The Fed Raises its Rate, Santa Barbara Real Estate Remains Strong
As most of you heard last month, The Federal Reserve raised it rate for the first time in nine years. How does this affect our local Santa Barbara real estate? This action from the Fed reflects its belief that the U.S. economy has finally regained enough strength 6 1/2 years after the Great Recession to endure higher borrowing rates. For more info on Santa Barbara real estate check out our tables below:
Real estate in Santa Barbara has continued to be very strong based upon the statistics from the Santa Barbara Multiple Listing Service:
[wptg_comparison_table id=”1″] [wptg_comparison_table id=”2″]2016 is also expected to be a good year for real estate, even though the Federal Reserve raised its rate in December for the first time since 2006. The hike was small, .25 of a percentage point, but more significantly, it was a signal to homeowners and consumers alike that the economy is growing and the era of super low mortgage rates is about to change. The Federal Reserve is expected to raise rates gradually throughout 2016 and 2017. However, the large demand for housing will remained strong as the inventory is low. The quality of life is second to none in Santa Barbara, a place of beauty and a magnificent climate.
We wish you the best in the upcoming year and want to remind you that if you are thinking of buying or selling, or know someone who is, please think of us, Randy and Kellie. Stay tuned for more blog articles on real estate news, market updates and more. You can check out our current listings and contact us today!
Thank You,
Randy & Kellie