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All Real Estate is LOCAL! The Santa Barbara Real Estate market continues to be somewhat unique. 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.
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 of 2008 were certainly slow. The second half has had its starts and stops. The luxury market is slowing down significantly while the low end of the market is heating up. First time buyers are realizing that this may be their best chance to become a homeowner. It took a while for sellers who had to sell to accept the reality of the market. Today's market is all about PRICE! PRICE! PRICE! CONDITION AND LOCATION. 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. FHA loans are the best sources of loans and with a conforming loan amount of $729,000 (to sunset Dec. 31, 2008). Interest rates are also bouncing around a bit right now, but a 6 to 6.5% 30 year fixed rate conforming loan is very available able to document job security and good credit.
Santa Barbara is still 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. |
