This is incredibly important for buyers who may want to take advantage of the market at a optimum time that supports their interests over the sellers.  Without question, that time is now!

I’ll say it again, we are in a “Strong Buyers Market”!!!!

“But wait Cory” you say.  “How can you say ‘optimum time’, when you have not answered the question as to ‘where is the bottom of the housing market?’”

That’s a fair and straightforward question.  The answer of which can be quite straightforward as well.

No, I don’t have a crystal ball.  I don’t know who will be in the Super Bowl come February, nor do I know if Romney can hold off Cain to run against Obama.  But I do know numbers.  As critical as timing the local real estate market, arguably it’s the interest rate associated with that homes 30 year mortgage that is the largest factor in swaying actual carrying costs through the years.

In considering waiting for the price of real estate to drop, concerning interest rates, ask yourself this question: do you want to buy the house for less money, or do you want to pay less for the house?

Here’s an example using 2 loan scenarios calculated at 1.25% prop tax and  .5% PMI.  Both scenarios track an identical home, however the first example features a home sales price of $250,000 at a 4.5% 30 year fixed rate.  The second example features a 10% reduction on price of the same home, but a 5.5% interest rate on the loan.  In short, the buyer waited for home prices to drop, but an expected interest rate increase (1%) did take place during the wait.

Example 1: 

Sale Price $250,000

Interest Rate 4.5%

Payment $1527.13

Interest Paid (30 years) $193,516.78

Example 2:

Sale Price $225,000

Interest Rate 5.5%

Payment $1590.03

Interest Paid (30 years) $234,909.09

Before we size up the results here, let’s first review how we got here.  Last week it was posed that a buyer potentially wait on the sidelines to buy till the question, ‘are we at the bottom of the market’ was answered with certainty.  To which my answer was simple:   do you want to buy the house for less money, or do you want to pay less for the house?

Today’s real estate environment enjoys extremely low values.  I’m presently in negotiations with a Grover Beach property, two units, bringing in $1750 a month.  Seller just countered at $191K.  How loudly can you say “CASH FLOW”?  Point is, when you can buy two units in the 5 Cities for under $200K, you are enjoying extremely low values.

True also, we are enjoying HISTORICALLY LOW INTEREST RATES, and it’s my contention that this critical reduction in interest rate creates a greater positive influence to BUY NOW than even the huge reduction in price we have seen over the last 3 to 4 years!!!!

So yes, prices have fallen and inventory is high (Strong Buyers Market) and interest rates are rock bottom (Historically Low Rates).

Is now a great time to buy?  Of COURSE IT IS!!!!!!!!!!!!

But are we at the bottom?  THE ‘BOTTOM’ OF HOME VALUES IS TRUMPED BY RISING INTEREST RATES in a market that the federal government has artificially kept low for the last 3 years. Rates must rise.

The Examples above show a very real scenario of an individual that chooses to buy today versus an individual who focuses too much on ‘property values’ at the expense of a very likely interest rate increase.  True, they secured a home a lower price but they paid through the nose in increased house payments and unnecessary interest over the course of the loan!!!!!!

In closing folks, our parents and their parents before them bought houses in good and bad times…sometimes in very bad times.   They did it because it was the right decision for them at that moment.  Well, your ‘moment’ is now.  Your situation in the scheme of things is this:  property has fallen in value by up to 50% in some area; there is a ton of inventory to choose from and demand is low;  and ohhh…you’ll enjoy a low fixed interest rate that would even make your Grandmother green with envy!

For this reason, for many smart folks across America, the bottom is now.

I sat out on the patio and let them do their walk-through without me, so they could speak freely and not feel any pressure.  When they came back outside, they told me they had decided to pass on this one because they noticed things the second time around that they had not noticed during the first visit.  “Like what?” I inquired.  There was a toilet leak in one bathroom, and there was an area behind one of the new kitchen appliances where the wall had not been patched.  They feared that the cosmetic renovations that were made might be hiding some “scary” issues.  They knew that the bank would not make repairs if they went under contract, and they knew they would not get disclosures about the history of the house, since the bank had no knowledge of what transpired prior to the foreclosure.

