February 2014 Real Estate Market Statistics for South Santa Barbara County* reflected a continuation of recent trends in which lower inventory resulted in fewer closed and pending sales. The good news, the number of new listings — while lower year-over-year — is showing some slight upward momentum… increasing approximately 8 percent over January. Median list price is… more
Santa Barbara Real Estate
Construction Lending Picks Up: Good news for Santa Barbara and Montecito
Land Sales an Increasing Option in Supply-constrained Santa Barbara and Montecito Real Estate Market! According to a recent Wall Street Journal article, Bank lending for land development and construction is turning up after hitting a 14-year low early last year, a sign that the supply crunch for new homes could ease in coming months. Data… more
"Qualified Mortgage" Rules Have Begun!
New mortgage lending rules resulting from the Dodd-Frank Act took hold this past January that federal regulators are hoping will guard against a future housing collapse. The rules are essentially intended to ensure that borrowers can actually afford the loans they are seeking. Mortgages must now meet “Qualified Mortgage” (QM) guidelines and borrowers will be… more
January 2014 Real Estate Market Update
January 2014 Real Estate Market Statistics reflected a continuation of recent trends… the good news / bad news of rising values met with fewer sales and shrinking inventory. In South Santa Barbara County,* the median home value rose 6% from December and rose 32%year-over-year to $914,000. In Montecito, the median home value of $2.2MM was… more
Why We Fall in Love… with Houses!
Ever found a home that truly captured your heart… one that you just couldn’t get out of your head? In a new realtor.com® survey, 69 percent of the 1,000 people who responded said they have had a “home crush” – a home they liked so much that they were drawn back to looking at it… more