New Home Purchase and Renovations
The California real state market can be very difficult for buyers, and our home County of San Luis Obispo is no different.
The median price of single-family homes sold in SLO County through October 2014 was $480,000. Bargains have been few and far between.
In 2011, 39% of sold single-family properties were “distressed” (foreclosure or short sale), but today that portion is just 6%. Through October of 2014, foreclosure properties were priced 35% lower than “normal” properties on average, but such deals are increasingly difficult to find.
The HomeStyle Mortgage program will allow buyers to expand their criteria to include more properties, because they can fold desired renovations into a single, affordable loan.