Fissori Real Estate Central Coast Podcast

Are Current Mortgage Rates Affecting the Market?

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Thu, 9 Mar 2017 10:46:00 -0800

Despite the recent rise in mortgage rates, our market is still offering great opportunities for both buyers and sellers. Here’s why.

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If you're concerned about the recent rise in mortgage rates, I want to reassure you — things are much better than they seem. Yes, mortgage rates have certainly risen since 2016. From a low of 3.44% last August, the 30-year fixed mortgage rate reached 4.12% in January and hovered just slightly below that into February. This increase means you’d be paying almost $100 more each month on a $250,000 purchase. That's a sizeable chunk of change, and it's got some people nervous However, the current rise in rates is unlikely to affect the real estate market anytime soon. Why? The rates we saw last year were an all-time record low. Historically, rates have been far higher. Ten years ago, the same 30-year mortgage rate stood at 6.34%. For much of the 90s, rates hovered between 7% and 10%. Throughout the 80s, average annual rates never dipped below 10%. In 1982, when I actually purchased a home, they were as high as 16%.

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Current rates are still at historically low levels.

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When viewed in this context, it's clear that current mortgage rates are still very, very low, and the real estate market is actually in a very good place. What does this mean for you? If you are looking to buy, the current low rates offer a great opportunity to afford an amazing home. If you're looking to sell, you are in a great position to do so quickly and for a top price. You see, last December did see a drop in home sales — but not because of any rise in mortgage rates. Instead, this slowdown was due to a constrained supply of new homes. In fact, there are plenty of eager buyers around our area, and prices continue to rise. If you want to discuss upcoming trends in home buying or selling or you need a referral to a lender, don’t hesitate to give us a call. We’re here to help you.

6 Reasons to Start Your Pre-Listing Renovations Early

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Mon, 20 Feb 2017 12:48:00 -0800

Why is it smart to renovate your home before you sell it? There are six reasons to renovate early that I wanted to share with you.

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If you are thinking about selling your home this year, now might just be the time to start a renovation to help your sale. There are six reasons why:

You get to enjoy the new stuff. If you're spending a lot of money to update your home, you should at least get some enjoyment out of it before you turn the house over to someone else. If you've been waiting for a decade for new appliances, it would be a shame to move without cooking a few meals or holding a dinner party or two with them.
Renovations always take longer than expected. It's just a fact of renovations. If your timeline is six weeks, it's probably going to take you 10 or 12 at least. Give yourself plenty of time to avoid a stressful scramble at the end when you're trying to sell.
There could be issues you're unaware of. Selling your home is a lot harder when you run into new issues like mold or termites. Getting the jump on these issues ahead of time will give you the time you need to fix them and keep your sanity.
The renovation doesn't have to be huge. You don't always have to strip your house down to the studs. Sometimes you just need a light touch, so think small. Quick cosmetic upgrades help get buyers through your door for a quicker sale. The amount of time your home is on the market is key to determining what you'll net at closing.
You will need them. You might not like the idea of spending money on your home before selling it, especially if you already have your eyes on a new one. However, almost all homes need a little updating or staging to increase their value and help you sell quickly.
You'll get a return on your investment if you renovate smart. Updated homes typically sell faster and for more money if the updates are done well and are the kinds of updates buyers look for.

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Sometimes all it takes to add value is a light cosmetic touch.

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If you're not sure which renovations to consider, give us a call for some ideas for which popular remodels will add to the value of your home. This topic is especially near and dear to my heart this month since I'm starting a renovation of my own home for these six reasons. I'd be happy to refer you to any contractors you need. If you have any other questions, give me a call or send me an email soon. I look forward to hearing from you!

What’s the Latest News From Our Local Real Estate Market?

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Fri, 3 Feb 2017 08:43:00 -0800

The latest stats are in for the San Luis Obispo County real estate market.

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I just received the latest market snapshot for San Luis Obispo County, so today I’m going to answer the question, “How’s the market?” Let’s break down the statistics and start in the northern part of the county, where the single-family median home value stands at $484,814. The year over year median price rose 18% after a two-month dip. The average property in this area is on the market for 68 days, and there are 196 properties currently listed for sale. Moving over to Scenic Coast, the single-family median home value fell for the second straight month and now stands at $540,000. The year over year median price also fell 4%. However, the average property in this area is on the market for only 58 days, and there are only 75 properties currently listed for sale.

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Across the county, fortunes varied for buyers and sellers.