The issues that came to light on our second visit were minor, at least in the eyes of a realtor who tours hundreds of homes a year.  However, to this detail-oriented couple, they were enough to make them step back and re-evaluate.  I understood their fear of the unknown, and stressed the importance of using the due diligence period to have a home inspection done with a reputable professional.  The buyer generally pays for this, and the going rate in our area is somewhere between $325 and $450.  In a situation where seller disclosures are not available, such as a bank owned home or one that is an estate sale, a good home inspection becomes even more critical.  Once the home inspection is complete, the buyer can then decide whether to move forward with the purchase without risking their earnest money deposit.

I love working with first time buyers, and this was a perfect opportunity to delve into my speech about home inspections, and requests for repairs.  My philosophy is that buyers should price their offer based on the visible condition of the house and after reviewing any reports that might be available at the time the contracts are completed.  If there are obvious repairs to be made, if the roof needs replacing, if there are rotten decks, nasty flooring, or a yard that hasn’t been tended to for months, I would counsel my buyers to adjust their offer price accordingly. For the most part, I don’t think it’s appropriate to try to later renegotiate price for items that were obvious at the time the offer was written, or include them in a request for repairs.  If a home inspection turns up issues that were not initially visible, such as a furnace with a cracked manifold, electrical or gas line problems, serious foundation issues, or other HEALTH AND SAFETY related conditions, I totally support asking the seller to make the necessary corrections.  I don’t view a home inspection as a “fix it” list, and am surprised when I see buyer repair requests that basically call out almost everything the home inspector mentions in their lengthy report.  No home is perfect, even a brand new one.  The California real estate purchase contract specifically states that “property is sold in its present physical condition.”  Sellers do not even have to respond to repair requests.  However, when buyers and sellers are reasonable, compromise can generally be reached, and both sides end up satisfied.

• Collecting a deficiency
• Having a borrower owe a deficiency
• Requesting a deficiency judgment
• Having a court render a deficiency judgment or
• Requiring the borrower to pay any additional compensation, aside from the proceeds of the short sale, in exchange for approval of the short sale
•  A borrower is protected under this law if all of the following requirements are met, and no exception applies:
• Mortgage loan is solely secured by a deed of trust
• Mortgage loan is for a 1-to-4 residential units property
• Borrower sells for less than the outstanding loan balance owed
• Lender provides a written short sale approval
• Title voluntarily transfers to a buyer by grant deed or other conveyance document recorded in the county where the property is located
• Proceeds of the sale have been tendered to the lender or the lender’s agent in accordance with the parties’ agreement.

The full text of Senate Bill 458 is available at www.leginfo.ca.com

The 2 Factors that should make today’s buyers absolutely giddy are:

1. Strong Buyers Market and
2. Historically Low Interest Rates.

Today’s blog will tackle the 1st, Strong Buyers Market; next week, we’ll tackle the 2nd.  But do realize, for today’s Central Coast Home Buyer, they are both intensely and pleasantly linked.

As we discussed in previous blogs, people buy homes for various reason.  Throughout the 20th Century,  a home buyer made that plunge mainly because they intended to live in the home through the years.  And they did.  Course.. that’s back when people remained at their jobs for 30 years, and a pension was something you could rely on.  But even through two world wars, The Great Depression, many recessions, periods of high inflation, the relative recent spike in home prices, followed by a well needed market correction, people continued to by homes for various reason!

And regardless of the tough circumstances and difficult times, they did it because it was the right decision for them at that moment.  It did not matter to the individual home buyer if the economy was weak, as their pocket book supported the purchase.  It did not matter if the purchasing power (inflation) of the dollar was down, home purchases continued.  When home prices went up, Americans as a whole, supported those higher prices by…continuing to buy.  The value of home ownership has been, and continues to be, an American mainstay.

