Santa Barbara Real Estate

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Turning the Key on Mortgage Rates

July 25th, 2016 · Mark Lomas and Kirsten Wolfe, Mortgage Information, Santa Barbara Real Estate

When the Feds lowers the federal funds rate, lenders can finance home loans more cheaply. As a result, they can reduce the interest rates they charge for a fixed rate mortgage.

In recent years, the Fed has kept the federal funds rate low in an attempt to stimulate the housing market.  Basically, the Fed is making homes affordable at all time levels with low interest rates on mortgages.

The Fed can even control the shape of the yield curve, or the relation between interest charged for 1 year loans, 3 year loans, and 5 year loans, and so on. Mortgages are pegged to the 10 year Treasury Rate, because refinancing and early payoffs effectively give a 30 year mortgage a 10 year lifespan.  Competition and market conditions can also affect mortgage rates.

The average 30-year fixed-rate mortgage is 3.43%, up 1 basis point from a week ago. At the current average rate, you’ll pay about $445 per month in principal and interest for every $100,000 you borrow.

Mortgage Rates July 2016 – Click image below to enlarge.

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Santa Barbara Real Estate Market Trends 2016

July 22nd, 2016 · Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Real Estate, Santa Barbara Real Estate Market Trends

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Santa Barbara Real Estate Market Trends through the 2nd Quarter for 2016. This graph was prepared by Fidelity Title Company in Santa Barbara. This year is reflected by the thicker purple line with diamonds. The green line reflects 2015, where in May of 2015, it appears the southern Santa Barbara real estate market peaked based on the number of homes sold for that month. The graph reflects the number of sales for that month for southern Santa Barbara. (Carpinteria to Goleta) Click on image to enlarge.

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Low Interest Rates Boost Home Sales

July 22nd, 2016 · Market Conditions, Mortgage Information, Santa Barbara Real Estate

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Days on the Market Increasing

July 21st, 2016 · Hope Ranch Homes For Sale, Montecito Homes For Sale, Santa Barbara Homes For Sale

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Somewhere on Debra Drive in Santa Barbara * Offered at $2,295,000 * Great Micro Climate and Ocean Views!

In regards to average days on the market increasing in the southern Santa Barbara real estate market, by most accounts, the market continues to strengthen.  However there is one statistic that would indicate the market is beginning to resist price increases seen since the real estate bust of 2007/2008.  This is, the average days on the market for all listings.

Since the spring of 2015 through the spring of 2016 the average has steadily increased? The take away is that sellers may have to reassess what the market will be willing to pay for their home.

DAYS ON THE MARKET (DOM, alternatively active days on market, market time, or time on market) is a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends. 

Generally, properties with a large DOM value will command lower prices than properties with few DOM because a perception exists that the property may be overpriced or less desirable. DOM often factors into developing a pricing strategy. DOM can also be used as a “thermometer” to gauge the temperature of a housing market. 

This value is not necessarily how long the house has been on the market due to intricacies within the multiple listing service (MLS) database. Depending on the rules of the MLS that is being used, the number is reset if a seller switches real estate agents. Sometimes there is also the arguably unethical practice of “withdrawing” the listing before it expires and adding the listing again to reset the DOM. As a result, when this statistic is used it is often lower than the true value.

However, savvy real estate agents (if the MLS allows) will research the property’s listing history and can tell more effectively how long the property has been on the market which in some MLS systems is referred to as Cumulative Days on the Market (CDM or CDOM).

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Santa Barbara “Live” Real Estate Statistics

July 20th, 2016 · Santa Barbara Real Estate, Santa Barbara Real Estate Market Trends, SB Real Estate Statistics

Carpinteria: 93013, Summerland: 93067, Montecito: 93108, SB Westside: 93101, SB Westside: 93109 SB Eastside: 93103 (Riviera), SB Eastside: 93105, Hope Ranch: 93110, Goleta:93111. Goleta/county: 93117, and Santa Ynez: 93460
real-time real estate market research  
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Santa Barbara Real Estate Humor

July 17th, 2016 · Santa Barbara, Santa Barbara Homes For Sale, Santa Barbara Real Estate

“Not for the comedically challenged or humor impaired!”

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Montecito “Heat Index” 2nd Quarter 2016

July 17th, 2016 · Market Conditions, Montecito Homes For Sale, Montecito Real Estate, Montecito Realtors

In this week’s Montecito Journal Michael Philip’s “Heat Index” article gave an excellent overview of the real estate market here in Montecito.  The graph here compares number of sales for 2016 vs. 2015 for the 2 quarter. Click on the image to enlarge it. For more information on the pace and trends of the Montecito real estate market pick up a copy of this week’s Montecito Journal and turn to page 44.

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Fiesta! “Old Spanish Days” in Santa Barbara!

July 11th, 2016 · Fiesta in Santa Barbara "Old Spanish Days", Hope Ranch Realtors, Mark Lomas and Kirsten Wolfe, Montecito Realtors, Santa Barbara Realtors

“Old Spanish Days” is Santa Barbara’s largest celebration and one of the top regional festivals in the United States.  It is expected to attract more than 100,000 people this year, making it one of the biggest to date.

This year “Fiesta!” will take place in various locations around the city  August 3rd through the 7th.

This celebration of community fondly looks back to a period when Santa Barbara was a remote rural area under the influences of Spanish, Mexican, and local Native American cultures.  Fiesta celebrates a period of romance and hospitality through pageantry, dance, music, custom, and cusine. (photo below is of  the brochure for the Santa Barbara Fiesta 2016)

            Santa Barbara Fiesta 2016                  2FiestaBrochure2016

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Real Estate News You Can Use

July 8th, 2016 · Hope Ranch Real Estate, Montecito Real Estate, Real Estate News, Santa Barbara Real Estate

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For The Real Estate Curious….

 Foreign Buyers Pull Back from U.S. Housing Market

California realtors and others in the housing industry have hoped recent turmoil in the global economy would boost foreign interest in U.S. real estate. New figures suggest the opposite is likely.

Purchases of U.S. residential real estate by foreigners who aren’t residents of the United States fell by $10 billion in the year ending March to $44 billion, the lowest level since 2013, according to a survey by the National Association of Realtors.

Feds Plays Waiting Game on Rates

Federal Reserve officials are in a holding pattern heading towards their July policy meeting, following the release of mixed economic data and the vote by the U.K. to exit the European Union.  Fed governor Daniel Taruillo said Wednesday the central bank should wait for more convincing evidence that inflation is closer to – and would remain near – the Fed’s 2% target before raising short term interest rates again.

Seller Frustrated By Junky Home Next Door

This is one of the most difficult problems to address, and one of the advantages to living in a community association is not having to deal with a neighbors junkyard.

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Southern Santa Barbara Market Trends

July 5th, 2016 · Hope Ranch Real Estate, Montecito Real Estate, Santa Barbara Real Estate

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Follow the purple line for 2016. Data reflects “Sold Homes” for that month in Southern Santa Barbara. This includes the communities from Carpinteria to Goleta. Data provided by Fidelity Title Company in Santa Barbara.

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Median Sales Price for Southern Santa Barbara July 2015 to June 2016 (Trulia)

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