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.