Wednesday, November 7, 2007

Santa Barbara Real Estate, Buy Now or Wait?

That is the $64,000 question! I was at the Prudential California office meeting yesterday and Patti Brotherton had an interesting flier she was giving to her agents. It was entitled "They Were Wrong:". It then had some comments that different periodicals had made in the past, Newsweek, Money Magazine..... The flier credited Gary Watts for the information. He obviously specializes in Orange County property as you can see when you read the 2007 forecast on his website, but I would suggest reading it. There are many similarities with the Santa Barbara Real Estate market. He makes a ton of sense and backs it up with just as many facts. I think many buyers will wait too long to make a purchase. The way I see the market right now is that a buyer has very little competition and plenty to choose from with some very favorable rates. If that is economics 101 I don't know what is. Patti also made the comment that sellers are negotiating right now as well. One of the comments Mr. Watts made on his site is that the average downturn lasts about 27 months and as of October we had been in this cycle for about 25 months. If you are a serious buyer all the signs seem to be pointing in the direction of Buy Now! If you have any thoughts feel free to share them. See You In Escrow!

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