Yes, home prices are increasing around the country. Southern California is no exception. Real estate values in Santa Barbara, Montecito and around the region are increasing–sometimes, dramatically at over 50 percent–when compared to the mild rebound in 2012.
Yet, there are still numerous good reasons to buy a home now. Here are some of the best reasons to continue your search for the right home.
- Mortgage rates remain low. As the economic rebound continues, rates will rise in the future.
- It is cheaper to buy than rent in metropolitan areas. Rents in metro areas have been rising at alarming rates and project to continue.
- Average home prices remain low as compared to pre-recession. While home prices in Southern California have increased, they are still lower than during "housing bubble" levels.
- Lenders are making it easier to get mortgages. Approvals are finally increasing with more reasonable qualification rules.
- Fewer foreclosure, short sale and distressed home "flippers." With fewer distressed home opportunities, many house flippers, who distort the real estate market, have disappeared.
- It’s still the easiest way to build equity. Owning a home, even in a modestly-rising real estate market, remains the easiest, often best way to build equity for most individuals.
Be aware that, while housing inventory (number of homes for sale) is increasing throughout the nation, some areas of California see a decline, which could further increase median home prices.
If you want to buy or sell a home in Santa Barbara, Montecito or surrounding areas, contact top area real estate experts, www.montecitoandsantabarbarahomes.com and www.montecitobestbuys.com. Their knowledge, experience and dedication to clients for over 10 years will help you have a successful, stress-free home purchase or sale.