January 26, 2012

San Luis Obispo Market

Posted to Buyers, Larry Smyth, Sellers

In our last blog, we posted the Credit Suisse report which provides survey information on the real estate market conditions nationwide, with additional reports for specific metro areas.

This time we are posting two graphs. Each graph covers the time period from July 2011 thru December 2011. One graph shows the number of homes for sale, the number of homes that went into escrow, and the number of homes that actually sold (closed escrow) for San Luis Obispo County. The second graph shows the same data for San Luis Obispo City. As you might expect, both graphs follow the same trend. Inventory, pending sales and sold properties have all declined over the time period. Some of the decline is seasonal. Some decline is that sellers hope for a more active market in the spring, and some decline is that buyers are still sitting on the fence hoping for a "Really good Deal."

We feel that prices are nearing the bottom, and with the record low interest rates, we are expecting a robust market in 2012. Remember, while price is important the cost of owning a home is even more important. While the prices may fall a bit more in 2012, if interest rates go up, the monthly cost of owning the same home may actually increase.

To search specific properties in San Luis Obispo County and Northern Santa Barbara County, you can go to the Farrell Smyth web site home page and click on the “View Listings” button. From there put in your search criteria and have some fun. You can also search properties worldwide by using the "RELO Home Search" button also on the home page.

If you have any questions regarding our graphs or on any properties you may search out, feel free to contact our office.

GOOD HUNTING!!!!

Posted by:  Larry Smyth



January 16, 2012

Credit Suisse Report

Posted to Larry Smyth, Real Estate Sales

We have just posted the December Credit Suisse Report. Here are the points that summarize the report:

  •  Year-end pricing tempts some buyers
  •  Buyers are eager, able and timid
  •  Rising rents lead some buyers to act
  •  Sellers bring prices down
  •  Inventory drifts lower, but homes likely to take longer to sell
  • Low appraisals continue to hurt sales

Remember, the Credit Suisse is a national survey of real estate agents. I provide input for the San Luis Obispo market each month, and I have noticed that we generally follow the national trend. Sometimes we are ahead of the national market, and sometimes we trail the national market, but we tend to follow the same curve.

Looking at specific California markets, they all show slow activity, lower prices and difficult financing. You can see the specifics for California on the following pages of the report:

  • Los Angeles – 16
  • Riverside – 22
  • Sacramento 40
  • San Diego – 41
  • San Francisco – 42

As always, comments and questions are welcome.

Posted by:  Larry Smyth



December 13, 2011

Credit Suisse Report

Posted to Larry Smyth

We have just posted the Credit Suisse Monthly Survey of Real Estate Agents. This survey is taken around the entire country. The general trend country wide is:

  •  Affordability some buyers into the market, but they are skittish
  •  Buyer traffic was up slightly in November, but still at low levels
  •  Prices continue on a downward drift
  •  Inventory trends lower as sellers take homes off the market until the new year

The major markets in California all have a similar trend and comments:

  • Buyer traffic is down
  • Prices are trending down
  • Buyers are fence sitting over economic concerns
  • Buyers are moving on well priced properties

For information on your specific market, please refer to the full report by clicking here.

Thanks for taking the time to read our blog. Please feel free to leave and comments or questions.

Posted by:  Larry Smyth



November 08, 2011

Credit Suisse October Housing Survey

Posted to Larry Smyth, Real Estate Sales

Well, the October Credit Suisse Housing Survey is in. The full report is attached so you can really drill down and get the details on the major markets in California and around the nation. Here are a few of the high points.

  • Modestly better buyer traffic, but still at low levels
  • Buyers remain uneasy as seasonal slowdown begins
  • Home prices continue to drift lower
  • Buyers are remaining cautious, especially at the upper end of the market

Here are a few quotes from agents around California.

  • “Buyers only want to commit if the price is below market value” – Los Angeles
  • “Lots of uncertainty about a potential double dip” – San Diego
  • “Consumer confidence remains below average” – San Francisco

Here is San Luis Obispo, our market remains active, but we are beginning to see the seasonal slowdown as we move into November. Price is the big factor for sales. Any property that is the slightest bit above the market will sit for months.

Check the full Credit Suisse report for more details.

As always, feel free to contact us with questions and comments.

Posted by:  Larry Smyth



November 02, 2011

November Happenings

Posted to Area Attractions & Events , Jennifer Hamilton

November is here and Thanksgiving is just around the corner. This is a great time to reflect on all that we are thankful for in our lives. Around SLO County we can be thankful for the beautiful mild fall weather we have been enjoying and for all the great upcoming events.

