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Mortgage Rates vs Home Prices

The Ups With the Downs - Don’t Expect Rising Mortgage Rates to Lead to Falling Housing Prices in the San Luis Obispo Market.

In markets past, there may have been the expectation that with rising mortgage rates, buyers will stall causing the housing prices to drop to drive activity. However, the law of Supply and Demand is still governing the market with an iron scepter.

In fact, the last six times that interest rates increased by at least a percent or higher, the housing prices still rose steadily between 2-11% seasonally.

On the effects of higher mortgage rates, the Freddie Mac report concluded that prices are not adversely impacted with moderate rate hikes. The report also explained that while there may be a drop in the demand for homes as some buyers are on standby hoping for a shift, sellers, also being buyers, will put their intentions to sell on hold; not wanting to surrender the advantage of the lower interest rate they may currently be in. As both supply and demand move in synchronicity, they have offsetting effects on price. 

The ebb and flow, as a result of the hem and haw, will preserve the harmony of yin and yang and all’s still well with the market’s soul. There is no indication that prices will be dropping any time soon and interest rates still being historically low, NOW is still the time to take action and MOVE!  

Home Interest Rates Going UP!

The Cost of Waiting - The Cost of a Fraction of a Percent.

Have you ever examined the fluctuation of interest rates and realized the difference a day can make?!

Rising interest rates is a sign of a thriving economy.

The economy has made nearly a full recovery since almost a decade ago when the housing market downturn began wreaking havoc. Wages are up and unemployment now sits in the low 4 percentile. A basis that flirts with inflation and inflation hurts mortgage rates.

Interest rates are projected to increase steadily heading into 2019, however rates are still low by historical standards. Now could be the time to lock in your rate, while rates in the mid-4s can still be found. Here is an example of how your payment may be impacted by waiting too long to make your next move:

At today’s rate, payment on a $250,000 loan might typically be $1250, approximated. Should the rate go up even 1/10th a percent in the next quarter, this would increase your monthly payment by almost $15. Should you wait for the projected increase in the 4th quarter, your payment may be higher by almost $75 from today’s rate. In 2019, when the rate is projected to reach the 5 percentile, your monthly payment could be higher than today’s rate by over $100!

The cost of waiting to purchase a home is avoidable if you pick up the phone and call us today!


Cal VA Loans

California Veteran's Loans

in San Luis Obispo, CA

The VA Home Loan Center registers that there are currently over 21,000 veterans living in San Luis Obispo County. 

Are you a veteran looking to buy a home in San Luis Obispo? You might be eligible for a Cal Vet Home Loan.

The 2018 VA home loan limit for San Luis Obispo County is $615,250 and offers a 0% down option. (VA Home Loan Centers)  

Did you know there may be property tax exemptions available to veteran homeowners in San Luis Obispo?; an exemption of $4,000 to honorably discharged military members. Disabled veteran homeowners as well as the surviving spouses of disabled veterans may have available an additional exemption. For specific rates contact the San Luis Obispo County Tax Assessor’s Office.

American Legion Post 66, the support network servicing our area provides guidance and assistance to veterans, military and their families. The American Legion provides a brochure on benefits provided by the Department of Veterans Affairs (VA) to provide awareness of available benefits and services veterans and military personnel may be entitled to, and how to apply for them. Questions concerning benefits or eligibility should be addressed to an American Legion Department Service Officer (www.legion.org/serviceofficers).

For assistance in finding a home loan program that is right for you, contact us at San Luis Obispo Realty and we will direct you to a local home loan specialist that can advise you of the home loan that is perfect for you!

Why move to SLO?

How the face of Bubblegum Alley is providing a happy alternative to the pace of the Silicon Valley!

                                -as recognized in a recent story in the New York Times!

In a December article of the New York Times, San Luis Obispo is featured as the charming and quaint California town attracting start-ups and venture capitalists, with a growing tech hub to boot.

In that article, Rick Stollmeyer who is the chief executive of MindBody declared that he foresaw San Luis Obispo a bustling tech hub when in 2001 he cofounded the cloud-based business management tool for the wellness industry. The MindBody corporation serves about 35 million consumers in over 130 countries. (Wikipedia) Their office residing at 4051 Broad St. here in SLO.

Luke Soules, Cal Poly graduate and founder of iFixit a native San Luis Obispo start-up, is quoted as stating,  “We have a lot of employees tired of the Silicon Valley pace and come to raise a family.” The 125-employee firm offers over 31,000 online guides on how to fix anything from a broken iPhone screen to torn jeans.

A former Cal Poly professor, Gary Dwyer shared his observation in the article sharing that tech workers were using San Luis Obispo as a playground to surf and ride mountain bikes. “The techies are building and buying secondary homes they can use as time shares. They are already here, and more are on the way.”

California Center for Jobs and the Economy has estimated more than 7,800 tech employees work in San Luis Obispo County; a 20 percent rise over the last five years. A principal contributor of the rise is the growth pool of engineering and computer science students from California Polytechnic State University and the network of support from government, education and community agencies providing access to real estate, funding and business connections nurturing the entrepreneurial spirit and encouraging fledgling enterprises. (NY Times)

The New York Times article cited the Mission San Luis Obispo De Tolosa and Bubblegum Alley as a tourist draw and also reported “Based on its clean environment, walkability and access to healthy food, San Luis Obispo is consistently ranked as one of the happiest cities in the United States.” (NY Times)

News has travelled countrywide! The SLO life is alive and thriving!

Contact us here at San Luis Obispo Realty and Bayshore Realty where any one of our 30+ real estate agents would love to help  you find your space to call home here in San Luis Obispo County!




Home Owners vs Home Renters

A few reasons why Home Owners throw better Super Bowl Parties than Home Renters!

Bigger Kitchen means More Food! Room for one of each Super Bowl Appetizer  ~ seen on Pinterest

More Rooms means More TVs!  - One room and TV for all about New England  ~ One room and TV for all about PhiladelphiaOne room and TV for all about the Commercials!

………Finally, the Landlord Won’t Complain if the Crowd Gets Too Rowdy!

Are you ready to score the game winning goal to becoming a new home owner? Quit fumbling and call San Luis Obispo Realty!   Let us help you tackle the opposition and be the winning team of your future goals!

We can help you find many reasons to become a home owner in one of the best places on Earth! Start your home search here.

Happy Super Bowl to all!

Super Bowl LII airs on NBC Sunday, Feb 4th at 3:30 PM

and our Morro Bay Affiliate & second location

Morro Bay Real Estate Partner

San Luis Obispo Realty
441 Marsh Street
San Luis Obispo, CA 93401

CA BRE# 00577121


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