Santa Barbara Real Estate Benefits From Fixed Mortgage Rates Continuing Near Record Lows For 6th Straight Week
This weeks average rate on the 30-year fixed mortgage continued to hover just above its record low. Freddie Mac reported this week that the rate on the ever popular 30-year home loan sat just below 4% at 3.99%. The record low for the 30-year mortgage rate was set about 9 weeks ago when it dropped to 3.94%
The average rate of the 15-year fixed mortgage has been sitting around 3.27 %, down from 3.30 % the last few weeks. The record low for the 15-year mortgage rate was also set about 9 weeks ago at a low of 3.26 %. Here in Santa Barbara, these low rates are helping to continue a fairly strong real estate market. If you talk to most people in the business as well as active buyers and sellers, the overall thoughts are that the market is very steady with "lot's pending and closing". Buyers know the price points and when a home comes on the market that is priced well (at market), it seems to be going into escrow on average anywhere from 1-6 weeks after being listed. Some homes are coming on and even getting 2-3 offers in the first week. The hottest part of the market seems to be in the lower end from around $300,000 to $750,000. Often we are seeing these well priced homes sell within 1-2 weeks. The second hottest part of our real estate market is then from around the $750,000 to about $1.5 million. I would then say that the slower part of our market seems to be in the $1.5 to $3 million price point, mainly because of lack of new inventory. View: Santa Barbara Real Estate Listings $750,000 to $1.5 million View: Santa Barbara Real Estate All Areas Listings $250,000 to $750,000 Further Reading:
- Santa Barbara Market Stats
- New to Santa Barbara...Recent Client Testimonial
- How to List and Sell Your Home without Sitting On The Market for Months
- What Seller Incentives Entice Buyers The Most in Today's Market
- How Many Santa Barbara Closed Sales Are Bank-Owned?
- Is San Roque a Better Place to Live than The Mesa?
- What are Considered the Higher End Neighborhoods in Santa Barbara?
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