How’s the Market? Don’t Wait!

Don’t wait!  Mortgage Rates remain high and it is unlikely rates will drop this year. Real Estate experts are urging home buyers not to wait as home prices are expected to rise. It’s a challenging Santa Barbara housing market for buyers and Fannie Mae is predicting an increase in home prices through 2025. Don’t wait

Rising costs aren’t the only obstacle for buyers as low inventory is also impacting the Santa Barbara housing market’s dynamics.

If Baby Boomers ever decide to move/downsize some experts believe that will put 9 million homes on the market over the next 10 years. Wait and see? Don’t wait.

INTEREST RATES APRIL 25, 2024

The interest rate on a 15-year fixed-rate mortgage is 6.500% as of April 25, which is unchanged from yesterday. Additionally, the interest rate on a 30-year fixed-rate mortgage is 7.500%, which is also unchanged from yesterday. Click on the image below for more information.

Barbara Corcoran Mortgage Rates Predictions for 2024

The Psychology of Buying and Selling

In the current real estate landscape we find ourselves amidst a dynamic and evolving market. With demand remaining strong and inventory levels still at record lows, navigating the part to homeownership requires careful consideration and expert guidance. Despite the challenges posed by inventory constraints and rising prices opportunities abound for those who know and understand this market.

The market here in Santa Barbara has picked up. For buyers, it’s essential to stay vigilant and act decisively when the right property presents itself. While the inventory is low working with an experienced professional can help you navigate the nuances of this market.

The market continues to favor sellers. We are still seeing multiple offers with some homes selling for over the asking price. With our expertise and dedication to client satisfaction, we’re here to guide you through every step of the process. Reach out today to learn how we can help you achieve your real estate goals in today’s market.