San Luis Obispo Home Buyers May Skip ‘Starter Homes’ Altogether

By
Real Estate Agent with The Keenan Carter Group with Keller Williams

The concept of “starter homes” cropped up after the end of the Second World War, when millions of young families took advantage of low-cost new developments to gain a foothold in homeownership: the emblematic first step in fulfilling the American Dream.Starter Home with The Keenan Carter

Today’s first-time San Luis Obispo home buyers are a lot less predictable—just as the market itself is altogether different. As we recover from the previous years’ economic declines, which temporarily suppressed the number of San Luis Obispo home buyers, the combination of low interest rates and historically affordable home prices allows many to aim for bigger and more accommodating housing— skipping the starter home altogether.

For sure, the market hasn’t completely abandoned the starter home idea—especially if you include San Luis Obispo REO and foreclosure fixer-uppers as financially rewarding targets for handy young householders. The FHA 203(k) loan, which includes a built-in “limited repair” budget, can enable that route. But new home buyers also find other prospects can be newly within reach— among them, larger older homes and newer San Luis Obispo condominium and townhome choices.

If the combination of bargain prices and low mortgage rates isn’t enough to call prospects to action, the clear trend toward rising prices may do the trick. As inventories of the best bargains begin to shrink and mortgage rate rises look more and more inevitable, San Luis Obispo home buyers could well imagine a ‘tick-tock’ sound growing louder. For area sellers waiting to make a move upward on the housing ladder, the same conditions could well make this spring’s real estate market the one they’ve been waiting for.

Time to buy with The Keenan Carter GroupIt all means that prospective home buyers in San Luis Obispo stand to be rewarded by keeping an open mind about the variety of properties they may now find within reach. By seeking the help of an experienced agent, the widest choice of possibilities will be open for consideration.  If you are looking for  the area’s most up-to-date market advice, I’m here to make sure you have access to the tools you need to make the right decision—the first time around, and every time after!

Posted by

The Keenan Carter Group

On the beautiful Central Coast of California

Keller Williams Realty

805-773-7711

Oh, by the way … if you know of someone who would appreciate the level of service I provide, please call me with their name and business number.  I’ll be happy to follow up and take great care of them.

Dick Keenan DRE # 00860187 & Narlene Carter - Keenan DRE # 00976857

Comments (1)

Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

The market recovery I presume is in full bloom but you had better watch out for what may be next. The new world order wants everyone in debt so that it can promote its next scheme. Notice the too big to fail companies who will allways do well.

Mar 28, 2013 06:12 AM