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A New Normal?

Whether you have lived in Santa Barbara for more than a decade or have recently relocated, you’ve no doubt had the impression that you needed to be a multi-millionaire to own property in our beautiful city by the sea. Indeed, if you had asked me in 2006 if this were true, I would most certainly have responded with a resounding yes…but today my opinion is the polar opposite. I like to consider myself a glass half full kind of guy. I figure that a problem can’t be solved by worrying about it, so you are better off looking for the positives and finding a way to turn proverbial lemons into lemonade.

 

This precisely what so many people are doing these days in our current real estate market. Properties are selling at 40% (and sometimes 50%) below what they were when the bubble was fully inflated and ready to burst and interest rates are at record lows— in short, the time is right for many first or second time buyers to do some homework and find a deal out there that works.   These opportunities exist in Santa Barbara today, believe it or not, especially for those patient few who are willing to spend the time and effort to find them.

 

My favorite four properties for this week are tailor-made for these buyers (or even for parents looking to help their children into their first home). I’ve included a basic synopsis of purchase prices and examples of down payments and monthly mortgage and property tax payments for each property for consideration.  I think you’ll understand what I am saying when I tell you that conditions are right for many to get into (or get back into) Santa Barbara real estate.

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See what I mean?  These figures don’t even take potentially significant tax savings into consideration. The bottom line is that there are real opportunities in Santa Barbara right now, opportunities that are (or perhaps should be) tough to ignore for the aforementioned buyers. And the fact is that we are seeing more rst time buyers than we have seen in recent past in light of the substantial drop in prices and interest rates. So get out there, Santa Barbarans. Do some homework. Go look at a few houses and see what you think. I bet you can find one that suits your fancy…and, finally, your budget.

 

In case you have been thinking of buying or selling a Santa Barbara property, give us a call.

 

Year after year one of Santa Barbara’s top realtors, our office is here in Santa Barbara & Montecito to help with your Santa Barbara home search and Montecito home search.