August 2011

Found 3 blog entries for August 2011.

The perfect buyer storm is looking like it won’t last forever. With prices discounted up to 50% from 5 years ago and interest rates hovering at historic lows we’re starting to see inventory dry up in and around Santa Barbara.

For those qualified to purchase, now is the time. Over the past two weeks the number of sale pending and sold properties priced under $1 million has increased in every category (Homes, Condos and Land). At the same time the number of available homes has decreased in each category.

The recent uncertainty of other investment markets also looks to be putting more real estate sales in the books, including a larger number second home purchases. Although real estate can go up and down it’s typically treated as a longer term investment

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Over the past week mortgage interest rates hit an all-time low, yes all-time! Here are some of the products that have currently been offered by some of Santa Barbara’s local lenders: 2.875% 5yr ARM, 3.5% 15yr fixed, and 4.125% 30yr fixed - for loans up to $417,000; 3.125% 5yr ARM, 3.75% 15yr fixed, and 4.25% 30yr fixed - for loans up to $729,750.

If you are looking to purchase a home or refinance please contact me to find out which lenders are offering the best current rates.

When interest rates start to rise the housing market historically follows suit. Due to the now lowest mortgage interest rates on record, the Fiserv Case-Shiller Indexes are predicting a strong 2012 housing market with increased prices in many areas by early in the year. Full

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Condominiums and lower priced houses have seen sale increases in Santa Barbara over the past month, and substantial sale surges when compared to 2010. In June and July of this year the number of condominiums under contract were 43 and 52 respectively. Last year’s numbers were only 32 and 22. Similarly with houses priced under $750k, there were 50 under contract in June and 52 in July of this year. Last year’s numbers were 29 and 25 respectively. For residential properties over $750k sales are also showing stronger than last year but not with the same strength as the lower end market, yet.

It’s typical for sales of lower end properties in Santa Barbara to pick up first with the higher end following close behind. There are certainly a growing number of

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