Thursday, February 17, 2011

California Real Estate - Showing Signs of Noticeable Rebound!

As we enter the second month of 2011, the overall feeling among realtors remains very optimistic and the numbers justify this confident attitude.

Last week, Lesley Appleton Young, the economist for the California Association of Realtors, confirmed what everyone was already sensing. That the state of real estate in California is showing signs of a noticeable rebound.

The foreclosure market nationally is projected to top out in 2011, BUT in California we saw this market peak in 2010, and as this section of the market decreases Santa Barbara County should experience an increased stabilization in price ranges. Presently only about 2% of the South Coast market comes from default sales.

If you are looking at indicators that affect our local market just examine closings in December 2010. There were 113 closed sales in Southern Santa Barbara County. January 2011 produced over 86 closed transactions and over 100 sales which are currently pending.

Just one year ago California had over 12 months of inventory on the books; today that number is only 5 months of active inventory. in Southern Santa Barbara County that number is only 2 to 3 months of inventory.

What does this mean? It is a good indicator that we have seen the bottom of the market and that the next few years will bring steady appreciation in both state and local markets. Investors have already seen the light with commercial and income property sales showing positive gains and numbers. The residential market will follow!

If you are a buyer, NOW is the time to get back into the market. It is time for smart action to insure that your real estate portfolios and retirement income are secure by purchasing BEFORE the market leaves you behind. Interest rates will rise soon - another indicator that investors and banks are anticipating stabilization in the real estate market.

Take action, call me today and let's start planning your next real estate move.

Friday, January 7, 2011

Real Estate Future is 
Optimistic in 2011!

It's been ten years since the millennium and we have seen the real estate world rise to inconceivable heights and sink to unbelievable lows in the last ten years. What can we expect for the New Year?

As the economy is getting healthier, the headlines are much more optimistic, and even the critics are starting to believe that the worst is behind us and the future is getting brighter. Talk of a "double dip recession" has disappeared and I believe that this will have a calming effect on the markets and allow everyone to take a fresh breath and begin to talk about what can happen instead of what has come to pass.

No one wants to see radical highs or overwhelming lows. What everyone is looking for is consistency. Consistency in all aspects of the market will bring trust and with this trust will come renewed activity.

The banks are still holding a large number of "toxic asset" properties and we still have to see this sector of the market stabilize before any real appreciation, can be seen. How long will it take is still not clear, but the institutions and banks are getting better at dealing with these properties and the assimilation of these assets into the market. We are fortunate that this is a small percentage of our local transactions and that improvement is predicted to continue throughout most of 2011.

I am honestly optimistic about the future and look forward to seeing what 2011 will bring. Interest rates are still at historic lows and inventories in all price ranges are still abundant. It is a good time to take advantage of these favorable factors, as interest rates will rise as the markets get stronger and inventories will shrink as prudent buyers also take advantage of these opportune times.

"It is good to have an end to journey toward: but it is the journey that matters, in the end." Ursula K. LeGuin.

It would be a pleasure to use my expertise and that of my team of professionals to help make your real estate journey as smooth as possible - whatever path it may take. I look forward to talking with each of you about your real estate needs, whether it is helping to reduce your current property taxes, locate a high quality lender, understanding the current value of your family's properties, or just finding a good handy man!

Call or contact me and let's get together and discuss what your needs are.