Serra Meadows - Phase One Homes will be open this Friday!

 Serra Meadows - Phase One Homes will be open this Friday!

I have a wonderful announcement for the first release of homes for Serra Meadows will be on Friday Aug. 23th. The details below will outline the way they will be allowing the pre-qualified buyers to choose their homes. Remember, having a realtor in your corner representing you will be critical. If you go in without one you have no representation fighting for your best interest and guiding you thru the process. Please give me a call if you need a realtor or have any questions. Below are the details for the launch.

"We are pleased to announce that due to strong demand, buyer input, and our desire to allow for option selections prior tocutoff dates, we will begin reserving the homes in Phase One on Friday, August 23, 2013.

We will offer the homes in Phase One to buyers that have been pre-qualified with Commerce Mortgage.  When you obtain your pre qualification letter from Commerce Mortgage there will be a number on your letter.  This number will reflect your position on the list of pre-qualified buyers, and we will begin offering the homes in Phase One in numeric order.  If your number comes up and you pass on any of the remaining homes, you will go to the end of the pre-qualification list.  Once the last home in the Phase One is reserved, the position on the list will be re-set, so the next person in line, would be number one for our next release and so on. 

So if you have interest in any of the homes offered in Phase One, we urge you to pre-qualify with Commerce Mortgage as soon as possible.  If you are a cash buyer, you will still need to pre-qualify with Commerce Mortgage. 

Contact Traci Ferguson (805)235-6396, if you need to get prequalified with Bank of Commerce Mortgage.

Also, we are excited to announce an incentive for the homes in Phase One.  If Commerce Mortgage provides your loan, you will receive a $3,000 credit toward your closing costs! "

Please give me a call if you need realtor representation or have any questions about Serra Meadows or anything Real Estate related. I'm here to help!

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

How Much Home Can I Afford?... So Play House

How Much Home Can I Afford?... Play House

I am a very big fan of Money Queen Suze Orman. On one of her recent shows, she had a wonderful idea about figuring out how much home can a new buyer afford. Today I'm going to give you the tools to figure that out by "Playing House."

Step #1
* Choose how much home you want to buy.
* Only start this process if you have 20% down on this home of your choice.
* Go online and use a mortgage calculator and online resources to figure out the following monthly expenses:
       1. 30-year fixed rate monthly mortgage payment
       2. Monthly Property taxes
       3. Monthly Association Fees, (If it's a Condo, Mobile Home or PUD)
       4. Monthly Home Owners Insurance
       5. Monthly Home Maintenance (Yard, Periodic Painting, Termite Repairs, Roof, etc.)
*Total up all the costs for items 1-5, under step #1, and this will give you the total monthly cost of owning the home.

Step #2
* Use your total at the end of Step #1 and subtract it from the monthly rent you currently pay. This will give you the additional amount you currently would have to pay for a home of this price.

Step #3
* Start saving the additional amount you figured out at in Step #2 for 6 months.
* This will help you see what it feels like to own your own home.
* If this amount is too difficult, then you are purchasing too much house.
* If it's easy, you now have 6 months of saving to use towards your closing costs and down payment and you should call your favorite realtor, me, to begin your home search.

I hope this was helpful! This will also help you see if renting is comparable to the monthly cost of buying a home in this current market. Please comment below to give me feedback on this blog post.

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

Now Accessing Statewide MLS!

Now Accessing Statewide MLS (Multiple Listing Service)!

Many folks don't know that 99.9% of Realtors in San Luis Obispo only have assess to their County's homes for sale, this is a very narrow segment of the Real Estate market. This puts you the home buyer and seller at an extreme disadvantage. I am proud to say that I am a recent member of the California Statewide MLS system.  Being a member I will be a stronger resource to you as your Realtor.

This Statewide MLS has the most complete and accurate database of listings. I'm able to send you listings, set you up for email notifications of new property and the biggest advantage is that I'm able to list your home and market your home statewide. This advantage gets you maximum exposure to other Realtors, and their buyers, in California.

I work hard to keep on the cutting edge of my business to continue to deliver on your evolving client/ consumer expectations. I look forward to listing your home on the Statewide MLS in the near future.

Please call or email me with any question about the subject of Real Estate. I'm here to help!

