Thursday, August 14, 2008

What's Happening On The South Coast?

Santa Barbara's South Coast's Real Estate Market has been experiencing historically low numbers of transactions. Carpinteria, Goleta, Santa Barbara, and Montecito have all had their part in these numbers. Real Estate, even in our little part of the world has not been immune to what is happening every where.

This year the highest number of real estate transactions that have been recorded was 135 back in April. That was followed by 132 in May, 127 in June, and 118 in July.

You have to go back to August of 2007 to find a number higher than these. Guess what happened then? The credit crisis hit and we haven't been the same since.

People I speak with seem to be under the impression that getting a loan to buy a property is impossible. I'm here to tell you it isn't. We are closing escrows and most of them have loans involved. So if qualifying for a loan is what has you on the sidelines right now make sure you check in with any one of a number of terrific loan people here in town.

I am also hearing that people think the price of real estate is going to continue to drop here on the South Coast. If it is, I'm not sure it will be for much longer as I've seen the northern part of our county begin to heat up. I haven't done any extensive reasearch, but I believe the age old supply and demand theory. The prices in Santa Maria and Lompoc must be viewed as good by those buying and since the number of closed purchases is up significantly you would think the demand will keep prices from dropping any lower. I also believe the Santa Barbara and Goleta areas won't be far behind.

I also know I haven't met anyone yet who can really predict the bottom of the market. By the time all the signs of the bottom are evident it is too late. If you are considering purchasing in the near future get prepared now. The opportunity may present itself sooner than you might expect. Stay in touch with your real estate agent and keep abreast of properties in your price range and locale.

If you need a recommendation for a real estate agent or loan agent don't hesitate to get in touch with me. I have been in this community and in this business for 18 years.

See You In Escrow

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