A great investment opportunity within walking distance to Cal Poly and downtown San Luis Obispo. Featuring 5 bedrooms, 3 bathrooms, a large living room and a charming bright sunroom! This 2-story property boasts a 7500 square foot lot with plenty of room to add an additional dwelling unit. Covered parking and spacious storage room off carport. Numerous of upgrades including foundation work, newer windows, roof and more. Currently leased through June at $5100/month.
What’s the latest news from our San Luis Obispo market as we make our way through July?
Before I get into that, I first want to say thank you to all of our great clients for all of your referrals and five-star online reviews of our team. We have so many people outside of the San Luis Obispo area coming to us for their buying and selling needs, and it means a lot to us. We’re always grateful for the support you’ve given our team.
Now, much like what I mentioned in my last market report, available homes for sale are down about 30% compared to where we were last year. This is one of the lowest inventory levels I’ve ever seen. Pending sales, on the other hand, are up 10%. We’re on track to see about 340 homes coming off of the market by the end of July and 250 coming on the market.
In other news, interest rates are now below 3%. Not to sound cavalier, but these are historically, once-in-a-lifetime low rates, and that benefits everyone in the market.
If you’re thinking of buying a home, there are a couple of critically important points to remember. First, if you make an offer on a new home that’s less than the listing price, you’ll probably lose out on that home. That’s why we’re coaching our clients to make competitive offers—meaning have a strong price, fewer contingencies, and firm qualifications.
This is key because sellers have plenty of options right now. Eight of the last nine homes my team and I have put on the market attracted multiple offers. Bidding wars are the norm, so bring your A game and listen to your agent.
If you’re a seller in this market—where buyers are coming to you—the name of the game is fine-tuning the negotiation aspect of the transaction and being prepared. Spend a little bit of money for a termite inspection, a little bit more for a home inspection, and have that information handy so you can present it to your buyers. When they make their offer, they’ll have to accept the condition of the property. This way, you’re not negotiating two or three weeks later when they do their own inspection. You’ll save a lot of money and many headaches.
As always, if you have more questions about our San Luis Obispo market or there’s anything I can help you with, don’t hesitate to reach out to me. I look forward to hearing from you.
Welcome to the Treehouse. This stunning, custom-built 3 bedroom 2.5 bath home is nestled among majestic three-hundred-year-old oak trees, with no immediate neighbors, in the ultimate private setting behind the gates of the San Luis Bay Estates in the community of Kingfisher Canyon. The main level boasts an open floor plan from the dining room through to the chef’s kitchen with top of the line appliances, to the living room, powder room and master suite, with every window showcasing fabulous views of the surrounding trees. The earth tones in the granite counter tops and the warmth of the Brazilian hardwood flooring and custom cabinetry integrate the interior with the surrounding nature. The living room features surround sound and fireplace with stone hearth and accesses the private deck where you can enjoy the Treehouse atmosphere with views of the oak covered hills all the way to the ocean. The lower level features 2 bedrooms separated by a cozy family room/den. The spacious garage features an EV charger and plenty of storage including racks for bicycles and surfboards. Beautifully landscaped with low-maintenance native plants and automated irrigation system. With great hiking and biking trails and just minutes to beautiful Avila Beach, the Treehouse is the ideal primary residence, second home, or income-producing property.
Immaculate and move in ready featuring beautiful laminate wood floors throughout, including the kitchen with newer stainless gas stove and dishwasher, and the living room with cozy fireplace. The bathrooms feature newer vanities, sink fixtures, and updated shower doors. New drought tolerant landscaping with drip irrigation, professionally installed artificial turf, stamped, colored sidewalk to the front entry way, low maintenance backyard with artificial lawn and patio cover, ideal for relaxing BBQ's with family and friends. The spacious garage features newer cabinet garage storage system with sprayed epoxy flooring, and a drop ladder for additional storage in the rafters. Recently installed Quiet Cool whole house fan system cools the house quickly on those warmer days. Located near parks, schools, shopping and just minutes to the Beach!
It’s time for our July market update. What a crazy time it is at the halfway point of the year. Today I’m going to cover what’s happening in the market right now, where people are moving, and a solution for frustrated homebuyers.
In the San Luis Obispo real estate market, we had 808 homes for sale at this time last year. Right now, we have just 541 of them. That’s a 33% decrease in inventory that’s creating our “tight” market.
At the same time, pending sales are up by almost 20%. Fewer homes are available, but more homes are selling. We have fewer homes coming off the market than are leaving it, which is continuing the trend of a tightening market.
When I talked to you a few weeks ago, I told you that I was seeing homebuyers lock in interest rates in the 3% range. Now, I’ve been seeing people lock in rates at 2.75% for a 30-year fixed loan with no points. The market is hot; what else can we say?
Where are all the buyers coming from? For lack of a better word, I’ll use the term de-urbanizing. We have people from larger cities like San Francisco and Los Angeles coming here because they want more space. At the same time, people who already live in SLO are moving to places like Oregon, Idaho, and Utah.
