Posted on August 8, 2018 - 08:00 AM
by San Luis Obispo Realty
Top 10 Up and Coming Professions in San Luis Obispo County
See below - Predicted to be either the fastest growing, based on new jobs in industry growth, or largest growing, based on new jobs and replacement needs from the California Employment Development Department:
10. Cost Estimators- 80 new jobs
9. Roofers- 100 new jobs
8. Veterinarian Assistants- 100 new jobs
7. Computer System Analysts- 100 new jobs
6. Separating and Filter Machine Workers- 110 new jobs
5. Cement Masons- 140 new jobs
4. Demonstrators and Product Promoters- 170 new jobs
3. Market Research Analyst and Specialists- 240 new jobs
Posted on July 30, 2018 - 04:37 PM
by San Luis Obispo Realty
Selling Your Home…. Twice!
Finding the perfect buyer is only half the battle. When listing your house, you market to prospective buyers, but also bear the burden of selling the bank on your home’s value. An appraiser may be called upon to appraise a property before it is sold, mortgaged, taxed, insured, or developed. The bank will want to know that the financing they provide can be supported by the collateral. The appraisal is a key component of the home buying process and sometimes the most challenging. It can make or break the entire deal!
A “home appraisal” is a comprehensive report that determines the value of your property based on numbers of factors that the appraiser is obligated to in making his/her assessment.
These factors may include:
Property and Dwelling Square Footage
Number of Bedrooms
Number of Bathrooms
Number of Spaces in Garage for Cars
Amount of Useable Storage Space in Basement, Attic….
Updates and Renovations
Structural Materials Used in Construction
Comparable Sales of Like Properties
With escalating prices, selling the bank on your home may be even more difficult than selling to a speculative buyer. The appraiser analyzes the property compared to comparable homes that have sold, typically within the previous six months, and may be confined to a radius search when finding like properties. In a surging market, it can become a difficult task for appraisers to find adequate, comparable sales that will help defend the selling price. In many markets in California, supply and demand is dictating the list price and values are increasing rapidly. Some sellers are rolling the dice and hoping the market will catch up and justify the selling price.
If the appraiser fails to find value, buyer and seller may enter back into negotiations or possibly cancel their contract. As minimalistic as a .33% difference in appraisal value might seem, it could be equal to thousands of dollars that a buyer or seller has to come up with at closing to make up for the difference in value (KCM.com).
Posted on June 27, 2018 - 02:27 PM
by San Luis Obispo Realty
Why Buy a Home in SLO? Well........
San Luis Obispo County was just recently ranked as one of the top job markets in the Country!
Last week, the Telegram Tribune put out an article announcing that career- finding website, Zippia, placed San Luis Obispo Metropolitan #2 on their list of cities with the hottest job market. SLO's metropolitan area consists of the cities of San Luis Obispo, Paso Robles and Arroyo Grande where the average annual wage is $48,740.Based on data taken from the Bureau of Labor Statistics, the determining factors were wage change, unemployment rate change, and current unemployment rate.
With a meager unemployment rate of 2.6%, over 116,000 employed locals are loving the life offered here in ever-sunny SLO County!
Posted on June 15, 2018 - 11:13 AM
by San Luis Obispo Realty
Don’t be a FSBO - An Ode to Billy Joe.
Hot real estate markets like this may lend to not so hot ideas! Having a misguided impression that houses for sale are flying off the shelf is causing many to think they can sell their family home quickly and easily without representation and enter into a binding legal contract as “For Sale By Owner”..........Here’s 8 reasons why you should not jump off that bridge!
#1 Market Watch - Real estate professionals have their fingers on the pulse of the market. Realtors exercise daily in the hub of a trade association of local professionals where market inventory is the operating tool. Like stock trade professionals, the market watch involves a daily evaluation. Office tours are a professional courtesy. On a weekly basis, fellow associates will share their opinion of value based on their feel for the market equipping the listing agent’s seller with educated analysis of where their property would range in today’s market. This pre-market evaluation lends huge advantage to a seller.
#2 Days on Market - Truth is, houses are not flying off the market. The average days on market in San Luis Obispo County before getting into contract is currently 28 days. Pricing is everything! If you have overpriced the market you can extend those days on market to add a week or two with every price reduction needed. If your property slips undetected by a large percentage of the active buyers on the market, double or triple your days on market. Keep in mind that this waiting period puts your plans in limbo. Without a bird in hand, you may be jeopardizing your plans for that perfect replacement property.
#3 Don’t Narrow the Playing Field - By not exposing your property to a multiple listing service, you are marketing your property to less than 100% of the Active market. You may be cheating yourself out of the most competitive offer(s). There are currently 77 homes for sale in San Luis Obispo; 48 of those 77 priced over $1,000,000 all competing for that perfect buyer. A seller needs to be proactively marketing their home with the highest exposure rather than passively hoping that what they are doing is enough to be discovered. When sellers have broker representation, their home is previewed by the broker office and again opened to a caravan of all brokers touring homes with their buyers in mind. The Multiple Listing Service is a membership driven service where private offers of cooperation and compensation from broker to broker is exchanged.Syndications to databases such as Trulia, Zillow, and Realtor.com are picked up from the MLS platform. Realtors pay subscription dues and local association dues for this information and access to the IDX. Social media ads and other local newspaper and magazine advertising can be costly additional expenses incurred, along with the usage of professional photos, possibly drone footage or videography.
