My wife and I have been exploring hiking trails in the San Luis Obispo area this spring and came across a fabulous one today. It’s above the Shell Beach Bluffs walking path, so you can park there and hike up the hill or start from Ontario Road in Avila Beach. There were lots of wildflowers, mustard and gorgeous, expansive views of Pismo Beach, Shell Beach and Avila.
Exploring hiking trails in San Luis Obispo county
Number of Foreclosure Listings Increasing in Santa Maria and Orcutt
My blog in September 2007 stated that 26% of the real estate listing inventory were either foreclosures, notice of defaults, short pays or REO’s. Now that percentage has increased to over 56%. The market is still bracing for a wave of new foreclosures by spring of 2008. Bank of America’s announcement of its plans to purchase Countrywide Home Loans is a good sign for the real estate market, in my opinion. It says to me that Bank of America is betting that the market is getting close to hitting bottom. Personally, I am seeing an increase in sales activity and hearing the same from others in the business.
On another very important note – mortgage interest rates just came down to as low as 5%.
Posted in Foreclosures
Leave a comment
Is Now A Good Time to Buy Real Estate?
The inventory of homes for sale have sky-rocked and there are a record number of properties that are in foreclosure. Prices have dropped to levels lower than we’ve seen in years. Sellers are offering all types of incentives to sell their properties. Real estate is “on sale.”
Many are predicting that prices will continue to drop, leading some experts to suggest that buyers should wait. But keep in mind, there will be no bell that goes off announcing that the market has “hit bottom”. Once prices start to rise again (and they will), those who have been waiting to buy will jump back into the market, and competition for properties will increase.
If you are looking to purchase a home that you plan to own for a while, I believe that now is an excellent time to buy. Interest rates are good, there are a lot of properties from which to choose, and sellers are motivated. If you are concerned that prices will drop another 10%, then make an offer based upon that assumption. You may be surprised at the result.
Posted in Real Estate Sales Activity
Leave a comment
Update on Foreclosures in Santa Maria
The Santa Maria/Orcutt real estate market continues to feel the effects of the fallout of the sub prime loans of the previous years. As those loans are coming to maturity, we are seeing the percentage of our inventory increase in our valley. Quote from Joseph Holland, county clerk, recorder and assessor, states 85 percent of the counties foreclosures this year have been in the Santa Maria Valley. Multiple listing Service (MLS), states today 758 homes available with 285 of those being foreclosures, notice of defaults, or short pays, that’s over 26% of the inventory now. If you are looking at any of these possible situations arising, don’t wait until the last moment – you have options that should be explained in detail to you prior to it being to late.
Posted in Foreclosures
Leave a comment
