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.