THE FIRST-TIME BUYER TAX CREDIT OF $8,000 HAS BEEN EXTENDED! Please visit my website for complete information, right on my home page: www.SantaMariaRealEstate.net.
What was recently a buyer's market has shifted towards the seller's side. Inventory is turning faster, reducing the number of available homes, and multiple offers on well-priced homes is the norm, not the exception. Will the banks release more foreclosed properties in a large quantity? In spite of all the talk of loan modifications, very few are being done. There is only one certainty in today's housing and banking industries: NOTHING IS CERTAIN. Things change from day to day!
Due to the lack of bank-owned listings, short sale listings are now in big demand. Well-priced listings sell very fast, usually having received multiple offers. This is not a "kick the tires" marketplace --- it is only for serious, well-qualified buyers. Sellers must be competitive too --- it's not a good time to over-price and hope someone will bite.
Rates are still very good, hovering around the 5% mark. FHA financing is available, with only 3.5% down required, and smart people are taking advantage now --- not waiting for further price declines. Investors are back, and it's a time of great opportunity for qualified first-time buyers with lots of patience!
Remember, by the time you know the market hit bottom, it will be six months later and prices will have started moving upward. It's impossible to track market trends until they are over.
ZIP Codes: 93454, 93455, 93458 Approximate Location Boundaries: Entire Santa Maria Valley, including Orcutt & Guadalupe
Location Characteristics: One of the most beautiful areas on the Central Coast, Santa Maria is approximately 60 minutes north of Santa Barbara and 40 minutes south of San Luis Obispo!