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

Traci's Your Realtor for it all...

Traci's your San Luis Obispo Realtor for it all...

Yesterday I got a call from a potential buyer who found my information on a sign I have at my listing on Royal Way in San Luis Obispo. Anne called to learn more about my listing and she was asking all the right questions.  We got into the property details and she was happy to hear all of the information I was giving her about the property.  But, as we were talking, I was not only giving her info she was asking about but I was asking her questions to get a sense of what her objectives are in her next home purchase.


But the reason for this Blog post is because while I was talking to Anne I wasn't just regurgitating the information about the home. Rather, we got into discussing the current housing market and the pro's and con's of living in the San Luis Obispo area.  I want my current and future clients to know that my job as your Realtor is to not only helping you find a home but to be a beacon for ALL aspects of housing.  That can include current housing market, moving, repairs, consultants, San Luis Obispo city & county items, schools, local amenities and calendar events in the area.  It's my job to be "In the Know".   I'm happy to share my knowledge and information to better your life and your families life.  Let me be your resource for these things.  I am just a phone call away.  In the epic words of Tom Cruise in Jerry Maguire, " Help me , Help you..."

Your realtor is your resource for your neighborhood and lifestyle!

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

Top 3 San Luis Obispo Buyer Questions

Top 3 San Luis Obispo Buyer Questions

I have noticed that there have been reoccurring Realtor questions from my San Luis Obispo buyers in the past couple of transactions I have done. I have also heard these questions at Open Houses or just in casual conversation. I thought I would address them and give my best answers for each.

1. "If it's possible prices haven't hit bottom yet why, should I buy now?"

My response: While price is a major concern for anyone selling a home, cost should be you primary concern as a buyer. This means you need to take into account what your monthly payments will be, considering not just the price of the home but also your interest rate of your mortgage and property tax amount. San Luis is 1.125% of the purchase price. Inevitably interest rates will increase, making the amount of home you can afford go down. 
See my blog post "Cost vs. Price" for an expansion on how interest rates effect your "buyability"


2. "When will we see appreciation if I buy a home now?"


My response: Appreciation varies by your local market and you would need to look at local pricing trends. Nationally there are indicators that are feeling positive about 2011 and where the market is going. The National Association of Realtors projects a slight increase nationally of 0.5%. Another company that did a National Home Price Expectation Survey showed that experts think prices will begin to build beginning in the second half of 2011 and a cumulative appreciation of more than 10% between now and 2015 nationally.


3."Does buying still make better sense than renting?"

My response: It depends!... Most people buy a home for reasons other than financial. They may want security in their housing situation. They may want to be able to control where they live and be able to do more with their home. I ask them, "What non-financial benefits would your family have to buy a home instead of renting?" The bottom line is it has to be the right timing and make sense to you and your family to do it.

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

Move-Up Buyers In San Luis Obsipo

Move-Up Buyers In San Luis Obsipo

In San Luis Obispo we have wonderful diversity of home styles, amenities and locations. You have the luxury of living on top of a mountain, the vast beauty of a low lying valley over looking vineyards or the privilege of living at or by the ocean. Our county offers a vast array of home buying possibilities to new and Moving-On-Up buyers.

Are you a Move-up buyer?
If you started out owning a 2 bedroom condo and now have the ability to purchase a larger home, you have the potential of being a move-up buyer. The definition is someone who owns a house, but wants to move into a bigger and better property. The Move-up is about growing your home buying expectations and taking a step up in home ownership.

What are the benefits?
One of the biggest benefits is low San Luis home prices. With interest rates and home prices being depressed the opportunity to buy more home for your dollar is a reality. All of this is relative. The facts are the house you are selling is not worth what it was at the peak of the market, but neither is that house you want to move up into. With the depressed costs for homes, you have the opportunity to buy more house now and reap the benefits of growing equity and your property value going up with time. A win win situation!

