It's getting easier to live in Santa Barbara.

Fannie Mae has released its fourth quarter Mortgage Lender Sentiment Survey for the end of 2015.  It contains several interesting trends that may be of interest for those who’d like to live in Santa Barbara and are on the market for Santa Barbara property.  Going in to 2016, 16 percent of lenders report that they expect mortgage credit standards to ease up over the next three months, especially for GSE-eligible loans and government loans.  These lenders also expect standards to ease across all loan types.  In comparison, only two percent of lenders thought standards would become stricter.  

This may be especially good news for first-time home buyers.  Prices are continuing to rise at a faster rate than wages.  There is also low supply of starter homes, in comparison to demand.  Mortgage rates are starting to rise as well.  Careful, thoughtful easing of credit standards will, lenders hope, attract and keep more buyers in the market.

While these conditions prevail, sellers who live in Santa Barbara will be able to get top dollar for their houses.  People considering entering the market, either as a buyer or a seller, should work with a real estate agent so that their interests are represented as well as possible.