January 2012

Found 3 blog entries for January 2012.

It’s often said that lower priced homes lead the direction of real estate market sales. Santa Barbara historically sees changes in the lower end market first with somewhat of a lag time before the high end follows suit. There’s no doubt that low end sales in Santa Barbara have picked up considerably over the past several months. A lot of this is due to realistic pricing by sellers, stabilization of mortgage lending standards, and more investors entering the market.

Currently there are 114 houses listed in Santa Barbara and surrounding areas that are priced under $600,000. 58% of those listings are under contract by buyers. 47% of those listings under contract went pending within 21 days of being listed!

In the $600,000 - $1M price range there are 172

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Closed sales last month in South Santa Barbara County hit 170. This is the biggest number of sales since May of 2007, and 35% more sales than the previous month. Prices are now at or below where they were in 2002, with interest rates even lower. This makes purchasing a home in Santa Barbara less expensive that it was 10 years ago, a truly unprecedented phenomenon. If you factor in the value of today’s dollar vs. 2002, about a 25% difference, it gets even less expensive.

Buyers are starting to read the writing on the wall, along with the mass media whose numbers are typically several months behind. If you’ve been waiting to make a purchase in Santa Barbara there may be no better time than the present. I look forward to your inquiries and to keeping you

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Bridging the great divide is how the LA Times put it this weekend. With mortgage rates below 4% and prices near bottom in many markets, it's a good time to buy a house.  But many owners won't sell because they can't get the price they want. Read the full article here.

Santa Barbara’s sellers are showing the sediment mentioned in this article, causing inventory levels to drop 11.8% over the same period last year. This is in addition to Santa Barbara’s already historically low inventory levels.

With more buyers looking for sellers in 2012 it will be challenging times for finding the right home. I look forward to your inquiries and to keeping you informed with every opportunity throughout the year.

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