West Coast Inventory and Home Prices Are Rising

Posted on Oct 7, 2013

If you’re currently in the market to either buy or sell a home, you should be aware that the West Coast real estate market is seeing both home prices and inventory rising. This is unusual, as usually one of these elements will rise as another will fall. The continued increase in home prices is making way for many luxury homes to sell, which are usually not as effected by the market because they are not being sought after by first-time home buyers.

Real estate trends show that now is an excellent time for buyers to purchase luxury homes due to the fact that the prices are still continuing to rise and that mortgage rates are still low. In the future, mortgage rates are very likely to continue to rise and homes will have recovered most of their pre-crash value. Sellers may also wish to sell their homes before the inventory gets too large and home prices begin going down again. Sellers may also experience lower home prices once mortgage interest exceeds a certain rate, again making it very critical to capitalize on the unique market conditions present today.

For more information about the real estate market in and around Santa Barbara contact the experts Mark & Sheela Hunt.