It is always a good idea to keep current on home values in your area. Some of the reasons you may need the information are for insurance purposes, refinancing, or making a move. The San Luis Obispo area was recently named one of the 15 hottest real estate markets in the United States. Median home prices are up 6.3% from last year and are forecast to rise by at least 3.6% again next year.
Home prices continue to be higher than almost anywhere else in the nation, about 2 ½ times the average national home price. We are seeing a shortage of homes for sale and an increase in prospective home buyers. We are also seeing homes that are selling over the asking price!
At this time, interest rates are approximately 4% so it’s still a good time to refinance or buy. However, there continues to be talk of the Federal Reserve possibly raising interest rates. So for those interested in buying, selling, or refinancing, now is the time!
I appreciate the opportunity I’ve had to represent you in the past. As always, if you know of anyone who could benefit from the services I provide, I would appreciate the opportunity to help them as well.