San Luis Obispo Homes Right Here - Home

Photo Friday

2012-05-18T17:38:38Z

Well I am out of town right now, so the Friday photo this week is out of the area as well. Where do you think this is located? Hint…It is Fall there now, heading to Winter.

Did you come up with the answers to our car show inspired pictures from last week? That was a Small Block 350 engine and the car year is a ’55 Chevy.

Enjoy the photo!

Posted by: Larry Smyth

Momentum Continues

2012-05-17T12:22:55Z

According to the May 14 Credit Suisse Monthly Survey, the market momentum is continuing late into the spring.

Buyer traffic has continued strong, while inventory remains low. Pricing is remaining flat or increasing in 70% of the markets surveyed. If these trends continue, it looks like we are at or very near the bottom of the market. With interest rates remaining at near historic lows, purchasing a home looks very attractive. This may be the time to make a move.

Here are a few comments from around the state:

Nobody wants to miss the boat – Los AngelesInventory is still low…. – RiversideBuyer confidence is restored… - SacramentoConfidence is Better… - San DiegoLocal economy getting better – San Francisco

Be sure to take a look at the full survey by clicking on the attached link.

As always, your questions and comments are welcome.

Posted by: Larry Smyth

Photo Friday

2012-05-11T00:00:00Z

So, last weekend Morro Bay held their annual car show. I guess that got me fired up to post two photos this week. First, guess what the engine belongs to, and if you know what the engine is, you are a real car guy or gal. Next, is the easy question. What year is the car? That may show your age.

Did you figure out the photo location from last week? That was the community clock in front of the San Luis Obispo Court House located on Osos and Monterey.

Enjoy the photos!

Posted by: Larry Smyth

RE Buyers and Sellers

2012-05-09T06:08:03Z

This week, I am sharing the “Market @ a Glance” chart which is compiled by the California Association of Realtors each month. Here is a brief explanation of the chart.

(click to enlarge)

The “Existing Home Sales” reflects that the number of units sold for the one month period ending March 12 is down from the previous month (Last Period) and also down from the same period a year ago. The “Median Home Price” is up. Keep in mind that the median price is the price where most sales are occurring and not necessarily a price increase in a specific property. However, most groups use this statistic as an indicator of the direction of pricing. The “Unsold Inventory Index” has dropped meaning that at the rate homes were selling during the period, there would be a 4.1 months supply. The “Median Time on Market” is also down which means that the market is active and may also reflect the smaller inventory. The “Traditional Housing Affordability Index” is up. The means that last year 50% of the public could afford to purchase a home, and now 55% can afford a home. This probable reflects lower pricing, and lower interest rates. Finally, the “30-year fixed-rate mortgage is down almost a full point from a year ago. This ties back into the affordability index.

Again all of these numbers look good for the real estate market. That is why I think this is an excellent time to purchase. The numbers back this up along with many other real estate experts.

Posted by: Larry Smyth

Photo Friday

2012-05-04T16:15:57Z

So check out the two clocks. “Does Anybody Really Know What Time It Is?” Funny how where you stand can change how you see the world.

By the way, do you know where the clock is located?

Last week’s photo of the stairway is at the corner of Morro and Monterey in downtown San Luis Obispo.

Enjoy the photo.

Posted by: Larry Smyth

Photo Friday!

2012-04-27T00:00:00Z

This is not the “Stairway to Heaven.” So where is this located? Hint…..Look downtown SLO.

Were you able to guess the location of our last Photo Friday? The photo was of the Black Horse Coffee statue that is in front of their newest SLO location, which is located on the corner of Chorro & Foothill. Stop by and see them sometime for a great cup of coffee and some fantastic pastries and tell them Larry sent you!

I hope you enjoy!

Posted by: Larry Smyth

We’re in the Top Ten

2012-04-24T17:12:46Z

If you have been following our blog, you will already know that San Luis Obispo was voted the Happiest City in the United States. Well now, according the recent “Sperling’s Best Places,” San Luis Obispo ranks thirdon the “Ten Best Places to Live" list. The only two cities ranked higher are Santa Fe, New Mexico and Charlottesville, Virginia.

As I went through the list, I was reminded that, when I was a very young man, I had seen a similar list. On that list the majority of the top ten cities “University Cities.” By that, I mean there is a strong University presence in the city. On the latest list “University Cities” take 7 of the 10 spots. Let’s have a look:

Charlottesville, VA – University of VirginiaSan Luis Obispo, CA – Cal PolySanta Barbara, CA – University of California at Santa BarbaraAnn Arbor, MI – University of MichiganAsheville, NC – University of North Carolina – AshevilleReno, NV – University of NevadaCorvallis, OR – Oregon State University

While Atlanta and Honolulu each have universities, they are metro areas and not true “University Cities,” and Santa Fe, we’ll say is in a world of its own.

We are very proud of the fact that San Luis Obispo consistently ranks in the Top 10. For more information on our area go to our web site at www.farrellsmyth.com where you can search properties for sale, rentals, and get lots of local information.

Posted by: Larry Smyth

Prices are Up

2012-04-20T00:00:00Z

For the first time in 16 months, the median price of an existing single family home is up in a year over year comparison. The attached article from the Orange County Register confirms what we have been feeling for several months. Home prices are beginning to stabilize. This could the signal that we have either reached the bottom of the market, or we are very near the bottom. There might not be a better time to buy a home than right now. Prices are low and interest rates are still at near record lows making buying a home very affordable. The only negative at this point is a low inventory. Buyers today need to get educated about market values so they can act quickly when the right property comes on the market. Even then, since we are seeing multiple offers, there is no guarantee buyers will make a deal on the first try. My advice is to get educated, be patient, and you will make a good deal.

As always, your questions and comments are welcome.

Posted by: Larry Smyth

Photo Friday

2012-04-20T00:00:00Z

OK, so here is the first of our “Photo Friday” postings. Can you name this location? Churchill Downs? Santa Anita?.......Maybe not.

I hope you enjoy the photo, and look for the answer next week.

Posted by: Larry Smyth

Credit Suisse Report

2012-04-16T06:48:17Z

We just received the latest Credit Suisse Housing Survey. For the third month in a row, they are reporting marked improvement in the real estate sales market. On a national level here are the highlights:

Buyer traffic is ahead of agents expectations Inventory is falling Time needed to sell continues to decline Better traffic and lean inventory supports stable prices.

All of the above point to a favorable Spring and Summer selling season.

Here are some comments from several California markets:

Los Angeles – “Buyers are comfortable looking at houses at current price levels” Riverside – “Offers are going $5,000.00 to $10,000.00 above asking prices” Sacramento – “Inventory is very low….many properties are getting multiple offers” San Diego – “There is a growing belief the market has reached bottom…” San Francisco – “Consumer confidence is on the rise, and people are finally making decisions."

For details take a look at the full report by clicking on the link.

Posted by: Larry Smyth

Local Market Conditions

2012-03-21T19:02:49Z

In our last post, we reviewed the Credit Suisse Market Survey. This report gave us the over view of the National Market and specific Large Market areas. Now we are posting the latest for our local San Luis Obispo County market.

Looking at our graph, comparing February 2011 to February 2012, we see that inventory has declined, while pending sales, and closed escrows have both increased. All of these are good signs for the real estate sales market. Another good sign is the fact that the months of inventory is also declining. We have about 5-6 months of inventory based on solds and 3-4 months inventory based on pending sales. This compares to 8-9 months of inventory based on solds, and 6 to 7 months of inventory based on pending sales a year ago. Again this is a good indicator that the market is moving in the right direction.

While our graph covers all of San Luis Obispo County, we can also break our data down to specific zip codes for San Luis Obispo, and Northern Santa Barbara County. Contact us at , give us the zip code you want, and we will send you the stats right away.

As always, your questions and comments are welcome.

Posted by: Larry Smyth

Credit Suisse Report

2012-03-12T22:43:39Z

Once again we have posted the Credit Suisse Survey for February. Nationwide we the report is showing a small trend. Here are the highlights.

Buyer Traffic is Up in FebruaryBuyer Traffic Levels Ahead of Agents ExpectationsPricing looks Stable in FebruaryReduced time needed to sell homes

In key California Markets we are seeing changes with some mixed results.

Los Angeles – Buyer traffic is holding and prices are fallingRiverside – Buyer traffic is down and prices are fallingSacramento – Buyer traffic is up and prices are holdingSan Diego – Buyer traffic is up and prices are holdingSan Francisco – Buyer traffic is up and prices are up

We see that buyer traffic is up in four of the five major markets. Prices are holding or increasing in three markets and falling in two. Here are some comments from agents:

Buyers are more optimistic – San FranciscoLow Interest rates are motivating buyers – San Diego

Please take some time to review the entire report. We will follow up with a market information specific to the San Luis Obispo market in our next report.

As always, your questions and comments are welcome.

Posted by: Larry Smyth

March 2012 Events

2012-03-05T00:00:00Z

March is going to be another beautiful, mild-weather month here on the Central Coast. This month is bringing us daylight savings on the 11th, followed by a little luck of the Irish on the 17th and some fantastic events to enjoy all month long.

Date	Event	Location
March 4	Annual Wedding and Special Event Expo	Paso Robles
March 7-11	Annual SLO International Film Festival	San Luis Obispo
March 9	"Hollywood to Hearst Castle"	San Simeon
March 10-11	Second Annula Sea Glass Festival	Cayucos
March 11	Dr. Seuss Day	San Luis Obispo
March 13-18	PCCHA Derby and Classic Challenge	Paso Robles
March 16-18; 23-25	Great American Railroad Show	San Luis Obispo
March 24	Parks-4-Pups Dog Jog	Paso Robles
March 30	From the Barrel	Santa Margarita
March 30-31	Cal Poly Wine Festival	Cal Poly-San Luis Obispo

Posted by: Jennifer Hamilton

Farrell Smyth, Inc. Earns Website Quality Certification

2012-02-23T17:38:53Z

Farrell Smyth has earned the 2011 Website Quality Certification (WQC), presented by Leading Real Estate Companies of the World® to member companies that have demonstrated excellence in website design, functionality and execution.

Every aspect of the site was reviewed to ensure exacting standards were met in six key areas, ranging from design and content to human interactivity to search engine optimization. The WQC was introduced in 2009 to recognize and encourage superior websites among Leading Real Estate Companies of the World’s 550 member firms. Farrell Smyth has earned the WQC designation each year.

