buyers and sellers that we’re seeing in this market are more serious than they usually are at other times of year. The people who have been testing the market have taken their homes off of it and we’re seeing a pretty normal market right now.

When we look back to 2010 in San Luis Obispo, we had 241 active listings. Right now, we have just 93. As for the average sale price, it was in the low 500,000 range eight years ago and it’s up to nearly 800,000 today. In Morro Bay, we currently have 39 active listings. We had 140 in October 2010. It’s fascinating to see how far we’ve come. People like to jump to conclusions about today’s market, but the truth is that we’re doing just fine.

Finally, I want to talk about the holiday real estate market. We have found that our buyers in this market have a better chance at looking at homes where the sellers are motivated. There is more activity in the spring market, but the buyers and sellers in the market now are generally more motivated to get a fair deal done.

So, is the market good? As far as I’m concerned, it’s always good here in San Luis Obispo. If you have any specific questions about the market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Oct. 12, 2018

A Market Update and An Event Invite You Won’t Want to Miss

PLEASE NOTE THE MOVIE EVENT IS NOW SOLD OUT!

In addition to the market update we’ll be sharing with you today, we would also like to take a moment to thank you all for your continued support. Your business, reviews, and referrals mean a lot to us.

With that in mind, it’s time once again for our annual movie event. This event is just one of the ways we hope to show you our appreciation. So mark your calendar for Saturday, November 10 at 9 a.m. and come join our team for a special, private viewing of The Grinch.

Moving on, we would also like to take a quick moment to review some developments in our real estate market.

First, inventory has gone up. The number of listings that came to our market this September showed a 12% increase year over year. Meanwhile, the average number of days on market is also on the rise. Beyond homes taking longer to sell, though, we have also observed a 13% drop in the number of sales between this September and the last.

So, what do all of these conditions mean?

In my opinion, buyers and sellers in the San Luis Obispo area should expect continued strength and activity from our market. Between our low crime rates, beautiful scenery, and great local economy, there’s no other market I’d rather work in.

If you have any other questions, would like more information, or are interested in how you can take advantage of our amazing market, feel free to give my team or me a call or send us an email. We look forward to hearing from you soon.

Sept. 19, 2018

Aerial Tour: 10945 Vista Rd , Atascadero 93422

Nestled within the hills and surrounded by oak trees, this nearly 8 acre parcel provides the ideal backdrop for your dream home. The lot is situated at the end of the cul-de-sac and continues on a private, shared road offering a peaceful and private setting. Imagine sitting on your newly constructed deck overlooking the hills, enjoying fabulous sunsets and nature at your door. Just minutes to downtown Atascadero with shopping, restaurants and entertainment, a short commute to San Luis Obispo and Paso Robles with award winning wineries.

Posted in Atacadero, Land, Video Tour
Sept. 12, 2018

Your August Real Estate Market Update

The numbers for August are in, and they suggest that the market has, in fact, shifted.

I’ve noticed three things:

1. Our inventory has increased. Inventory increased by 22% year over year, which means if you’re selling your property and want to take advantage of the market, you’ve got to be in the top position in terms of price and condition. For buyers, it means you have more choices and less competition than you would have had just months ago.

2. The days on market is higher. This means that homes on the market are taking a little bit longer to sell. For example, in San Luis Obispo, we’re now up to 53 days on the market, where it was 38 days this time last year. This might have been a problem earlier in the year, but we understand that now that we’re approaching fall, it could take a little longer.

3. Prices are softening. In our service area just one year ago, we saw 163 price reductions. In just August of 2018, we’ve had 497—that’s more than three times what saw in 2017.

To be 100% clear, this is simply a normalization of the market, in which buyers have more time to make decisions and sellers are becoming more flexible. In my professional opinion, it’s more balanced and sustainable now.

If you have any questions, feel free to reach out to us anytime. We’d be glad to help.

Aug. 29, 2018

How Our Shifting Market is Affecting Home Sellers

As our market shifts, certain changes are taking place. As a home seller, there are three changes you need to be prepared for.

First, you’ll be competing with more sellers. Buyers have more homes to choose from, which means you won’t attract as many who are interested in your property. Because of this, it might take you longer to find the right buyer and sell.

Second, more sellers will have to adjust their prices or make investments to improve their homes in order to attract more buyers. Now more than ever, pricing your home correctly once you put it on the market is crucial to earning top dollar from its sale.

Third, sellers will have to be more responsive and more respectful to any buyers who come along. Six months ago, selling a home was like fishing in a pool full of fish. It didn’t matter if you caught one but it slipped off the hook while you reeled it in, because there were plenty still left. Now it’s more like there’s only one fish floating in the pool, so if you manage to get it on the line, you need to make sure you reel it in.  If you manage to snag a buyer, you’ll have to work very hard and possibly compromise in order to get that buyer to close escrow and complete the home sale.

