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As with most sections of the Country the San Luis Obispo area is also suffering from a downturn in the Real Estate market. It is definitely a Buyer's market as a result of all of the current "short sales" and foreclosures. For the most part, homes have decreased in value from 25%-30% from their high values of a year or two ago. The good news is that it appears that sales are beginning to occur and there has actually been an increase in sales over the same period from last year. The lenders on the other hand have tightened their belts and are being a little more thorough analyzing loan applications. In the long run both the reduction in home values and the tightening of home loan applications will help with the Real estate market making its rebound. I look forward to an active recovery thru the end of the year and with a little luck I believe the market will actually start recovering after the first of the year when Real Estate sales normally begin to get more active.

Bob Kelley Realty is actively involved in the current market conditions and we are here to share our 30+ years of experience with you and assist you with all of your Real Estate needs.