Remembering those who made the ultimate sacrifice for our country. We are grateful that we are fortunate enough to be able to celebrate and honor their lives for their service. Thank you to my father who served in the Calvary in WWII, to my brother Chris who served in Vietnam (Two tours, bronze star/ Navy Seal), and to all those who served and all those who continue to serve.
Never forget.
Click Read More below for a touching Memorial Day video tribute from the Marine Corps.
May 20, 2024 – Mortgage rates moderated further last week before inching up in the past couple of days, as the latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple of reports to justify rate cuts for the Fed, but the new numbers offer hope that the central bank could still lower rates in their upcoming July or September meeting.
The California housing market, meanwhile, kicked off the spring homebuying season with an encouraging start. April home sales at the state level improved moderately from last month and were up from the same month of last year, while the statewide median price soared to the highest level on record. Housing supply continued to improve, with new active listings surging by double-digits from a year ago for the fourth consecutive month. Source: California Association of Realtors.
Click Read more for Santa Barbara real estate market trends, statistics, and video.
The Financial Times / Meredith Whitney reported that Freddie Mac wants to enter the secondary home equity loan market in a win-win for the government, Wall Street, and consumers with Mortgage Reform that could unleash the next big U.S. stimulus.
The U.S. housing market is harboring the potential for unprecedented economic stimulus that wouldn’t require any federal spending, according to Meredith Whitney, the one-time Oracle of Wall Street” who predicted the Great Financial Crisis.
Meredith noted that mortgage finance giant Freddie Mac asked its regulator last month to enter the secondary mortgage market, or home equity loans, which allow homeowners to borrow against the equity in their houses. Such borrowing can be used for vacations, weddings, new cars, investments, medical bills, or starting a business. In other words, it’s more money that could power the economy.
Letting Freddie Mac initiate this mortgage reform for home equity loans could start putting $1 trillion into consumers’ wallets as soon as this summer and $2 trillion by the autumn, Whitney estimated. If fellow mortgage giants Fannie Mae and Ginnie Mac follow along, the potential stimulus could top $3 trillion.
Click Read More below for the whole post and more information about interest rates.
Don’t wait! Mortgage Rates remain high and it is unlikely rates will drop this year. Real Estate experts are urging home buyers not to wait as home prices are expected to rise. It’s a challenging market for buyers and Fannie Mae is predicting an increase in home prices through 2025. Don’t wait
Rising costs aren’t the only obstacle for buyers as low inventory is also impacting the market’s dynamics.
If Baby Boomers ever decide to move/downsize some experts believe that will put 9 million homes on the market over the next 10 years. Wait and see? Don’t wait.
Click Read More below for mortgage rate update and videos.
The southern Santa Barbara real estate market remains vibrant with increased sales activity even as mortgage rates rise. Despite the increase of inventory compared to last year it still doesn’t meet the current demand. The market may be in transition if the inventory continues to increase and the supply is gradually aligning with the demand.
Click Read More below for more information and sales statistics for March 2024.
Prospective homeowners are struggling with their desire to buy a home and whether or not now is the best time to buy. 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.
It’s always hard to time the market. If mortgage rates drop and more buyers enter an already competitive market home prices will rise. There’s an expression in real estate, “Marry the house and date the rate.” 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? Traditionally most homes are listed for sale in the spring and summer. 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.
Buying a house right now might be overwhelming, but waiting too long can present challenges. Review your finances and think about how much you’re able to pay upfront as a down payment. 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. Good luck out there.
Click Read More below for more information and videos.
Barbara discusses the outlook for the real estate market and why she believes prices will ‘go through the roof’ if interest rates drop. Corcoran also advises that if you want to buy a house, the time is “right now.” As people wait for rates to fall before entering the market, she warns that the optimal time will see “everybody in the market,” and she questions, “Why would you wait for that?”
Click Read More below for two great Barbara Corcoran videos.
In today’s real estate market, buyers know that being pre-approved for financing can make all the difference when making an offer. Another factor for buyers to take into consideration when buying a home is homeowner’s insurance now that only a handful of Insurance Companies are offering coverage in California. After having their offer accepted the norm for buyers had been to order inspections, review Title Company documentation, and Public Records, and then look into homeowner’s insurance. Today it’s inherent upon the buyer’s representation and the buyer to look into homeowner’s Insurance as soon as possible. Why the concern? Not only are there fewer insurance companies offering home insurance in California but home insurance has become more expensive.
Why is this happening? Experts say that the expensive wildfires of recent years are not the only reason to get and keep homeowner’s insurance has become more difficult. Other concerns are increasingly intense storms due to climate change. Technology advances, from aerial drone photos of properties to risk estimating algorithms and high insurance rates,
For more information click Read More below.
The NAR settled a lawsuit without acknowledging they or the membership had done anything wrong. The lawyers, real estate disruptors, and the buyers who brought the suit have done more to confuse the process than help anyone other than themselves. It’s not a win for buyers or sellers. The major news outlets continue to misinterpret what this settlement means.
This post will help explain how the lawsuit will impact the real estate industry. There are two excellent videos here plus some opinions on the potential possibility of a tidal wave of dual agency transactions. Click Read More below for the whole post.
Despite a recent uptick in mortgage rates, the California’s housing market continued to demonstrate resilience in February, reaching sales levels not seen since September 2022, according to the California Association of Realtors on March 19, 2024.
February’s sales pace jumped 12.8 percent higher from the revised 257,040 homes sold in January and rose 1.3 percent from a year ago, when a revised 286,290 homes were sold on an annualized basis. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains, but the improvement was mild. The sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home buying season than that experienced last year.
Click Read More below for the whole post, Santa Barbara real estate statistics, and video.
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