Market Trends
2024 Housing Forecast
Economists for the California Association of Realtors recently released a 2024 housing forecast with their expectations and predictions for next year. While most of 2023 will be marked by low inventory, steadily increasing interest rates and declining affordability, should we assume anything will change? How did we get here? From the early 1960s through the…
Read MoreInsurance Challenges and Changes
Obtaining homeowners insurance has become an increasingly difficult proposition in California and other high risk states, as many insurers have stopped writing new policies and are sending non-renewal notices to existing homeowners. The escrow process during a purchase allows 17 days as a standard timeframe for buyer due diligence, which is often focused on property…
Read MoreLocal Market Trends
With limited inventory and strong buyer demand despite increasing interest rates, many home buyers are getting creative making their offer as attractive as possible. While some warning signs of a slowdown are emerging, most sales in SLO County seem to be humming right along. Below are some of the terms I am often witnessing buyers…
Read MoreUnderstanding Escalation Clauses
Given historically low inventory throughout California, many sellers are experiencing multiple offers situations as buyers have few options to choose from. As some buyers lose out time and time again, they often become more aggressive with their offer price and terms. This sometimes leads to a buyer including an escalation clause in their offer. Note…
Read MoreSeptember 2020 Real Estate Update
The California housing market continued to improve in August, with the median home price breaking $700,000 to hit a new record. August sales topped 465,400, the strongest pace in 10 years, and the second straight month over 400,000 as motivated buyers flooded the market. According to C.A.R.’s weekly data, home sales in California have fallen in recent…
Read MoreCoronavirus Market Impacts-6/24/20
As California entered its second month of reopening under phase 2, the recovery is proceeding at a cautious pace. While the rebound in the economy is uneven, the housing market continues to exhibit strength and remains one of the most promising sectors, poised to lead the economy forward. Despite home sales declining more than 30…
Read MoreHow COVID-19 Affects Real Estate
We are in uncharted territory – that much is clear. After a Shelter-in-Place order was announced by SLO County on March 18th and a subsequent statewide order was announced on March 19th, the real estate community has been left to decipher whether or not sales activity are deemed “essential”. The California Association of Realtors® (C.A.R)…
Read More2020 California Housing Forecast
*Excerpt from a press release by the California Association of REALTORS® Low mortgage interest rates will support California’s housing market in 2020 but economic uncertainty and affordability issues will mute sales growth, according to a housing and economic forecast released by the California Association of REALTORS®. C.A.R.’s “2020 California Housing Market Forecast” sees a small…
Read MoreThe Problem with Zillow Zestimates
For many home buyers or sellers who search the Internet looking at home values, the Zestimate has become all too familiar. The question is, should that value be relied on? Zillow uses an automated valuation model (AVM) to determine the fair market value of a property, which takes into account basic characteristics like the number…
Read MoreWhat You Should Know about Sale Comps
Many property owners look at their home’s value on websites like Zillow,
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