“With so many people going online to obtain information on homes, communities and everything relating to home buying and selling, it is vital for a real estate firm to have a current, easy-to-use and relevant website,” notes Pam O’Connor, president/CEO of Leading Real Estate Companies of the World®. “By earning the Website Quality Certification, Farrell Smyth has demonstrated that it offers fundamental online resources to home buyers and sellers, which are further supported by the expertise only a dedicated real estate professional can provide.”

For more information about Farrell Smyth, please visit our website.

Posted by: Jennifer Hamilton

Price Trends

2012-02-22T06:38:21Z

In our last post we featured the Credit Suisse Housing Survey Report. This time we are flowing up with this great map showing price movement by state in 2011.

As you may remember when the market turned down, the four hardest hit states were California, Nevada, Arizona and Florida. Looking at the map, there are signs of improvement in Arizona, and Florida. California may be leveling out, while Nevada is still hurting.

Let’s keep our fingers crossed that this is the start of something good.

As always, your questions and comments are welcome.

Posted by: Larry Smyth

Credit Suisse Report

2012-02-15T06:36:06Z

We just received the latest Credit Suisse Housing Survey for the month of January 1012. The survey provides some interesting and encouraging results. On a nationwide basis:

Agents surveyed see newfound buyer confidenceTraffic improves to levels not seen since the Homebuyer Tax CreditPrice pressure eases in JanuaryInventory declines for another month

All four of these items are indicators of an improving real estate market. The question remains, when will these indicators translate to actual sales.

For specific markets in California, in the South, Los Angeles, San Diego and Riverside are still showing slow traffic and tentative buyers, while Sacramento has increased traffic and sales, and San Francisco is holding steady. It looks like the improving market is starting in the North. Here in San Luis Obispo we are right in the middle. Our market is seeing more traffic and a few more sales. Most of our sales are in the lower price range where both first time buyers and investors are taking advantage of the lower prices and fantastic interest rates.

All of us here at Farrell Smyth we see 2012 as the year where the housing market turns the corner. With prices down and interest at record lows, this may be the best opportunity to purchase real estate for years to come.

Posted by: Larry Smyth

We're #1!

2012-01-31T06:23:32Z

At Farrell Smyth, selling real estate is only one of the many services we have to offer. In addition to sales, we also do Property Management, Maintenance, Relocation and Referral Services and Homeowners Association Administration and Management. We do our best to maintain a very high level of service in each of our departments. So it is always nice to receive recognition when you do a good job. Now I want to brag just a bit as we just receive notification that Farrell Smyth was voted the #1 Property Management Company by the students at Cal Poly. So what is Cal Poly you ask?

Cal Poly is short for California Polytechnic State University at San Luis Obispo. Cal Poly is home to over 17,000 students, and they all need a place to live. Farrell Smyth has been serving the Cal Poly student housing needs since 1978. Cal Poly is a big part of the San Luis Obispo community. In fact, I am a Cal Poly Alum as are several of our staff. If you are not familiar with Cal Poly, you can take a look at the attached video for some information. The video was put together by a Cal Poly student while on a plane trip. I hope you enjoy the flight.

Posted by: Larry Smyth

San Luis Obispo Market

2012-01-26T11:42:12Z

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

Credit Suisse Report

2012-01-16T16:10:42Z

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 sellLow 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 – 16Riverside – 22Sacramento 40San Diego – 41San Francisco – 42

As always, comments and questions are welcome.

Posted by: Larry Smyth

Credit Suisse Report

2011-12-13T17:21:22Z

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 downPrices are trending downBuyers are fence sitting over economic concernsBuyers 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

Credit Suisse October Housing Survey

2011-11-08T16:47:35Z

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 levelsBuyers remain uneasy as seasonal slowdown beginsHome prices continue to drift lowerBuyers 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 Happenings

2011-11-02T05:50:42Z

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.

Date	Event	Location
November 4-6	Rockin' Harvest	SLO & AG
November 5	Classic Car Show	Cayucos
November 6	Chemistry of Cocktails	Grover Beach
November 10-13	Poetry Festival	San Luis Obispo
November 11	"Faces of Freedom Vetrans Day Ceremony and Celebration	Atascadero
November 13	Picture Perfect Sunday at Sill Waters Vineyard- Concert Series	Paso Robles
November 18	Bandfest 2011! "Resonances"	San Luis Obispo
November 18-20	Tall Ship Lady Washington Visits	Morro Bay
November 27	Christmas Street Faire	Morro 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

Credit Suisse September Report

2011-10-14T00:00:00Z

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 persistContinued 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

October Events

2011-09-30T00:00:00Z

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!

Date	Event	Location
October 1-2	Savor the Central Coast	SLO County
October 1-2	Morro Bay Annual Harbor Festival	Morro Bay
October 1	Cambria Oktoberfest	Cambria
October 6-10	The Central Coast Railroad Festival	San Luis Obispo
October 8	San Luis Obispo Bike Rodeo	San Luis Obispo
October 8-9	Cambria Scarecrow and Harvet Festival	Cambria
October 12-16	California Photo Festival	SLO County
October 15-16	Annual Clam Festival	Pismo Beach
October 22	Golden Oak Festival	Paso Robles
October 27-30	Jubilee by the Sea	Pismo Beach
October 27	Howl-O-Ween Hoopla	Downtown SLO
October 29	Pumpkins on Pier	Pismo Beach
October 29	Zoo Boo HallZOOween Carnival	Atascadero
October 30	33rd Annual Oktoberfest and Car Show	Los Osos

Posted by: Jennifer Hamilton

Steve Says, “Now is The Time to Sell”

2011-09-20T18:39:29Z

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

Credit Suisse report for August

2011-09-08T13:36:41Z

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

Autumn Events

2011-09-01T18:04:36Z

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.

Dates	Event	Location
September 3-5	Cambria’s Pinedorado Days	Cambria
September 3-5	Annual Peddler’s Faire	Cayucos
September 4	POPS “Summer of Love”	Avila Beach
September 10	Paso Robles Airport Day	Paso Robles
September 10-11	Cal Poly "WOW" Weekend	San Luis Obispo
September 10-11	I Madonnari Festival	San Luis Obispo
September 17	Morro Bay Avocado & Margarita Festival	Morro Bay
September 21	Bike Ride for Charity	Central Coast
September 24	Bicycle Rally: “Lighthouse Century”	Central Coast

Posted by: Jennifer Hamilton

Modern Promo Video

2011-08-25T17:37:56Z

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

Credit Suisse July Report

2011-08-09T17:47:20Z

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 interestSome buyers are afraid to make a moveSlight increase in buyer trafficContinued downward pressure on home prices

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

Buyer traffic downHome prices downBuilder 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

San Luis Obispo 1949

2011-08-08T00:00:00Z

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

Last Chance for Summer Fun!

2011-08-02T16:05:13Z

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:

Date	Event	Location
Aug 1st-13th	Annual Central Coast Shakespeare Festival	Paso Robles
August 5th-7th	Annual "Rainbow of Gems" Show	Nipomo
August 6th, 13th, 27th	Court Street Jazz Festival	San Luis Obispo
August 12th-14th	Full Moon Kayak on Morro Bay	Morro Bay
August 14th	Central Coast Chili Challenge	Arroyo Grande
August 19th	Hot El Camino Night and Mid State Cruizers	Atascadero
August 20th	8th Annual Olive Festival	Paso Robles
August 27th	Dune Run-Run	Grover Beach
August 27th-28th	Stone Soup Music Faire	Grover Beach

Posted by: Jennifer Hamilton

Price is Right

2011-07-28T06:00:47Z

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

Why do People Really Buy a Home?

2011-07-21T16:56:21Z

So here is the question. Why do people actually buy a home? Is it price, location, school district, proximity to work or what? While these are all good reasons to select a certain home, they are not the reasons why people actually want to buy a home. My good friend Steve Harney just posted a BLOG citing two separate surveys, the National Housing Survey and the Myers Research and Strategic Services Survey, listing the five major reasons people buy a home. In each survey the number one reason to buy a home was to provide a safe and stable place for the family and children. A few other reasons include:

You can control what you do with your living spacePaying rent is not a good investmentYou can pay off your mortgage by the time you retire

These are just a few of the reasons people buy a home. Just click the link to see the others.

As always, your comments and questions are welcome.

Posted by: Larry Smyth

Credit Suisse June Report

2011-07-13T19:34:29Z

Once again, the Credit Suisse market report for June 2011 is posted (click the link to view the full report). The highlights are listed below. The report provided details on the major real estate markets around the country. This is always great information and it comes straight from the horse’s mouth, that is, right from the real estate brokers in each area. Each month, I provide data for San Luis Obispo and Northern Santa Barbara Counties. While our area is not specifically listed in the report, our data is folded in with one of the major markets.

Credit Suisse Report Highlights

Economic slowing is prompting additional buyer cautionUncertainty causes drop in buyer trafficHigh inventory and buyer hesitation keeps pressure on pricesThe high traffic areas are in distressed markets

Take some time and review the complete report for your market area.

As always, your questions and comments are welcome!

Posted by: Larry Smyth

CO Detectors

2011-07-11T00:00:00Z

You know it is hard to believe that we are already into July. With that in mind, I want to take a moment to remind everyone of the California law that went into effect January 2011, requiring Carbon Monoxide detectors for residential units. The reason I bring this up now is that we just passed an important date in the law which requires all residential rental units to be fitted with CO Detectors by July 1, 2011. So if you haven’t done, you need to get it done ASAP to be in compliance. All dwelling units will be required to have CO Detectors by January 1, 2013.

You may purchase CO Detectors at any hardware or home improvement store. At Farrell Smyth, we have already completed the installation of CO detectors in all of the rental units we manage. If you have units managed by another property management firm, be sure to contact them and confirm installation in your units.

Here is a summary of the important dates:

July 1, 2011 – CO Detectors must be installed in rental dwelling units.January 1, 2013 – CO Detectors must be installed in all residential dwelling units.Point of Sale – If you sell your home, a CO Detectors must be installed prior to the close of escrow.

Posted by: Larry Smyth

Here’s how we roll in SLO

2011-07-07T10:58:00Z

Please enjoy the attached video. This explains why we all love to live and visit San Luis Obispo. In the coming weeks, look for more videos with a local and sometimes historic flavor. If you come across any cool videos send them along and we may post them on the blog.

We would love to hear your comments on this one.

Posted by: Larry Smyth

Happy Fourth of July!

