February 2024 Real Estate News

{original post 3/20/2024}

Hello! Thanks for tuning in to this month’s newsletter. Our goal is to bring you valuable real estate content and local updates, so we hope you enjoy it! 
In this e-newsletter, we will share the latest housing update, more information about property tax appeals, and how the RAS is integral in your real estate journey! 

The Schwaegerle Team strives to educate and empower all people on the ins and outs of real estate, so thank you for tuning in and following the team on social media!

2024 Housing Update

According to the National Association of Realtors, affordability is expected to increase this year with rates coming down to the 6.3-6.5% range. Rates may be hitting 5.8% by year end. Fannie Mae is expecting prices to increase 3.4% and Freddie Mac is predicting 4.1%. This is due to the low supply and slow, but steady, continuing demand for housing. What does this mean for you? Well, if you’re looking to make a move this year, the rates may be in your favor very soon. Let’s schedule a consultation with our team to start mapping out your real estate journey to be in the best position possible to make a move when the right property is available. 

Property Tax Appeals

Did you know that you can appeal the property value the County Assessor has placed on your property? This is a big deal! And it can be a way to save big on property taxes. For example, if the assessor’s office evaluates your property higher than what it is actually worth, you may be able to appeal their assessment. Another reason to appeal would be for any damage incurred by a recent calamity. This is called a Calamity Reassessment. If your property has been flooded or damaged by a fire or earthquake, then obviously the value has gone down. During that time, you may want to go to the County’s website and start the appeals process. If you need help with making the appeal with the assessor’s office and you need a Comparative Market Analysis to show the value of your property, let us know. We are always happy to help our clients save money!

What You Focus on Expands

Have you ever purchased a new car and suddenly see that car all over the road when you hadn’t before? Shoutout to your Reticular Activating System (RAS) for making that possible! The RAS is a portion of the brain that processes information. You are constantly being bombarded with stimuli, so the only way the brain can process all of the information is by tuning in certain stimuli and tuning out others. That is why your subconscious brain will be drawn to things that you are focusing on. For example, if you are focused on negative news, then you will view the world as a very negative place. If you focus on the positive developments that have been happening moving the human race forward, then you will view the world with a much more positive outlook. It is the same exact thing when it comes to real estate. Are you listening to the naysayers, the people who say this is the worst time to buy in history? Or, are you listening to the people who are making moves that are necessary for their life goals and getting results? 



If you look at the greater real estate price trend, you will see that the median sale prices of a home in the US has continued to trend upwards and towards the right. The gray bars indicate periods of recession, and even in those economic hard times we have seen real estate perform very well through the majority of recessions.



We all know price is determined by supply and demand, so if we take a look at the demographics of a country, we will be able to see what future demand will be. The graph above shows the US population has been consistently increasing over the last several decades. More and more people are having babies, and those families now need a place to live. Take a look at the number of housing units that have started to be built that have taken place over that same period of time below. As you can see, there was a drastic drop off in new construction starting in the 2008 recession. The lack of new housing being built is the problem! We are having a housing crisis, and it is due to there simply not being enough new homes hitting the market.

 

How to Buy a House – Part 1 The Happy House Hacking Podcast

We have been busy producing our podcast with new episodes to help educate and empower all people on their home ownership journey. Take a listen! If you’re curious about certain topics, please send us suggestions on what we should talk about on our show!

How Owen & Camille Became Happy House Hackers

Do you want to learn more about real estate investing?

If you’d like to meet people who are actively investing in real estate on the Central Coast then we’d love to have you come to one of our SLO Real Estate Investor Meetups. We had 30+ people come out to the last one where we toured an ADU construction site on a multifamily property in Paso Robles that has a short term and long term rentals on it. You can 
join the FB page here or send us a message if you’d like to be added to the invite list!

Coming Soon
3 bed/2 bath fixer upper in Los Osos - $599,000
3 bed/2 bath manufactured home in SLO - $320,000
3 bed/2 bath manufactured home in SLO - $280,0003 bed/2.5 bath home in Cambria - $850,000 

Current Active Listings 
3211 Fennel Lane, San Luis Obispo - 3 bed/3.5 bath townhome in the Avivo Community
13190 Cambria Rd, Santa Margarita - 2 bed/2 bath manufactured home on 2.55 acres
1981 Green St, Cambria - Multifamily Zoned 1.25 acre Lot Senior Affordable Apartment project
1680 Main St #32, Morro Bay - 2020 new, small trailer in 55+ community
3355 Greenacre Dr. Santa Maria - 3 bed 2 bath manufactured home on OWNED land

Current Pending Listings
1638 7th St, Los Osos - 3 bed/2 bath home in Los Osos with beautiful yard
5255 Escarpa Ave, Atascadero - 4bed/4bath pending, waiting on short sale approval, back up offers welcome
4358 Franklin Rd, Orcutt - 4 bed/2 bath with big yard
3860 S. Higuera #125, San Luis Obispo - 3 bed/2 bath manufactured home in Silver City 

Just Sold
495 Atascadero Rd. #4, Morro Bay - 1 bed/1 bath manufactured home
7100 Valle Ave, Atascadero - Perfect house hack
957 Calle De La Rosa - 3 bed/2.5 bath in Rice Ranch, pending in less than one week with two offers
2114 Fallen Leaf - 5 bed/4 bath, 4,102 sqft, beautiful Santa Maria home
1208 Pismo Street -  4 bed/3 bath downtown SLO victorian home 

Let's Be Social
Thanks so much for reading our newsletter this month! We want to hear from you! Please let us know how we can support you on your real estate journey. Whether you just purchased a new home, want to explore home-buying options, are curious about what your property might be worth, or just want to know more about the market, please reach out! 

@theschwaegerleteam
@your.realtor.slo
@kylereis70

You can also follow us on YouTube and Facebook for more updates throughout the month.
The Schwaegerle Team donates 2.5% of all transactions to Dream Makers. Thank you for helping make dreams come true for terminally-ill adults in SLO County!