Even when ‘supply and demand’ doesn’t necessarily support it.

According to the National Association of Realtors, in 2005, the months supply of homes (this number tells you how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume) ranged from the high 3′s to 5.  So we did not have that many homes available.

But at that same point in time, American set records in homes purchases:  over 7,000,000 existing homes were sold in 2005!

So you have relatively low inventory of homes and a huge influx of buyers.  Supply and demand teaches us that when we have more demand than supply, prices go up.  And they did…in a big way.

So oddly, even against the laws of supply and demand, people (7,000,000+) still bought homes!  And they paid through the nose.  And this was defined as a ‘Sellers Market’: low inventory, high demand, prices go up.  Seller wins!!

And while we’ll keep the reasoning for this huge influx for another post, what’s pertinent here is that TODAY’S BUYER ENJOY THE OPPOSITE SCENARIO.  TODAY WE ENJOY A STRONG BUYERS MARKET!!  Buyers win!!

Today, we have larger inventories of homes and fewer buyers.  Again, supply and demand…if we have a ton of sellers trying to dump their property to a relatively small pool of buyers, prices go down!  And they have…in a big way.

Love ‘em or hate ‘em, the influx of homes to our local Central Coast market due to foreclosure is a boon for area buyers.  Even if you are not pursuing ‘foreclosures’, per sey, the involvement, sale and influence of foreclosed homes has a positive effect on local real estate prices.  For example, to break homes into the classification of Traditional, REO and Short Sale listings, both the Traditional seller, as well as the REO asset manger must keep their pricing in line with the Short Sale market if they expect to compete for the same buyer.  In short,  a Traditional listing will be priced lower due to the influx of Short Sale listing that will continue to flood the market.

This shift will be addressed in a later post, but suffice to say, foreclosure listings, pre-forclosure listing as well as ‘shadow inventory’ (millions of homes yet to be foreclosed and released into our market) are here to stay for awhile and by that fact, inventory will remain high, thereby pricing kept low.

But how low?

Love it or hate it, Zillow tracks market data for our Central Coast.  So while I’m NOT plugging Zillow, the following stats stem from Zillow.com as of today.  To follow are certain Central Coast cities and towns, followed by the yearly change in market position as well as the average home value for each area.

Clearly, home prices are down over 2010.  Moreover, in a few areas on the Central Coast, some homes are down by 40% and 50% from the market peak in 2006; I see it often.

A question now for today’s potential buyers (and potential sellers should pay attention too), is ‘where is the bottom?’  I get that question a lot.  And I always go back to ‘why’ people buy?  What is their ‘why’?  If their ‘why’ was important enough to choose to buy in the 1970′s when inflation was rampant, or in the 80′s when the interest rates ran up to 16%, or when any number of obstacles to ownership presented itself, AND THEY STILL MADE A POSITIVE DECISION TO BUY, then what I start out by saying is that “today is strong buyers market.”

Folks, it’s a simple statement, but to a hopeful homeowner, that statement should mean I can: 1) dictate price, 2) dictate terms, and 3) if I don’t get what I want, another great home will present itself next week.

Buyers…that’ a powerful position to be in.  The fact that the seller (banks?) needs your money more than you need their house!  That’s another definition of a “Strong Buyer Market”.

A strong buyer buyers market is pivotal for your success.  And it’s today.  So putting aside all that cheesy, salesy lingo we all hate, if you are genuinely interested in a home purchase, the question presents itself, do you choose to buy in a ‘sellers market’ or a ‘buyers market’?

Naturally you buy when the market is in your favor, a ‘buyers market’.  Again, that’s today

And ohh…don’t think for a minute I am ducking the question about ‘where is the bottom?’ because the answer to that is found in my next post, The 2 Factors That Should Make Today’s Buyers Absolutely Giddy: Historically Low Interest Rates.  HINT: do you want to buy the house for less money, or do you want to pay less for the house?

