With ups and downs in the real estate market, you may be at a loss when it comes to determining if now is a good time to buy a home. However, you can do research to help you make an assessment of the real estate market.
See if home prices are rising. When prices increase, it’s a sign that more individuals have sufficient resources to make purchases again.
Check the local housing inventory. In a recessionary period, there will be less construction, while at the same time more homeowners will be holding onto their property. When market conditions improve, inventory will tend to decrease.
Keep an eye on interest rates. As they rise, the housing market tends to grow more slowly. When rates decline, you may find better opportunities to buy a home.
Mark & Sheela Hunt are real estate professionals helping clients in Montecito and Santa Barbara to find the properties of their dreams. For more information on current real estate market conditions in the greater Santa Barbara area and beyond, please contact Mark & Sheela Hunt today.