Local Sales Market Heats Up

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So here we go.  The local sales market in San Luis Obispo County is heating up.  Looking at the attached graph, you can see a steady trend of increased pending sales in the county.  In fact March had the highest number of pending sales in the last 15 months.  During the same time period we have seen the inventory drop by approximately 400 homes.  Also in March, we see an increase in closed sales.  Over 100more homes closed escrow in March than in February, and finally, just last week, we heard that 30 year fixed rate loans dropped below 3.5%.

Wow!  This is all great news for both buyers and sellers.  However the market is definitely becoming a sellers market, with multiple offers on many properties.  For buyers, here is one of the best tips you can get.  Sit down with a local lender and get pre-qualified.  In fact get a prequalification letter to submit with your offer.  Some lenders can even provide a preapproval letter which is even better.  When there are multiple offers sitting on the table, the seller will look at the strongest offer possible.  In addition to getting prequalified, spend some time with your local real estate agent and learn the local market.  Know which areas are selling the fastest, learn the relative values of similar properties, and be prepared to act quickly when the right property comes along.  This advice goes for both first time, and seasoned buyers.  There is a learning curve so spend some time to get up to speed by using the professionals in your area.

Good house hunting.

Larry D. Smyth

President/Broker

Farrell Smyth, Inc.

 

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