Many true buyers are sitting on the sidelines these days deciding on when to get into the real estate market.  Ultimately this decision for each individual will be based on many different factors.  If your own personal reasons are leading to you wanting to get into the Santa Barbara Real Estate market right now, here are 5 factors today that should be a part of your thoughts. 

1) You can not time the bottom of the market.  Timing the bottom of the market is incredibly hard to do and often harder to resist.  With current inventory at a decent amount and mortgage rates very low, find a perfect place with your Realtor and then try and bargain.  Even if the selling price seems to be very good, offer lower...if it is not accepted you can move on.

2) Low mortgage rates.  Most economists agree that financing will become more expensive in the future.  By now we have all heard our share of stories about financing woes even for well qualified people.  Currently, the 30 year loan is now roughly at 6.1% and most economists see it reaching 6.5% by the end of the year and up to a 7% forecast sometime in 2009.  So even if home prices do fall some more, there will most likely be a penalty to pay with higher interest rates.

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Further Reading: The Positives of FHA Loans here in Santa Barbara, Goleta and Carpinteria areas, The 2 Major First Steps in Buying a Home in the Santa Barbara area

Kevin Schmidtchen - Thank you for reading.  I hope you find Santa Barbara Real Estate Voice informative.  Please feel free to contact me or comment below with any thoughts.

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