New Listing! 9470 Casa Bella Ct. Atascadero


Bright and airy, this beautiful home was once the model for the Villas. Meticulously maintained with upgrades such as custom wood finishes, Kohler fixtures, paint, carpet and tile. Living and dining rooms have vaulted ceilings and a dramatic staircase to the loft and a good sized study/office, perfect for the family use. All three bedrooms are nicely done up, with the master on the first floor. The laundry room is a dream and the kitchen is a great working space with large walk-in pantry and central vacuum system. Oversized two car garage. Cozy patio for BBQ, lounging or pets but additional larger yard space available that can be enclosed for children, pets or garden. Easy highway access.

Monday Mortgage Rate and Market Update: Rates Continue to Drop

April conv 30 yr

Mortgage rates have continued along their downward April trend on a day when major stock indexes reached record levels. The S&P 500 eclipsed its best close ever and the Nasdaq touched a 12-year high. The market moved on higher pending home sales, increased consumer spending, and clarity in the Italian political situation.

[CCL Rate Tracker (April 29): Stock indexes at record levels as rates continue April decline]

Pending home sales rose 1.5% in March after a 0.4% decline in February. The index, published by the National Association of Realtors, reached its best point since April 2010 after beating its projection of 1.0%.

Consumer spending rose 0.2% in March, although this was notably due to higher utilities spending in the cold month. Restaurant and retail sales actually fell the most in 9 months. General concern seems to be that the 2% tax bump for Social Security is beginning to take effect. Government spending cuts will also depress the general level of spending and demand on the market.

The Italian Prime Minister appointed his cabinet over the weekend, which ended months of deadlock. It has been over a month since we last wrote about this, but the fear was that instability out of Italy would stymie attempts to adequately resolve its sovereign debt issues.

Over the past month, we have been discussing possible directions that the housing market might take, as we progress in this period of low mortgage rates, high demand, jumping prices, and diminishing supply. We wrote about this in our post last week “Where is the Housing Market Going? Let’s Not Get Ahead of Ourselves” and a previous article “Are low mortgage rates fueling artificial rally?

Our latest piece deals with lenders, regulation, and the effect on lower credit borrowers, “Will borrowers with lower credit be squeezed out of the market?

New Listing! 2110 Shoreline, Pismo Beach


Panoramic ocean views extend from the Dunes to Avila sunsets. Beautiful Shell
Beach home on desirable waterfront cul-de-sac. Built in 2004. Well designed open
floor plan, 3 bedroom 3 1/4 bath (two master bedroom areas), 2,495 SF home,
features cherry hardwood floors throughout. Primary living area is all on the
view level, including his and hers baths. Large front patio captures expansive
ocean views. Back yard would be ideal for raised flower beds, patio and or a dog
run. Back views of surrounding hills and large grass park-like playground.
Dumbwaiter to large laundry room and workshop. Oversized 2-car garage. Rinse-off
finished shower in garage.

New Listing! 231 Trinity Ave. Arroyo Grande


Lovely, Colonial style, custom home offers magnificent views of the city,
hills,and agricultural land. The front door is framed with exquisite, custom,
lead glass windows. The expansive living room wraps around to a bonus area
highlighted by a wall of framed windows and French door revealing beautiful
views. Natural light abounds throughout, enhancing crown molding and many
special features. The entry and stairway showcase white oak flooring. Dining
areas include a charming breakfast room and formal dining room. The master suite
includes a separate sitting area and a large walk-in closet. Two additional
bedrooms are spacious and offer distant views of the ocean. Storage is plentiful
throughout the home. The enchanting backyard offers plenty of room to relax,
entertain, and garden. Just half a mile from the picturesque village of Arroyo
Grande, this traditional and gracious home is one of a kind. Imagine your new
home in one of the most desirable areas of California.