First impressions are huge.  Look at your house from the perspective of a buyer.  When we live in the same place for a long time, it is easy to overlook its overall condition.  How does the yard look?  How does the roof look?  If you have an old shake roof, a new buyer probably will not be able to get homeowner’s insurance for more than a 60 to 90 day initial period.  If the outside of the property isn’t maintained, buyers will be suspicious about what they can’t see.  Are there stains on the ceilings from old leaks?  Even if a leak has been repaired, a water-stained ceiling is a red flag.  A buyer will notice it, and so will the home inspector. Consider some inexpensive fixes, like painting the front door, or sprucing up front yard landscaping and adding a couple of colorful potted plants near the front door.  It makes the buyer feel that the seller has cared for the house. Similarly, when a seller has installed a new furnace or water heater, a buyer will feel confident that the seller has taken care of the house.

Be careful not to overdo! Now is not the time to try daring designs – stay neutral!  Try to appeal to the greatest common denominator.  There was recently a beautiful home in Pismo Beach for sale.  While the house appeared to be in great condition, the owner had sealed off the 3^rd bedroom and turned it into a walk –in closet, and also painted bold red and black stripes on the walls.  Many buyers can’t see past the initial impression.

Little things mean a lot! You can install new faucets, cabinet pulls, and lighting with a minimal budget and it will brighten the house immediately.   Think about re-caulking the area around an old bath or shower enclosure, or bleaching the grout between the kitchen tiles.

Rethink the value of a pool or hot tub. Unless you live in an area like Palm Springs or Phoenix, these actually have no resale value at all.  Many buyers feel that they pose safety hazards, especially buyers with children, and buyers also worry about maintenance frequency and cost.  They are seen as an inconvenience, not a selling point.  Think of the common denominator….you want to appeal to the largest slice of the population that you can!

If your home is dated, you probably won’t recoup the money you spend on a remodel.  I’ve seen people spend tens of thousands of dollars on flooring, kitchens, etc., just to have a new buyer rip it all out and start over.   Consider bringing in a home stager instead, so that you can show off furniture and accessories you have in the best way possible.  You might consider refacing your cabinets if they look worn, or painting them, rather than redoing a kitchen. Or, you might try refinishing a floor or bringing in area rugs rather than gutting the kitchen and completely remodeling it.  It might make sense to replace extremely outdated appliances, but it’s unlikely you’ll recoup your investment with an extensive remodel.

Painting is the least expensive improvement you can make that is likely to return more than you invest, provided you select the right colors.  Pay attention to the front door, as it is the gateway to your home.

Good luck!  And remember, a knowledgeable Realtor can offer valuable guidance as you get ready to list your property.

Here are some highlights of her presentation:

• Unemployment Rate in San Luis Obispo County is: 8.6%
• Unemployment Rate in Santa Barbara County is: 9.3%
• Retail Sales were up 0.5% percent in the month of October, the growth is a result of the demand for iPhones…thank you Apple!
• From 2006 to 2008, the Housing Market dropped 44% in sales
• The market bottomed out in Fall of 2007 and plateaued in 2011.
• In California, 44% of the closings are either REO (bank owned sales) or Short Sales. It appears the number is coming down according to her report.

Here are some averages regarding Housing Inventory in California:

• There is an average of 2.6 months of REO Inventory
• There is an average of 5.9 months of Equity Sale Inventory
• There is an average of 7.9 months of Short Sale Inventory

Now for San Luis Obispo and Santa Barbara Counties:

• 25% of closed sales are REO in SLO County and 16% are short sale. (We are in good shape compared to Solano County which has a percentage of closed sales coming in at 42% REO and 31% Short Sale.

In San Luis Obispo City, there are currently:

• 50 homes are in Pre Foreclosure meaning they have received a Notice of Default
• 34 homes are set for Auction meaning they have received a Notice of Trustee’s Sale
• 13 are Bank Owned, Real Estate Owned

Again, we would rather be in San Luis Obispo compared to Sacramento since Sacramento is experiencing 2667 hone in Pre Foreclosure, 1776 going to auction and 1281 are bank owned.

