Santa Barbara California Market Changing from Buyer's to Seller's in Low End

The tide has turned in parts of the South Coast of Santa Barbara County California: In the low end, the market has all the signs of changing from a buyer's market, where there is a lot of inventory and few sales, to a seller's market, where there is limited inventory and an increase in sales activity.

With less than a 1.6 month's supply of homes priced under $900,000 (this is our low end), this is the least inventory available for sale in this price range anywhere in California. The number of homes for sale has more than doubled from 98 in July to 244 in August 2009, as sellers take advantage of the market. Even with more listings, there were 431 closings. Homes are being absorbed faster than they enter the market.

And I will mention low interest rates, again. They are at an all-time low - zero point conforming loans, with interest rates that are below 5% (LTV under $417,000). I t's time to go shopping, especially if you are a first time buyer trying to get that possible $8,000 home buyer tax credit. http://www.federalhousingtaxcredit.com/2009/home.html. It's time to consider refinancing, if you wish to lower your monthly payments.

For professional and confidential real estate assistance, please contact me - I'm here to help. Kathleen Barnato www.kathleenbarnato.com k@kathleenbarnato.com cell/text 805-570-3366 Prudential CA Realty, Serving the South Santa Barbara County area - Santa Barbara, Hope Ranch, Montecito, Goleta