June 2013

Found 2 blog entries for June 2013.

Rising prices and interest rates are what we’re continuing to see this year for the Santa Barbara real estate market. The median price for a home has moved from $838,250 for the second half of 2012 to $957,500 for the first half of 2013 and interest rates have gone from 3.375% for a conforming 30 year fixed loan at the beginning of the year to as much as 4.625% this week.

The large increase in median price for the first half of the year indicates that the higher end home market is starting to heat up. It will be interesting to see if this trend continues. Santa Barbara’s market history shows that after the low end heats up the high end soon follows. Actress Drew Barrymore just listed her Montecito home on Pepper Lane for $7.5M that she bought in 2010

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Some of the best buys in Santa Barbara come on the market, get multiple offers within a few days, and go into escrow before all possible interested buyers have a chance to see the property. Over just the past two weeks 12 homes have gone under contract that were on the market an average of less than 7 days. It’s also not uncommon to see some of Santa Barbara’s most desired properties sell on a first showing to a well-qualified and tuned-in buyer.

If you’re seriously considering buying a home, condominium or land in the Santa Barbara area then I highly recommend that you receive auto e-mail notifications when new listings that meet your criteria come on the market. This is also beneficial for upcoming sellers that want to track the market and see when

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