DateEventLocation
November 4-6Rockin' HarvestSLO & AG
November 5Classic Car ShowCayucos
November 6
Chemistry of Cocktails Grover Beach
November 10-13
Poetry FestivalSan Luis Obispo
November 11
"Faces of Freedom Vetrans Day Ceremony and CelebrationAtascadero
November 13Picture Perfect Sunday at Sill Waters Vineyard- Concert SeriesPaso Robles
November 18Bandfest 2011! "Resonances"San Luis Obispo
November 18-20Tall Ship Lady Washington VisitsMorro Bay
November 27Christmas Street FaireMorro Bay

Starting November 25th and running until December 24th, Santa House will be open at the Mission Plaza in Downtown San Luis Obispo. So bring the kiddies for a photo op with Santa! For more info click here. Until next time I wish you and yours wonderful Thanksgiving holiday.

Posted by:  Jennifer Hamilton



October 14, 2011

Credit Suisse September Report

Posted to Larry Smyth

Once again, we are posting the Credit Suisse report. In September, the report indicates the overall some trends continue.

  • Buyer traffic was off slightly as fears of the economy persist
  • Continued weakness in home prices

Checking all of the California markets listed in the report, in every market, traffic and prices were down. In some areas inventory was down which is a bit of good news.

Here is San Luis Obispo, we actually saw buyer traffic increase in September. This is due to the low interest rates and lower pricing. I will say that sales continue only in the best priced homes. Homes that are priced even the slightest bit above the market are sitting for months and not selling.

Be sure to take a look at the full report fro details in your specific area.

As always, your questions and comments are welcome.

Posted by:  Larry Smyth



September 30, 2011

October Events

Posted to Area Attractions & Events , Jennifer Hamilton

This month is packed full of fall festivities. Starting the month with many of our annual county wide celebrations and ending with some spooky Halloween fun the whole family is sure to enjoy!

DateEventLocation
October 1-2Savor the Central CoastSLO County
October 1-2Morro Bay Annual Harbor FestivalMorro Bay
October 1Cambria OktoberfestCambria
October 6-10The Central Coast Railroad FestivalSan Luis Obispo
October 8San Luis Obispo Bike RodeoSan Luis Obispo
October 8-9Cambria Scarecrow and Harvet FestivalCambria
October 12-16    
California Photo FestivalSLO County
October 15-16Annual Clam FestivalPismo Beach
October 22Golden Oak FestivalPaso Robles
October 27-30Jubilee by the SeaPismo Beach
October 27Howl-O-Ween HooplaDowntown SLO
October 29Pumpkins on Pier Pismo Beach
October 29Zoo Boo HallZOOween Carnival Atascadero
October 3033rd Annual Oktoberfest and Car Show    Los Osos

Posted by:  Jennifer Hamilton



September 20, 2011

Steve Says, “Now is The Time to Sell”

Posted to Larry Smyth, Real Estate Sales, Sellers

Once again, I am posting an article from my good friend, Steve Harney. If you have followed our BLOG for some time, you will note that Steve is a regular contributor. Steve keeps his finger on what is going on in the real estate market, and more importantly, he is usually six months ahead in his advice.

Last year, I sold my own home, and believe me when I say that Steve’s words were going around in my head. Words like “Price your property to sell,” and "If you need to sell in the next 18 month, do it now.”

Well, guess what? I sold my house in three days. If I had waited until this year, the property would sell for 10-15% less than last year. Needless to say, I never looked back.

I hope you enjoy some good advice from Steve. Remember, as Steve says, "Now is the time to sell!”

Your questions and comments are always welcome.

Posted by:  Larry Smyth



September 08, 2011

Credit Suisse report for August

Posted to Larry Smyth

Well here we are in September, and looking at the Credit Suisse August report, we are seeing a continuing trend in the real estate market. Here are the highlights.

· Economic uncertainty causes worries among buyers

· Buyer traffic drops in August

· Downward pressure continues on home prices

Many agents feel that the announcement by the Fed’s to hold interest rates low through mid 2013 sent a message to consumers that economic conditions will remain weak as we move forward. This did little to bust consumer confidence.

Take a look at the complete report and specifically look at your market area and read the comments about half way down on the page. I think you will see a pattern around the country.

In our local market, we see homes that are priced correctly, that is, so they stand out from the crowd, continue to sell. Homes that are priced in the middle of the pack continue to linger on the market. If a home is not priced to sell in the first 30 days, most sellers can expect to stay on the market 90-180 days, and finally selling after price reductions that may end up below what they could have sold for with proper initial pricing. Remember the old adage, “Location, Location, Location”? Well now the new adage is “Price, Price, Price.” Proper pricing can over come any objection.

As always, your questions and comments are welcome.

Posted by:  Larry Smyth



September 01, 2011

Autumn Events

Posted to Jennifer Hamilton

September is already here. Kids young and old are back in school and already looking forward to the upcoming holiday weekend. Take a look at some of these great events happing around the county for the Labor Day weekend and the rest of this month.

