Real Estate October 25, 2011

Home buyer challenges have silver lining

Limited real estate inventory has always been a factor in the Santa Barbara area. A region land locked between the Pacific Ocean and Santa Ynez Mountain Range with no room for expansion. Combined with a rare Mediterranean climate, only one of five in the world, and immense scenic beauty, few Santa Barbara home owners ever want to sell their properties. Working with a slow stream of inventory is very difficult for buyers who can literally wait years for the right home to appear, sometimes only to find multiple offers pull it away.

The challenge of finding and obtaining a suitable home holds true even more so today. The Wall Street Journal states in one of its most recent articles “The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.” “More people are pulling their homes off the market rather than try to sell them at today’s discounted prices.” The article outlined several major cities across the U.S. in which inventory levels have dropped an average of 37% from a year ago.

Discounted prices and historically low interest rates are the silver lining for buyers who can overcome the tight inventory. I appreciate the opportunity of assisting you with your home search and look forward to your inquiries.