Paul's Central Coast Market Update Blog

Prices Continue to Create Buying Opportunities!

3^rd Quarter 2009 update . . .   

 

If you’ve been looking to buy your own slice of Central Coast Paradise, rates and prices are continuing to cooperate.  This of course depends on what part of the county you are most interested in.  As I’ve been saying for a while now, the north and south counties of San Luis Obispo are a buyer’s heaven with all of the bank foreclosures (REO) currently available.  Combine these areas’ lower-than- normal prices with today’s great mortgage interest rates and you can really create some interesting possibilities for yourself, either as a 1^st time home buyer or investor.  You must be quick, however, for as bank foreclosures are now seeing multiple offers.  If you are making an offer on an REO, prepare yourself to pay asking price and hope no one else offers above listing price.  REO availability varies drastically from area to area so call me as it may apply to the specific area you are looking in. 

 

As far as prices remaining low, again, I equate a lot of what’s happening with the slow/gradual, absorption of distressed properties which, currently seem to be skewing lower the entire county’s average home price number.  My guess is that this trend will continue until most REOs (bank owned) and short sale properties have been cleared from the market place.  Once the REO opportunities disappear, so will the great deals.

 

Stay tuned to my next blog entry for more information on actual home sales numbers for the Central Coast!   

 

 

Posted at 09:37AM Jul 07, 2009 by Paul Pickering in Real Estate  |  Comments[0]