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Heading down to San Luis and Avila Beach, the single-family median home value stands at $720,195. The year over year median price rose 5%. The average property in this area is on the market for 50 days, and there are 35 properties currently listed for sale. Here in the southern part of the county, the single-family median home value stands at $568,000. The year over year median price adjusted upward 1%. The average property in this area is on the market for 78 days, and there are about 200 properties currently listed for sale. If you’re interested in knowing what your home is worth in your neck of the woods or want to know the value of a home you’re interested in buying, please feel free to give me a call. I’d be happy to speak with you!

5 Tips for Selling Your Home Fast and Easy

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Tue, 17 Jan 2017 07:58:00 -0800

Selling your home quickly isn’t difficult. You just need to know how to price it correctly and how to cater to the market.

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What are some tips to selling a home fast? The inventory of homes in San Luis Obispo County is still fairly low. Despite this, there are still some homeowners out there whose houses aren’t selling as fast as they would like. Here are some suggestions to rectify that and sell your home fast: 1. Price it to move. The number one reason a home doesn’t sell is its price. While everyone dreams of selling their home for top dollar, if you need to sell quickly, this is the one time we recommend pricing it on the modest end, or even below. This concept is difficult for some sellers, but a conservative list price should encourage more offers and lead to a faster sale.

2. Set a hard deadline for the offers. You can make this clear in your listing by saying you’ll be accepting offers only after a certain date. From there, just price your home right and watch the offers roll in!

3. Sell to a flipper. There’s no faster home sale out there than one that happens when the buyer is a flipper. These buyers often enable you to sell the home as-is with cash, which removes the burden of costly home repairs. These situations especially appeal to homeowners who just need to get a property off their hands quickly.

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Price your home right and watch the offers roll in.

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4. Offer incentives. Some sellers offer cash for the buyer’s agent if a full price offer is received by a specific date. Other times, the incentive is for the buyer who might score a refrigerator or some other type of furniture for acting fast.

5. Sell to a developer. This may sound drastic, but if you want to sell simply and quickly, consider selling directly to a developer. That person would purchase your home for the value of its land, tear down that property, and build a new one in its place. Although that may be hard to think about, if it’s a property that might not be in the best condition, it may award you the most amount of money in the end. Although pricing your home a little bit lower than the market value is a bit difficult, for most, the reward of having a home sell quickly with multiple offers is very exciting. If you feel like now is the time to sell your home, give us a call or shoot us a text. We would love to talk to you!

What to Do When an Offer Comes in Well Below Asking Price

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Thu, 5 Jan 2017 11:00:00 -0800

What happens when a buyer makes a lowball offer on your home? Don’t reject the offer right away; I have five tips to help you turn that offer into a sale.

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What do you do when you receive a lowball offer on your home? I have five tips for you today.

First of all, don’t get insulted. Just because a buyer starts out with a low offer doesn’t necessarily mean they are trying to take advantage of you. They might be moving from an area where lowball offers are the norm or where home prices are substantially lower than they are in your neighborhood. As a seller, there is a natural tendency to get upset when you receive a lowball offer. The initial bid is only the starting point; there is usually room for negotiation. Don’t just reject the offer outright. The next step is to respond gracefully. Even though you’re not exactly thrilled with the offer, a little gratitude can go a long way. Put yourself in the buyer’s shoes. Would you want to raise your offer if the seller was rude to you? Probably not. When you send your counteroffer, cushion your response by saying something like, “We greatly appreciate your offer and would love to work with you.”

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Deciding on a sales price is like playing a game of chess.

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Thirdly, make a strategic counteroffer. Assuming that you priced your home well, don’t feel pressured to drastically slash your price. Some people are so eager to sell their home that they counter too low. Remember, you don’t have to meet the buyer halfway. You should also expect a counteroffer to your counteroffer. Agreeing on a sales price is like playing a game of chess; you make one move and the buyer makes another before both parties agree. It may take some time, but just remain patient. Finally, remember that you can negotiate on terms. There are other ways to sweeten the deal besides lowering the price. For example, depending on your timeline, you could ask the buyer for an early close of escrow. If you have already purchased your next home, settling in 30 days instead of 45 would reduce the amount of time that you would have to pay two mortgages. You could also ask the buyer for fewer contingencies. One way to save money would be to make the home inspection an information-only inspection. In other words, the inspector would tell the buyer about any issues in the home, but you would not be required to make repairs. There are numerous terms that can be negotiated in a real estate contract; it just takes communication to figure out which ones are the most important. The right Realtor can help you negotiate through these offers and counteroffers to get you the best deal. As you can see, a lowball offer is really just the starting point of your home sale. If you have any other questions about selling your home or about real estate in general, give me a call or send me an email. I would be happy to help you!

How Does the Central Coast Market Affect Me?