DatesEventLocation
September 3-5Cambria’s Pinedorado DaysCambria
September 3-5Annual Peddler’s FaireCayucos
September 4POPS “Summer of Love”Avila Beach
September 10Paso Robles Airport DayPaso Robles
September 10-11Cal Poly "WOW" WeekendSan Luis Obispo
September 10-11
I Madonnari FestivalSan Luis Obispo
September 17Morro Bay Avocado & Margarita FestivalMorro Bay
September 21Bike Ride for CharityCentral Coast
September 24Bicycle Rally: “Lighthouse Century”Central Coast

Posted by:  Jennifer Hamilton



August 25, 2011

Modern Promo Video

Posted to Area Attractions & Events , Larry Smyth

A couple of weeks ago, we posted a really cool video from 1949 featuring San Luis Obispo County. The video was called Road to Romance, and produced by Chevrolet to promote the all new 1949 Chevy’s. As you may recall, these types of short videos (films) were made to be shown in movie theaters since television was not wide spread in 1949. No cable, only antenna reception.

This week, we are posting a new video produced in 2011 as a promotion for the City of San Luis Obispo as a tourist destination. Looking at the 2011 version you can certainly see changes in San Luis Obispo, the production value of the video, and the general feeling of the times. The one thing that is really interesting is the fact that the new video, unlike the 1949 version, is not on television, but on Youtube. So you can see that in a 62 year period marketing has gone from movie houses, through television, and now to the internet. We have seen the same thing the Real Estate industry. We have moved from print and sign advertising into the age of the internet as it has been noted that 85% of buyers begin their search on the internet.

Enjoy the videos, and while you are on our Farrell Smyth web site, try a property search, it’s fun and educational.

Posted by:  Larry Smyth



August 09, 2011

Credit Suisse July Report

Posted to Larry Smyth, Rentals, Sellers

The Credit Suisse July Housing report is just out. The general trends across the nation are as follows:

  • Some buyers recognize affordability – low prices and low interest
  • Some buyers are afraid to make a move
  • Slight increase in buyer traffic
  • Continued downward pressure on home prices

Looking at the major markets in California here is what we hear:

  • Buyer traffic down
  • Home prices down
  • Builder incentives holding steady

Here are a few comments from agents in various California markets:

To view the full report, just click here. As a side note, even a fine company such as Credit Suisse is not immune to the slow economy. Last week it was announced they are laying off 2,000 workers world wide.

Posted by:  Larry Smyth



August 08, 2011

San Luis Obispo 1949

Posted to Area Attractions & Events , Larry Smyth

So where were you in 1949? You really don’t need to answer. Attached is a promotional travel video from 1949 produced by Chevrolet. This is an example of the type of shorts that were shown in movie theaters around the country. In this video, you get to take a look at San Luis Obispo, Atascadero, Morro Rock, Cuesta grade and of course that brand new 1949 Chevrolet sedan. Keep in mind this was before very many people had a television, so most people got news from radio and the only videos were in the movie houses. We’ve come a long way since that time in 1949.

Look for more videos in the future!

Posted by:  Larry Smyth



August 02, 2011

Last Chance for Summer Fun!

Posted to Area Attractions & Events , Jennifer Hamilton

August has arrived! Which means it’s time to make that last end of summer trip before school begins again. Here are just a few of the great events happening around the county this month:

DateEventLocation
Aug 1st-13thAnnual Central Coast Shakespeare FestivalPaso Robles
August 5th-7thAnnual "Rainbow of Gems" ShowNipomo
August 6th, 13th, 27thCourt Street Jazz FestivalSan Luis Obispo
August 12th-14thFull Moon Kayak on Morro BayMorro Bay
August 14thCentral Coast Chili ChallengeArroyo Grande
August 19thHot El Camino Night and Mid State CruizersAtascadero
August 20th8th Annual Olive FestivalPaso Robles
August 27thDune Run-RunGrover Beach
August 27th-28th Stone Soup Music FaireGrover Beach

Posted by:  Jennifer Hamilton



July 28, 2011

Price is Right

Posted to Buyers, Larry Smyth, Sellers

With the changing real estate market, if a seller really wants to sell their property, it is really important to get the price correct right from the start. My over 30 years of experience tells me this has always been true, but particularly in a market like we have today where prices are declining.

I recently took a listing on a nice PUD unit. I spent some time going over the market conditions with the sellers. The sellers agreed to list the unit at my suggested price, and we went into escrow in five days. Now we did not get the asking price, but the fact that we had two offers indicates that our pricing was correct. On the other hand, I have had owners filled with wishful thinking, wanting to list their property above the market, thinking, “Let’s try selling at this price, and we can always lower it later.” Believe me when I say this rarely works. Usually what happens is, the property ends up chasing the market down, and lingers on the market.

To back up what my experience tells me, I have attached a short article from my good friend Steve Harney, and his Guest Blogger Ken R. Johnson Ph.D. from Florida International University. Dr. Johnson sites an interesting study of the effects of over pricing. Take a quick look.

Posted by:  Larry Smyth