Real Estate Boom?

The real estate market took off in California last spring. As soon as the shut-in began people began re-evaluating their living circumstances. Where one lived took on greater significance, and many real estate markets in California took off and Boom!

With so many working from home people are re-thinking their living spaces. We experienced an exodus of urban dwellers for suburbia in 2020.  Many of the home sales last year in Santa Barbara were buyers from Los Angeles, San Francisco, and Texas.  With all these changes, plus low interest rates, there is plenty of activity still.

If you’re considering getting into this market we humbly suggest you do your homework first.

Number 1.  Check Your Credit.  If you aren’t paying “all cash” your lender will expect detailed information regarding your finances.  How much are you putting down? What kind of mortgage are you looking for.  A lot of information that might seem intrusive is the norm here. This is an excellent time to talk to a professional financial advisor or friend who has recently gone through the process.  CreditKarma , VantageScore , and MyCreditGuy for credit restoration.

Number 2.  Get Pre-Qualified for a Mortgage

In this market a Pre-Qualification is great, but a Pre-Approval letter can make all the difference in a multiple offer scenario. We have excellent local resources in this regard.

Number 3.  Take Advantage of Virtual Home Tours

A virtual tour is a simulation of an existing location, usually composed of a sequence of videos or still images. It may also use other multimedia elements such as sound effects, music, narration, and text. It is distinguished from the use of live television to affect tele-tourism. Simply, Virtual Home Tours are videos.  While you’re in the initial phase of house hunting they’re helpful putting together a list of homes to preview in person (following safety protocols). 

Number 4.  Leave your emotions at the door

Sometimes buying or selling real estate can be an emotional roller coaster.  You have one party trying to pay as little as possible and another party trying to make as much as possible. Sell high, buy low. Sometimes finding that common ground between a buyer a seller happens easily.  Other times it’s not a walk in the park.  So, if you can maintain as much perspective as you can going into this process it will help mitigate any frustrations and anxiety.  More times than not it’s a happy ending for both parties.  But getting there can be an effort … sometimes.