Southern Santa Barbara, stretching from Carpinteria to Gaviota, offers a unique blend of coastal charm and competitive real estate dynamics. As we move through March 2025, the region’s housing market reflects both opportunities and challenges for buyers, sellers, and investors.
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Prospective homeowners are struggling with their desire to buy a home and whether or not now is the best time to buy.Ā Mortgage rates have dropped to around 7 percent but the inventory of homes for sale is still limited and challenging. Shark Tank personality and Realtor Barbara Corcoran thinks that homes will be going up in value this year which might not bode well for buyers sitting on the fence waiting for rates to drop and available homes for sale to improve.
Itās always hard to time the market. If mortgage rates drop and more buyers enter an already competitive market home prices will rise. Thereās an expression in real estate, āMarry the house and date the rate.ā In other words, buy now if you find the right house because you can always refinance later.
When is the best time of the year to buy a home in California?Ā Traditionally most homes are listed for sale in the spring and summer.Ā This allows families to get situated before the new school year begins in the fall. This pattern continues to evolve as buyers know they can find their dream home at any time of the year. Sometimes to get the right house you have to make tradeoffs that might be uncomfortable in the moment but more times than not pay off over time.Ā
Buying a house right now might be overwhelming, but waiting too long can present challenges. Review your finances and think about how much youāre able to pay upfront as a down payment. Ā Try to take the pulse of the real estate market where you’d like to live. Then, talk with an experienced local real estate professional who can assist you with whether or not you should buy now or wait.Ā Good luck out there.
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Itās a fact of life: homes come with far more emotional weight than any other investment we makeā¦Ever wonder how our emotions influence the homes we choose and the prices we pay? A home is a refuge from the world, a place to raise a family and, for some people, an investment they hope will go up in value down the road. We fall in love with houses in a way that we never fall in love with a portfolio of stocks and bonds.
All too often, though, we donāt realize that how we feel about homes blinds us when it comes time to buy or sell. We let our emotions blind us to cold facts about the market or the realities of ownership. Or we prioritize one set of emotional needs over others that are just strong but may not be evident at first. And ignoring them can lead us to make bad financial decisions that can affect us for decades to come.
The home-selling side of the equation brings its own set of thorny issues. Homeowners often have an overly rosy view of their home and expect it to increase in value far beyond reasonable expectations. And when they put it on the market, they often stubbornly cling to their asking priceāeven if it means leaving it up for sale far longer than they planned and risking the possibility of not selling it at all.Ā Hereās a closer look at some psychological missteps that buyers and sellers often make as they wade into the housing market.
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