2011-07-01T00:00:00Z

This Fourth of July there will be no shortage of celebrations around San Luis Obispo County. Take a look at some of these great 4th celebrations, with so many events and displays to choose from just pick the one that fits your style best and enjoy!

July 4th:

Event	Location
4th of July Fireworks	Pismo Beach
Morro Bay 4th of July	Morro Bay
4th of July Sand Sculpture Contest & Fireworks	Cayucos
Picnic in the Park & Firework Show	Cambria
4th of July at Barney Schwartz	Paso Robles
Old Fashioned 4th of July	San Luis Obispo
Templeton's Independence Day	Templeton
4th of July in the Village	Arroyo Grand

After the 4th the fireworks may be over but the fun doesn’t stop there! There are many great events happing during the rest of July, including the Mid-State County Fair.

July 9th: An Ice Cream Zoofari
Location: Atascadero

July 10th: Arroyo Grande Centennial Celebration
Location: Arroyo Grande

July 16th: A 'Rock to Pier Run'
Location: Cayucos/Morro Bay

July 24th: Annual SLO Triathlon
Location: San Luis Obispo

July 30th: Arroyo Valley Car Show
Location: Arroyo Grande

July 20th-31st: Annual California Mid-State Fair
Location: Paso Robles

Posted by: Jennifer Hamilton

Where are the homes selling, where are homes cheap

2011-06-24T14:49:06Z

You may remember when, at the peak of the real estate market, homes would sell in one or two days with multiple offers. We all know that has ended, so where are the fastest selling markets today? According to the National Association of Realtors Weekly online magazine, here are the “11 Fastest-Selling Real Estate Markets.”

Area	Median Days on Market	Median List Price
Denver, CO	39	$253,700
Oakland, CA	46	$320,000
Tampa, St. Petersberg, Clearwater, FL	51	$134,900
San Fransisco, CA	57	$628,000
Washington D. C.	60	$369,999
Bakersfield, CA	60	$134,900
Rochester, NY	60	$139,900
Omaha, NE	61	$150,000
Anchorage, AK	61	$289,000
Fresno, CA	61	$151,900
San Jose, CA	61	$479,000

As you can see even the fastest selling markets are taking months to sell. This is an improvement from the last three to six months it was taking in 2010, and also reflects the fact that prices are coming down to a level where buyers are willing to make a move. All of this shows the importance of proper pricing when selling.

So where are the cheapest and most expensive markets? Once again the National Association of Realtors Weekly online magazine lists the top five of each market. First, let me state that the article covers 2,300 North American markets from September 2010 through March 2011. The median price of homes in all markets surveyed was $293,000.

So here are the lists:

Most Expensive U.S. Real Estate Markets:

Area	Average List Price
Newport Beach, CA	$2.53 Million
Pacific Palisades, CA	$1.60 Million
Stone Harbor, NJ	$1.34 Million
Rancho Polos Verdes, CA	$1.31 Million
Saratoga, CA	$1.28 Million

Notice none of these markets are on the “fastest selling” list.

Most Affordable U.S. Real Estate Markets

Area	Average List Price
Niagra Falls, NY	$60,820
Riverdale, GA	$61,618
Coolidge, AZ	$69,083
College Park, GA	$72,477
Detroit, MI	$73,363

If you are living in one of these areas, or if you are attracted to them, this may be your big chance to get a good deal.

As always, your questions and comments are always welcome

Posted by: Larry Smyth

More Reasons to Buy Now

2011-06-22T21:12:04Z

This is a follow-up to my last article on “Why They Are Saying to Buy A Home Now.”

This time we are adding comments from CBS Money Watch, and National Public Radio. In addition, we want to point out how changing interest affect values. This is a topic we have touched on before, but it is certainly worth a second or third mention. Especially if you are thinking of buying or selling in the next year.

In a new twist, we also want to talk about how a proposed new regulation “Quality Residential Mortgage” (QRM) will effect mortgages and in turn property pricing.

Take a minute and click on the link to get the details. The bottom line is that, this may be the best time to buy a home for some time to come.

As always, your questions and comments are welcome.

Posted by: Larry Smyth

A Great Time to Buy a Home

2011-06-14T14:45:28Z

These days we hear lots of opinions about the real estate market. Are prices going up, down, should we buy, should we sell? If you want to know what both the Wall Street Journal and Forbes magazine have to say, here it is: both Forbes and the Journal say it is a great time to buy. Interest rates remain low and the price of homes is at a point where more and more people can afford to purchase.

I can say that here in San Luis Obispo, we have seen a definite increase in buyer traffic in the first two weeks of June. Maybe some of them read the Journal and Forbes. Check out the attached article from my good friend Steve Harney for full details.

As always thanks for taking the time to read our BLOG. If you have any questions or comments, let us know.

Posted by: Larry Smyth

Credit Suisse Report

2011-06-07T16:24:00Z

Today we are posting the Credit Suisse Survey for May. Each month Credit Suisse does a survey of real estate agents over the entire country and provides a great report. The nice thing is you get front line information. Here on the central coast, we tend to follow the trends of the Southern California cities more that the Valley and Bay Area cities. Here is a list of the main points of the May survey, but as you read the entire report be sure to check the specific cities in your market area.

Slow activity as Spring ends – buyers seem to have a lack of urgency Challenges at the low end due to financing and competition from foreclosures Weak traffic in late Spring puts downward pressure on pricing Distress markets like Miami and Phoenix show best activity.

As always your comments and questions are welcome.

Posted by: Larry Smyth

National Open House Week

2011-06-03T07:08:37Z

It is hard to believe we are already into June, but here we are. Each year the National Association of Realtors sponsors a National Open House Weekend. This year it falls on June 4 & 5. Over 300 state and local Realtor Associations will be participating across the country and around the world. At Farrell Smyth we are jumping right in with several open houses this weekend. For those of you already on our weekly marketing list, the Open Houses are listed with videos, times and dates. If you are not already on our e-marketing list and want to keep current on what is happening in the San Luis Obispo County real estate market, you can sign up her and receive the next market update.

Thank you for taking the time to visit our BLOG.

Posted by: Larry Smyth

Summer Kickoff Events

2011-06-02T06:37:45Z

That’s right, it’s June, which means it‘s time to celebrate Dads and Grads everywhere! There’s no better way to celebrate the dads and grads in your life and kick off your summer right, than by enjoying some of these great local events.

June 4th	Morro Bay Music Festival	Location: Morro Bay
June 4th-5th	Greek Festival in Mission Plaza	Location: San Luis Obispo
June 5th	8th Annual Paso Pinot & Paella Festival	Location: Templeton
June 5th	Annual Fun Run - Talley Vineyards	Location: Arroyo Grande
June 8th	Baywood Park 's June Fest Run	Location: Los Osos
June 14th-15th	Full Moon Kayak on Morro Bay	Location: Morro Bay
June 15th	Festival Mozaic's Evenings with the Orchestra	Location: San Luis Obispo
June 16th-19th	The Pismo Beach Classic Car Show	Location: Pismo Beach
June 19th	Father's Day BBQ at Eberle Winery	Location: Paso Robles
June 23rd-26th	"Roll out the Barrels" Wine Festival	Location: San Luis Obispo
June 25th	Annual Lakeside Wine Tasting Festival	Location: Atascadero

Posted by: Jennifer Hamilton

Sell Now or Forever Hold Your Peace

2011-05-17T06:57:22Z

If you are thinking you want to sell your home in 2011, now is the time to do it. My good friend Steve Harney once again offers some excellent advice, with five reasons to sell now.

This is the time of year you home will get the most exposureForeclosures and short sales will increase in about 90 daysInterest rates have risen over the last six monthsQualifying for a mortgage is about to get even more difficultIt’s time to get on with your life

I just listed the bullet points, but you should use the link to the entire article. Steve always backs up his statements with great information and data.

Don’t forget to go to our website and sign up for our weekly marketing updates at the bottom left of our home page. We try to keep it fresh with new listings and happenings around town.

As always your questions and comments are welcome.

Posted by: Larry Smyth

Credit Suisse Report & Home Prices

2011-05-10T12:25:09Z

I was watching the news this morning when a shocking figure came over the wire. Home prices nationwide fell an average of 3.7% during the first quarter of 2011. There were some areas such as Detroit which fell as much as 13%. When I got to the office this morning I had received a copy of the Credit Suisse report regarding sales activity during April. The report is right in line with the price declines. Nationally housing inventory is at an 8.3 months supply which indicated continued decline in prices. Some of the key points from the Credit Suisse Report are as follows:

Buyer traffic remained tepid in April as buyers lack confidenceBuyers are flocking to foreclosures and short salesOther sellers are resisting (or do not have the equity)lowering their prices to meet the marketLow-end pricing is finding some stability while mid and upper end properties still see price pressureThe bright spot seems to be Texas with slightly more buyer traffic

Posted by: Larry Smyth

March Existing Home Sales

2011-05-06T12:45:00Z

In this post I have provided a link to a great article and video regarding existing home sales for March 2011. The information comes from the National Association of Realtors economist Lawrence Yun.

Here are a few of the highlights.

The number of sales nationally increased while sales in the west declined .8%The biggest increase in number of sales in the lower priced homesThe middle price range is still sluggishIn the west prices declined 11.2% from March of 2010.35% of the sales in March were all cash

Check out the full article for all of the details. This is pretty important information.

As always, questions and comments are welcome!

Posted by: Larry Smyth

Mobile Web Site App

2011-05-03T06:59:05Z

Have you ever looked up a website on your mobile device? Ever notice how the size of the site never formats right for your mobile device? If you answered uses to these questions, you know why there is a need for Mobile Website App’s.

At Farrell Smyth, we just installed our new Mobile Website. Whether you use our QR Code, or our web site address (URL), if you are using a mobile device, you will be automatically directed to our Mobile Website. Once you are on our Mobile Website, you will be able to search for properties using the criteria you choose, or you may search for nearby listings automatically using your GPS location. Of course, if you are outside of our Multiple Listing Service area, or you are looking in an area not near your current location, this will not work. Also on the site is a mortgage calculator, information about Farrell Smyth, Inc. and our contact information. You may also go to our BLOG to get the latest posts with updated topics. We also have a separate QR Code that goes directly to our Rental List, making it easy for prospective tenants to search for rentals on the fly.

If you have your smart phone handy, scan the QR Code above and take a look. You will see that the site is adapted to fit your phone and easy to use. Enjoy.

As always if your comments and questions are welcome, or you can contact us using our Mobile Website.

