What’s the latest news from our San Luis Obispo real estate market as 2020 draws to a close?
Before I answer that question, I want to say that with everything that’s happened this year, a lot of people are probably ready to close the door on 2020 and hope for a much better 2021. Every morning I like to take time to reflect on what I’m grateful for. Obviously I’m grateful for my wonderful family and their good health, and I’m also grateful for my team and the opportunity we have to deliver the kind of service we take pride in. Lastly, I’m grateful to all my great clients—thank you for supporting my team and I and using us as a resource. Helping you is how we find our joy, and you bring tremendous value to our lives.
"In spite of everything that’s happened in 2020, it’s a phenomenal time to be a buyer or seller."
As far as our local market goes, not much has changed lately. Our market remains incredibly strong. Last month, the number of sales and pending listings both rose about 20% year over year. Our listing inventory, meanwhile, is about half of what it was at this time last year, which itself was lower than 2018’s numbers. Over the last two years, our marketplace has done nothing but improve. On top of that, interest rates are still historically low - as low as 2.75%.
What does this mean moving forward? I don’t see a lot of change happening. If you’re a buyer or seller right now, good for you! Low interest rates benefit buyers and sellers. At the same time, be prepared for some delays. I know this can be stressful when moving, but lenders, underwriters, and appraisers are working as hard as they can right now.
In spite of everything that’s happened in 2020, it’s a phenomenal time to be a buyer or seller. If you need help buying or selling a home or have more questions about our San Luis Obispo market, don’t hesitate to reach out to me. I’d love to speak with you, and I hope you have a happy holiday season.