Accessory Dwelling Units are one of California’s major tools for addressing the housing crisis. Often called “in-law” units or casitas.” Accessory Dwelling Units are additional self-contained units alongside existing or proposed homes, built to modern building codes.
Most single-family homeowners are not eligible to develop at least one Accessory Dwelling Unit up to 1000 square feet, and multifamily property owners can develop multiple new units.
For more information on Accessory Dwelling Units, and Second Units click Read More below>
Is this the year frustrated buyers will finally have the opportunity to buy or will rising home prices leave them all behind? Realtors, investors, home buyers, and renters across California continue to wait in limbo for the 2024 California housing market to unfold. Is this spring the “inflection point” the media has touted for the real estate market?
Mortgage Rates have fallen below October’s levels and will likely fall further as the year progresses. Even though that’s good news without knowing how the FED will react it’s difficult for Sellers and Buyers to know what to do.
Click Read More below for more information, local Santa Barbara real estate statistics, and video.
Mortgage rates have fallen for nine consecutive weeks and are expected to drop further although many think it’s unlikely that rates will drop below 6%.
The Federal Reserve’s campaign to lower inflation through rate hikes had a significant impact on the housing market. Now that inflation is easing, and interest rates are falling, it’s likely buyers who have been sitting on the sidelines might get back in the game.
The big question for 2024 is will there be a notable increase in inventory? The general consensus among real estate professionals is optimistic as you’ll see in the video included in this post. All expectations are for an increase in inventory. But, truthfully, only time will tell. All indicators at this stage look good without any significant unforeseen disruptions.
Click Read More below for Market Update, last year’s sale’s statistics, and a very timely Altos Research video.
Will things change this year? There are signs that the real estate market will be improving. Mortgage rates have dropped to around 6.6%
Recently CAR reported that Americans are feeling more confident about the housing market at the beginning of 2024 as buyers and sellers are seeing a glimpse of hope at the far end of the tunnel. While rates had a slight uptick in the first week of the year, easing inflationary pressure and a soft economic outlook prompted many to believe that mortgage rates will decline in the next 12 months.
For more information click Read More below.
Santa Barbara has been described as the “American Riviera,” a “playground for the rich and famous” and, quite simply, “paradise.” Situated between the Pacific Ocean and the Santa Ynez Mountains, Santa Barbara, California, enjoys a nearly perfect year-round climate, making it ideal for outdoor activities and drawing tourists worldwide.
Click Read More below for inventory update and videos.
The Santa Barbara Real Estate market continued to reflect trends that have been with us all year: relatively few homes for sale, higher mortgage interest rates, and a gradual cooling from the very hot market we experienced during the height of the pandemic.
Median prices and numbers of sales often flatten or decline in late summer into January compared to spring and early summer months. The market seems to have moved into this pattern. At the same time, continued interest rate increases and other factors are putting pressure on prices, offset to a large degree by a low supply of available homes for sale (inventory).
For more information including Videos and Statistics click Read More below.
Surging mortgage rates and still-high home prices are not leaving already demoralized home shoppers much to be thankful for these days.
Nonetheless, the housing market remains competitive as demand continues to outpace supply. Would-be buyers with the stomach to stay in the market are gobbling up the limited inventory, especially new homes, as builders continue offering incentives to hopeful homeowners.
Click Read More below for more information and video from Altos Research.
California home prices are holding steady as high interest rates test the housing market according to the California Association of Realtors.
Persistently high mortgage rates continue to test California’s housing market as home sales fell for the fourth consecutive month in September, while the median price rose from the year-ago level for the third straight month to record its largest year over year gain in more than a year.
The President of the California Association of Realtors Jennifer Branchini says, “With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today’s interest rates. More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from.
Click Read More below for more information and video.
Recently I spoke with the manager of one of the larger Real Estate Companies here in southern Santa Barbara and we both agreed that the market has changed. It appears that the seller’s market may have peaked six to nine months ago, and many sellers aren’t too happy.
At the beginning of the year, this market was still hot, and a lot of homes that had been priced properly initially were selling over their asking price. But things changed, and some sellers may have missed the market. Right now we’re seeing lots of “price reductions” or what many listing agents rephrase as a “price improvement.”
Interest rates are through the roof. On Saturday, October 14, 2023, the current average 30-year fixed mortgage interest rate was 7.89%, increasing 3 basis points compared to this time last week!
Buyers who are able to find the home that they’ve always dreamed of might consider an Adjustable Rate Mortgage set not to adjust for 3 or 5 years at a considerably lower interest rate than the current fixed rates being offered. If you’re not an “All Cash” buyer you should thoroughly investigate the various financing offerings that are currently available. There are more than a few. Also, there are some sellers who have assumable loans at a very low interest rate that they acquired during the Pandemic real estate market, and listing agents should definitely include that information at the front end of their marketing. It can be a game-changer.
Sorry to rain on anyone’s parade but the following data tells the story. Whatever side of the coin you are on, buyer or seller, good luck out there. If you’re thinking of buying or selling we can help.
Click Read More below for statistical data, video, and more information.
Housing Santa Barbara Day (HSBD), is a day advocating for more affordable housing opportunities for all Santa Barbara residents from all income groups. Housing affordability is vital for our homeless population, low-income residents, and all workers in all industries that support our community.
HOUSING SANTA BARBARA DAY 2023
Saturday, October 14, 2023
10:00 AM – 2:00 PM
De La Guerra Plaza, Santa Barbara
Click Read More below for more information and Video.
