Is NOW the Right Time to Buy Santa Barbara Real Estate?

As a person that bought a new home in 2007, I lied awake last night wondering if I made a mistake. It’s not hard to second-guess oneself in the wake of all the negative national news, even when real estate is your business. So this morning I went to my computer to check on the strength and velocity of our local market. Looking at the key indicators, this is what I found:

• Supply. Today there is only a 4 month supply of inventory in the lower end of our market, down from 11 months in Sept. of ’07. The high end is also way down. This is not true for other areas of the country – Phoenix, for example, currently has an 18 month supply of inventory because of extreme over-building, while the national average is currently around 11 months.

• Demand. With the FHA loan limit now at $729,000, we have seen a 50-70% increase in the number of loan applications being taken compared to Aug.-Dec. of last year. Desirable properties that are well priced are starting to receive multiple offers again, even in the high end of the market. We are also seeing an increase in investor purchases. [Read more]

Multiples in Santa Barbara? Who’s Getting Them And Other Quickies for 2008.

Yes – South Coast properties are still receiving multiple offers, even in today’s market! And they aren’t located just in Montecito. Santa Barbara is faring equally well in attracting Buyers looking for value and upside potential.

The big news is that 526 Sea Ranch Drive – a 4 bedroom fixer with ocean views on approximately one acre in Yankee Farm – received 8 offers to purchase and is rumored to be in escrow for more than $100,000 over the asking price of $1,960,000. For those who aren’t familiar with the Yankee Farm area, it lies between toney Hope Ranch and the suburban Mesa. Yankee Farms is coveted for its large, rural lots so close to the ocean, and its relative affordability. [Read more]

10 Reasons to Invest in Today’s Market

With all the negative media out there, it’s hard to remember that “all real estate is local,” and that falling prices bring with them real opportunities. It’s true, especially here in Santa Barbara.

Here are 10 reasons to invest in today’s market:

1. Interest Rates are Low. Despite the September up tick in rates, the average 30 year fixed rate mortgage is lower today than it was at this same time last year. Lower home prices and a relatively strong economy have lead to lower rates and cheaper money. [Read more]

10 Questions to Ask When Interviewing a Listing Agent

In today’s Buyers Market – overflowing with 11 months of home inventory – you cannot afford to list your property with an agent who isn’t willing or able to invest the time and money necessary to make your home stand out above the rest. You need a competitive edge, and an agent that can provide it through an aggressive marketing campaign.

Here are 10 simple questions that will help you pick the right agent for the job:

1. What ideas do you have to make my property show better? First impressions are everything in today’s market. Your home will likely be competing with many other homes for the same Buyer, and it is important that your home look fresh and neat. Find out if the agent you are interviewing can recommend staging companies, landscapers, painters, and the like to help spruce up your home. [Read more]