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Why Buy Real Estate in SLO?

San Luis Obispo, California Voted the Best Blend of Sunshine, Food, and Beaches

Our city of San Luis Obispo has ranked in as one of the 25 Best Towns Ever, on Outside Magazine’s list for “Where to Live Now.” Three other west coast cities were included on the list: Bishop, California, Bend, Oregon and Seattle, Washington. The areas on the list were recognized for “having all the adventure a traveler could ask for, while also offering drool-worthy food and drink scenes, a kid-friendly environment and a welcome mat to people of all backgrounds.”

A special advisory council put together to nominate places commended San Luis Obispo as “Set just minutes from both the Pacific Ocean and the Coast Range, San Luis Obispo is roughly halfway between San Francisco and Los Angeles and, fortunately, is nothing like either city.” It also cited San Luis Obispo for our easy commutes, our relaxed “SLO Life” and perpetual sunshiny days.

Other information included in the aspect of each area was the cities’ population, median income levels and median housing prices. It was noted that San Luis Obispo homes aren’t cheap but they were taking into consideration the cost for “this kind of paradise”. Population: 47,000 Median home value: $546,000 Median household income: $46,000

Your neighbors and friends at San Luis Obispo Realty are always ready to service your real estate needs and will happily offer free evaluations or consultations regarding the consideration of our current market here in San Luis Obispo County. See more about why to buy real estate in San Luis Obispo.

Give us a call or register today to view daily market activity! 

Affordable housing in San Luis Obispo

Farm to Table, San Luis Ranch, a Homegrown Community

“If you were raised in SLO, or work in SLO, you should be able to live in SLO”, is the movement mantra expressing concern of the need for more affordable housing in San Luis Obispo.

San Luis Ranch addresses the critical need for new affordable and workforce housing, and allows for a walkable, bike-friendly, recreation-oriented community that seamlessly integrates into the existing environment,” says developer Gary Grossman on his proposal headed before the San Luis Obispo City Council on July 5.

The San Luis Ranch project proposes 282 single-family units and 298 multi-family units; 34 being deed-restricted affordable units designated for various levels of qualifying low income residents. The housing units would range in size from a 250 s/f efficiency apartment to a 2,200 s/f home. In today’s market, units might range from about $350,000 to $600,000. The development would devote 40 acres to housing and 60 acres for organic farming and open space. Around 200,000 square feet would be used for commercial space, 150,000 square feet for office space. There is also intent for a 200-room hotel to be included in the plan.

Great news to SLO residents, buyers must already live or work in the city to have first dibs! Once the list of local applicants runs out, home purchases would be opened to anyone.

Other SLO projects planned or in the works;

Avila Ranch, a proposed 720-home development near the airport will be heard by the Planning Commission later this month.

Home Buyer Pre-approval

“The future belongs to those who prepare for it.” -Ralph Waldo Emerson

How to prepare to buy a home by getting pre-qualified and/or pre-approved.

It’s a competitive market out there! There are ways a wise consumer can better position themselves in the race to secure the home of their dreams. Few Realtors will argue that beginning with the knowledge of your financial position is the optimal place to start.

By contacting a bank or lender and providing them with a preliminary overview of your financial standings, including your debt, income and assets, they can evaluate this information and give you an idea of the mortgage amount for which you qualify. Pre-qualification can be done over the phone or on the internet. A loan pre-qualification is a preliminary review of your ability to purchase a home; a credit report is not typically run at this time.  Getting pre-qualified is a fairly simple process and will insure a buyer that they are shopping down the right aisle when going out to shop. At this point, a lender can explain your various mortgage options and recommend the type that might be best suited to your situation.

It is important for a buyer to understand that being pre-qualified for a certain amount is not a guarantee of a loan approval. Because a pre-qualification is a preliminary review of financials not substantiated by documentation, a pre-qualified amount is just the amount for which you might expect to be approved. Therefore, being a pre-qualified buyer does not carry the same weight as being a pre-approved buyer.

Getting pre-approved is much more investigative. It begins with a mortgage application accompanied with the necessary documentation to perform an extensive check of your financial background, including your credit rating. The lender will then be able to tell you the specific mortgage amount for which you are approved and the interest rate you would be charged on a loan. A letter of a conditional commitment for a certain loan amount is called a pre-approval letter. A buyer shopping with one of these may have an advantage over other buyers that have not taken the time to do so. A seller will know that a buyer with pre-approval is that much closer to obtaining an actual mortgage and that they are a serious buyer.

Having a pre-approval letter also enables a buyer to move swiftly in making an offer when one has found the perfect house! For lender recommendations or help finding the home of your dreams, contact us.

Can You Afford to Buy a Home?

How Much Home Can You Afford?

Your search for the perfect home begins with its’ affordability. The amount of your salary is the largest factor that may come in to play. “The general rule of thumb is that you can purchase a home that costs two or three times your annual salary," says Harrine Freeman, a financial expert and the owner of H.E. Freeman Enterprises.

You can also find simple guidance in the 28/36 rule where your housing payment (mortgage, insurance, and taxes) should not be more than 28% of your monthly income (gross) and your debt to income ratio should be less than 36%. Your debt to income ratio is the comparison of how much you owe towards recurring monthly obligations, such as credit cards, loans….etc., in relation to how much you make in income.

Once you are in knowledge of your standing, as well as how much of a down payment you intend on putting down, you can figure out the maximum monthly mortgage payment you can afford. See our Simple Payment Calendar on the right side of our home page.

You are one giant step closer to finding the home that is perfect for you! With a proper understanding of your buying position you are ready to search the market! Contact our offices and any one of our brilliant agents that are poised and ready to answer all of your questions along the way and guide you into optimizing your position as a strong buyer in today’s market! 


Home Affordability in SLO

What do you need to make to buy a median priced home in San Luis Obispo County?

In a report put out by the Los Angeles-based California Association of Realtors, only a quarter of the residents in San Luis Obispo can afford a median priced home at $550,000. You would need to make at least $113,000 a year in order to pay the monthly mortgage payments of $2,830 which would include taxes and insurance. Statewide, 32 percent can afford a median-priced home at $496,620. 

But....don't get too depressed, our county is far more affordable than San Francisco (where only 13 percent of residents can afford a home), followed by Santa Barbara, San Mateo, Santa Cruz and Marin counties. We offer a quality of life here in SLO, that we feel is far more desirable and affordable in comparison.

Please contact San Luis Obispo Realty and allow us to assist you in finding a home in our popular area that is affordable to you! If you register on our site, you can have homes that are brand new on the market, emailed to you as soon as they are listed. We will keep you updated hourly.

If you want to list your home in this great San Luis Obispo market, let us assist you. Your home will be showcased on our site that is trusted and used by approximately 50,000 visitors a month and is the top rated real estate broker web site on the entire Central Coast. 

Based on information from California Regional Multiple Listing Service, Inc. as of 2017-07-25. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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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