Assumable Loan www.TheRealEstateScene.com Would you like a 3% Mortgage Rate? An Assumable Loan might be something to consider. Assumable loans are loans where the buyer takes over the interest rate that the seller currently has if the seller’s lender allows for that. This creates more affordability for buyers and increased opportunities for sellers. This is definitely something listing agents should factor into their marketing.
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keep demand declining while other potential buyers remain sidelined from an affordability standpoint. The interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.
Santa Barbara Real Estate The real estate market in Santa Barbara continues to remain vibrant even with high interest rates and low inventory. As the year progresses our unique coastal community continues to attract interest and investment in Santa Barbara real estate. Year to date the market is up 14% on the total number of homes sold since this time last year. Property values continue to climb with the average price up 6%. The average time for a home to be on the market is around 30 days. Nationally internal and external forces are accelerating change in today’s real estate market. The market continues to be strong and is not crashing. Prices are rising as the economy continues to expand. Real concerns are affordability as homeownership shrinks and rates are expected to remain elevated. Another concern is the real estate industry is changing since the Department of Justice’s lawsuit against the National Association of Realtors prevailed and realtors are trying to navigate the new landscape for real estate sales. Consumers need real estate agents but it may be a little early to see how this will play out. Click Read More Below for Statistics and Videos.
Optimisim Santa Barbara Real Estate Mortgage rates have fallen for nine consecutive weeks and are expected to drop further although many think it’s unlikely that rates will drop below 6%. The Federal Reserve’s campaign to lower inflation through rate hikes had a significant impact on the housing market. Now that inflation is easing, and interest rates are falling, it’s likely buyers who have been sitting on the sidelines might get back in the game. The big question for 2024 is will there be a notable increase in inventory? The general consensus among real estate professionals is optimistic as you'll see in the video included in this post. All expectations are for an increase in inventory. But, truthfully, only time will tell. All indicators at this stage look good without any significant unforeseen disruptions. Click Read More below for Market Update, last year's sale's statistics, and a very timely Altos Research video.
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