The past few weeks have showcased numerous signals that the real estate market is on the rise. It is noted that Bismarck, North Dakota, is expected to be the strongest market in the country in the year ahead, with housing values appreciating at a 5,6% clip, according to Veros. Other markets projected to be among the strongest in the year ahead include Honolulu, North Dakota, Harrisburg/Carlisle, Pennsylvania; and Pittsburgh, Washington, D.C., and Boston remain strong markets. While not many markets are fully rebounding, at least a good number of them likely won't see values fall at quite as rapid a pace as in recent years, according to the report.
Overall, the recovery in the housing market is limited to just a few markets and is taking a long to occur. The encouraging news is that many markets are no longer expected to be rapidly declining.
The weakest U.S. markets are in Nevada, inland areas of California, Washington and Oregon. The weakest market in the year ahead: Bakersfield, California, where foreclosures have been a huge problem.
Thursday, October 27, 2011
Monday, October 17, 2011
Monday, September 26, 2011
Local Real Estate Update
The worst pain is over - but the recovery will be slow and barely noticeable!
Part of this can be blamed on the fact that 30% of all mortgages in California are under water! So far this year 43% of all sales in California have been short sales.
That being said there is now less inventory in The City of Santa Barbara, only 4,5 months. 6 months inventory is the magic mark between a buyer's and a seller's market. This market located in the City of Santa Barbara has replaced Goleta as the new "hot" market.
Noteworthy is also that there are currently more homes for sale Montecito than the much larger markets of Santa Barbara and Goleta.
On a positive note interest rates have once again been lowered, now under 4% which should help intensify the home sales.
Part of this can be blamed on the fact that 30% of all mortgages in California are under water! So far this year 43% of all sales in California have been short sales.
That being said there is now less inventory in The City of Santa Barbara, only 4,5 months. 6 months inventory is the magic mark between a buyer's and a seller's market. This market located in the City of Santa Barbara has replaced Goleta as the new "hot" market.
Noteworthy is also that there are currently more homes for sale Montecito than the much larger markets of Santa Barbara and Goleta.
On a positive note interest rates have once again been lowered, now under 4% which should help intensify the home sales.
Thursday, September 22, 2011
The Perfect Timing
"How is the Real Estate Market", is one of the most frequently asked questions at the moment. Unfortunately there is no simple answer, as it depends on what perspective you are looking from, whether you are selling, buying or investing in real estate?
Are you a seller, depending on when you purchased your home in Santa Barbara, times may not be ideal. However, if you are selling your piece of real estate only to purchase another, what you loose on the sale you might gain on your purchase along with the benefit of lower property taxes.
As a buyer or investor times haven't been more affordable in the past 40 years, considering the buying power. Interest rates remain low and we are seeing multiple offers on the well priced homes.
Are you a seller, depending on when you purchased your home in Santa Barbara, times may not be ideal. However, if you are selling your piece of real estate only to purchase another, what you loose on the sale you might gain on your purchase along with the benefit of lower property taxes.
As a buyer or investor times haven't been more affordable in the past 40 years, considering the buying power. Interest rates remain low and we are seeing multiple offers on the well priced homes.
Wednesday, September 21, 2011
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