 Ok!, lets do the math, easy math I promise:

So lets see if this is a good time to take advantage of the buying opportunities and if selling now and moving up might not be a bad idea to take advantage of.
As a first time  home buyer you bought "Home-A" at the peak of the market it would have cost you $300K. If you were a move-up buyer and bought "Home-B" at the peak of the market it would have cost you $500K. The gap between the two prices is $200K. But if you bought "Home-A" at the down turn of the market it would cost you $270K and the cost for "Home-B" at the down turn of the market would have cost you $450K. The gap between the prices is $180K, a savings of $20K between buying at the peak of the market vs. the current downturn of the San Luis Obispo market.

So in this scenario you are getting more home for less money. This is the basic premise to why if you can "Move On Up" and buy a bigger home, now is the perfect time to do it. When prices are still low and Interest rates are under 6%.

		"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

San Luis Obispo Property - Deal Of the Week, Short Sale

646-646 1/2  Caudill St,  San Luis Obispo, CA  93401  - $459,000

This San Luis Obispo property is a Short Sale and is Two grandfathered 2 bedroom, 1 bath houses on one lot. Nicely landscaped front yard, rear fenced yard. Two single garages connected to back unit (one for each house). Newly painted, refinished hardwood floors. Perfect investment property and priced for multiple offers. Click here for more information and images. Contact Traci with any questions.

Traci Ferguson, REALTOR - San Luis Obispo
traci@traciferguson.com
(805) 235-6396, (888) OK-TRACI
http://www.traciferguson.com

Why Would You Pay Down Points?

Paying Points
As a new home buyer you have to make many decisions. Buying a home can feel like a daunting task. As your real estate agent, I am here to guide you to get the information you need. You have many decisions to make including what is the best possible percentage rate can you get to keep your mortgage payment low. I have had some clients ask about points, what the benefits are and when is the best possible time to pay them.

Lets start with the definition:
The term points has multiple meanings in the mortgage world. Mortgage points can refer to loan origination fees (fees charged by the underwriter) or discount points (also known as loan discounts). Typically, a point is equal to 1% of the purchase price. By using a Mortgage Calculator you can see how paying money upfront to pay down your interest rate can lower your mortgage payment. The difference in savings over the life of the loan can make paying points a benefit to the borrower. Using a Mortgage Calculator can determine what and how many points you would need to pay down to get the interest rate and monthly payment you are looking for.

When should you pay down points?
If you intend to stay in your home for an extended period of time, it may be worthwhile to pay additional points in order to obtain a lower interest rate. The amount of money you save over an extended period of time will off set the upfront costs you made at the beginning.  Paying points on a short term investment or residence doesn't make financial sense to do.

For more information, or to use my Mortgage Calculator, click here to begin. Or visit my website for additional Mortgage Calculators.

Traci Ferguson
805-235-6396
traci@tracifergsuon.com
http://www.traciferguson.com

Buyer Resources - MLS Search San Luis Obispo

MLS Search tools are the best way to look for homes for sale online in San Luis.

I have added a new MLS (Multiple Listing Service) feature to my site that will help you look at property in an easy way.  My new "Real Estate Listings" Button is a helpful MLS tool to search all homes in San Luis Obispo County. 

Go to http://www.traciferguson.com and click on the far right button, "Real Estate Listings" and begin your search for any type of property you are looking for. I can also set up a customized search for you. Get new up to date listings sent to your in box. Let me be your home resource for you and your family.

Traci Ferguson
805.235.6396
traci@traciferguson.com
http://www.traciferguson.com

Buyer Resources - Mortgage Calculator

As a buyer in San Luis Obispo you need to have all the information you can to make an informed decision. My job is to help you get the information you need.

I recently have added a Mortgage Calculator to my site, and not just one type of mortgage calculator mind you!
When you go to my site, http://www.traciferguson.com and click on the center button," Real Estate Videos & Info" scroll down to Free Mortgage Calculator. Or click here to see a list of calculators available to you.

How much will my payments be?
How long will my mortgage last if I pay more every month?
How much income to qualify?
How much home can I afford?
Should I pay points?
Should I refinance?
What are the tax benefits of buying?
Standard vs. Bi-weekly
What is my APR?
Interest-Only Payment Calculator        

If you are considering buying in San Luis check out my site and the Mortgage Calculator page.Get a feel for what your payments will be, know what to expect and how your money can work for you. If you have any questions or would like to discuss any of these calculators I would be happy to answer.

Traci Ferguson
805.235.6396
traci@traciferguson.com