Is this the right time to consider purchasing a second home? Yes, but with a variety of different factors to keep in mind before committing. After you’ve decided if this makes financial sense for you – whether you’re looking for an investment property, a getaway, or a place to retire you’ll need to factor in these considerations before making a purchase.
Your most important consideration is location. All real estate is local. A home in a weak location will not serve anyone’s goals – if an investor can’t resell or rent the property it’s unlikely a vacationer or prospective tenant will enjoy it. Pay attention to market conditions in the area you choose while looking into the strength of the local economy, trends in house resale values, quality of schools, and the overall demographics. In this current California real estate market we’d like to suggest for your consideration southern Santa Barbara, Marin County, and San Francisco. All exceptional California real estate markets appear to rebound strongly right now.
Another consideration is knowing what your tax implications will be. Realtors are not tax experts, and we recommend that you consult with your tax person before making any decisions. Tax considerations vary from state to state and localities.
What type of financing will you need? Should you consider nontraditional financing methods? We recommend you meet with a lender, or mortgage broker to assist you with any financial questions. If you’d like to work with a reputable local Santa Barbara, Marin County, or San Francisco financial person we can recommend someone. Although we live and work in Santa Barbara, we have very strong real estate connections in the Bay Area.
You’re about to become a landlord, be prepared! Finding good tenants or trustworthy vacation renters is not the simplest task. We recommend using a reputable local management company that can deal with the ongoing management of your property and any possible repairs or situations that present themselves. The obligations of managing a long-term rental are quite different from those of a periodic rental.
If you’d like more information about 2nd Homes here in Santa Barbara please feel free to contact us, we’re more than happy to assist you in this process!
California home prices are holding steady as high interest rates test the housing market according to the California Association of Realtors.
Persistently high mortgage rates continue to test California's housing market as home sales fell for the fourth consecutive month in September, while the median price rose from the year-ago level for the third straight month to record its largest year over year gain in more than a year.
The President of the California Association of Realtors Jennifer Branchini says, "With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today's interest rates. More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from.
Click Read More below for more information and video.
Martin Luther King Jr. (born Michael King Jr.; January 15, 1929 – April[...]
Contact Us
MARK LOMAS & KIRSTEN WOLFE
805.845.2888
HomesOfSantaBarbara@gmail.com
About Us
"Practicing the Fine Art of Real Estate"
It's who we are and what we do. We have over 30 years of experience facilitating the acquisition and sale of fine homes. Together with Sun Coast Real Estate Services, Santa Barbara’s leading residential brokerage firm, we can provide you with the best real estate services available. Experience you can count on!
This website is not the official website of Sun Coast Real Estate. Sun Coast Real Estate does not make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this website. Real Agents affiliated with Sun Coast Real Estate are independent contractors and not employees.
3112 State Street, Santa Barbara, California 93105