Posted by: Larry Smyth

May 2011 Events

2011-05-02T07:08:58Z

Spring has sprung! Here on the central coast we have beautiful weather rolling in and lots of events to enjoy around the county.

Also be sure to check out some of the great farmers markets happening around the county.

Posted by: Jennifer Hamilton

Shadow Inventory

2011-04-21T17:52:00Z

Our spring selling season is in full swing. What we have already seen is that as the inventory continues to grow, pricing is the key to make a sale. When the number of homes on the market increases, prices fall. So where is all this inventory coming from?

“Shadow Inventory”

What the heck is shadow inventory? My friend Steve Harney is featured in the video below and he gives you a good explanation. The video was done earlier in the year, but his predictions are coming true.

Second, is another more current article from Steve loaded with more information why waiting to sell may not get you more money, and how the shadow inventory will affect your property values.

Enjoy two articles, and as always, your questions and comments are welcome

Posted by: Larry Smyth

Where are they all moving?

2011-04-12T15:54:16Z

Have you ever looked around your neighborhood and noticed another moving truck coming in to help your neighbors move and you found your self wondering 'where are they going?' Or maybe you have new neighbors and wonder where they came from? Well wonder no more! Forbes.com has a great interactive map that has tracked the coming and goings of Americans within the US.

The above map shows moving trends for San Luis Obispo County. Click here to be redirected to the website where you can select your county and see moving trends for your area.

Posted by: Jennifer Hamilton

Credit Suisse Survey

2011-04-12T07:43:54Z

We just received the Credit Suisse Survey for March 2011. The three main points covered are:

Both nationwide and in California the report indicates that buyer traffic declined as buyers wait for increased confidence and lower pricesInvestors represent the most stable demandPricing is still under pressure

Here in our local San Luis Obispo County market, we saw a slightly different picture in March. San Luis Obispo looked like this:

Buyer traffic was up in San Luis Obispo CountyInvestors and first time buyers are the most stable demandPricing is still under pressure as buyers are really bargain hunting

Be sure to check the full report for details about your particular market area.

As always, questions and comments are welcome.

Posted by: Larry Smyth

Detoxify Your Home

2011-03-30T12:59:17Z

With all that is going on in Japan, we all must have a heightened awareness of toxins. I came across the attached article with some very simple things that can be done to detoxify your home. I hope you find it helpful.

Posted by: Larry Smyth

2010 the Year in Review

2011-03-25T14:05:23Z

The year 2010 is pretty distant in our rear view mirror, but the statistics keep on coming. The attached RPX report from Radar Logic is very interesting. Here are the bullets, but go to the report for full graphs and details for your specific market.

RPX 2010 REPORT

Prices DeclinedTransaction Count DownREO and Short Sales UpTax Credits Boosted SalesInventory Continues to GrowWeak Recovers for 2011

If you are planning to buy or sell in 2011 this is good information to have on hand. Plan you strategy with knowledge.

As always your questions and comments are welcome.

Posted by: Larry Smyth

What Home Ownership Really Means

2011-03-22T11:26:02Z

I mentioned that we attended the Leading Real Estate Companies of the World conference last week. One of the best things about attending the conference is visiting with the best people in the real estate business, including my good friend Steve Harney. After one of the sessions where Steve was the main speaker, I had a chance to visit with Steve and his son Bill. We had a good talk about the value of home ownership, and the opportunity to purchase in today’s market.

See what Steve has to say about “What Home Ownership Really Means,” in the attached article.

As always, your comments and questions are welcome.

Posted by: Larry Smyth

Housing Fair

2011-03-21T14:48:45Z

This week Cal Poly is on Spring Break, but the 2001-2012 rental season is in full swing. Two weeks ago the Farrell Smyth staff attended the Cal Poly Housing Fair. Ever since the Housing Fair, the students have been pouring into our office to secure housing for the coming year. Some of complexes are already fully rented, and the others are going fast.

One of the interesting things we heard from the Cal Poly students was that they liked to rent from Farrell Smyth because they know who we are, our rental list is fully detailed, and our rental process is easy to follow with no application fees. In addition, an most interesting, was that the students felt they did not have to worry about a “Rental Scam” when they rent from a local firm. Many students expressed concerns about renting property listed on the internet on places such as Craig’s List. A few months ago I wrote about the problem of scams in a post titled “Renter Beware.” We will repost that article next week when the students return to San Luis Obispo from spring break. In the mean time, if you are looking for a rental, be sure you know who the landlord is before you write that deposit check.

As always, questions and comments are welcome!

Posted by: Larry Smyth

Credit Suisse: February 2011

2011-03-11T15:41:48Z

Once again we present the Credit Suisse for the month of February. As a reminder Credit Suisse is one of the most respected research companies in the country. Because we are one of the contributors to the survey, we automatically receive the report, and are able to share the information with our customers, clients and friends. That means you!

The three main issues the survey covers are:

Buyer TrafficPrice TrendIncentives Offered by Sellers

Here are the headlines for February:

Traffic is upBuyers like the “Great Deals” but are concerned about higher interest ratesPricing is still under pressureThere is more traffic in distress heavy areas like Arizona, California, and Florida

Check out the report for details on your specific market area.

As always your questions and comments are welcome!

Posted by: Larry Smyth

Conference Week

2011-03-10T16:20:00Z

For us, this is conference week. We are right in the middle of the Leading Real Estate Companies of the World Annual Conference. We will have a full report when we return, but I will say it is great to get together with 700 of the strongest and best real estate companies from around the world.

I just spent two full days in the Marketing and Technology forum. We have heard from industry leaders on the latest marketing and Technology issues, and we got a glimpse of what the future looks like in our industry. As you know Farrell Smyth makes every effort to stay up on the very latest marketing and technology techniques, so you can expect more advance changes to better serve our clients. The theme of the conference is “Engage, Innovate, and Lead” At Farrell Smyth this is always our goal.

Posted by: Larry Smyth

We did it again!

2011-03-08T07:39:17Z

For the second year in a row, Farrell Smyth Real Estate has received the prestigious Website Quality Certification from Leading Real Estate Companies of the World.

As a part of the certification, all aspects of the web site were reviewed to ensure exacting standards that met six key areas, ranging from design and content, to interactivity and search engine optimization. As a member of the Leading Real Estate Companies of the year, Farrell is one of 111 companies out of 600 to earn the Website Quality Certification. Explore our web site and see why we have over 3,350,000 hits in 2010.

Farrell Smyth has been a member of the Leading Real Estate Companies of the World since 1979. The Leading Real Estate Companies of the World is the largest network of top independent local brand name brokerages in the residential sector. The network is represented by 600 firms with 5,000 offices, 150,000 associates nationwide and in 30 countries. Collectively, Leading RE companies produced nearly one million home sales valued at $250 billion in the U.S. in 2009.

As always, your questions and comments are welcome.

Posted by: Jennifer Hamilton

Buy Low and Sell High

2011-03-04T15:23:03Z

Just what we all want to do…"Buy Low – Sell High." That sounds like a great plan. As prices continue to fall, you may be thinking you will wait to buy a home to get a better price. Even though the prices may go lower, the cost of owning the same home may actually go up.

My good friend Steve Harney once again provides the facts and figures to analyze how this really works. As Steve points out, the price of a home and the cost of owning a home may be going in different directions. Remember, there will only be one buyer who will buy at the bottom of the market. Everyone else is either buying as the market is going down or going up. The real consideration should be what is the cost of owning a home and how does it fit your personal budget, personal needs and personal timing. Click here for the full article.

Enjoy Steve’s article. Your questions and comments are always welcome.

Posted by: Larry Smyth

San Luis Obispo Homes Right Here

2011-03-03T07:45:39Z

March 2011 Events

There are many great events around the county this month. Getting started as early as this weekend there is so much to see and do. I hope this month you find yourself lucky enough to attend some of your favorite events!

March 5
Sea Glass Festival
Location: Cayucos

March 7-13
Pacific Coast Cutting Derby
Location: Paso Robles

March 6
Wedding & Special Event Expo
Location: Paso Robles

March 9-13
International Film Festival
Location: San Luis Obispo

March 12-13
Antique & Appraisal Show
Location: San Luis Obispo

March 12
Beer Fest & Chili Cook off
Location: Morro Bay

March 18-20
Zinfandel Wine Festival

Location: Paso Robles

March 18-20
Great American Railroad Show
Location: San Luis Obispo

March 26
Parks-4-Pups Dog Jog
Location: Paso Robles

Posted by: Jennifer Hamilton

Flying High

2011-03-02T17:04:16Z

Have you ever been to an “Air Show,” and by chance seen the “Blue Angeles” do their stuff? If you have, you already know how cool it is to see jets screaming past on a low fly-by, or exploding in a burst at the top of a vertical climb.

Now, here is the real question. When and how did the “Blue Angeles” get started? Well, check out this video and find out. This is your chance to see the original propeller driven planes fly along side of the jets and hear from some of the original “Blues.” I think you will find this is 10 minutes well spent. Enjoy.

As always, your comments are welcome.

Posted by: Larry Smyth

January Credit Suisse Report

2011-02-09T16:03:00Z

We just received the January Credit Suisse report. The complete report can be found here, so you can check out the market activity in your particular area. Here are the highlights:

1. Buyer traffic increased to its highest level since the tax credit ended in April of 2010.

2. Attractive prices, pent up demand and an increase in mortgage rates caused an increase in traffic

3. Prices continued to decline, but at a slower pace. February and March will determine the direction of pricing for 2011

4. Warm weather markets showed the most improvement in traffic.

As always, your questions and comments are always welcome.

Posted by: Larry Smyth

Love is in the air…San Luis Obispo Area Valentine's Events

2011-02-02T00:00:00Z

It’s February once again, which means it’s time to celebrate Valentine’s Day. This month there are a variety of events around the county for you to enjoy with that special someone.

Dates	Event/More Info	Location
Feb 4-5	3rd Annual Culinary Carnival	SLO
Feb 11-13	Festival Mosaic Winter Mezzo	SLO
Feb 12-13	30th Annual Antique Show & Sale	Arroyo Grande
Feb 12	Sweetheart Stroll	Atascadero
Feb 13	Valentine Movie Night	Paso Robles
Feb 19-20	Dollhouse & Miniatures Show	Morro Bay
Feb 25	Chocolate Fantasia & Blues	Paso Robles
Feb 26	Western Dance Jamboree	Cambria

Posted by: Jennifer Hamilton

A Day in the Life

2011-01-26T13:29:00Z

We came across a great time lapse video of a day in San Luis Obispo. You get a quick glimpse of why we have such a super place to live. The video features our mountains, beaches, our sunsets, our art deco theater, night life, our university and exciting events, our neighborhoods, our airport , and some fun shots of the people that make San Luis Obispo such a fine place to live. Check out this video below. You will be glad you did.