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Tue, 3 Jan 2017 11:39:00 -0800

What's going on in the SLO market? It's still very robust, so today, I'm breaking down what that means in different counties.

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Welcome back to the Central Coast Updates! The latest snapshots for San Luis Obispo County just came in, so I wanted to give you a look at what's happening in the marketplace. Our market is still very robust throughout most of the county. Starting in North County, let's take a look at Paso Robles, Atascadero, and Templeton, where it looks like inventory is shrinking. Days on market is going up, values came off of last month's high, and the year over year value appreciation was relatively flat. This means if you have real estate plans, you definitely need to get connected with a good Realtor. Moving to Scenic Coast, which is Cambria, Cayucos, Morro Bay and Los Osos, inventory is also shrinking, days on market are going up, values came off of last month's high, and year over year, appreciation was somewhat flat. Down in San Luis Obispo and Avila, the month before that, median price took a big jump over last month, which is typical for this time of year. Interestingly, there was just a 1% increase in median price year over year. This is the third straight month where days on market has gone up and inventory has gone down.

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Our market is still very robust throughout most of the county.

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Down in South County, the Five-Cities area, median price saw a big jump in the last month and days on market jumped up slightly, making it the second straight month where prices have been somewhat flat. How does this affect you? For a more in-depth conversation, just give me a call or send me a text. I'd be happy to help you out and examine your own situation further. I look forward to hearing from you!

Have A Very Merry Christmas!

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Wed, 21 Dec 2016 08:31:00 -0800

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Merry Christmas!

We hope you and your family enjoy all that this amazing holiday has to offer.

We just wanted to take a moment to thank you for your continued support throughout the years. We wouldn’t be where we are today without your help!

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We wanted to thank all of our friends and clients that worked with us this year.

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It truly brings us joy to help you make your real estate dreams a reality. If you have any questions, please don’t hesitate to reach out to us. We’re here to help you in any way we can.

In the meantime, have a very merry Christmas!

Monthly Market Statistics for San Luis Obispo County.

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Wed, 30 Nov 2016 13:48:00 -0800

Though our market is very robust all around, it’s still favoring sellers. If you’ve been thinking about listing your home, now’s the time to act.

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The numbers from last month’s MLS are in, so how’s the San Luis Obispo County real estate market faring?

I’m pleased to report that our market is still very robust. Due to the lack of inventory, the number of homes for sale in the county is down 8%, and the number of homes that have already sold is down 12% over the previous month. However, the number of homes that are in a pending status is up 10.7%. Watch for those homes to close soon and be included in next month’s “sold” category.

The average price per square foot of a home is down 5%, which means that there may be a slight correction coming, but homes are selling quicker and the average days on market is down 11.3%. Although it’s up slightly from the previous month, there’s still only a 3.2 month’s supply of inventory.

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The numbers show that we’re still firmly in a seller’s market.

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In reviewing these numbers, it seems like the housing crisis is finally in the rearview mirror. There may be a correction here and there, but overall this has been and will continue to be a great year for real estate. However, there is one thing that may cause the industry to tap the breaks, and that’s a lack of inventory. If you’re debating whether or not to put your home on the market this year, now is the time to take advantage of the buyer demand.

If you’re interested in knowing what your home or a home you’re interested in buying is worth, please feel free to visit our home valuation website or just give me a call. I’d love to talk with you!

Why Fall Is a Great Time to Buy a Home

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Mon, 7 Nov 2016 11:34:00 -0800

Many of our viewers have asked lately whether the fall is a good time to buy a home. I wanted to explain today why it might actually be the best time of the year to buy one.

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We've received a lot of great questions lately, so today, we wanted to answer one from a couple of viewers who were wondering whether or not the fall months are a good time to buy a home. There are actually five reasons why I think fall might be the best time to buy a home:

Lower home prices. October has the lowest home prices of any month. This isn't just some guess; this comes from RealtyTrac's analysis of more than 32 million home sales over a 15-year period.
Less competition. Like the beach after Labor Day, the summer real estate market also clears out when the days turn crisp. Most summer buyers have already bought their home, so you'll have less competition in the fall.
Interest rates are still at an all-time low. In 1970, the average interest rate was 8.8% and by 2000, it was 6.29%. In the 1980s, it was as high as 12%! This September, it's 3.64%, which is about as low as we’ve seen rates get.
The holidays are just around the corner. Not only are most sellers worn out from the summer selling season, they're caught between a real estate rock and a hard place in that the holidays are barreling down on them. If they want to move in time to host Thanksgiving dinner and put up their Christmas lights, they'll have to close fast. These are motivated sellers, so use this pre-holiday window to your advantage. Offer to let them vacate fast if they cut you a deal.
Year-end tax credits. Nobody wants to buy a home just to please their accountant, but on the other hand, there is a sweet added incentive for closing on a home at the end of the fiscal year. Come April 15th, you might be able to take some nice deductions, including closing costs, property tax, and mortgage interest.