#4 The Host of Your Own Open House - Buyers need to be afforded the ability to preview a house and picture themselves in it. When a homeowner hosts their own open house, the buyer feels the pressure of knowing that you are emotionally invested in the home and is not afforded to ability to imagine the house as their next family home and not the sellers. They need to relax, stay awhile, and entertain the vision.
#5 Time is of the Essence - There are deadlines within a purchase agreement included to insure accountability and contractual performance guaranteeing a timely close of escrow. Within a legally binding contract, neglect to perform to these contingencies could leave your contract subject to cancellation. These technicalities become extremely important factors in a California court of law!
#6 Disclosures by Law - California is King for frivolous lawsuits and this year is on target to be the highest. The following verbiage taken from the Disclosure Information Advisory, C.A.R. Form DIA: “All sellers in California are required to provide various disclosures in real property transactions. Among the disclosure requirements, sellers have an affirmative duty to disclose to buyers all material conditions, defects and/or issues known to them that might impact the value or desirability of the Property.” California Association of Realtor forms are used in conjunction with one another to help the seller carry out their obligation to these disclosures and to meet the obligation to fair housing and discrimination laws. Legal full disclosure is required so that sellers provide buyers with as much information as possible as to the who, what, when, where and hows of the property or surrounding neighborhood; local city or county ordinances may even exist for your community and are in place to protect buyers and sellers. It is “important to address all aspects and provide precise detail.” “Failing to provide those disclosures may lead to a claim or lawsuit against you.” Each C.A.R. disclosure form has been implemented in response to judgements, civil laws and codes established as a result of some lawsuit. Licensed Realtors are required to pay annual and quarterly association dues and are also obligated to continued education in maintaining a professional level of knowledge of ever developing laws that govern every transfer of real estate in the state of California.
#7 No Room for Hot Heads - Negotiations within contract, as responsive to inspection revelations, requests for repairs needed or appraisal valuation, are not uncommon within contracts. There are customary expectations within the industry that are considered reasonable and justified and then there are opportunistic requests made when buyers have nothing to lose and sellers have everything to lose. Sometimes weeks into a transaction with a lot of time on market already invested in the buyer at hand, sellers may feel pressured to entertain these requests to keep buyers appeased and moving forward in the sale. There is a huge benefit to having third party handlers to address delicate topics and issues insuring emotions are managed outside of the negotiations. It’s just a good idea!
#8 Those Limited Liability Companies that advertise assist to sell are willing to provide a seller with minimal assurance in transacting “For Sale by Owner”. They are willing to take your money at a discount while the level of knowledge, professionalism, and surety they provide is gravely discounted. They swim in dangerous waters and because of this, they register as Limited Liability Corporations to absolve themselves from suit; sellers are left to sink or swim after being lead into unchartered waters. Unlike LLCs, Full-service brokers are required to hold policies of Error and Omissions insurance on every transaction.
A real estate office is Grand Central Station of information gathered and shared where connections happen to and from. Networks operate within, connecting agent to agent, transferors with transferees, borrowers with lenders, inspectors, appraisers, contractors, agents of title and escrow and industry professionals alike. All members of the real estate society work fervently together forging partnerships of professional obligation and accountability, each bound by a code of ethics in service of the members of their communities. The family home for many is our most valuable possession and should be considered and cared for with the highest regard. Let San Luis Obispo Realty help you navigate and negotiate the highest and best offer for your home!
Posted on May 30, 2018 - 03:35 PM
by San Luis Obispo Realty
For Your Protection: Consider Getting Inspections.
Above supply, demand and desirability, the primary factor involved in objectively determining the worth of any article of value is condition. Ignorance may be bliss, but certainly not if you are a homeowner or aspiring to be. Buyers and sellers alike benefit from disclosed knowledge as the result of professional inspections.
Contracting inspectors is not only in the best interest of a buyer, but the seller as well. Before you can get into contract, terms and negotiations have to be made. As a seller, when setting your asking price, you are declaring a certain value on your home based on your belief in the knowledge of its condition. Entering into contract, you and the buyer have both come to agreeance on that value. Should the series of several inspections to follow bring to light revelations of condition that were previously unknown whilst in negotiations, your contract price may be at threat. This new information was not used in the consideration of determining a price that was mutually agreeable. Justifiably, negotiations reenter the transaction. Renegotiation can jeopardize your contract and/or prolong it’s closing date. Why get caught unaware? Consider performing certain inspections and repairs beforeyou determine that asking price!
If you consider yourself the lucky buyer to have made an offer and won the home, your challenge has just begun. Now, the wise consumer, bears the burden of proof. It is your job to perform diligence in the investigation of all the warrants and disclosure of the seller…..even the undisclosed ones that the seller may be unaware of. Prior to closing, and within your investigative contingency period, hire the appropriate inspectors to insure the value at which you and the seller have determined to be mutually amicable.
Whether you are a buyer or seller, your REALTOR® professional can provide qualified references to inspectors that can give you the most information possible about your home so that you can rest assured you have protected your investment.
Please contactSan Luis Obispo Realty to assist you in finding a qualified home inspector when buying or selling real estate in San Luis Obispo.
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Based on information from California Regional Multiple Listing Service, Inc. as of 2018-05-21. 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.