Give us some comments on this one.

Posted by: Larry Smyth

A Million Times Better

2011-01-14T16:34:28Z

We just received our final numbers regarding our web traffic for 2010. Let me just say that we are a million times better. In 2009 the Farrell Smyth web site generated 2.3 million hits. For the year end 2010, we generated 3.35 million hits, so we are over a million times better. Not too bad for a little ole real estate company from San Luis Obispo. So the question is, what is all the buzz about the Farrell Smyth web site?

First, we have the most up-to-date information on all properties for sale throughout San Luis Obispo County and Northern Santa Barbara County. The information is tied directly to the Multiple Listing System and updated every few minutes. You can’t find more current information then right on the Farrell Smyth web site. This information can be accessed by clicking on the “View Listings” button on the home page. Put in the criteria you want to search and there you go. At the same time you can set yourself up for instant updates when new properties come on the market. Next you can search for properties all over the world when you hit the RELO Home Search button. This will link you to any of our partners in the Leading Real Estate Companies of the World network. I go there once in a while myself just for fun. Give it a try.

If you are looking for a rental, just hit the “Rental List” button and get the most up-to-date information on the rentals we have available. Our rental list includes houses, condos and apartments throughout San Luis Obispo County. In addition, we list commercial properties such as office space and retail space. Again by going to our list you can sign up for instant updates so you will be notified each time a new property comes on the rental market. You can choose from e-mail or Twitter. You know the choice you make may show your age.

Here are a few of the other thing you can find on our web site.

Loan Calculator Community comparisons School Reports Real Estate School Information Homeowners Association Management Services Property Videos Maps Blogs Relocation Information Community Activities and Events Much More

Like our on screen spokesperson “Yoko” says, when you get to our web site take a few minutes and look around the site. Maybe with your help we can get to 5 million hits in 2011.

As always, your questions and comments are always welcome.

Larry D. Smyth
Broker/Owner

Farrell Smyth, Inc.

Posted by: Larry Smyth

December Credit Suisse Survey

2011-01-13T13:56:25Z

Once again we are posting the Credit Suisse Housing Survey. As a reminder this reflects the real estate market activity and trends around the nation. The survey is broken down into specific market areas. Take a look and see what the market is doing in your specific area. Here are the highlights of the report:

Buyers are hunting for bargins Buyers have concern for rising interest rates There is continued pressure on pricing More buyers are looking

Click here for the full report. As always your questions and comments are welcome.

Posted by: Larry Smyth

Sales Increase While Prices Decline

2011-01-04T11:35:40Z

Well, Happy New Year. Here we are in 2011. We are looking forward to a bright future in the real estate market for the New Year.

We just received the latest sales statistics from the California Association of REALTORS® for the month of November 2010. Once again we are seeing some mixed numbers. Here is a brief summary.

Home sales rose in November compared to October, but were down from the previous year. November sales were up 9.2 percent from October but were down 8.6 percent from November 2009. According to CAR Vice President and Chief Economist Leslie Appleton-Young, “Unsold inventory declined slightly in November, as the number of active listings fell from October. The decline in listings was reflective of seasonal factors and the foreclosure moratorium that took place in October.”

At the same time that the number of sales increased, the Median price of existing, single family detached homes fell below the $300,000 mark for the first time since February 2010. The November median price was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the same period a year ago. This was the first year-over-year price decline in a year.

The good news is that while there has been a slight increase in interest rates, they still remain near historically low rates, creating a great opportunity for buyers. Stay tuned for more updates as we move further into 2011.

As always, we welcome you questions and comments.

Posted by: Larry Smyth

Happy New Year!

2011-01-04T00:00:00Z

I hope this New Year greeting finds everyone happy and healthy. As we move into another year we are grateful to live in such a beautiful place and to be able to share it with all of you. Here a just a few of the events happening around SLO County this month.

Jan. 2nd-31st
Restaurant Month, Savor SLO County
More Info: http://www.sanluisobispocounty.com/restaurantmonth/
Location: Countywide

Jan. 9th
Music for the New Year with Maria Jette
More Info: http://www.slosymphony.com/cm/Home.html
Location: SLO

Jan. 14th-17th
15th Annual Morro Bay Winter Bird Festival
More Info: http://www.morrobaybirdfestival.org/
Location: Morro Bay

Jan. 21st-22nd
Clarks Center Presents The Peking Acrobats
More Info: http://clarkcenter.org/
Location: SLO

Jan. 28th-30th
Cambria Annual Art and Wine Festival
More Info: http://www.seecambria.com/artwine/
Location: Cambria

Also don’t forget to visit some of our great local farmers’ markets. These markets are open throughout the year and have lots of great offerings for you to enjoy.

Arroyo Grande
Saturday Noon – 2:30

Avila Beach
Friday 4:00 – 8:00

Cambria
Friday 2:30 – 5:00

Cayucos
Friday 10:00 – 12:30

Downtown SLO
Thursday 6:00 – 9:00

Morro Bay
Thursday 2:30 – 5:00

Nipomo
Sunday 11:30 – 2:30

Paso Robles
Friday & Sat 9:00 – 1:00

Pismo Beach
Saturday 10:00 – 1:00

San Luis Obispo
Saturday 8:00 – 10:30

Templeton
Saturday 9:00 – 12:30

Posted by: Jennifer Hamilton

Seasons Greetings!

2010-12-03T11:24:00Z

San Luis Obispo County is full of holiday cheer this month. Celebrations are kicking off right away this month.

Date	Event	Location
Dec. 1st-24th	Holiday in the Pines	Cambria
Dec. 3rd	35th Annual Holiday Parade	San Luis Obispo
Dec. 3rd-24th	Santa’s House in Mission Plaza	San Luis Obispo
Dec. 3rd	35th Annual Holiday Parade	San Luis Obispo
Dec. 3rd	Holiday Harmony & Tree Lighting	Pismo Beach
Dec. 4th	Lighted Boat Parade	Morro Bay
Dec. 5th	Elegant Christmas in the Village	Arroyo Grande
Dec. 10th	Winter Wonderland Street Faire	Atascadero
Dec. 11th	First Annual Templeton Christmas on Main	Templeton

Temperatures may be dropping but our spirits are rising! I hope you get a chance to go out and enjoy all the holiday festivities. Happy Holidays.

Posted by: Jennifer Hamilton

Credit Suisse Report

2010-12-02T16:37:58Z

Have you ever had one of those weeks. You know the kind I mean, you drop the toast and it lands jam side down, the refrigerator light burns out, and then your server crashes. Well that describes our week here at Farrell Smyth. Our server went down the Tuesday before Thanksgiving, and we were not fully operational until Monday morning. Everything seems to check out A OK for now so we dodged a bullet. Thank goodness for back up tapes, a patient staff, and a good IT group. It’s good to be back.

This week I did my duty and responded to the survey request from Credit Suisse regarding market activity for the month on November. We will get the results later in the month. In the mean time I also received the final report from Credit Suisse for October. The headline item is “Buyers Sit Out Another Month”. The main reasons cited are:

· Buyer Uncertainty

· Fear of Lower Prices

· Worries About Foreclosure Issues

To View the full report click here.

The Credit Suisse report gives details for many specific regions of the U.S. including many areas of California. There is some very interesting stuff. Take a look and see what’s going on in your specific area.

As always, questions and comments are welcome.

Posted by: Larry Smyth

When is the best time to Sell your home?

2010-11-09T00:00:00Z

So the question today is, when is the best time to sell your home? Now, in the spring, next summer? When?

Well according to my good friend Steve Harney, he has five reasons why now is the best time

to sell your home. Steve has just been nominated as one of the top 100 most influential people in the real estate industry nationwide. From my experience, Steve is about 6-8 months ahead of the curve when it comes to real estate trends. So when Steve gives some advise it is worth a good listen. Here are the bullet points and a link to the full article. Check it out. I think you will see Steve really does his homework.

5 Reasons You Should Sell Your House TODAY!

1. Entering this time of year buyers are more serious.

2. If you are moving up, you can save thousands

3. Interest rates just fell again.

4. You beat the rush of inventory that is coming next year.

5. You have less ‘discounted’ inventory with which to compete.

Don’t forget to click here to follow the link for full details.

Posted by: Larry Smyth

National Association of Realtors Convention

2010-11-05T09:56:23Z

The good news is that this week I am off to the National Association of Realtors (NAR) convention. The bad news is that I will miss the Cayucos Car Show on Saturday, November 6, 2010. My good friend Scott from Scott’s Shop offered to sponsor my car into the show this year, but I’ll be off to the NAR convention. Scott has a great shop here in San Luis Obispo, and specializes in repairs and upgrades to the custom car and hot rod scene. That being said, I took this opportunity to put a picture my 55’ here in the Blog. For more information on the Cayucos Car show and other community events in November, look at our November 1 Blog.

Now on to the NAR convention details. The NAR convention is the largest trade gathering of our industry. The trade show is outstanding, and gives us a change to see and try all of the latest technology to better serve our clients. Each year, when I attend, I find something new to incorporate into our office. This year should be no exception. Also this year, I will be serving as a “Delegate” for the San Luis Obispo Association of Realtors. As a “Delegate”, I will be participating in discussions, and voting on various issues that will affect the real estate industry and many issues that will affect all citizens in general. Some of the highlight topics include the following:

· Foreclosures

· Short Sales

· Taxation

Expiring Tax Cuts

Estate Tax Roll Back to 2001

Protection of the Mortgage Interest Deduction

· Fair Housing

· Fannie Mae/Freddie Mac Restructuring

· Federal Housing Policy

Credit Score Reporting

FHA Loans

Outlook for the New Congress

· Data Security – Including protecting client and customer personal data.

There is much more involved, but you can see that NAR continues to work hard for the real estate industry and consumers alike. I will report more when I return from the convention.

Thanks for taking the time to view our Blog. P.S. Let me know how you like the car.

Posted by: Larry Smyth

Bear

2010-11-03T00:00:00Z

As a follow up to my last BLOG regarding the SLOPD Annual Report, it must be noted that our local officers in blue not only fight crime, they “Bear” all burdens. Click here for the complete story on the black bear spotted in town. For actual pictures of the black bear click on the image of the downtown bear fountain to be taken to the local newspaper story.

