About Mark Danforth Lomas
This author hasn't written their bio yet.
Mark Danforth Lomas has contributed 563 entries to our website, so far.View entries by Mark Danforth Lomas
You also might be interested in
Even with the rapid appreciation seen across the country over[...]
Prospective homeowners are struggling with their desire to buy a home and whether or not now is the best time to buy. Mortgage rates have dropped to around 7 percent but the inventory of homes for sale is still limited and challenging. Shark Tank personality and Realtor Barbara Corcoran thinks that homes will be going up in value this year which might not bode well for buyers sitting on the fence waiting for rates to drop and available homes for sale to improve. It’s always hard to time the market. If mortgage rates drop and more buyers enter an already competitive market home prices will rise. There’s an expression in real estate, “Marry the house and date the rate.” In other words, buy now if you find the right house because you can always refinance later. When is the best time of the year to buy a home in California? Traditionally most homes are listed for sale in the spring and summer. This allows families to get situated before the new school year begins in the fall. This pattern continues to evolve as buyers know they can find their dream home at any time of the year. Sometimes to get the right house you have to make tradeoffs that might be uncomfortable in the moment but more times than not pay off over time. Buying a house right now might be overwhelming, but waiting too long can present challenges. Review your finances and think about how much you’re able to pay upfront as a down payment. Try to take the pulse of the real estate market where you'd like to live. Then, talk with an experienced local real estate professional who can assist you with whether or not you should buy now or wait. Good luck out there. Click Read More below for more information and videos.
Recently I spoke with the manager of one of the larger Real Estate Companies here in southern Santa Barbara and we both agreed that the market has changed. It appears that the seller's market may have peaked six to nine months ago, and many sellers aren't too happy. At the beginning of the year, this market was still hot, and a lot of homes that had been priced properly initially were selling over their asking price. But things changed, and some sellers may have missed the market. Right now we're seeing lots of "price reductions" or what many listing agents rephrase as a "price improvement." Interest rates are through the roof. On Saturday, October 14, 2023, the current average 30-year fixed mortgage interest rate was 7.89%, increasing 3 basis points compared to this time last week! Buyers who are able to find the home that they've always dreamed of might consider an Adjustable Rate Mortgage set not to adjust for 3 or 5 years at a considerably lower interest rate than the current fixed rates being offered. If you're not an "All Cash" buyer you should thoroughly investigate the various financing offerings that are currently available. There are more than a few. Also, there are some sellers who have assumable loans at a very low interest rate that they acquired during the Pandemic real estate market, and listing agents should definitely include that information at the front end of their marketing. It can be a game-changer. Sorry to rain on anyone's parade but the following data tells the story. Whatever side of the coin you are on, buyer or seller, good luck out there. If you're thinking of buying or selling we can help. Click Read More below for statistical data, video, and more information.
Contact Us
About Us
Analyze Your Investment
iAnalyzeREI: Real Estate Investment Analysis
Santa Barbara Links
- City of Santa Barbara
- County of Santa Barbara
- Culture Santa Barbara
- Debris Flow Maps
- FEMA MAP
- Montecito Journal
- Noozehawk
- Pearl Chase Society
- Ready Santa Barbara
- Santa Barbara Magazine
- Santa Barbara Realtors
- Santa Barbara Zoo
- Santa Barbara's "Lotusland"
- Santa Barbara's Hiking Trails
- Santa Barbara's News Press
- SB EdHat Local News
- SB Farmers Markets
- SB Independent Newspaper
- SB Museum of Natural History
- SB Public Libraries
- SB Senior Care Guide
- SB's KEYT Television
- Senior Care Resources
- Senior Guide to Medicare Benefits
- Siteline Santa Barbara
- The Mojo aka The Montecito Journal
- The Montecito Association
- Unity Shoppe
Recent Posts
Categories
Archives
This website is not the official website of Sun Coast Real Estate. Sun Coast Real Estate does not make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this website. Real Agents affiliated with Sun Coast Real Estate are independent contractors and not employees.
3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570