As I’ve been talking with a number of clients lately, one of the things I’m hearing is that many are eliminating their consumer debt (credit card balances) and/or consolidating a first and second mortgage with today’s low mortgage interest rates. This makes great sense-- especially with interest rates at an all-time low.
By combining your home’s first and second mortgage into one/lower mortgage payment (using the current/artificially low mortgage rates) you may be able to significantly lower your total/overall monthly mortgage expenditure-- thereby increasing your monthly cash flow.
As I mentioned in last month’s newsletter, “Interest rates are today’s best real estate bargain.” It all boils down to the cost of money, or the rate you’ll pay over the term on the loan of your personal residence and/or an investment property.
So, also, the less you’ll pay to acquire and hold an investment property over the life of its loan, the more you’ll make on the investment when it’s time to sell, move up, and/or cash out.
If you have one or more mortgages on your current home--- or if you are thinking about buying either a personal residence and/or investment property--- call me. The time to either consolidate or buy is now! I’ve been working with some of the best lenders in the area for the last 15 years so I can put you into some very capable hands.
The Fed is just itching to increase rates so lock in a low one now before Mr. Bernanke raises them!
Rates & Sellers
If your home isn’t priced correctly, and if rates go up, it will fall further behind what I call the “affordability index.” It’s still going to be a good year to sell a home—providing you have a competitive price and a good marketing plan.
If you want to sell, call me and we’ll put an effective listing price and plan together!
. . . Click to Search Your Home’s Value with My Free Market Analysis
State (still) Offering 10K in Buyer Tax Credits!
The credit is available to anyone who buys a newly built home or to first-time home buyers who buy a newly built or existing home. This program began May 1, 2010 and extends to the end of 2010.
If you are ready to buy, call me . . . together we’ll find the nicest “slice of paradise” your money can buy.
Current Market Numbers
Sales Volume Continues Upward Trend . . . .
The total number of homes sold for all areas on my list, thus far for 2010, is 944. Last year’s total this time was 819. When comparing the last two 12-month periods, total sales volume continues to be up by 11 percent.
The current average price of a home is $480,000; for 2009 it was $479,000. As has been the trend for the last 24 months, there are still a lot of bank owned/foreclosed homes that continue to make things interesting for the average Central Coast home seller. Please be aware, however, that most of the region’s “distressed properties” continue to be located in both the north and south SLO County areas.
The current average number of days homes are spending on the market is 97; for 2009 this number was 99. Remember, this “Days on Market” figure is determined by the time a home goes onto the MLS and when it is reported as having been placed into escrow and noted as a “pending sale.”
Rounding things out, the current average list-to-sales-price ratio continues to be 95 percent; for 2009 it was also 95 percent. The current average inventory of unsold homes continues to be eight months; 2009 was also eight months.
July “Close of Escrow” Anniversaries:
John & DeDe Polit, 7/1/98; Scott & Kendall Clark, 7/15/05; Bob & Glenda Morgan, 7/31/06; Linda Roberts, 7/10/09. As always, thanks again for allowing me to help you with your past purchases.
My Latest/Well-Priced Listing: 1899 Pine Avenue, Los Osos
Located in desirable Cuesta-by-the-Sea, this clean, bright, and well-maintained 2 bedroom/2 bath home is the perfect 1st or 2nd home, or investment rental; includes a nice Bay view from the second story living room. At $294,500 it’s the best bargain in this price range with this type of location.
I'll be holding the home open over the 4th of July weekend on 7/3 and 7/4 between 12:00 and 4:00 pm. Come on by!
Listing Photo: Cuesta Inlet is just a short distance away, bring your kayak!
Past Client "Shout Out"
I had the pleasure of catching up with the following clients last month: Idona Cabrinha, Brian Penton, Kris Brengle, Sandy McComas, Mekala Camp, Kendall Clark, Gary Finch, Odis Honeycutt, Carolyn McGowan, Bob Morgan, Steve Pacitto, Bruce & Linda Miller, John & Shirley Winter.
Thank you all for the loyalty you've shown me over the years. As always, it's greatly appreciated!
Pickering Update:
My lovely wife, Pam, and I will be celebrating our ninth wedding anniversary on July 4th. Wow, how time flies when you’re having fun! Thanks, dear, for nine wonderful years. You are the best!
July Photo of the Month: "Los Osos Field of Marigolds"
I took this photo on my way to work one morning; this beautiful field is just off Los Osos Valley Road.
Thanks again to all my loyal past clients who continue to refer
their friends and family!
Paul
Broker Associate, Bay Osos Brokers, CA RE Lic. #00997005
Proud Supporter of the SLO Food Bank Coalition
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E-Newsletter copyright 2010
