August 2019 Market Update
With our Santa Barbara home values so strong, even a small change in rates can have a massive effect on affordability. Recently, homebuyers were thrilled to see interest rates dip to such exciting levels as this has a direct correlation, in many cases, to buyers being able to purchase a larger home.
Local Sellers felt this uptick in buyer optimism and increased affordability with a number of homes that were priced right selling quickly and even with multiple offers. Overall, the number of sold properties increased by 24% compared to August of last year.
And for our clients who have already purchased their home and have no intent to sell soon, this is a great opportunity to refinance and lock in a new, much lower interest rate for the next 30 years. That can be a massive cost savings, at with some refinance scenarios, can be accomplished at no financial cost to the borrower.
Want to take advantage of these incredible rates? Now is a great time to talk with our team of residential home advisors and explore whether it makes the most sense to sell and ride this potentially short term wave of activity. Or, reach out, and we will connect you with a great local lender to help you capture the best rate possible for your refinance.
South Santa Barbara County Single Family Homes for August 2019
Including annual change | See definition of terms