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Fall real estate is like the beach after Labor Day.

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There is a lot to think about if you're going to enter the market this fall. If you work with the right Realtor plus a competent lender and accountant, you'll be fully prepared to buy the right home for you at the right price with the best tax advantages. If you need a referral for a great lender or accountant, just reach out and we'd be happy to provide it for you.

If you're thinking about buying a home this fall, give our team a call or send us an email. We'd love to help you out!

San Luis Obispo Market Snapshot

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Mon, 24 Oct 2016 10:40:00 -0700

What's going on in the market? The numbers for September are hot off the presses, so I wanted to share some interesting details about what our market looks like this season.

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The market snapshots for San Luis Obispo are just in, so I wanted to talk about how the real estate market fared in September. The market is still very robust all over the county. In North County, there was a month-to-month drop in property values and properties were on the market a little bit longer (61 days) in September than in August, but the median price year over year rose by 10%. In Scenic Coast, the moderate growth in August values were dwarfed by the 19% increase in September, which is great. The single-family home value is up to $650,000, days on market is down to 41 days, the median price is up about 19% year over year, and there are about 104 properties available.

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The market is still very robust all over the county.

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Down in San Luis Obispo and Avila, the list of available properties for sale really shrunk last month. When you couple that with properties being on the market for fewer days, it really means less competition for today's sellers. The median single-family home value is about $716,000 and the average time on market is down to 38 days. The median price is up about 3%, and there are only 47 properties listed on the market in that area.
Down here in South County there was a big jump in the median price in the Five Cities areas. The number of days a property stays on the market for sale also jumped. The median single-family home is up to $615,000, the days on market are up to a 68-day average, and there are only 247 homes listed on the market. Year over year, though, the median sales price is up 15%. As you can see, things can vary a lot by area, so if you're curious about what your home is worth in your specific area, I'd be glad to help. If you have any questions, don't hesitate to call or email me today.

What Makes up Your Closing Costs?

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Fri, 30 Sep 2016 09:39:00 -0700

Your down payment isn’t the only sum of money you’ll need when buying a home. Closing costs can add up.

When clients are so focused on what their down payment is going to be or what their monthly mortgage payment is, they forget about the closing costs, which can be significant. We like to bring up closing costs with our buyers up front just so there are no surprises later.

When you purchase a home with a loan, there are a surprising number of associated closing costs. There are lender fees, underwriting fees, appraisal fees, property taxes, and homeowners insurance that will all be required by your lender.

In addition to those costs, there will also be a title insurance policy as well as escrow and notary fees. The total cost usually ends up being 1% to 2% of the purchase price. On top of these closing costs, you’ll also have to set aside $400 to $600 for inspection fees. You should also keep in mind that you may want to set some more money aside for when you move in. You may want to repaint or buy new furniture.

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Interest rates are still incredibly low.

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Don’t let these closing costs deter you from purchasing the home of your dreams. Interest rates are incredibly low, giving you a great opportunity to capitalize on your home purchase. We just heard from our preferred lender that rates are around 3.35% for a 30-year conventional loan.

The biggest piece of the puzzle to solve is finding the right Realtor and lender. When you're working with the right people, you will definitely have a successful transaction. If you have any questions for us, feel free to reach out and give us a call or send us an email. We look forward to hearing from you soon.

Central Coast Market Snapshot

cassidy@getvyral.com (FissoriHomes@gmail.com ) — Tue, 13 Sep 2016 10:44:00 -0700

The real estate market in San Luis Obispo County is still very robust. First, the numbers for the North County area:

The median price for a single-family home is $455,000, up 3.4% year over year.
The average days on market for a property is 50 days.
The median price per square foot for a home is $262.
There were 343 properties listed in the area at the end of July.

Here are the numbers for the San Luis Obispo/Avila area:

The median price for a single-family home is $784,500, up 16% year over year.
The average days on market for a property is 31 days.
The median price per square foot for a home is $431.
There were 98 properties listed in the area at the end of July.

Finally, the numbers for South County area:

The median price for a single-family home is $590,000, up 1.7% year over year.
The average days on market for a property is 54 days.
The median price per square foot for a home is $357.
There were 276 properties listed in the area at the end of July.

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The market for San Luis Obispo County is still very robust.

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If you’re interested in knowing what your home might be worth or have aspirations to buy or sell, please feel free to reach out to me. Just give me a call or shoot me an email, and I’d be glad to help.