Understanding Santa Barbara home prices
Over time, the value of a house will fluctuate up and down.
Over a long enough period of time, house values , in most cases, appreciate.
But, of course, in real estate there are no "sure things".
When your house appreciates you have more resources to borrow against, and you'll generate a better profit when you sell.
But how will you be sure what you're investing in presently will appreciate over time? Property values in Santa Barbara vary for different reasons.
Choosing an agent in Santa Barbara who knows the factors that influence local prices is the most important part.
The economy is thought to be the greatest factor impacting real estate appreciation.
mortgage rates, employment, business growth, government programs and quite a few other national determinants have a definite effect on your home's worth.
However, your property's value and the things that play the most significant role in its appreciation depend on the local Santa Barbara economy and housing market.
Access to services - People typically want homes in the regions with the most convenient features, like our jobs and schools.
So when it comes to keeping their value, these areas usually appreciate much more reliably than areas lacking key features.
Recent home sales - How long are homes on the market? Are sellers needing to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
Local economy - Is there a nice blend of business in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local companies hiring?
These items play a part.
It's wise to be informed about the factors that impact your home's price.
to receive an evaluation of your house's value.
And if you have any questions, call me at 805-899-1100 or e-mail me