Another Pending Sale

Our Listing service continues to deliver. The Morro Bay listing we have went Pending Sale today after just 27 days on the market. This is the first listing above $600K that has went Pending Sale under 30 days on the market in Morro Bay so far THIS YEAR!

The custom property website for the listing ( has received over 1,000 unique visitors since it went live earlier this month. We think that’s quite an accomplishment to have a new website able to get so much exposure in such a short period of time.

This makes our track record 6 for 6 in getting properties into escrow within 30 days since we introduced our listing service in late April. We must be doing something right!

Miners Hardware

(submitted by one of our North Coast agents)

Just stopped in to Miner’s Hardware Store yesterday to get some keys made and pick up some yard clippers. I think they have just about every gizmo and gadget, hand tool, spruce up and fixer material that you will ever need.

Miner’s has been a family owned and operated business since 1956; They opened the Morro Bay store in 1997. In addition to the Morro Bay store-the business owns 4 other Miner’s Hardware stores in San Luis Obispo County, including a smaller store in Los Osos plus one in Atascadero, Arroyo Grande and Grover Beach.

I think most of us who live in the Morro Bay- Cayucos – Cambria- Los Osos areas would agree that Miner’s is our first choice for hardware needs.

Miner’s Ace Hardware is located at 510 Atascadero Rd; It is easy and convenient to get to and is located right off Highway 1 and 41 in Morro Bay.

Light, Bright and Airy Home Staging Tips

I found a great new resource that I am thrilled to share with all the readers. One of the most important rules to follow when preparing to sell your home is that you remove personal photos and busy artwork from your walls. But with that being said, I don’t want you to leave your walls bare.

I recently found a great local photographer, who sells his stuff in several local galleries, or through direct connection. His photographs are beautiful expressions of the central coast that will tastefully and non-personally dress up a room, while being reasonably priced! I have recently chosen some of his landscapes and coastline shots to hang in staged homes for clients. His pieces give a finished look to a wall, plus add an appreciation of the beauty of the central coast that we all know and love.

His name and contact information: Rob Bishop – view his work at: (I really like the lanscapes in the Paso Robles and San Luis County link) and if you would like to contact him directly his email is: I hope that you find his work as useful for your home staging as I have!

Happy selling and home staging! To contact me directly you can email me at: or visit my website at

Rate Update and HVCC Chaos

Last week was pretty quiet with economic news, and interest rates ended the week about where they started. The 30 Year Fixed currently sits at 4.875% (5.054% APR) and the 15 Year Fixed is at 4.250% (4.557% APR). There is a lot of news this week that could potentially move interest rates. New Homes Sales came out this morning, up 11% in June, the biggest gain in 8 years. The biggest economic report this week is Friday’s GDP data for the 2nd quarter of 2009. GDP is the broadest measure of economic activity. The Treasury will also auction a total of $109 billion in 2, 5 and 7-Year Notes beginning tomorrow. Investors will be closely watching the level of demand.

The Home Valuation Code of Conduct, or HVCC, seems to be causing more problems in the mortgage world than it was trying to fix. HVCC outlines new rules related to appraisals used in mortgage loans backed by Fannie Mae and Freddie Mac. The intent of the new regulation was to eliminate fraudulent practices between the real estate appraiser and the mortgage lender. Such practices include artificially inflating values or turning a blind eye to health and safety issues.

What has actually resulted from this new regulation is longer turn times for appraisals, more expensive appraisals, and more uncertainty. Appraisals are now taking upwards of 7 business days to complete, which could result in a longer rate lock period and, thus, more expensive loan fees or higher interest rates. The cost of the appraisal has also gone up approximately $150, yet the appraiser gets paid less than before, with the appraisal vendor company retaining the difference. In refinances especially, value is often the sole factor in determining if a transaction is even possible. In the past, lenders could pick up the phone and discuss the property value, potential comparables, and any other issues with the lender. HVCC has eliminated the ability for this human-to-human interaction to take place, and lenders must now rely on online value estimators like to determine value. Even with all the tools available to estimate a property value, the consumer is ultimately depending on a favorable report from some random appraiser who may not even be from the local area.

There are several petitions circulating the mortgage industry professionals to put an end to HVCC. You can help put a stop to this nonsense by visiting… every signature helps. Your congressional representatives are also getting involved. In fact, in a bipartisan effort, Representative Childers (D-MS) and Representative Miller (R-CA) introduced HR 3044 calling for an 18-month moratorium on HVCC.

And don’t just take our word for it…

Daniel Podesto
Central Coast Lending, Inc.
(805) 771-9870

Unethical appraisers now becoming real estate agents

This is from a Tampa Bay article:

Some appraisers who lost their licenses after unethical behavior during the housing boom are staying in the real estate business.

They’re becoming real estate agents, according to a report by the national Center for Public Integrity.Instead of appraising homes for sale, some just obtained a license to sell homes for a living.

The center’s report found that in Florida and California, among the states hardest-hit by the foreclosure crisis, hundreds of individuals whose appraisal licenses were revoked have received other licenses that allow them to continue to represent the public in real estate sales…..

SLO County Assessor Looking at Home Values pre-2003

Following is a note displayed on the SLO County Assessor’s site. If you purchased pre-2003 and think your assessed value should be less, there is a form on the website to fill out and submit.

The Assessor’s office is currently reviewing for decline in value all residential properties of 10 acres or less that were purchased anytime after January 1, 2003. Property owners need not file an application for decline in value for these properties.

Here’s the Assessor’s site

Fast Facts from the Calif Assoc of REALTORS

Calif. median home price – May 09: $267,570 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region May 09: Santa Barbara So. Coast $875,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region May 09: High Desert $106,210 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index – First Quarter 2009: 69 percent (Source: C.A.R.)

Mortgage rates – week ending 7/16/09 30-yr. fixed: 5.14% Fees/points: 0.7% 15-yr. fixed: 4.63% Fees/points: 0.7% 1-yr. adjustable: 4.76% Fees/points: 0.5% (Source: Freddie Mac)