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Housing Market Forecast for 2016

February 11th, 2016 · Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Real Estate Market Trends

2016 Housing Market Forecast

Forecast for the 2016 Santa Barbara Real Estate Market

Right now there does not appear to be any downside to the southern Santa Barbara real estate market.  The modest increase in median prices across the areas still look appealing to buyers. Interest rates are still at historic lows.  If the Feds consider raising interest rates down the line it will be prudent for buyers to get off the fence.

A real estate news resource for real estate agents Inman News suggested in a 2016 Industry Outlook Report What’s Next?   “That the real estate industry is bullish going into 2016,” based upon a survey they conducted Inman News reported, “That with the economic and housing market signs pointing up, the vast majority of the respondents are optimistic about the economy and the housing market. This confident mood is pervasive despite a general sentiment that interest rates will move higher and that global events are uncertain and even threatening.”

Predictions about the housing market in 2016 are very optimistic. What accounts for this optimism? One respondent explained it this way.  “After being somewhat reserved in my optimism in 2015, I believe that 2016 will be very good!  If interest rates continue to be under 6 percent, shadow inventory remains low and in check, unemployment remains under 10 percent, local economies continue to strengthen, and inventory is adequate, consumers will have the confidence to make their move purchasing and selling.”

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Santa Barbara International Film Festival 2016

February 10th, 2016 · Mark Lomas and Kirsten Wolfe, Santa Barbara, Santa Barbara Film Festival

2SBFilmFestival31of2016

Santa Barbara International Film Festival * February 3rd thru February 13th!

Santa Barbara International Film Festival Website

Santa Barbara International Film Festival Lineup for 2016

The Santa Barbara International Film Festival is an eleven-day film festival held in Santa Barbara, California since 1986.

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The Truth About Open Houses

February 8th, 2016 · Mark Lomas and Kirsten Wolfe, Open Houses, Santa Barbara Real Estate, Santa Barbara Realtors

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Open Houses  have long been a debated issue among Realtors, Sellers, and the Real Estate Curious. What’s the truth about open houses in this new Virtual World we find ourselves living in? (Spoiler alert: open houses work!)  There are four common arguments against open houses: 1. They only benefit the realtor and won’t sell your home. 2. Noisy, intrusive, and non purchasing neighbors. 3.Security Issues. and 4. It’s an old fashion and dated selling tactic. Here’s why none of these arguments is a good reason to avoid open houses.

The thinking runs that the realtor only utilizes the open house to promote themselves. The people that the realtor meets at open houses are only quality contacts…for the realtor.  They are actively looking to purchase and if they have no representation the realtor has made a great connection. Even if this is true, so what? Buyers are attending the open house because their realtor sent them, or they’re a neighbor, or they saw the home online.  You never know who will want to purchase your home. The agent is there working hard and building relationships. The truth is open houses help to sell the home. Buyers go out into the community and talk about the open homes they visited. The home is getting exposure.

Open house naysayers always mention “looky loos” – non buyers who come snooping through your home.  They have no interest in a purchase, but rather are your intrusive neighbors poking through your closets.  Bring on the “looky loos!” Neighbors are wonderful. They already live in the neighborhood and love the area. They also have a vested interest in seeing your home sell for as much as possible. They are your cheerleaders for your home. The more people that attend the open house the better. Activity begets activity. An exciting and infectious buzz is created.

There is a legitimate question regarding security. Are thieves masquerading as buyers? Rarely, but sometimes. With proper precautions  risk are greatly reduced. Put away your valuables, don’t leave personal information around, and hide all prescription drugs. If you have a large home insists two agents are there.

Finally, some think that open houses are out of touch and old fashion. Today’s buyer have done their internet research and knows the home before he visits it.  As many clicks as your home may generate online, no one is going to purchase a home they’ve never visited. Open houses are deeply rooted in real estate culture for a reason. Buyers need to see, feel, smell, and touch the home.

We live in brick and mortar homes, not in the “Cloud!”

Guest author for this post is Marsha Gray of Keller Williams in Santa Barbara

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Mortgage Watch January 2016

January 31st, 2016 · Mortgage Information, Santa Barbara Real Estate

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For week of January 21, 2016
MORTGAGE RATES DIP TO 3-MONTH LOW
Mortgage rates have declined every week so far in 2016 and are currently at their lowest levels since the fall, a fact that could help motivate hesitant homebuyers who have been sitting on the fence.
  • That’s according to the most recent numbers from Freddie Mac, which said that 30-year, fixed-rate mortgages fell to 3.81 percent for the week ended Jan. 21, down from 3.92 percent from a week earlier and up from 3.63 percent a year ago. Fifteen-year mortgage rates displayed a similar pattern, dropping from 3.19 percent to 3.10 percent on a weekly basis but up from 2.93 percent year over year.

    In a statement accompanying the report, Freddie Mac Chief Economist Sean Becketti attributed the declines to weak inflation in 2015 and global economic turmoil, which is driving investors to treasuries.

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Santa Barbara 4th Quarter Statistics for 2015

January 29th, 2016 · Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Real Estate Market Trends

4thQuarter2015SantaBarbara

4thQuarter2015Montecito

4thQuarter2015HopeRanch

4thQuarter2015CarpGoleta

CLICK ON IMAGE TO ENLARGE

 

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Sotheby’s International Realty Santa Barbara

January 25th, 2016 · American Riviera, Mark Lomas and Kirsten Wolfe, Montecito Realtors, Santa Barbara Realtors


Sotheby International Realty’s Santa Barbara Television Ad

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Santa Barbara Real Estate Market Trends

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

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Click on image to enlarge. Data provided by Fidelity Title Company

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Santa Barbara, Montecito, Hope Ranch Average and Median Price Review 2007-2015

January 21st, 2016 · Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Real Estate Market Trends

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Santa Barbara, Montecito, and Hope Ranch market trends from 2007 to 2015. Right now there does not appear to be any downside to the Santa Barbara real estate market.  The modest increases in median prices across the areas still look appealing to buyers. One concern is the Chinese stock market which recently has had an effect on the Dow Jones.  If the Chinese market continues to slip it might have some affect on the buying power for some prospective buyers and if the Feds continue to raise interest rates it might be prudent for some buyers to get off the fence. Data provided by Fidelity Title Company

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Santa Barbara “Live” Real Estate Statistics

January 21st, 2016 · Santa Barbara Real Estate, Santa Barbara Real Estate Market Trends, SB Real Estate Statistics

real-time real estate market research
Carpinteria: 93013, Summerland: 93067, Montecito: 93108, SB Westside: 93101, SB Westside: 93109SB Eastside: 93103 (Riviera), SB Eastside: 93105, Hope Ranch: 93110, Goleta:93111. Goleta/county: 93117, and Santa Ynez: 93460
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CNBC Real Estate Predictions for 2016

January 16th, 2016 · Carpinteria Homes For Sale, Hope Ranch Homes For Sale, Montecito Homes For Sale, Santa Barbara Homes For Sale, Summerland Homes For Sale

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