Posted by: Larry Smyth

Annual Police Report

2010-11-02T13:47:10Z

Well, here is some pretty cool stuff. The SLOPD puts out a fine report each year detailing the various sections within the department, and providing crime statistics for the past year. The report shows trends in the community, and gives you a view of the direction of the community with regard to crime.

Take a look at the report. It should make you feel pretty good about the place we call home.

Posted by: Larry Smyth

November Festivities

2010-10-29T11:06:47Z

With Turkey Day just around the corner it’s a great time to reflect on all that we are thankful for. We are thankful to live in such a beautiful community and to be able to share it with all of you. Here is a glimpse of what activities November has to offer.

Date	Event	Location
Nov. 5th-7th	Harvest Wine Festival	San Luis Obispo
Nov. 5th-7th	Christmas Arts & Crafts Fair	San Miguel
Nov. 5th-14th	27th Annual San Luis Obispo Poetry Festival	San Luis Obispo
Nov. 6th	Annual Cayucos Classic Car Show	Cayucos
Nov. 7th	Veterans Day Celebration on the Pier	Pismo Beach
Nov. 14th	3rd Annual Lopez Lake Turkey Festival	Lake Lopez
Nov. 19th-21st	Paderewski Classical Music Festival	Paso Robles
Nov. 19th-21st	Digital Film Festival	Paso Robles
Nov. 20th	Atascadero Holiday Craft Faire	Atascadero
Nov. 26th-27th	Country Christmas Crafts Fair	San Luis Obispo
Nov. 28th	Christmas Street Faire	Morro Bay

We hope you enjoy all the activities happing around the county this month. Wishing you a very Happy Thanksgiving!

Posted by: Jennifer Hamilton

Foreclosure Mess

2010-10-13T16:27:01Z

The newest “Hot Topic” in the real estate world is the “New Foreclosure Mess”, and the possible suspension of foreclosures. There are two big questions here. Why are foreclosures being suspended? Secondly, how will it affect the current real estate market?

Here is a little background. Foreclosures are regulated on a state by state basis. There are 23 states that require a judicial foreclosure proceeding with court approval, and 27 states with non-judicial foreclosure allowing for a trustee sale without court approval. The judicial foreclosure process is a drawn out process that can take a year or more to complete, while the non-judicial foreclosure is a relative process that can be completed within 90 days. For now, a moratorium has been placed on all judicial foreclosures, but Congress is considering extending the moratorium at least on a temporary basis on all foreclosures. Bank of America has already extended the moratorium on all of their loans. As a side note, California is a state with non-judicial foreclosures.

So how will a moratorium on foreclosures affect the real estate market? The biggest affect will be on the housing inventory. If you remember a few weeks ago, I covered how increased inventory has a negative affect on home prices. One of the main reasons the housing prices have been depressed is the large inventory of homes on the market. A significant part of this inventory has come from bank foreclosed or REO property. The hope was that as banks cleared the REO properties off their books, the inventory would go down and we would hit the bottom of the real estate price market. If the moratorium on foreclosures goes into effect, this will delay the reduction in inventory, hence delaying the real estate market recovery. The sad thing is that there is no question that the properties in question should be in foreclosure. Many are vacant and have been vacant for some time. The problem was in the paper work process. We can all agree this needs to be improved, but I hope we don’t throw out the baby with the bath water and delay the recovery.

I just received a great e-mail from my good friend Steve Harney that includes some great insight into the mortgage foreclosure situation. Just click on this link and you can drill down to get all of the details you can stand regarding this issue. The bottom line from Steve is this “Fewer foreclosures coming on the market right now will mean prices will be less impacted. However, these properties will eventually come to market, if now, then later. That will delay the housing recover – perhaps for years.”

We will keep a close eye on this situation.

Questions and comments are always welcome.

Posted by: Larry Smyth

September Credit Suisse Real Estate Report

2010-10-13T13:48:30Z

This report from Credit Suisse reflects a continuation of the market from August. The four highlights of the report are as follows:

1. Homebuyer traffic did not rebound in September

2. Buyers are hesitant to buy due to price and job concerns

3. The home price index declined in September

4. Traffic did improve in a few selected areas of the country.

Click here to read the full report, so you can check what is going on in specific areas of the country.

How will the potential “Foreclosure Moratorium” affect housing values? I will cover that in my next post so stay tuned.

Your comments and questions are always welcome.

Posted by: Larry Smyth

Happy Town, USA

2010-10-04T16:05:00Z

Did you read your Sunday paper this week? Next question. Did you ready the Parade Magazine? If you did, you probably saw that San Luis Obispo is considered to be “Happy Town, USA.”

The article in Parade was a preview of a new book, “Thrive” by Dan Buettner. “Thrive” is a follow-up to his 2008 “The Blue Zones.” In “The Blue Zones,” Mr. Buettner searches the world for truths about longevity. In “Thrive,” Mr Buettner expands his search for happiness. Well Guess what? Mr. Buettner considers San Luis Obispo to be Happy Town. What makes San Luis Obispo so happy? According to Mr. Buettner, here are a few of the highlights:

Support of the ArtsSupport of Biking and WalkingCreation of a GreenbeltNo drive-through restaurantsNo Smoking – Only 11% of the residents still smokeSmaller signs

And finally:Citizen involvement to develop a downtown community Mission Plaza

San Luis Obispo Mission de Tolosa was the starting point of our city back in 1772, and continues to be the center for community events.

In case you missed the article or tossed you paper (recycled I hope), click here to visit a web site with the article.

So now we are #14 in the best places to retire, and we are happy as well. So I say “Don’t Worry, Be Happy.”

Questions and comments are always welcome.

Posted by: Larry Smyth

Fall Festivities in and around San Luis Obispo

2010-10-01T16:49:02Z

October is here and there is plenty to see and do around the county this month. Kicking it off early with lots of festivals starting as early as this weekend, so pick your favorite or enjoy them all!

Oct. 1st-3rd Scott Tinley’s Adventure Mountain Bike & Road Triathlon
Location: Arroyo Grande More Info

Oct. 2nd-3rd Morro Bay Annual Harbor Festival
Location: Morro Bay More Info

Oct. 2nd-3rd Cambria Oktoberfest 2010
Location: Cambria More Info

Oct. 3rd Savor the Central Coast Wrap-up Concert & Fireworks
Location: Avila Beach More Info

Oct. 7th-11th The Central Coast Railroad Festival
Location: San Luis Obispo More Info

Oct. 10th City to Sea Half Marathon
Location: SLO to Shell More Info

Oct. 15th-17th Paso Robles Wine County Harvest Wine Weekend
Location: Paso Robles More Info

Oct. 21st Great Pumpkin Contest
Location: San Luis Obispo More Info

Oct. 23rd SLO GranFondo Bike Ride
Location: SLO County More Info

Oct. 28th Howl-O-Ween Hoopla
Location: Downtown SLO More Info

There are a lot of events this month that are ongoing throughout the month of October and some even lasting into December.

Oct. 1st-16th Jack Creek Farms Annual Scarecrow Contest & Display
Location: Templeton More Info

Oct. 1st-31st Fall Pumpkin Harvest
Location: Templeton More Info

Oct. 1st-31st Watch Elephant Seals
Location: San Simeon More Info

Oct - Dec Let’s Go Ballooning
Location: Paso Robles More Info

Until next time, have a hauntingly great time this Halloween. Enjoy all that October has to offer, just remember to be safe and have fun!

Posted by: Jennifer Hamilton

Dream Rental

2010-09-24T13:46:20Z

OK. So you have been looking for months and finally find that “Dream Rental” you have been waiting for. You are so excited you rush to the rental office, grab an application, fill it out, turn it in, and days later you hear nothing, or even worse you get the call that you have not been accepted. What the heck is wrong? You know you are a good person, with great references, a good job, so how could you not get the unit?

From years of experience, let me tell you that one reason tenants are turned down is for turning in incomplete applications. Sure you know all about your references, and good job, but you didn’t give the full details asked for on the rental application. Particularly when there is more than one applicant for a unit, a complete detailed application is a big advantage. Be sure to read the rental application carefully and answer each question completely and honestly. Even if you have had a financial or landlord issue in the past, if it is explained well, you may still be accepted. When in doubt about a question, don’t guess. Ask for help to be sure your application is correct including providing any extra items requested by the rental office.

My advice is to use your rental application to your advantage. Your application is your best spokesperson. It gives the first and most lasting impression to the landlord. Be complete, be thorough, and be timely. Go to the property management section of our web site, where you can view a typical rental application that may help you prepare for when that “Dream Rental” comes along. Good hunting.

As always, we welcome you questions or comments

Posted by: Larry Smyth

Historically Low Interest Rates

2010-09-16T10:31:00Z

We have all seen the headlines about the historically low interest rates, but what does that really mean to buyers and sellers? Well take a look at the attached chart. As you can see, back in 2003, with interest rates at 6.26%, the monthly payment on a $200,000 loan was $1,232.00. Today, with interest rates for 30 year fixed rate loans at or below 4.50%, the same $200,000 loan is $1,013.37, for a savings of $219.37/mo.

So in today’s market, you can buy the same value of home as 2003 for less of a monthly cost. However, the value of homes today may be below what they were in 2003. As a result, you may be able to buy a better home today for less money than you could in 2003. This is great news for buyers. Actually, it is good news for sellers as well. With prices and interest rates both down, buyers can afford more home than they could back in 2003.

Yes buyers could try to wait for prices to go down more, but if interest rates begin to climb (and they surely will) the actual cost of owning a home may go up. The main thing is not to confuse the price of a home with the cost of owning a home. They are two different things. The key is to get the best home you can with the lowest monthly costs. After all, the monthly costs are what you will have to live with for a long time. I suggest you contact your local professional, full time real estate agent, like those at Farrell Smyth, to get help working through the numbers.

As always, questions and comments are welcome.

Posted by: Larry Smyth

Are We There Yet…The Bottom That Is

2010-09-15T19:20:00Z

OK. So I promised that I would talk about when we are finally going to hit the bottom of the real estate price market. What a question. First we need to look at some figures supplied from the Federal Housing Finance Agency. Click on the “Localized Prices” map to go to the attached web article with the interactive map. There you can look at what is going on in most markets across the country. You will be able to see four things:

1. Peak Price Date – The date prices topped out in each market

2. Price Decline – As a percentage of the peak market price

3. Bottom Date…If the bottom has been reached

4. Percent of rebound from the bottom

This is a terrific map. As you can see, each area reached the peak price at various times, and there are very few areas that have reached a bottom, or had any rebound.