This situation may sound like a lot, but it’s simply a case of a normalizing market. What’s the upside of selling your home right now, though?

First, most home sellers will need to buy another house once they sell their current one, so if you get a little bit less from your home sale, you’ll make up for it once you buy.

If you plan on selling but you don’t plan on buying soon afterward and you’d rather rent instead, that’s fine too. Some experts are predicting that this shift will continue, so if you sell sooner, you’ll have more money in your pocket.

If you’d like to know more about this shift and how it affects you, don’t hesitate to give me a call or shoot me an email. I’d be happy to help you.

Aug. 6, 2018

Virtual Tour: 129 N Silver Shoals Drive, Pismo Beach, 93449

Stunning custom home showcasing fabulous ocean views from virtually every room. Privately situated on one of the most beautiful streets in shell Beach, just steps away from the ocean.

Top of the line finishes and attention to detail evidenced throughout including Venetian plaster walls, crown molding, exquisite lighting, custom built cabinetry, arches and columns just to name a few. Beautiful courtyard entrance with fountain and lush landscaping set the tone for romantic resort-like atmosphere.

Multiple decks and seating areas including a roof top deck with spa, patio area with built in fire pit, large deck off living room with remote controlled awning provide additional outdoor living space ideal for entertaining and taking advantage of the ocean views and the mild weather. Luxurious master suite with french door access to private deck overlooking the ocean.

Completely private guest accommodations, a library with fireplace and floor to ceiling custom bookcases, wine tasting room with storage and refrigeration, a gym, media room and over-sized storage area.

A house of this caliber naturally features a gourmet kitchen with center island Dacor oven and microwave, Fisher-Paykel double drawer dish washer, 2 sinks with disposals, 2 water filtration systems and spacious walk-in pantry. Central air conditioning, central vacuum system, hard wired alarm system, Sonos controlled indoor/outdoor sound system, just too many wonderful amenities to list!

Click here for more details.

July 11, 2018

Is Our Summer Market Heating Up?

What’s the latest news from our San Luis Obispo market?

Our team had a very good month this past June, and the marketplace as a whole had a good month as well. Compared to June 2017, the number of sales increased 6%. Aside from an increase in sales activity and closings, there was also an increase in new escrows. This means that July and August should have relatively good numbers as well.

Two noteworthy changes happened with the average days on market and the average price reduction for listed homes. Both of these numbers increased, which means homes are taking longer to sell and sellers are adjusting their prices more frequently to match what buyers are willing to pay, especially in the higher-end market above $1 million.

These trends are not unique to our area. Every week I talk on the phone with top agents from around the state about what is happening in the market, and I have found that this situation is happening both statewide and nationwide. We can expect this jump in activity to continue throughout the summer.

As always, if you have any questions about our market or are thinking about buying or selling a home, feel free to call or email me anytime. I would love to help you.

June 8, 2018

June Market Update...It's Been 7 Days and My Home Hasn't Sold...What's Wrong?

Recently a lot of people have approached me with concerns about their listing. They come to me and say, “Hal, my home has been on the market for five days and still hasn’t sold. What’s wrong?

The truth is that there is no reason to worry. Our market is simply beginning to slow down from the hot pace we saw up until just a few months ago. Since that time, we have seen a change in the amount of time homes spend on the market, as well as how listings are priced.

To better illustrate this fact, let’s take a look at some recent market statistics.

We currently have 20% more homes for sale than we did last year. However, we also have seen 12% fewer sales. And while we did see a flicker in this trend, with there being 25% more home sales this month over last month, it is evident that we are headed toward a buyer’s market.

All of these conditions leave sellers with some important considerations to take into mind when strategizing their home sale. If you attempt to price your home based on listing trends from even just a couple of months ago, you are unlikely to see the same results as you would have at that time. A price that you and your agent think is fair may not seem so to a buyer.

But, while offers are lower and coming in less frequently than what was true in the past, today’s sellers should not panic. Our market is simply balancing out, and listing successfully is still possible.

So remember: When you do, at last, receive an offer on your listing, be sure to work closely with the buyer and be receptive to negotiation. Doing so will create a win-win situation for you and the person buying your home.

If you have an 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.

May 8, 2018

The Latest San Luis Obispo Market Update Is Here

With April behind us, it’s time for our latest market update.

Most of the recent news about our real estate market has been optimistic. In any case, there are a few key statistics worth discussing.

Interest rates, in particular, have seen a significant increase since last year. This trend is expected to continue, but for now, rates are sitting in the high 4% range. And prices are also on the rise.

Moving on to another area of change in our general market area, we’ve seen a 20% year-over-year increase in inventory. Sales, on the other hand, have dropped, going down 12% year over year.

As a result of all of these factors, buyers are gaining more leverage. Of course, these statistics may vary slightly by location, and time will tell whether recent changes mark a true period of transition or just a blip in the market.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.