Santa Maria Lifestyle

Harvard: Santa Maria/Orcutt Homes Sales Finally Poised to Improve

July 14th, 2012 Written by Cliff Collipriest

I’ll be honest, I stole the headline above.

Almost.  I took a little journalistic liberty with the original headline.

I wanted to say something like “Headless Body Found in Topless Bar“, an old tabloid trick to get your attention.  That would be disingenuous and worse, miss the point.

The fact is,  data suggests the housing market is making a come back.

Why is this important to you the home buyer or home seller?  It’s important because if you fall in to either category your decisions  should be based on relevant and important information that as a buyer can save you $$$ and as a seller can make you more $$$.

As Robert Freedman writes in his blog for the National Association of Realtors® is, that besides the slow growth in the job market, one of the key factors in less than robust home sales in the U.S. is the failure younger generations move into the housing market.

As Freedman states,

…the unusually slow pace at which young people today–the Echo Boomers—are leaving their parents’ homes and forming their own households.

These Echo Boomers are renting instead of buying a home and this has contributed to an explosion in the multi-family housing market.  It is far more costly to rent a home in Santa Maria/Orcutt, than it is to buy at this point in time and sooner or later the Echo Boomers are going to figure this out.

For Sellers-Light at the End of the Tunnel

As a home seller this means there will be more buyers entering the market, increased competition for homes and if all this comes true, increased home prices.  A bright spot for current homeowners who are struggling to make their payments and are thinking of short selling their home or giving it back in foreclosure.  Both of which have dire credit consequences, often impact one’s self esteem and may have other negative impacts.

Knowing this, sellers can now look at other options if they can continue to make their payments for a little while longer.

For Buyers-Opportunity is at Your Feet

I have previously mentioned that now may be the best time to buy.  Freedman’s post provides more ammunition to this thought.  Not only will you have to compete with more buyers in the near future, you will more than likely be paying a higher price for your new home.

Interest rates are still  declining, prices are still low.

We are Santa Maria/Orcutt real estate specialists. If you would like to schedule a buyer or seller consultation please call us 805-937-4987 or leave us a note below.

We are Santa Maria/Orcutt real estate specialists. If you would like to schedule a listing or home buying consultation please call us 805-613-7253, leave us a note below or send us an email.

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