In addition, this is a constantly changing situation. Let’s look at a second graphic. This graph shows the predictions on future housing prices from the CME Group. The CME Group is a group that invests in housing futures. Looking at their graph, you can see that on August 1, 2010 (represented by the light grey line) they were predicting the market to bottom out in November, 2011. Now as of September 1, 2010 (the dark blue line) they are predicting the bottom to be May of 2012. This is quite a change in the prediction in just 30 days. If I were to paint a picture of what the future might bring, I think it would be like a lava lamp, constantly changing. So stay tuned as we continue to keep track of these projections in the coming months.

As always, if you have any questions or comments please let us know.

Posted by: Larry Smyth

Retirement – You’re Retiring Where?

2010-09-14T22:12:00Z

Are you thinking of retiring? Where will you go to best enjoy those “Golden Years”? Well, I just read an article on CNN Money ranking the “Top 25” places to retire in the United States. After reading the rankings, I have decided to stay right here on the Central California Coast as San Luis Obispo was ranked #14 on the list. We were the highest ranked California city with Davis the only other California city to break into the ranking at #24. Click here to see the full survey.

One of the interesting things I noticed was that most of the cities on the list are university towns. It seems that lifelong learning and the energy that comes with a university are important things when considering where to retire. I think we can all agree that having Cal Poly in our community definitely brings an energy level. Cal Poly helps sustain our economy, provides events that would not normally come to a community our size, and certainly provides opportunities for lifelong learning. I am not ready to retire yet, but when I do, all I have to do is drive home to find my retirement place.

Here is a question for you all. Can you think of a university with a longer name than Cal Poly? The official name is: California Polytechnic State University at San Luis Obispo. What a mouthful.

As always, comments and questions are welcome.

Posted by: Larry Smyth

Credit Suisse August Report

2010-09-10T12:18:15Z

In my last post I promised to discuss when the downturn in real estate pricing is predicted to end. I am going to postpone that one post, because I just received the August report from Credit Suisse, and I want to share it with you right away. If you remember, Credit Suisse is a large investment firm and they do independent research in both the financial and real estate markets. Each month I am asked to take their survey and look forward to getting the results.

Click here to read and review the full Credit Suisse Report, but here are the highlights:

Headline: Prices Dropping on Depressed Traffic

Buyer traffic was stable in August but still at a low level. Inventory is up. Buyers are concerned with jobs, weak economy, and lack a sense of urgency to purchase with expectation of lower prices. Even sale of foreclosure properties has slowed. The trend is expected to continue in the upcoming months.

So now the good news: Interest rates remain low, lots of inventory to choose from and prices are down. This is a great time to buy. The cost of owning a home may never be lower. Even if prices go down, if interest goes up, the cost of owning a home make actually go up as well. If you are a first time buyer, there are still low FHA loans requiring as little as 3% down and low interest. If you are a move up buyer, you may feel selling your home now is selling at the low point of the market, but you can also buy up at the same low point. In many cases the price gap has narrowed for a move up.

Thanks for visiting my Blog again.

Posted by: Larry Smyth

Supply and Demand

2010-09-07T18:35:13Z

We have all heard the old adages regarding “Supply and Demand,” and it certainly applies to the real estate market. With inventory growing, the “Supply” issue is certainly relevant in today’s market.

One of the key numbers for consideration is “Months of Inventory.” So what does that mean? Well, let’s say that in a given market place or a given price range, three homes sold in a particular month, and at the same time, there are 30 homes on the market. In this case there would be a 10 month supply of homes. Statistically speaking, studies have shown that prices are directly affected by the inventory on hand. Here is the simple version.

· 1-4 months inventory – sellers market with homes appreciating

· 5-6 months inventory – normal market with stable prices

· 7+ months inventory – buyers market with homes depreciating

In our example with 10 months inventory, that market would see falling prices. When this occurs, sellers want to stay ahead of the curve and price their property right to catch the few buyers in their market.

You can see from the graph on the right (click to enlarge) that nationally, as of June 2010, there was a nine months supply. In fact, since August of 2009, there has only been one month where inventory was below the 7 month critical mark and that was November 2009 when the buyer incentives first hit the market. The buyer incentives are now gone and the inventory has climbed again.

In our local market, according to our “Multiple Listing Service” (MLS) statistics, the inventory for the months of June – August stands at 8.73 months which is up from 8.52 months during the March –May period. This reflects a growing inventory. This is backed up by more stats from the MLS. During the past 24 hours, we have 25 new listings, 8 sold properties, and 53 price reductions. So the real question is when will this market change? That is the topic for my next blog. As always, we welcome your questions and comments.

Posted by: Larry Smyth

End of Summer Celebrations

2010-09-01T10:17:04Z

September is a month of celebration on the Central Coast. As summer comes to a close we are blessed with beautiful weather and lots fun events to enjoy. If you are planning a trip over to the coast this upcoming Labor Day weekend or anytime in the month of September check out some of these events happening around the county.

Sept. 2nd: Avila Beach Music Festival: Presenting ZZ Top
Location: Avila Beach

Sept. 4th-6th: Pinedorado Days Festival & Parade
Location: Cambria

Sept. 4th-6th: Art in the Park
Location: Morro Bay

Sept. 5th: Pops a la Playa! (Pops by the Sea)
Location: Avila Beach

Sept. 10th-12th: 15th Ever Creston Classic Rodeo
Location: Creston

Sept. 11th-12th: I Madonnari Chalk Festival
Location: San Luis Obispo

Sept. 18th: Avocado and Margarita Festival
Location: Morro Bay

Sept. 24th-25th: Arroyo Grande Valley Harvest Festival
Location: Arroyo Grande

Sept. 30th- 10/3: Savor the Central Coast: Presented by Sunset Magazine
Location: County Wide

Also don’t forget the entire month of September is California Wine Month! There will be many wineries and restaurants throughout the county offering special tasting to celebrate. Click Here for more information. We hope you get a chance to take part all the great events going on this month. As always we hope to see you enjoying the SLO life!

Posted by: Jennifer Hamilton

Googles Favorite Place

2010-08-30T21:22:00Z

You know, we always try to put our best foot forward when it comes to marketing. Now that we are fully engulfed with internet market we face a whole new challenge. Due to the dynamics of the internet, our marketing program has to be ever changing. We are on constant alert for the best ways to market our company Farrell Smyth, and equally important to market our client’s properties, both for sale and for rent. So we were pleasantly surprised, when unsolicited, we receive notice that we have been named a “Favorite Place on Google.”

The recognition from Google came due to the high volume of traffic that came to our web site. During a two month period we had 7,434 unique visitors to our site from Google, and 926 of those visitors requested driving directions to our office. As a result, we now have a business listing as a “Favorite Place on Google,” on Google, and a pin on Google Maps locating our office. We are proud that our efforts have paid off in the rapidly changing world of the internet. You might want to take a look at our web site to see why we are attracting so many visitors. www.farrellsmyth.com.

Your questions and comments are always welcome.

Posted by: Larry Smyth

Opportunity May Be Knocking

2010-08-24T23:25:00Z

Today, the National Association of Realtors (NAR) reported that sales for existing single family homes fell by 27% during the month of July. In our local area, we can confirm this by looking at the “24 Hour Market Watch” on our Multiple Listing Service which covers all of San Luis Obispo County and Northern Santa Barbara County. During the last 24 hours we have added 35 new listings, while selling only 21 listings. So it looks like our inventory is on the rise. This has been the case on almost a daily basis for a long time. In addition, during the same 24 hour period we have had 42 price reductions. Just what you would expect as the inventory grows.

Wow, this doesn’t sound too great, but this may not be all bad news. Opportunity may be knocking. With slower sales, increasing inventory, and price reductions, this could be a great time to purchase. Interest rates remain at historical lows, with 30-year fixed rates below 4.5%. Larger inventory means more choices for buyers. Price reductions mean that sellers are more willing than ever to negotiate price and terms. To paraphrase the Honda commercial, Mr. Opportunity may be here knocking on your door.

Your Questions and comments are always welcome.

Posted by: Larry Smyth

e-PRO: An Advanced Designation to Help Provide the Best Services to Our Clients

2010-08-24T11:45:20Z

We all know how the real estate industry has been changed with the advancement of the electronic age. We have all had to learn new technologies beginning with e-mail, and continuing with social media sites, web sites, and even Blogs like the one you are reading. As a long-time Real Estate Broker, I long ago recognized the importance of these changes. As a result, our company, Farrell Smyth, has made every effort to keep up with consumer demand for up-to-date electronic communications and information. As a part of our effort, I have recently completed the course to earn my e-PRO designation.

The e-PRO designation course is designed to train real estate professionals in the latest internet technologies to best serve our customers’ needs. Only 4% of all Realtors across the country have earned the e-PRO designation. So we are proud of our efforts to provide the best technology we can.

You already know about our Blog, but we want to tell you about another program we are just beginning. Constant Contact is our new marketing program. While our Blog will continue to provide general real estate information and updates on current market trends, Constant Contact will be strictly our marketing arm. We will provide information on new listings, price changes, open houses, and other cool stuff. Initially we will market to our current data base. Customers will be able to opt out if they wish, and rejoin at any time. If you would like to be added to our data base feel free to contact us, or in the near future you will be able to sign up on our web site home page at www.farrellsmyth.com. We continue to provide you with the most up to date information from the Central California Coast and beyond.

As always, your comments and questions are welcome.

Posted by: Larry Smyth

Credit Suisse Survey

2010-08-17T00:00:00Z

Each month I am asked to participate in a survey for Credit Suisse. Credit Suisse is an independent company that does market research for financial markets and real estate markets. In their July report, Credit Suisse evaluated three components in the real estate market. Traffic in the market by sales, downward pressure on pricing, and incentives in the market such as buyers credits. The Survey is done on a nationwide bases, then broken down to show trends in key real estate markets throughout the nation. In general, the conclusion for July is that, almost without exception, the traffic in the real estate market went down. In addition, the downward pressure on pricing continues as inventory increases, and incentives have all but dried up.

The major areas in California that are included in the survey are Los Angeles, San Bernardino, San Diego, Sacramento, and San Francisco. Click here to read the complete survey which I found very interesting. Take a look at what is going on across the nation. California is not the only state feeling the pinch.

As always, your comments and questions are welcome.

