June 2014

Found 2 blog entries for June 2014.

There have been several articles published recently regarding the rise in demand for housing near city centers. One of the more interesting articles can be found on Yahoo Finance - Click here. This information reminded me of why Santa Barbara is such a great lifestyle destination location. With downtown Santa Barbara being only minutes away from most properties in the area there’s a comforting connection felt between the beautiful city and its residents. Just as convenient for all to enjoy are the beautiful beaches, mountain ranges, public parks, and endless walking and biking trails.

The nearby communities of Carpinteria, Summerland, Montecito, and Goleta which are all within single digit miles from Santa Barbara also contribute their own convenient

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In our most recent office meeting it was discussed that around 30% of pending sales have fallen out of escrow this year. This statistic was confirmed by a top title and escrow rep in the area who also added, “That’s a very high number compared with previous years”. When asked why there seems to be such a high fall out rate of escrows this year the response was “Many buyers are not able to meet the stringent qualifications that the lenders are requiring.” Even strong pre-approved loans can be turned down during the escrow process. This can be due to final loan underwriting decisions which scrutinize documentation, appraisals, sources of down payment, etc.

Another factor of escrow fall outs is related to my last article, “Which homes are selling fast”.

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