Posted June 7, 2016
A Time To Buy
Santa Barbara's Real Estate market has been progressing over the past few years. Prices were increasing while interest rates were decreasing. There was lack of Inventory which only caused bidding wars which drove the prices even higher. Throughout 2015 this was the norm. As we went in to 2016 we saw the same patterns. It was going to be interesting to see what was going to happen around election time. Well that time is here and we are starting to see a shift in the Real Estate Market.
Going into June we started to see some changes. Looking through the MLS we see that Inventory has increased in the past few weeks and the number of sales are down. The number of days these homes are spending on the market is increasing. This will only cause prices to drop. Homes that were once selling in less than a week for over asking are now still on the market with a possible price reduction. There is talk of interest rates increasing at least two more times this year. If you are thinking of Buying in Santa Barbara, now is a good time.