Posted by: Larry Smyth

10 worst Cities

2010-08-12T16:26:39Z

Aren’t We The Lucky Ones? We are unless you happen to live in one the ten worst rated cities in the United States.

The List begins in California, and ends in Florida with plenty of stops in between. The main criteria seems to be the economic conditions of each city which includes unemployment, and weak housing. As you would suspect these two items go hand in hand. Other factors include weather, crime, and pollution.

Here is the list of the worst along with a link to the full survey. If you happen to live in one of these cities, all I can say is you have my condolences.

1. El Centro, California

2. Cleveland, Ohio

3. Detroit, Michigan

4. Las Vegas Nevada

5. Oklahoma City, Oklahoma

6. Los Angeles, California

7. Phoenix, Arizona

8. Newark, New Jersey

9. Miami, Florida

10. Memphis, Tennessee

While we have all been hit to some degree by the housing downturn, these 10 cities have really suffered. As always we welcome your comments.

Posted by: Larry Smyth

San Luis Obiso Homes Right Here

2010-08-03T00:00:00Z

August has arrived!

August is the last month to pack up your family and friends for a get away to the beaches before school starts up again. Here are just a few of the great events happening around the county this month:

Aug 6th, 13th, Concerts in the Plaza Location: San Luis Obispo
20th & 27th More Info: http://www.downtownslo.com/

August 7th Wine Makers Cook off Location: Paso Robles
More Info: http://www.winemakerscookoff.com/

August 8th Central Coast Chili Challenge Location: Arroyo Grande
More Info: http://www.centralcoastshakespeare.org/

August 13th-14th Performing Arts Center Presents: Jumpbrush Dance Festival Location: San Luis Obispo
More Info: http://www.pacslo.org/events/

August 21st 7th Annual Olive Festival Location: Paso Robles
More Info: http://www.pasoroblesolivefestival.com/

August 21st Mid State Cruizers Car Show Location: Atascadero
More Info: http://www.midstatecruizers.org/

August 28th-29th Stone Soup Music Faire Location: Grover Beach
More Info: http://www.grover.org/6week.htm#soup

There are always fun things to do and see all around San Luis Obispo County. With average highs of only 76° in San Luis Obispo, there is no better place to beat the August heat. We invite you to take part and explore what this beautiful county has to offer. Hope to see you around!

Posted by: Jennifer Hamilton

It’s All In The Numbers….or Is It?

2010-07-29T15:55:35Z

It seems like every day when we pick up the paper or read your daily on line news, there is some article about prices of homes going up, and another article about prices going down. So which is it…Up or Down? Well like the old adage goes, you can make the numbers say whatever you want. So let’s take a look at possibly the most misleading set of numbers in the real estate industry when it comes to establishing true value of homes.

The culprit is the “Mean” housing value. The mean value is not the average selling price although many writers and news shows use the terms as if they are the same. Further the mean value has nothing to do with the value of individual homes. The mean value only shows the price at which most of the homes sales are occurring at a given time. For example, in a given market area, most sales may be occurring at say $300,000 in a given month. The next month, most sales may be in the $310,000 range. Right away reports go out that prices have gone up 3%. Not really. At the same time a specific home in the same market may sell for $300,000 one month and sell for $295,000 the next month, an actual decline of 2%. When you start comparing over longer periods like year to year, the variation can be even greater. So when you get ready to search for that new home, or sell your old home, and you want to know what the current market trend looks like what should you do? First, look at the specifics of your local market. How long are homes on the market before selling, what is the difference between the asking and selling prices, and finally be sure to compare apples to apples, that is be realistic and only compare homes similar to the home you may want to purchase or the home you want to sell. Your local professional real estate broker can help you sort this out so you purchase and sell at the true market value and not waste you time going through the frustration of chasing the numbers. If you are moving to a new area it becomes even more important to sort through the numbers game. Before you make your move ask your local broker for a referral to your new area. Some brokers, such as Farrell Smyth, specialize in relocation, and are an excellent starting point. In any case the bottom line is know your numbers.

Posted by: Larry Smyth

Caveat Emptor - Finding a rental safely and securely

2010-07-19T15:29:22Z

We have all heard the term Caveat Emptor, or Buyer Beware. Well, how about Renter Beware. The internet has given us all access to unlimited information. In addition we have access to misinformation, deceptive information and down right dishonest information. Herein lies the problem.

In recent times we have seen Scammers glean information on properties that are either for sale or rent, reformat the information and place it on various lists and web sites as a property for rent. Unsuspecting renters are asked to just “Drive by the property, and if you like it, send me a deposit.” Contacts are usually by e-mail, text, or even phone. You never really meet the scammer. The usual excuse is something like, “I am on a sabbatical,” or “I had a sudden job transfer and can’t be back in town.” Once that deposit check is in the mail the scammer is long gone and the renter is out of luck.

What can you do to protect yourself from this type of scammer? If you are looking to rent in your local area, you can go to a local reputable Real Estate or Property Management firm. They can provide you with rental listings and help you through the application process. If you are dealing with an individual owner, you should always meet them face to face. Ideally, meet the owner at the property and be sure they have keys for the unit. Be very wary of an owner who is too anxious to get your deposit “on the spot” with no application process.

If you are moving to a new area and need to find a rental, before you head out, go to a Real Estate or Property Management company in your area and ask for a referral to your new area. Many companies have built relationships with other companies over the years or belong to a referral network that specializes in relocation. This will allow you to not only find a rental in your new city, but you can also get lots of information about the area before you go. You can get information on transportation, schools, hospitals, etc. Take advantage of the professionals in your area to help guide you through the maze.

As always, if you have any questions feel free to contact us.

Posted by: Larry Smyth

Farrell Smyth, Inc. Earns Website Quality Certification - Designation signifies excellence in corporate website

2010-07-14T16:18:03Z

San Luis Obispo, CA – 7/14/10 – Farrell Smyth has earned the Website Quality Certification (WQC), presented by Leading Real Estate Companies of the World® to member companies that have demonstrated excellence in website design, functionality and execution.

Every aspect of the site, www.farrellsmyth.com, was reviewed to ensure exacting standards were met in eight key areas, ranging from design and content to human interactivity to search engine optimization. The WQC was introduced in 2009 to recognize and encourage superior websites among Leading Real Estate Companies of the World’s 600 member firms. Farrell Smyth is one of 64 initial applicants to earn the designation.

“A real estate company’s website plays an increasingly significant role with today’s consumers, who often go there first when considering buying or selling a home. It is thus critical to use this Internet medium to attract and engage consumers in a meaningful way,” said Pam O’Connor, president/CEO of Leading Real Estate Companies of the World®.

For more information about Farrell Smyth, Inc. please visit www.farrellsmyth.com.

Posted by: Jennifer Hamilton

Introduction

2010-07-11T21:08:51Z

In our real estate sales section we will be posting general information regarding real estate sales. We will also post to two sub categories with specific information for Buyers and specific information for Sellers. Be sure to check here often for general or specific information if you are a Buyer or Seller.

As always if you have any questions or would like to see a new topic covered, feel free to give us a shout.

Posted by: Larry Smyth

What’s Happening in July in San Luis Obispo, California

2010-07-09T00:00:00Z

The fourth of July fireworks have come and gone but that doesn’t mean there isn’t still plenty of exciting things to do and see around San Luis Obispo County this month. Here are a few of the highlights:

July 8th – July 11th Twenty-Sixth Annual Central Coast Wine Classic Location: SLO County
More Info: http://www.centralcoastwineclassic.org/

July 9th – Aug 15th Annual Central Coast Shakespeare Festival Location: Paso Robles
More Info: http://www.centralcoastshakespeare.org/

July 15th – July 25th Festival Mosaic: Summer Festival Location: San Luis Obispo
More Info: http://www.festivalmozaic.com/

July 22nd – Aug 1st California Mid-State Fair Location: Paso Robles
More Info: http://www.midstatefair.com/

July 30th - 31st Arroyo Valley Cruise & Car Show Location: Arroyo Grande
More Info: Downtown AG on Grand Ave, Cruise 7/30 from 6:30 – 8:30, Car show 7/31 from 10 AM – 4 PM

Also be sure to take some time to enjoy one of the many ongoing farmers’ markets around San Luis Obispo County:

Arroyo Grande - Saturday, Noon – 2:30Avila Beach - Friday, 4:00 – 8:00Cambria - Friday, 2:30 – 5:00Cayucos - Friday, 10:00 – 12:30Downtown SLO - Thursday, 6:00 – 9:00Morro Bay - Thursday, 2:30 – 5:00Nipomo - Sunday, 11:30 – 2:30Paso Robles - Friday & Sat, 9:00 – 1:00Pismo Beach - Saturday, 10:00 – 1:00San Luis Obispo - Saturday, 8:00 – 10:30Templeton - Saturday, 9:00 – 12:30

Posted by: Jennifer Hamilton

Introduction - Welcome to SanLuisObispoHomesRightHere.com

2010-07-07T23:40:00Z

Well here we go. This is the first installment in what we feel will be a very informative blog site for Farrell Smyth. While the name of our site is SanLuisObispoHomesRightHere.com, our blog will have much more than just information on homes. You can access the site direct or connect through the Farrell Smyth Web Site, FarrellSmyth.com. If you take a look at the various categories on the site, you will see that we will have information on Real Estate, Buyers information and Sellers information. We will have information on Property Management, with Owner information, and Tenant information. In addition we will have Community information with information on events and happenings around San Luis Obispo County, and finally we will have a Press Release section so you can keep up with the goings-on at Farrell Smyth.

We hope that you will take time to check the various topics, and if you have any questions or would like to see topics added, feel free to let us know. Also, if you have an event you would like to promote, let us know and we can put it in the Community section.

Thanks for taking the time to come to the new Farrell Smyth blog site…

Posted by: Larry Smyth

Beautiful San Luis Obispo, California

2010-06-28T22:01:00Z

San Luis Obispo, CA is located between San Francisco and Los Angeles, in the heart of the state’s central coast where you will find miles of white, sandy beaches. This area includes tree-lined streets, an enjoyable shopping area, unique hotels and its downtown area includes a collection of stores, outdoor cafes, coffee houses and galleries.

There is plenty to do in San Luis Obispo for residents and visitors. The city has several golf courses and cultural events throughout the year. Each Thursday, Higuera Street offers a farmers’ market where you can get fresh fruits and vegetables. There are also several wineries along Highway 227.

San Luis Obispo, California is a wonderful city for everyone to enjoy.