January 16, 2012

Credit Suisse Report

Posted to Larry Smyth, Real Estate Sales

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

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

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

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

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

As always, comments and questions are welcome.

Posted by:  Larry Smyth



November 08, 2011

Credit Suisse October Housing Survey

Posted to Larry Smyth, Real Estate Sales

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

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

Here are a few quotes from agents around California.

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

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

Check the full Credit Suisse report for more details.

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

Posted by:  Larry Smyth



September 20, 2011

Steve Says, “Now is The Time to Sell”

Posted to Larry Smyth, Real Estate Sales, Sellers

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

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

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

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

Your questions and comments are always welcome.

Posted by:  Larry Smyth



June 22, 2011

More Reasons to Buy Now

Posted to Larry Smyth, Real Estate Sales

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



June 14, 2011

A Great Time to Buy a Home

Posted to Buyers, Larry Smyth, Real Estate Sales, Sellers

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



May 17, 2011

Sell Now or Forever Hold Your Peace

Posted to Larry Smyth, Real Estate Sales, Sellers

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 exposure
  • Foreclosures and short sales will increase in about 90 days
  • Interest rates have risen over the last six months
  • Qualifying for a mortgage is about to get even more difficult
  • It’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



January 14, 2011

A Million Times Better

Posted to Buyers, Larry Smyth, Owners, Property Management, Real Estate Sales, Relocation, Rentals, Sellers, Tenants

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



January 13, 2011

December Credit Suisse Survey

Posted to Buyers, Larry Smyth, Real Estate Sales, Sellers

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



January 04, 2011

Sales Increase While Prices Decline

Posted to Larry Smyth, Real Estate Sales

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



August 24, 2010

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

Posted to Buyers, Homeowner Associations, Larry Smyth, Owners, Press Releases, Property Management, Real Estate Sales, Relocation, Rentals, Sellers, Tenants

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



August 17, 2010

Credit Suisse Survey

Posted to Buyers, Jennifer Hamilton, Real Estate Sales, Sellers

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



July 29, 2010

It’s All In The Numbers….or Is It?

Posted to Larry Smyth, Real Estate Sales, Sellers

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



July 11, 2010

Introduction

Posted to Larry Smyth, Real Estate Sales

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