Refinancing Your San Luis Obispo Property...

Refinancing Your San Luis Obispo Property... 

San Luis home owners who missed the refinancing opportunity when rates were in the high 3%'s should consider refinancing in the next couple of months to lock in a lower rate. Interest rates are still at an all time low and the opportunity is presenting itself again!

Kevin Hauber, Senior Loan Consultant with iMortgage here in San Luis Obispo says;
"Current loan limits in San Luis Obispo County allow for high balance loans of up to $687,500 for conventional and FHA loans on one unit properties.  Those limits will go down effective October 1st to $561,200.  It is important for any buyers or those wishing to refinance with a loan amount between this new limit of $561,200 and the current limit of $687,500 to conclude their transactions before the change becomes effective.  After that time, higher balances will be considered Jumbo loans and subject to different criteria and pricing."

For more info on Refinancing your San Luis home call Kevin Hauber (805) 597-8844




For more information or questions on Real Estate give Traci a call 805-235-6396 or email me.

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

San Luis Obispo Historical Home for Sale !! - Deal of the Week

San Luis Obispo Historical Home for Sale!! - Deal of the Week
Amazing Price for a Legendary historic Mill Street District Property - vintage California Architecture.

$975,000... 1307  Mill St,  San Luis Obispo, CA  93401
Flier with detail

• 3-bedroom/ 2.5-bath 
• 2,500 aprox. sq.ft.
• 0.27 Acre lot
• 2-Car Garage

This property recently got a dramatic $75,000 price drop. The seller is very motivated to sell this beautiful home.

Tray ceilings, stained glass, wood moldings and extensive built in cabinetry point to the craftsmanship that fill this iconic residence. 

Expansive rooms with sun filled interiors. Warmth and grandeur describe this very special home located on one of San Luis Obispo's premier tree lined boulevards. 

Mature landscaping and terraced hardscape make for endless outdoor living possibilities.

The precious yellow playhouse in the picture was designed by Julia Morgan and it shares residence on this oversized R2 lot.







A rare opportunity to own a piece of San Luis Obispo's history. 
Contact me today to learn more about this Historical Piece of San Luis

"A Realtor that knows homes." Traci Ferguson 805-235-6396 Patterson Realty 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

Fool Proof Tenant Screening Process

Fool Proof Tenant Screening Process
I read Wallace's Blog post called "Trust but Verify..." about doing your due diligence on tenants. They may be feeding you a load while they are smiling your face. Do the home work on them and get the facts.

Her post got me going on my technique that I share with my clients when they are turning their home into a rental. I live in a College town and the demand for rentals is huge. But finding good tenants that are responsible is a big challenge. So I have come up with a rigorous screening process that weeds out the Riff-Raff. I have gotten exceptional tenants this way. I hope it will help others in their quest.

Here is my technique...
I price the room/house just below rental market rates to get a good buzz and get lots of calls.
I schedule a 1 Day Open house and set aside 15 min. appointments for tenants to show up. (None of this... " Can I come by now to see the room/ house?"... on their time. Take the upper hand and scheule time on your terms.the appointments makes the home seem special, like the velvet ropes at a nite club, it feels more exclusive and special. If they are late, they don't get to come in. See ya!

I require a rental application, I previously sent them online, to be completely filled out before the appointment. No form, no further conversation. Bye-Bye now!
If they jump through those 2 hoops I give them a quick tour of the home and realy talk to them. I ask personal questions, family history questions... it gives me insight into who they are as people. I will only rent to people I feel comfortable with. Trust your gut!
By then the 15 min are up, I tell them I will be checking their references and get back to them in 2 days. Typically I have 2-3 people that have made it through every hoop out of 10 and I make my choice.

The goal is to gage, integrity, time management and overall normalcy. It has been a very useful tool especially in a college town with a huge demand for great rentals. I know this works for family rentals as well. My intention is to share this and have others build on the concept. It has woked for me for over 10 years.

 

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

Arroyo Grande California Home For Sale

Arroyo Grande California Home For Sale!
You want this Charming French Country Canyon Crest Estates Home! Located in Arroyo Grande on a premium lot with over $80K of interior improvements. 

This warm 4bed/3bath home w/detached Office/Studio is perfect for entertaining & enjoying views of the Oceano Dunes, Huasna Valley & Ocean. 

Welcoming red oak hardwood upstairs & custom tile floors downstairs creates a custom feel.

This 1/2 Acre property is located above the fog line so the home is bright & sunny. 

Low maintenance custom designed Landscaping w/Extended View Decks, Paved Walks, Custom Stone Walls & Raised Flower Beds.

This Arroyo Grande home is offered at $850,000. It's easy to show and has sellers who are willing to work with your offer! Give me a call to day to schedule a showing of this Entertainers Dream home.

"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

I Just Got Audited in San Luis Obispo!

I Just Got Audited in San Luis Obispo!

Today our home got a Whole House Energy Audit.  Thank you Try Spindler and Paul Manconi from Central Coast Green House who came to give us a free Home Energy Audit, paid for through PG&E. Our local non profit Sustainable organization, SLO Green Build, has set up this great offer to home owners to give free energy audits to show home owners where they can save money on their Heating, Cooling and Water usage. This is essential to saving monthly on your utility bills. The process involves numerous steps and took about 4 hours total.

A Blower Door fan was installed on the front door to negatively pressurize the home to test where air was leaking from. The biggest air leakers are windows, vents and air ducts. Even our light switches were leaking air. It's Crazy!

This Photo is of our ceiling vent. The thermal photo imagery shows that the vent is leaking cold air from the attic into the home and is wasting energy. Bad vent...bad!

Jamie Hendrickson from the local Mutual Water company came by to check for leaks in our toilets and the Gallons of water we use on average. The blue dye was put on the bowl to see if any water was leaking from under the lip of the bowl. She called it a "silent leak" that can cost you numerous dollars a year in added water costs.

Next week we will be getting the results of all of the testing to see how our home stacks up. They will also tell us where and how to improve the Energy Efficiency in our home and save on our Utility bills.
I can't wait!:)

To learn how you can get a free Energy Audit done on your home talk to your local green/ sustainable organizations or your Gas & Electric Companies. There are state and government incentives available to home owners. Or call your local Energy Auditors, they are about $450 for your home evaluation and well worth every penny. Heck, they may save you that much in utility bills.

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