The strength of the Santa Barbara real estate market, just got even stronger.
There has been a recent dramatic activity increase in the last few weeks in the Santa Barbara real estate marketplace. It is now further bolstered where needed most, in the weakest segment of that market, properties below $1 million. We feel confident that the worst is most definitely behind us. The reason for this Santa Barbara real estate merket re-invigoration (not that it really softened very much here) is the announcement that Santa Barbara County will recieve the full conforming loan amount allowed to $729,750. That’s a whopping increase of 57% over the previous $417,000 conforming loan limit. Our Santa Barbara listed for sale properties below $1 million are now receiving several showings a week and have received multiple offers in the last few weeks, where as this past fall those same listed properties were averaging 3 showings a month. With the Santa Barbara South County real estate market at a $1.1 million median price, it put most of these entry level homes and condos in the jumbo loan range which recently have been dificult to acquire and have been averaging 1% higher in mortgage rates. The difference in payment on a 729,000 loan at a 1% lower rate, translates out to a nearly $500.00 per month lower payment, or $6000 per year, which is truely a significant impact on affordability,
The estate market properties segment of Montecito real estate and Hope Ranch real estate combined continue their undaunted strength at an impressive 18.8% appreciation in 2007 from 2006 yearly totals. One of the strongest markets nationally. The only weak segment of the Santa Barbara real estate market was $1 million and below. With this new stimulus of conforming loan increases that segment should follow the Santa Barbara estate market and be drawn along with the Santa Barbara estate market strength.
The Santa Barbara real estate and unique signature property market requires well informed and invloved local expertise that is essential for the finding, successful acquisition, sale, and value analysis of rare estate properties. Custom searches of Santa Barbara beach properties, estates, Montecito homes for sale or Hope Ranch real estate information are available at http://www.RareEstates.com, a fine home sale transaction network, having specialized local resources and knowledge of unadvertised luxury properties and qualified estate property investors searching for properties.