New Listing! 512 Bluerock, SLO


Views abound in this home.Three bedrooms and three baths with views from every room and also from the two large entertaining decks off of the master suite as well as the great room.Maple floors and open floorplan give a bright, airy feel to this immaculate, custom home with designer touches throughout. Custom cabinets in kitchen, granite countertops, stainless appliances all open to the large eating area/greatroom.The baths all feature travertine floors and counters and lots of light. A fireplace in the living room.

Equine and Canine – a local resource.

I am constantly amazed at local ingenuity but when a client…..who is a very savvy horse-woman…… notably excited as she spotted my friend’s paper in my car, I knew it was time to further spread the word. Viewing her reaction, it became apparent that Equine and Canine News has really fulfilled a need in the community to showcase resources and events about these two SLO County favorites.  The paper is a gorgeous, well put together and definitely informative compilation billed as ‘your local connection to everything equine and canine’.  The success of this paper is evident in its rapid growth to other nearby counties such as Santa BarbaraIMG_0516.  If you can’t put your hands on one at one of the local Patterson Realty offices call Nola 805 439-1771 or Jessica at 805 451-1684 or go to

Where is the Housing Market Going? Let’s Not Get Ahead of Ourselves

In his book “The Signal and the Noise“, Nate Silver (of 538 blog fame) points out that modern society generates a staggering amount of data on a daily basis. Data in itself is not an end, so we sift through it all to find the “signal,” or relevant data used to make predictions about how events may unfold. We then use these predictions to decide the most prudent course of action.

Economic data churns out on a daily basis, and then comes the “analysis.” This is the charts you see on CNBC proclaiming when the next stock selloff will occur, and the home price numbers showing when the “bottom” of the market was reached. All of this data is used for prediction, and prediction turns into analysis about the best way to act.

And when predictions go wrong, a lot of people are held out to dry.

Silver has a chapter that explains the housing bubble, its collapse, and the ensuing economic recession. He asks the question, how did so many people miss such a dangerous possibility? A possibility that was not only missed, but actively supported by all of the ratings agencies, lenders, and financial institutions that blew massive amounts of helium into the balloon in the first place?

This isn’t a book review – although we do recommend the book as sharp, informative, and thought provoking. Rather, we have been reminded about the real estate bubble by several articles on prominent news outlets that offer speculation about a possible “bubble in a bubble” that may be growing.

Home prices continue to rise. The latest report from the National Association of Realtors shows home prices up 11.8 percent year-over-year in March. Existing home sales are also up year-over-year (10.3) percent, but low supply (just 4.7 months when 6.0 is considered healthy) is constraining further growth. With demand up and supply down, prices will continue to face upward pressure as buyers commence with bidding wars.

We wrote last week about the “difficulty with low mortgage rates“, summarizing the idea that low affordability conditions (mortgage rates and home prices) are helping more people qualify for a mortgage, but when conditions deteriorate (mortgage rates rise, home prices up), these borrowers will be priced out of the market.

Since then, we have seen headlines like “Housing Market May be Experiencing a ‘Bubble’ Within a Bust” and “The Next Housing Bubble.” These articles bring up some interesting points about the future of real estate.

But they may be missing the “signal.” Central Coast Lending owner Jason Grote points out that an important difference between the old real estate bubble and the new one is that currently people are qualifying for homes under stringent lending conditions. We are not talking about sub-prime loans here. Another point to consider: as prices rise, more homeowners will come out from underwater and more people will look to sell their homes. The free market will have a chance to settle the supply and demand issue.

We would just like to urge caution for people that are desperate to get the “latest word.” There will be countless data points emerging and plenty of armchair analysis. Be deliberate, learn what you can, and find a trusted person to consult with. This may not be the most satisfying advice, but as we saw in the Boston bombing, the race to report news and analysis first can cause striking inaccuracies.

On the mortgage front, interest rates continue their fall back near record levels. See the April 22 update HERE. The Central Coast Lending Mortgage Rate Tracker will now be publishing updates on Monday, Wednesday, and Friday. Make sure to follow along HERE.