In October 2011, San Luis Obispo County closed 223 escrows and the median price was $364,540. Out of those 223, 24 were in San Luis Obispo City Proper with the median price being $506,500 also for the city of San Luis Obispo. San Luis Obispo City currently has 6.4 months of inventory.

Overall, the report card and forecast for the upcoming year is that the Housing Market will be relatively flat with activity increasing 1% and prices going up 1.7%.

If you are interested in more information regarding California Association of Realtors and other related topics, please visit www.car.org

I know what you’re thinking…I’m a real estate broker and…no, worse…I’m a real estate ‘salesperson’ who thinks the only way off the fence is to ‘buy a home!!!’  Right?

I know, I know.  I hear the comments…we’re up there with attorneys!

But ‘Getting Off the Fence’, to me, does not mean that you need to buy a home to be comfortably off the fence; nor does it mean that you will find comfort in NOT buying a home.

No, to me, getting off the fence means simply bringing together the information so that you can make an educated decision about whether a home purchase would be a good fit for you.

Sitting on the fence, the uncomfortable feeling that we keep inside while we take NO steps to address an issue or concern, can be quite painful.  True also, the longer we accept that uncomfortable pain as a normal part of our existence, not only does it tend to dull other unresolved area of concern, like quality of life, but it also it makes the perceived effort of getting ‘off the fence’ that much more difficult.

Folks, whether it’s a job change, a move across country, or even a possible change in relationship, your best defense is to first arm yourself with the facts!  Make time to CAUSE yourself to become an expert in any issue that leaves you painfully unmoving, quietly uncomfortable.

With real estate it’s easy.  You are a computer away from easily gathering facts about school districts, employment factors, neighbor values as well as SOLD homes in your area of interest.  I say SOLD homes because SOLD homes are the best determiner of market value.

AND with that same SOLD price of the home you ‘would have found interesting’ in that neighborhood that really seems to have everything you want, you can also find many on-line mortgage calculators that can give you a rough idea of what a monthly payment would look like.

But again, this is all behind the scenes, stealth-like…on the computer.  And when you’re building facts, anonymity is key.

But depending on what information you find, and how it meshes with your current situation, you may find yourself needing to get a little closer.  To that, I recommend that you first start with an reputable lender.  Ask around to co-workers, family, friends, look on-line, read blogs…do whatever it takes…but find a knowledgeable lender that has access to a line of multiple loan types.

She or he will be a great resource in viewing your assets, income, expenses, and taxes…all in an effort to determine what loan programs lend themselves to your situation, moreover what a comfortable mortgage payment is for YOU.

As a local real estate broker on the Central Coast, I have found first-hand the pros and cons of working with banks vs direct lenders vs mortgage brokers.  And while that will be a topic for another day, the main point here is that not all lending institutions have the same programs and not all the individuals in the lending business have the same level of expertise.  Just like with any profession (yes, especially real estate agents!!!), capabilities vary.  So do your due diligence here; a great lender is huge asset in any real estate transaction.

So now you have your lender in place.  You have had all your numbers scrutinized.  You now have been pre-approved for a certain loan amount.  And your previous market research has given you a good idea on how far your money will go in any particular home purchase.  You’re like a kid in candy store!  SLOW SOWN.  Buying house is not a race; just because you have been approved for a certain amount, does not mean it’s time to spend it!

DON’T JUMP OFF THE FENCE AND INTO HOME OWNERSHIP BECAUSE YOU CAN.  Instead now is the time to evaluate your life, your plans, your future, your family, your job…your overall present situation…and plug in the ‘facts’ that you researched prior to being pre-approved.

How will your quality of life be impacted by this potential purchase?  Beyond any financial adjustments, will your position in life, defined by you, be improved…and what does that look like to you?  Ultimately, you need to determine a ‘value to home ownership’ beyond what you may be doing now.

