Housing market heats up across the Central Coast

THE HOUSING MARKET ON THECENTRAL COAST IS SEEING A*PANDEMIC- RELATED *PRICEBOOM.KSBY NEWS REPORTER’COLETTE NGO’ SPOKE WITHLOCAL REALTORS ABOUT WHYTHERE IS A *HOME-BUYINGFRENZY.NO CG YET - NICKI SILVEIRA"WE KEPT RUNNING INTO BRICKWALLS AS FAR AS TRYING TOPURCHASE A HOME." NICKISILVEIRA IS CURRENTLYRENTING A HOME IN PISMOBEACH.SHE AND HER SPOUSE PUTOFFERS ON SOME OF THEIRDREAMHOMES IN SAN LUIS OBISPOCOUNTYFOR 8 MONTHS, BUT FOUND OUTTHEY WERE OUTBID BY 100-THOUSAND DOLLARS OVERTHE ASKING PRICE OR EVEN ALLCASHOFFERS..CG QUICK - NICKI SILVEIRA"IT COMES DOWN TO HOW MUCHARE YOUWILLING TO OVERPAY FOR AHOUSE."ACCORDING TO DATA FROM THECALIFORNIA ASSOCIATION OFREALTORS...THE MEDIAN PRICE FOR A HOMEON CENTRAL COAST HAS GONEFROM 650 THOUSAND DOLLARS INAPRIL 2020 UP TO 925THOUSAND DOLLARS THISYEAR.THAT’S A 40% INCREASE.ANDHOUSES ARE NOW ON THE MARKETFOR AN AVERAGE OF JUST EIGHTDAYS.

AND SOMETIMES EVENFASTER.CG: DEBORAH BROOKS"WE LISTED IT.IT WENT LIVE ON SATURDAY,AND BY MONDAY NIGHT WE WEREREVIEWING 5 OFFERS."LOCAL REAL ESTATE BROKERSSAY THE REASON WHY THEHOUSINGMARKET IS HEATING UP ISBASIC ECONOMICS...THERE’S NOT ENOUGH SUPPLYFOR THE HIGH DEMAND.CG: KRISTIE CARTER"THERE’S NOTHING ON THEMARKET AND BUYERS ARE JUSTSCRAMBLING TO GET IN ONWHATEVER THEY CAN BECAUSEINTERESTRATES ARE SO LOW."CG: COLETTE NGOFOR EXAMPLE...THIS HOUSE BEHIND ME IN SANLUIS OBISPO WAS ON THEMARKET FOR NEARLY 800-THOUSAND DOLLARS AND THEREWERE 6 OFFERS FOR THE HOUSEWITHIN DAYS OF THEORIGINAL LISTING.THE PRICE FOR HOMES ON THECENTRAL COAST ARE GETTINGHIGHER AND IT’S TURNING INTOA BIDDING WAR.SO THE HOUSING MARKET ISLIKE THAT OF THE REST OF THECOUNTRY --IT’S A SELLERS MARKET.CG: ALANA KING"PEOPLE ARE MOVING OUT OFTHESE BIG POPULATED AREASLIKE LA AND SAN FRANCISCOAND MOVING INTO SMALLERTOWNS WITHMAYBE MORE OUTDOORAMENITIES."AFTER MONTHS OF COMPETINGIN THECENTRAL COAST HOUSINGMARKET, SILVEIRA AND HERHUSBAND DECIDED TO BUILD AHOME FROM SCRATCH INNIPOMO INSTEAD.NICKI SILVEIRA"WE ENDED UP BUILDING AHOUSE.WE MET ALL OF THOSE THINGSTHAT WERE ON OURCENTRAL COAST REALTORSADVISE POTENTIAL HOMEBUYERSTOMAKE SURE THEY’RE PRE-APPROVED BEFORE EVENGOING TO OPEN HOUSES.BECAUSE ONCE YOU FIND A HOMEYOU LIKE...YOU WON’T WANT TO HESITATETOPUT YOUR OFFERS DOWN.IN SAN LUISOBISPO -- COLETTE NGO, KSBYNEWS.IF YOU ARE THINKINGSELLING YOUR HOME -- CENTRALCOAST REALTORS SAYS SELLERSSHOULD GET THEIR HOUSESSTAGED *QUICKLY AND BEPREPARED TOMOVE SHORTLY AFTER LISTING.