January 2016

Found 2 blog entries for January 2016.

Events over the past several months have helped move the Santa Barbara real estate market into a favorable position for home buyers. Last September, October, November and December saw the lowest number of sales in the Santa Barbara area since 2010 and 2011. With such a duration of lack luster sales the stage is now set for buyers to have a better time negotiating on currently available properties.

Adding incentive to good timing for buyers is the current downward trend in mortgage interest rates. Local conforming 30-year fixed loans ended last week at 3.875%, and jumbo loan rates lowered to 3.75% for a 30-year fixed and 3.125% for a 5/1 ARM. Although interest rates are not predicted to rise much throughout the year a .5% difference from today’s rate

794 Views, 0 Comments

National news has recently reported that home prices in 40% of several hundred metro areas are back to peak, and predicts that over 50% will be back to peak by the end of 2016. Looking at all areas nationally home prices are still down an average of 12% from pre-recession peaks. The national average is very close to where Santa Barbara home prices are with relation to the last peak. Following are three Santa Barbara properties that have sold in the past two months, and also sold around the last peak.

1010 N. Nopal Street  -  Sold in 2006 for $860K  -  Sold in 2015 for $740K

618 Castillo Street  -  Sold in 2007 for $1.35M  -  Sold in 2015 for $1.26M

1026 E. Canon Perdido Street  -  Sold in 2006 for $1.716M  -  Sold in 2015 for $1.6M

785 Views, 0 Comments