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All Real Estate is LOCAL! The Santa Barbara Real Estate market continues to be somewhat unique. The UCSB Economic Forecast recently indicated that prices in the greater Santa Barbara area are not dropping as drastically as other areas in the State, because most people here can afford to hold their properties. REOs (bank foreclosures), and Short Sales, are quite different in South County (greater Santa Barbara area) from North County (Lompoc, Buellton, Santa Maria and surrounds), including Ventura. These communities experienced a huge building boom which attracted many first time buyers (many whom commute to work in the Goleta/Santa Barbara area). With no or low down mortgages now re-setting to much higher monthly costs added to huge increases in commuting costs, many of these buyers are no longer able to keep up with the increased expenses. Some have come to the Santa Barbara area to rent.
The Santa Barbara area's tight building restrictions and accompanying costs, prevent overbuilding. Although we have seen a number of bank owned properties along with many short sales...again nothing like these other communities.
The first six month so of 2008 were certainly slow. It took a while for sellers who had to sell to accept the reality of the market. Those who did, and priced their property to truly reflect the market sold. Along with aggressive pricing, properties need to be in top notch repair and show beautifully. On the flip side of the coin, Buyers have to have their financial ducks in a row. Lenders have tightened their criteria regarding documenting income, credit must be pristine, and jobs secure. It takes an experienced, diligent agent to assist Buyers and Sellers in this market. However, there are some great buys out there. It is truly opportunity time for qualityBuyers.
Santa Barbara is still Santa Barbara, a little bit of paradise nestled between the Santa Ynez Mountain Range and the Blue Pacific. Our wonderful Mediterranean climate, and amazing visual, geographical and cultural attractions continues to bring buyers from all over the USA, and in fact, the World, to participate in our unique Santa Barbara lifestyle! Add to that our educational institutions, including UCSB, Westmont College, SB Community College, Brooks Institute of Film and Photography, along with several advance degree institutions, the International Film Festival, Celebrity Author's Luncheon, Writer's Conference, Polo Competitions, Orchid and Horse Shows, which not only provide interesting people and programs, but attract a wide diversity of interested participants and spectators.
Sales are much slower and prices are down considerably which provides buyers an opportunity to take their time to find their dream home.
Please contact me and allow me to assist you with your Real Estate needs. Let me help make your Real Estate Dreams come true! For your reading interest, the link (above) to Amazon.com features books about Santa Barbara and environs or written by Santa Barbara authors. |
