If you were one of the more than 4.7 million homeowners since 2007 that experienced a short sale or foreclosure and are currently in the market to buy, you are what’s now called a ‘Boomerang Buyer’. Your financial ability to qualify for a mortgage may be more attainable than you anticipate; the average recovery time is 3 years. Values are on the rise but interest rates are still low so you will likely qualify for a mortgage that is less than your former terms. ‘Boomerang Buyers’ are projected to
make up 10% of home sales this year.
Be in touch, I’d love to connect you with a great local lender that can help you determine if it’s the right time for you to revisit real estate.
What is a “Pocket Listing”? Technically, it is a signed listing agreement between a seller and broker that is not marketed on the MLS. The seller signs an exclusion form to keep it off the Multiple Listing Service (MLS) for a period of time or indefinitely. There are a number of reasons that a seller would opt to limit the marketing of the property. They may have a need for heightened privacy, they could be working on a few repairs, or they might just not want to test the market without having a revolving door of agents and buyers through their home.
Regardless of their reason, it does limit a seller’s exposure. Most sellers want to reach the most buyers possible to increase their opportunity to bring in highest and best offers from qualified buyers. When a listing is held privately, the listing is limited to the exposure of that agents direct sphere of clients and associates. However, they may advertise on venues other than the MLS like craigslist in an attempt to attract the buyer themselves. Though the majority of listings that never hit the MLS are double-ended, most brokers that hold pocket listings will cooperate with other agents. This practice is more common in today’s market as the inventory is extremely low.
Where have all the houses gone? The heightened buzz-with Buyers and Agents alike-is about the diminished sales inventory. A year ago this month, there were over 100 houses for sale in San Luis Obispo; today there are almost half that number on the market. The Central Coast is not isolated in its “lean supply”, the entire country seems to be experiencing low inventory.
With that, the simple principle of supply and demand takes effect; as inventory decreases, the values rise. In a healthy market, values rise due to increased income and job security rather than being based on inventory alone. But according to the National Association of Realtors, we haven’t seen inventory this low since 2005 and I’m sure you all remember that year as we saw the greatest rise in values. It’s a seller’s market again, but with interest rates still low, there are lots of qualified buyers eager to purchase. If you know anyone who is interested in selling their home, please be in touch. I’d be proud to represent them by starting with a free market consultation and value analysis.
This 5BD/3BA Laguna Lake Home has 2093sf of living space and a large, grassy yard. Recent improvements include a new roof, re-textured ceilings, and a bathroom addition. As a current rental, it is always rented to capacity with monthly rents totaling $3,580. Whether you choose to buy for yourself or rent it out, it’s perfect for a house full. You’ll appreciate the separate living areas, large kitchen and indoor spa. There is always plenty of parking on the quiet neighborhood street. For more information about the area and property slide show, please visit www.1367avalon.com
A recent email from National Association of Realtors highlighted a blog about front door colors. The article referred the the door as the necktie of the home. It can be subtle, or make a huge statement. The question being, what does your door color say about you? At the end of the blog the author defined several colors like Blue, Green, Black, but not the most common – white. Intrigued, I “asked the google”. I soon learned that there is a lot of information on the psychology of color as it relates to the front door of your home. What I found most interesting was that many articles I came across related color to the overall feng shui of the home. Furthermore, color alone was not the key, the doors directional orientation and material are critical to ensuring balance and harmony in the home.
North facing should be wood and painted Blue, Black or White
Northeast facing should be wood and painted Orange, Purple, or Yellow
East facing should be wood and painted Green, Blue, or Turquoise
South facing should be wood and painted Red, Pink, or Purple
West facing doors can be made of metal or any other material than wood and painted Pink, Apricot, or Orange
Northwest facing doors can be made of any material and painted Gold, Silver, Yellow, or White
My door faces west, it’s made of wood, and in need of a fresh coat of green paint. I broke all the Yin and Yang guidelines but my door-keeper, Olive, and I still feel quite at peace.
From the perspective of an agent who opens a lot of doors to potential buyers, I find the following four points more important than color:
1. Keep your doorway well lit with a defined path leading to it.
2. Remove any obstructions that may be a trip hazard or distraction like kids toys, old broken pots, dead plants, etc.
3. Keep your door in good repair. Give it a power wash or a fresh coat of paint.
4. Be sure it’s in good working order. This means that the locks engage, the handles are functional and not loose, and that the door swings open and closed with ease.
Get ready SLO, this weekend is action packed with student celebration. You have three options:
1. Enjoy a weekend away
2. Stock up on earplugs
3. Join the Party
Being Cal Poly Alumni, I typically embrace the culture and soak up the energy that student life offers the community. If you choose to stay in town, there are several ways for you to do the same. This weekends schedule of events includes an Honored Alumni Awards Dinner and Reception, A Tailgate BBQ and Wine Tasting pre-game hosted by the Cal Poly Alumni Association, and of course, the highlight game. For details on all happenings: http://homecoming.calpoly.edu/
Since 1931, Paso Pioneer Day Parade has been a local holiday. The agenda today is the same as it was when I was 3-years-old and even long before that. The highlights include the Parade, (10AM Sharp!), Children’s Pet Show (I’ve brought home a few blue ribbons over the years), Antique Car Show, History Museum, and the Bean Feed in the Park (even that’s Still FREE!).
Cal Poly culture permeates throughout the county but is a defining element in SLO. While at the SLO Chamber of Commerce yesterday, I over heard an interesting conversation. (Ok, I was eavesdropping in line.) A tourist asked, “what’s the seasonality in SLO? How is it defined?” The Chamber representative answered “When the students are here and when they are not.” She went on to explain that in their absence, it’s quiet and wonderful; July to early September is her favorite ‘season’.
I have to agree with her statement. The rest of the year we see a 50% increase in population which elevates the noise level and activity is heightened. But I love that. The vibrant energy the students bring gives downtown SLO an ever-active appeal. Us locals can forget that they are a driving force of our economy and that they perpetuate a large portion of our real estate transactions.
Maybe I just have an added appreciation for Campus and Student Life because it was only a decade ago that I graduated into the ‘professional’ population. Regardless, it is significant in our community and a dynamic resource that I encourage you all to tap into. For starters, Poly is hosting the Ted X SLO tomorrow! This all day seminar boasts an impressive line-up of speakers who are all accomplished leaders of their industry. Tomorrow’s topic revolves around Community.
Realtor magazine has compiled one of the best architecture references that I’ve come accross. It covers both residental styles and individual structural elements. As you likely know, San Luis Obispo-and the County at large-has an ecclectic range of architectrual appeal. Diversity is seen not only block to block or street to street, but more commonly, house to house!