In June, Zillow released a national report regarding housing trends in the United States.
The June report shows that 24.5 percent of national listings received a price cut, the highest rate since 2018, a fact that Harley Group realtor Summer Ramos says coincides with San Luis Obispo County trends.
“Not at all surprised to see that there's so many different factors that affect buyers and sellers today with interest rates, insurance, also the economy as a whole,” Ramos said.
Other factors that impact the housing market are mortgage interest rates which, according to Ashlea Boyer with Keller Williams Central Coast Realty, could lower from the current 6.5-6.8 percent. However, she says it could breed more competition in the housing market if it even drops one percentage point.
“You're going to be competing every time that rate goes down with more people,” Boyer said.
“We have buyers who are kind of waiting and in a holding pattern, waiting for rates to go down. Don't do that,” Ramos added.
The report also explained that there were 23 percent more active listings last month compared to June of last year. Boyer says the county has seen 2/3 more listings since April.
“We're in a bubble here. People who can live here come here regardless of any other issues they may be experiencing. So that said, right at this current time, we are mimicking that national average,” she said.
“We live in the Central Coast and so it will always be a very desirable area," Ramos stated.
