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.

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.

The Perfect Timing