7 Great Reasons to Buy a Santa Barbara Home Now!!
1) You Can Get a Great Deal These Days. Try and play hardball as we are still in a buyer's market. We are also currently a few years into the biggest housing bust that most any of us have seen and prices here in the Santa Barbara area have come down about 30%-35% on average from their peak....roughly to 2002 and 2003 levels. Yes, it is mixed and certain areas have declined only 20-25% while others are down 40%. Will prices fall further here in the Santa Barbara area? This is the obvious question and the answer is yes, they could. Trying to catch the bottom though is tough and with interests rates where they are currently at...affordability is at and ALL TIME high...Moving on to Point #2. 2. Mortgages/Loans are Incredibly Cheap. Rates are changing all the time and in the last several months we have seen 30-year loans for around 4.25 to 4.75%. These are the lowest rates on record. If inflation picks up, you most likely will not see mortgage rates this low again in your lifetime. If inflation does not pick up there is always the option to refi if you have enough equity. Prices might drop but most likely not affordability. With these low rates, buying today will most certainly be cheaper than buying later. 3. As Always You Can Save Tax Dollars. With home ownership you can deduct your mortgage interest from your income taxes. Often once you have done the math, you will find that with these tax breaks you will be pretty close to your rent cost. Sometimes just higher and sometimes just lower. 4. Your Home Will Be Yours. Home ownership needs to be seen as more than just an investment...although for many this was the driving force the last decade. There is a lot of joy, stability and security in having your own home and thus your own kitchen, bathrooms, paint choices etc. 5. Most Likely Your Home Will Be Much Nicer Than Your Rental. In many parts of Santa Barbara, Carpinteria and Goleta it can be really hard to find a good rental. Times have been tough for all of us as of late and this goes for landlords as well. Upkeep is on the back burner for many and this might be the home you are renting. 6. Good Investment. I believe most all of us have learned that you should not view your home as the way to get rich. When the economy does turn around here, sooner or later, real estate prices in Santa Barbara will head up once again. 7. It Forces You to Save. If you can rent a great place here in town for $2,000 - $2200 a month instead of buying one for $3,400 a month, renting probably makes sense to many. But, what are you doing with that extra $1,200-$1,400 per month? Are you saving this? Most people are not. For most loans these days, part of your mortgage payment goes to principal repayment and thus you are building equity. Further Reading:
- Buyer's Resources for the Santa Barbara area
- Seller's Resources for the Santa Barbara area
- What Questions Do You Ask Your Santa Barbara Realtor?
- Where Do I Search for Santa Barbara Real Estate?
- What does $350,000 and $500,000 Buy you in Carpinteria CA?
- Top 10 Best Buys on The Mesa
- Top 10 Best Buys in San Roque
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts. Subscribe to Receive Personal Listings of Santa Barbara Real Estate Search The Santa Barbara Area MLS