For some, after researching, bringing together the market statistics, getting loan pre-approval for a particular amount, applying that purchasing power to homes of interest, then finally determining the ‘value of home ownership’…well…for some, the decision is to choose NOT to pursue home ownership at this time.  And for them, that would be the right decision.

True also, many others, taking the same steps to determine ‘their’ value of home ownership, choose to move forward in the home buying process, as the value is clear.

But what happened here?  While they were both ‘right’, something more important took place: both were able to ‘get off the fence’.  Both took action, took control in their lives to address a concern and made an educated decision that worked for them at this moment!

Guys, life’s issues are quite complex these days.  Sitting on the fence can be painful, counter-productive and has likely kept you up some nights.  Through time, ironically, the perceived discomfort of making a change often is the ONLY reason why we remain in pain, remain on the fence.  Go figure…

So while I can’t help you decide about that offered promotion at work, and I’m certainly the last one you want to talk to about ‘relationships’ (teehee), I can tell you this with absolute confidence:

When comes to a home purchase, ‘Getting Off the Fence’ can be a fun and constructive use of your time.  Spend a few weeks of your time bringing together the facts that matter to YOU.  Find a lender that absolutely impresses YOU.  Then make a decision that makes sense for YOU.

What you decide is not so important to me as is the fact that YOU MADE AN EDUCATED DECISION that works for YOU.

You are now ‘off the fence’.  Rest easy tonight.

Next Week – Part 4 of 20 – The 2 Factors That Should Make Today’s Buyers Absolutely Giddy!

Across the board in all areas of our marketplace we are seeing about a 10% increase in sales this year when looking at the first 9 months, versus last year. Home prices are fairly consistently lower overall in all markets except one, with a general decrease in per square foot price of 5-6%.

San Luis Obispo
Home sales in 2010 for the first 3 quarters were reported at 270, as opposed to this year’s 300 – logging in an increase of 10%. The average price per square foot in this area dropped about 7%. The average Days On Market registers quite high with homes selling after being on the market on average for about three to four months.

We are seeing some good news, however, with our selling prices on two recent transactions with one at full price of list amount and the other sold within one thousand dollars of list price. This demonstrates continued strong demand despite low inventory.

North County
There was a sizable increase of 22% when looking at last year’s numbers compared to the first three quarters of this year. With 481 homes sold in 2011, versus 375 in 2010 – the first three quarters’ comparison shows a significant improvement in one year over the next. In terms of home prices, the average price per square foot is still fairly low at around $180 but when considering the sales prices the figure is up a bit.

Templeton and Paso
Templeton area residents enjoyed a 32% increase in sales this year versus last year (looking at the first 9 months of each year) with a change from 54 homes sold in 2010’s first three quarters compared to 80 sold in 2011.

Coastal Areas
Pismo Beach and Morro Bay are both coastal areas that are also showing signs of an improving market. Though sales were up 16% in Morro Bay, prices were down 11% and the amount of time needed to sell homes was longer than the previous year. Pismo Beach is the only market logging in a significant drop in sales – with a huge decline of 41% looking at this year’s first 9 months versus last year’s numbers. Conversely, this is the only market among our marketplace that showed an 8% increase in average price per square foot.
~
Through these numbers we can see that sales are on the rise. Especially when you factor in the great rates still available, coupled with the low home prices – this is a particularly good time to buy. The rates are also helping to stimulate the market so that soon we can see a recovery in full swing.

Home ownership is not for everybody. I am faced with the reality of renting vs buying your own home several times this year. I provide monthly home buyer workshop that are marketed to current renters. I do this because this is the first time in decades here on the Central Coast where, in several areas, the carrying cost of a mortgage (with estimated tax benefits) is less than current rents.

