Can You See The Rare Opportunity Here?

Our office manager, Michael Byrd has compiled a great visual of median home prices over the past five years on the Scenic Coast, and I am certain he won't mind if I share it with you. Here is what has occurred in San Simeon, Cambria, Cayucos, Morro Bay and Los Osos. The median prices were as follows:
2002 = $379,000; 2003 = $435,000; 2004 = $536,000; 2005 = $619,500: 2006 = $625,000; 2007 = $587,500. In looking at these numbers, especially the large decline in median price for this year, it should be pointed out that even though it fell 6% (it's amazing to see that blue bar going negative for 2007), the median price has increased 55% over the past five years. A big "thank you" to Mike for reminding us all that it's good to look at the bigger picture. Again, if you plan to invest on the coast, consider this, the time to "buy low" may be here and now, and you can still feel confident that appreciation overall has remained strong.

"Word on The Street"

I've been trying anything and everything to sell my listings over the past few months but it seems like there aren't many buyers out there and those that are ready, have a home to sell somewhere else. Since I entered the real estate industry, seven years ago, the market here has gone up exponentially, until now. This is the first year I have seen such a big change. We all knew it was coming...because an adjustment was necessary, but this big of an adjustment was not foreseen by most. And, of course many factors are playing into it, not to mention the lending meltdown. Word on the street, from a few of the the long time brokers in the area is that this market hasn't been around since 1993. Question is, is now the right time to invest? There are many more homes to choose from and many sellers out there ready to make a deal. More than I've seen in seven years! If I was a buyer, I may wait a little longer, but I sure wouldn't want this down cycle to pass me by.

On another note: Looks like the Cayucos Car Show is a success! There are tons of people in town today and the weather is sunny, warm and beautiful. It was a great day for my open house too....I did have a better than usual turnout...maybe there will be sales to be made, especially if the sun keeps shining and the ocean keeps sparkling like this!!!!