Upgrade in Progress

Early Thursday, we upgraded our main MLS search. The new search supports mobile devices (small screens) without the need to use an external App. It also updates listing data more than once a day.

Unfortunately, this upgraded search means we need to change the search links in our menus and other pages. We’ve got the search menu pretty much complete, just need to add more neighborhoods in the map search menu.

New Listing! 1106 Atascadero, San Luis Obispo


This centrally located 3 bedroom/2 bath, single level home is clean and move-in
ready. Immaculate home with a nice sized, fenced back yard. The home features
vinyl windows, indoor laundry,an open kitchen to a large adjacent dining area.
LThe large iving room has a nice fireplace and vinyl slider out to the
entertainers backyard. Newer carpet and paint both inside and out. Newer kitchen
appliances and washer and dryer, are all included in the sale. Currently, tenant
occuupied ($1750/mo) and leased through 6/30/14 so tenants must stay until then.
Perfect family home or Poly/college parent home or investment property. Showings
10am to 6pm only. Tenants very cooperative and extremely tidy so it should never
be a problem to set up a showing. Close to shopping, schools, restaurants,
parks, emergency services, freeway, public transportation, lodging and big box

Housing Market Strong in San Luis Obispo County

Sales of existing homes fell in January to the slowest pace in a year-and-a-half. According to the National Association of Realtors:

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 5.1 percent to a seasonally adjusted annual rate of 4.62 million in January from 4.87 million in December, and are also 5.1 percent below the 4.87 million-unit pace in January 2013.

Severe winter weather and low supply partially accounted for the slowdown.

In the press release, NAR chief economist Laurence Yun cited several concerns for the housing market in 2014, including “tight credit, limited inventory, higher prices and higher mortgage interest rates.”

The median sales price for existing homes rose to $188,900, which was up 10.7% from the previous year. Of the sales, 15% were “distressed,” including 11% foreclosure and 4% short sale.

The SLO County housing market looks a bit different through January. The median price for all January single-family sales (there were 164 of them) was about $467,800, according to Keith Byrd. Compared to January of 2013, the sales price was up over 16%.

SLO County sales activity rose 3.8% from the previous year, reaching the highest January-level since 2005.

The 30-year fixed mortgage rate has jumped nearly 1% from the previous year. The Freddie Mac primary market survey placed the national average of the 30-year fixed at 4.32% by the end of January 2014 and 3.53% by the end of January 2013.

Rates have jumped as the economy slowly improves and the Federal Reserve reduces its stimulus program (quantitative easing – QE). (For more on how mortgage rates move, click here). 

Even as the housing market recovers, young, first-time buyers continue to struggle to get into the market. 

According to the NAR, first-time buyers accounted for 26% of purchases in January. Typically, first-timers have 40% of the market share.

The “young adult” population has struggled to recover from the recession. Student debt has ballooned to $1.2 trillion in an overwhelmingly disappointing job market (link).  In response, young people are tending to stay at home longer and chose rentals over purchases.

The rate at which adults aged 25 to 29 moved between 2012 and 2013 was 23.3%, which is the lowest level since at least 1963, according to the Huffington Post. Homeownership rates among the same age group fell from 40.6% to 34.3% between 2007 and 2012.

Jobs and housing, housing and jobs. As payrolls expand, more people will be able to afford homeownership. In the meantime, we expect modest growth in housing through 2014.


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

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New Listing! 1656 Baden, Grover Beach


A must see for the most particular buyer. This home as been impeccably
maintained. A DeBlauw built home – thoughtful design qualities throughout.
Fabulous living areas with light filled rooms. Large sliding glass doors from
the master bedroom suite and family room allow easy access the lush garden area.
Close proximity to parks, the ocean and all shopping and transportation the area
affords. Freshly painted inside and out. New flooring and so much more.

Fewer foreclosures, credit problems, a good sign for housing market

REO and short sale listings on the Central Coast continue to drop. In 2013, SLO County had the fewest “distressed property” listings (14%) since 2007, which was when the housing bubble was just beginning to pop. 

