Tips for Navigating Today’s Choppy Real Estate Waters

The Santa Barbara real estate climate remains uncertain. On the one hand, there are many signs that indicate our market is improving: home sales have increased; residential loan activity has increased; property inventory has decreased since its high in late ’07; and the median sales price for South County continues to climb (thanks to robust activity in the $5 million + market). On the other hand, certain segments of the market are experiencing price declines to 2005 and, in some cases, even 2004 levels.

If you are one of the many people looking to take advantage of current market conditions, below are some tips to help you on your way:

Buyer Tips:
• Much has changed in the lending industry, so take the time to meet with several lenders and obtain loan pre-approval before you start looking for your new home
• Focus on buying in good neighborhoods with strong school districts
• Choose a Realtor that has a strong knowledge of values in the areas that appeal to you so you can accurately assess current home prices
• Don’t try to time the bottom; instead, focus on finding a great home in your price range and then negotiate, negotiate, negotiate!

Seller Tips:
• Ensure that your home looks its very best before you put it on the market
• Be realistic about today’s property values and what you can reasonably expect to net on the sale of your home
• Choose a Realtor who has a strong marketing budget and an aggressive internet presence so your property will be fully exposed to all possible buyers
• Properties are taking longer to sell, so be patient and stay positive!