San Luis Obispo County Real Estate 2013: The Year We Get Off Our Hands!

San Luis Obispo station : California (Photo credit: Loco Steve)

The holiday décor is down; neighborhood kids (and mine!) are back in school; January’s social calendar looks amazingly clear (compared with the previous two months, anyway)… so, what now?  One suggestion I might offer: put some serious thought into acting on those financial New Year’s resolutions – at least the ones dealing with your San Luis Obispo County real estate plans.

Doing so would dovetail nicely with my own New Year’s prediction, one I share with many credible real estate watchers:

2013 is the year buyers and sellers are going to really get serious about real estate.

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According to Money Magazine on CNN’s website, the housing market rebound is here. Among other sources, they site the Mortgage Bankers Association forecast that “more and more house hunters will start coming off the sidelines.” They expect total dollars going to new home loans to jump a heart-thumping 55%!

For five years, local homeowners weathered the storm of the credit crisis as well as could be expected; then came marked improvement in 2012.  At last count, there were approximately 1.8 million homes for sale nationwide (half the number at the market’s deepest divot).

Here are the local statistics for the City of San Luis Obispo:

San Luis Obispo	2012	2011	2005
Number of Sales	451	381	543
Total Dollar Volume	242,875,201	200,472,875	361,983,208
Average Price	538,526	526,176	667,000
Median Price	495,000	450,000	600,000

 

While no one expects real estate prices to see crazy red-hot double-digit increases in 2013, it is encouraging to see the worst in the rear-view mirror.  And with optimism about residential real estate now broadening into general public awareness, we seem to be looking at a fresh arena for homeowners who are finally able to consider selling again…and for buyers who are past waiting for ‘the bottom’.

The message to prospective home buyers looking anywhere in San Luis Obispo County and sellers this January 2013 echoes the sentiment of Money magazine, which answered the question, “Why, as a prospective home seller or buyer, you need to stop sitting on your hands”!

Whether or not your own New Year’s resolutions involve San Luis Obispo County real estate, it is still a great time to give me a call. We can start the conversation about your real estate goals and how current 2013 market opportunities fit them!

 

Price It Right, or Take Less

Price Aggressively to Get the Most From Your Sale

Pricing your home is one of the most crucial decisions when putting your home on the market here is San Luis Obispo County. The price is usually the first thing buyers notice about your property. If your home is not priced correctly, it turns away potential buyers and could be stigmatized by sitting on the market too long. Price reductions at this point usually mean you will end up taking less for the property than you would have if you would have priced it aggressively in the first place. If you price your home at or just below market value, you can save carrying costs, mortgage payments and other ownership costs that you will incur the longer the property sits on the market.

The optimum listing price of your home should be based on careful analysis of the current market, comparable homes including the asking and selling price of recently sold properties as well as the current inventory of homes and the different features of the properties. While our inventory of listed homes in San Luis Obispo County is low, this does not mean that buyers will over pay for your property.

When a property is priced properly for any market in San Luis Obispo County, it will encourage prospects to act quicker to sell sooner. Some sellers even “underprice” their property to bring in multiple offers. We definitely have seen this result in several offers within a few days of listing the property. Most serious buyers are well educated about asking prices in the areas they are seeking. They will not waste their time on a home they consider overpriced. However, buyer’s fear they might lose out on a good home when it is priced right and they are less likely to make “low ball offers”. Better pricing can attract multiple offers!

Bottom line, if a home is priced right, the excitement of the market produces a higher sales price. You net more both in terms of actual sale price and less in carrying costs. Remember, be realistic and aggressive in pricing your property and understand that your price should always reflect the current market situation.