What that means for us is that we need to focus on our efforts to connect buyers and sellers. I have clients moving out of town, moving closer to family, etc., and their homes are great fits for some of the buyers I’m working with from these larger cities. If you have family or friends who are making a move and you’re not sure where to reach out, call us. We have a network of great agents all around the country, with which we’d be happy to connect you.
Finally, many homebuyers are frustrated with the prospects of having to sell their current home before buying a new one. To help alleviate some stress, we now have a guaranteed purchase program. It allows you to have a standing offer on your property so you don’t have to wait to find your dream home. Selling your home with our program will allow us to make you a strong cash buyer. Reach out to us if you want to learn more about our program and how it works.
If you have any other questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
Highly upgraded Del Mar Plan featuring 3 bedrooms 2.5 baths located behind the gates of the San Luis Bay Estates in Quail Canyon. Beautiful courtyard patio entrance featuring gas fire pit, BBQ area plumbed for gas and lush landscaping providing privacy. The main level features the kitchen with built-in breakfast nook and remote window shade, built in desk, double oven and over looks the dining area and living room. The living room features surround sound, built in cherry wood entertainment center over fireplace and accesses the upper deck showcasing beautiful views of the hills. The master suite shares access to the upper deck and features a fireplace and luxurious master bath with separate shower and jetted tub. The lower level features 2 guest rooms sharing a full bath and family room/den with access to the lower deck reinforced for the spa. The 2 car attached garage features a finished floor, storage cabinets and a work bench. Don't miss this great opportunity to live near beautiful Avila Beach, the Bob Jones Trail so close to wineries and just a few minutes to Downtown San Luis Obispo.
What’s happening in our mid-June real estate market? Things have been changing rapidly, so we want to keep you updated.
Compared to June 2019, we have 27% fewer homes on the market, which is good for keeping prices stable. Our pending sales are on track to reach 310 by the end of the month if we keep up at our current pace. That’s 26% more houses going into escrow with 24% fewer houses available. If this continues, home prices will increase.
Interest rates are currently unbelievable. I am refinancing my house right now, and I just got a 30-year fixed mortgage for a rate of 3%. For buyers, this means that if you were to have gotten a loan a year ago for $500,000, you could buy a $575,000 home today for the same monthly payment. That’s $75,000 more purchasing power than buyers had a year ago. If this persists, our market will remain strong.
The number of people contacting us wanting to buy, search for a home, and move to the area has gone up exponentially. Houses that had been sitting on the market for a while are now seeing multiple offers. In the last week, I sold two such properties, one of which sold for over list price. Buyers are out and about, and they’re taking advantage of the interest rates.
If you’re wondering how this could benefit you or have any questions, give us a call at (805) 781-3750 or send us an email. We would love to help you.
A great single level, 3 bedroom 2 bath custom home, situated on more than acre near downtown Atascadero. Built by Robert Anderson, a master carpenter known for his work in the Hollywood film industry, the home showcases custom mahogany woodwork and cabinets throughout. Open floor plan with a spacious great room featuring vaulted ceilings with open beams, fireplace, dining area opening to the kitchen. Oversized 2 car garage with laundry area and ample room for storage and a separate workshop. The original back patio has been enclosed with a window, could be a lovely spot for a sunroom. So much potential with 1.2 acres of usable land; add a granny unit, add some animals, a horse, a couple goats even a pig, plus enough room for any gardeners dream. There's even a large detached shed for all your garden tools and toys. Recently connected to the city sewer, new roof, new air conditioning and heating, new concrete walkway in front with new gutters and drain field. Conveniently located near schools, a short distance to Hwy 101 for commuting and just 20 minutes to downtown San Luis Obispo.
Immaculate single level 3 bedroom 2 bath home including a separate casita plus an office situated within the gated, 55+ Community of Traditions at River Oaks. Originally one of the models and highly upgraded featuring a courtyard entrance with fireplace, and the casita which would make a great art studio or additional office, craft room, so many possibilities. The gourmet kitchen features custom cabinetry, an abundance of granite counter space, including center island, stainless appliances and a cozy breakfast nook overlooking the courtyard. Separate dining room opens to the living room with fireplace and French door access to the private back patio. The master suite with wet bar, walk in closet, French doors to the back patio, features a luxurious master bath with dual vanity sinks, spa tub and separate shower. The guest room is conveniently located near a well appointed full bathroom, the laundry room and an office with glass door access to the front courtyard. The 2 car garage includes ample room for storage plus a golf cart garage as well! The community features many amenities including a clubhouse, pool, spa, gym, BBQ area and more!
Just listed in San Luis Obispo. A beautifully updated single level 3 bedroom 2 bath attached home located in the Los Verdes Park II community. Enjoy countless hours of relaxation on the patio landscaped with privacy and beauty in mind. Vaulted ceilings and an abundance of windows provide a roomy atmosphere for the living room and dining area overlooking the lovely patio area. The kitchen has been remodeled with new counters, undercounter lighting, cabinets, appliances and reverse osmosis water purification. Click here to find out more and contact us on 805-781-3750.