Through January in 2014, just 8% of listings were foreclosures or short sales, which is an excellent indicator of just how far the recovery has come. Distressed properties accounted for up to 39% of all County listings in the worst years of the downturn (2009 through 2011). (Keith Byrd).

Any questions about home loans in California? We are The Mortgage Experts: ask us anything! We have a loan program to fit every need. Call 805.543.LOAN or email us today.

Foreclosure saturation hurts neighborhood home values, because foreclosure and short sale properties are priced at the lowest end. Reduced pricing can bleed over to “normal” prices and put downward pressure on neighborhood property values.

RealtTrac data affirms this drop in foreclosure trouble. “Foreclosure activity”, which includes pre foreclosures (-0.0% year-over-year), auctions (-60% YoY), and bank repossessions (-77.8% YoY), are significantly lower than the previous year in SLO County. (RealtyTrac).

As the economy slowly improves, Americans are doing a much better job with debt in general. The national default rate declined to 1.34% in January’s national composite, which is down from 1.63% the previous year. (HousingWire).

Americans are getting better at managing debt even as we take on more. Household debt rose by $241 billion in the fourth quarter of 2013, including a 1.9% increase in mortgage debt (+$152 billion). (HousingWire).

We have put together a complete guide to obtaining mortgage finance after a “negative credit event” such as a bankruptcy, foreclosure, or short sale. See here. (Central Coast Lending).

The FHA Back to Work Program permits as low as a 12 month wait period if the payment difficulty came do to an “economic event”, such as a loss of job. Also, you can see here for our guide to repairing / improving your credit. (Central Coast Lending).

[Breaking news: 2014 Farm Bill extends, expands USDA loan]

We strive to be the Central Coast’s top source for real estate and mortgage news. Contact us with any feedback or suggestions. Email Rylan Stewart (rylan@centralcoastlending.com) the text “subscribe” to sign up for our twice-per-month newsletter.

Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email info@centralcoastlending.com to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

About   ||   Mortgage FAQ   ||   Market Update Blog   ||   Radio Show   ||   Contact

New Listing! 468 La Canada, Arroyo Grande


A Beautiful Single Level Home in the Coveted Highlands Neighborhood is ready for you! This family home has 3-bedrooms, 2.75-Bathrooms, Office, formal Dining Area and Family Room w/ fireplace all on an open 2,100 sq.ft. floor plan. Located on a large 10,000 sq.ft. lot with Panoramic Canyon Views. The grand backyard has a private patio with a large trellis to sit back and enjoy your unobstructed view.



New Listing! 715 Via Las Aguilas, Arroyo Grande


Situated within the desirable Rancho Grande neighborhood of fine homes on an
approximate .4 acre lot, this home has a lot of appeal in addition to its
location. Bright spacious entertaining environment with architectural interest
is appreciated in this lovely 3 bedroom, 2.5 bath home with approx. 2510sf of
living space. A centrally located kitchen updated in 2010 has newer appliances
and features tile flooring, center island, slab granite countertops, plus an
abundance of re-freshened cabinetry. Outdoors offers an inviting setting ideal
for entertaining or simply relaxing in either the private rear yard or from the
semi-private front courtyard. In addition to the privacy fenced rear yard, there
is an orchard with a variety of mature fruit and citrus trees. Three-car garage
and plenty of room for off-street parking. Work bench in garage for the

Guilty Pleasure Cookies come to Paso Robles

My favorite day-off guilty pleasure was previously found only in Cayucos……no more!  Brown Butter Cookie Company has opened a lovely store right on the park in Paso Robles.  They give samples freely so don’t go inside if you don’t want to take a few home…..too hard to resist for the average person.  These make a special gift or a fab treat for yourself……801 12th Street or www.brownbuttercookies.com to find out what you might sample. brown butter 1 brown butter 2