Multiple Offers Increased as the Market Became More Competitive
By Oscar Wei, Senior Research Analyst
To be competitive in a housing market with tight inventory and a restrictive lending environment, many buyers who wanted to have an edge over other buyers opted to make an “All Cash” offer for their home purchase.   Since an “All Cash” transaction does not have to go through lengthy lending approval process, the escrow process is faster and is less likely to fall through, making the offer more attractive and more assured.
According to results based on C.A.R.’s 2012 Annual Housing Market Survey, “All Cash” buyers has been on the rise since the mid of 2000’s, increasing from 11 percent in 2005 to 30 percent in 2012.  Almost one-third of all home buyers paid with all cash in 2012, which is more than 3 times what it was in 2001 when “All Cash” buyers were merely 8.8 percent. The share of all cash buyers in 2012 was also nearly double the long-run average of 15.1 percent since 1998.


Presented by CAR- California Association of Realtors for the state as a whole.


Monthly Sold Reports Newsletter – Now broken down by city!

Buyers and sellers both love to know what has sold in their area recently, right? But it can be difficult to find the information you are looking for, all in one place, and in an easy to understand layout. The Keith Byrd Team creates custom newsletters each month that include the following:

Street Address, City, Original List price, List Price on pending date, and final Sold Price, Total Days on Market, and Listing Detail (Standard Sale, Short Sale, or Bank Owned/REO.)

We break the reports down by city, so it is easy to find what you are looking for.

If you are interested in receiving these updates, click the link below, and enter your e-mail address. Newsletters are sent out at the beginning of each month, and will include everything that sold in the previous month.

Subscribe to our newsletter

You are able to unsubscribe at any time, if the reports aren’t fitting your needs.

Mortgage rates mostly unchanged throughout February

Remember the “good times” (said sarcastically) over the summer when uncertainty over both the European debt situation and the U.S. economy caused mortgage rates to drop? We had a jolt of nostalgia (more sarcasm) today after Italian election results caused the Dow to drop over 200 points in the afternoon. Mortgage rates also trended lower as a result.

In the election, four parties are deadlocked for control of the upper chamber of the Italian Senate, which could cause “paralysis” in the government and “reignite” the euro-zone debt crisis if this Reuters article is to be believed.

Uncertainty on the market causes volatility in markets, and all of the stress influences investors to look for safer places to put their money. One such place is in U.S. Treasury bonds, and higher demand for Treasuries puts downward pressure on mortgage rates. We saw this process today, at least on the micro level. According to Zillow, the national average of the 30-year fixed rate peaked at 3.53% in the morning, and fell all the way to 3.40% by the time markets closed.

While this kind of news does help with lower rates, the movement is temporary unless it is part of a larger economic or social shift. Will long-term Italian “unrest” cause the Euro-zone to crumble – the type of occurrence to swing mortgage rates lower? We doubt it. There would have to be a whole bunch more “unravelling” before we know anything for sure.

As of late, mortgage rates have relatively unchanged, and there was little movement from our check-in last week.  The 30-year fixed is at 3.250 percent (3.382 percent APR) and the 15-year fixed is at 2.500 percent (2.667 percent APR). To see the complete 10-program CCL rate tracker, see HERE.

The month of February has been characterized by small jumps and declines without any real momentum one way or the other. This will be a big week for economic data, with housing, employment, and GDP data all scheduled to be released. In the next several weeks, we will also have the February employment report and more Federal Reserve stimulus speculation to round out the news cycle.

Perhaps most importantly, the March 1 “sequester” deadline arrives Friday, when elected officials will attempt to find enough spending cuts to avoid across the board reductions. Markets will likely move on this process as well.  Check in with throughout the week for the top breaking news. To inquire about a free loan prequalification, give us a call at 805.543.LOAN.

New Listing! 6120 Madbury Court


What a wonderful place to call home! This spacious, traditional home, on
prestigous Madbury Court in San Luis Obispo Country Club area is situated on a
1/2 acre lot with lovely views. Wood floors and cathedral ceilings create a
gracious entry. Large country kitchen opens to great room and breakfast room.
Also downstairs is a formal living room, dining room, office/study and powder
room. Master suite includes fireplace and sitting area. Each of the 3 bedrooms
has en suite bath. Swimming pool, hot tub, built-in barbeque and patios provide
great space for outdoor entertaining.

See details here.




Templeton’s 15Degree Wine Bar Re-opens Downtown

barn 15Degrees BarDowntown Templeton isn’t big but it sure is mighty.  And there is always a certain healthy vibrancy and energy in the air plus plenty of darn good places to eat and drink in the few short blocks.  15Degrees Wine Bar recently re-opened in their new location at 624 S Main.  You can’t miss it…..typically Templeton in design, it looks like a chic barn with a pleasant outdoor patio area and plenty of seating inside.  I always enjoy their tapas and can’t wait for the warm weather to return for outdoor happy hour!