How often have you heard this question: "Is this a good time to buy in Santa Barbara or Montecito?
A fellow Mastermind in my Santa Barbara networking group had this answer, which I am sharing with all of my clients, sphere and anyone else who is listening:
If you can afford to buy and want to buy, this is the time to buy. Prices go down slowly but go up fast, and before you even recognize it.
In the 1980-84 downturn, prices had recovered by August of 1984. In the 1989-94 downturn, prices recovered by October of 1996. With the historically low interest rates we are enjoying, housing has not been this affordable for so many people in a very long time.
In your neighborhood!
Gorgeous Spanish Architecture...great price
In my market, we are generally back to 2003 rates, after sliding much lower. Prices have stablized over the last year, and in some markets have even begun to inch up by 5-6% since August of 2009.
So, when you are asking yourself if this is a good time to buy, keep all of this in mind to help you make a good financial decision for your future. And, don't wait until it is too late and you see that JUST SOLD sign!