It has flabbergasted me to meet, build rapport and successfully convey today’s current advantages to potential buyers and still have folks who just do not ‘see’ themselves as a homeowner. Often, I’d paint the picture to the renter that they are already essentially a ‘home buyer’, but just for the landlord!  Then, I’d remove money as a factor when compared to their current rent by using an estimated FHA or a USDA 100% financing loan scenario with ‘seller paid’ closing costs.  But even with money removed from the equation, occasionally, the light just did not turn on.  And that’s OK.

Because home ownership is not for everybody. Myself, I’m from a long line of renters. Today, my family still rents, much to my chagrin. But I respect their decision…even if I don’t agree. So what happens? Why does one sibling choose to buy while another chooses to rent, with all other factors being equal?

Well, maybe they don’t have a strong enough ‘Why’?

Why be a home owner? If a person does not have a strong enough ‘Why’, by default, they tend to perpetually sit on the ‘home ownership fence’, telling themselves they are playing it ‘safe’, but still unable to find the clarity that so many of today’s recent home owners enjoy.

So what are Why’s?

Today’s Why’s that are shared with me vary from ‘I understand now is the best time to buy’ to ‘I want a dog’. Both are right. Let’s look at more Why’s I’ve been told…in no particular order.

• I want to build equity
• because paying a mortgage today is about the same as what I pay in rent already
• tax benefits that are not available to renters
• a hedge on inflation (good investment)
• something to turn over to my kids
• records low interest rates
• I was not in a position to buy last time home values were this low
• I want a yard to plant in
• I like entertaining
• I don’t want a landlord telling me what I can and can’t do
• I want to paint my bedroom purple (seriously)
• stability

Each of these are powerful motivators, and everybody is different. But there are more. Studies show that home ownership enjoys a strong relationship with safer neighborhoods, more solid marriages, children performing better in schools, more volunteerism and higher church attendance.

But again, everybody is different, and everybody is right.

So here’s the Question:  What’s your Why?

________________________

Next Week – Part 3 of 20 – ‘Getting off the Fence’

And that’s true. But the coastline, striking as it is, represent just one ‘flavor’ of properties here on our Central Coast. North County enjoys the warmest of weather, it’s rolling hills nurturing the hottest viticulture region this side of another famous wine producing region in California: Napa. And of course, there is the actual town of San Luis Obispo, recently voted “Happiest City in America” by Oprah. Well, what can I say? Oprah said! And naturally the small, idyllic beach towns starting with San Simeon’s own Hearts Castle that will wind down Highway 1 to the recreational dreamland of our Ocean Dunes.

But just as there are different ‘flavors’ of towns, true also is the variety of folks interested in purchasing Central Coast properties.
Whether it’s retirees moving to the area to finally warm their bones, or lateral and move-up buyers still wanting to love where they live, to first time buyers wanting to taking advantage of reduced real estate prices and the best interest rates in 50 years, the potential buyers here are as unique as the countryside.

Ironically, with all this variance, they do share one thing in common:  the desire to buy property on the Central Coast of California.  Indeed, they do share the myriad of questions and concerns inherent to all buyers, such as towns of interest, schools, weather variations, and employment opportunities.  But they must also share in the understanding that Central Coast Real Estate is locally driven!

Case in point, a responsible real estate agent from Cambria will do an outstanding job discussing the history of Moonstone Beach, as well as address the ‘water list’ with folks who plan to build their dream home in future.  But this responsible agent may not be the best person to ask about why there is so many eucalyptus trees in Nipomo or when will the Willow/101 Freeway exchange be completed.  Again, Central Coast Real Estate is locally driven.

As such, I’m going to bring you along with me over a 20 part series to address not only the common questions buyers need to address prior to signing the line which is dotted, but also the local items of interest – some excitedly optimistic, other cautionary in tone -  that need equal representation.

So prepare yourself to get settled in over the next several weeks, as a nice piping hot cup a coffee, and a few minutes of your time will be all it will take to count your self as among the savviest of buyers here on the Central Coast.

Next Week – Part 2 of 20 – ‘Questions to Consider Before Buying‘