New, positive reports state that the loan limits for Fannie Mae and Freddie Mac loans will not be lowered. Lowering loan limits could have had drastic effects for those that want to pursue homes in the Santa Barbara and Montecito areas as these areas have very high valued properties. Loan limits would have significantly reduced the amount of people in these areas who could afford homes.
The Santa Barbara and Montecito regions are extraordinarily sought after and have recovered very well following the housing crisis. This value is expected to continue increasing, and those that want to get into this market are advised to do so as soon as possible before they can no longer afford real estate in the area. Now prospective buyers may also feel the pressure to purchase before federal loan limits are reconsidered. For more information about the Santa Barbara and Montecito real estate market contact the real estate experts, Mark & Sheela Hunt.