There’s been a lot of news circulating around the housing market recently, much of it good news for home buyers. According to the CoreLogic Research Group, one of the most respected statistic bases for existing home sales, California median home sale prices are still 13% below what they were at the previous market peak almost 10 years ago. In addition, sale prices on individual homes, especially at lower price points, are even a further percentage below what they were. Several recent sales and active listings in the Santa Barbara MLS indicate selling and listing prices still almost 20% below recorded numbers for the same properties sold during the last peak market years. This is great news for buyers who qualify for financing or have all cash available. Interest rates are currently hovering around all-time lows and buyer competition is partially limited by tight credit standards lenders have in place.
Two factors to watch for that will undoubtedly affect the market is the larger influx of foreign property investors, and the easing of ultra-tough loan qualifying standards to more reasonable levels. Before these and other factors start calming current buyer advantages you may want to consider some of the exceptional opportunities in today’s market. I look forward to keeping you up to date with the most current information and property offerings in the Santa Barbara area and appreciate your inquiries.