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.
Today is the 402nd celebration of Thanksgiving. No national holiday is more unifying or has done more to birth a distinctive national identity than Thanksgiving Day. Regardless of sectarian differences or political creeds, Americans gather to feast as families, and to celebrate around the Thanksgiving table.
The debate over whether or not the Pilgrims established the first Thanksgiving celebration misses the point. They modeled for future generations the principle of days of thanksgiving and celebration, and today we look to the Pilgrim fathers and mothers as our inspiration.
May this holiday season bring you joy and laughter as you create new memories with your loved ones. Cherish the moments of being together and be thankful for those around you.
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.
Veterans Day is a time for us to pay our respects to those who have served. For one day, we stand united in respect for you, our veterans.
Veteran’s Day began as a day to reflect upon the heroism of those who died in our country’s service and originally was called Armistice Day. It fell on November 11 because that is the anniversary of the Armistice that ended World War 1. However, in 1954, the holiday was changed to Veteran’s Day in order to account for all the Veterans of all wars.
We celebrate and honor America’s Veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good.
In the third quarter of 2023, the local 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).
It’s hard to be certain where this dynamic is heading. Some economists feel that low inventory will continue to define the market and home values could keep appreciating, but less rapidly than in the last two years. For now, median prices in our area are slightly down compared to one year ago.
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.
The real estate market in Santa Barbara continues to remain buoyant even with high-interest rates. As the year progresses our unique coastal community continues to attract interest and investment in real estate.
Click Read More below for the California Association of Realtors Forecast for 2024 and a video from Altos Research with an overview of the National real estate market.
The American Institute of Architects, Santa Barbara is proud to announce its 14th annual ArchitecTours. This year’s tour features projects in various communities near downtown Santa Barbara. The projects include newly completed residences on the Mesa, as well as mid-century and cottage-style accessory dwelling units. In addition, tour-goers will also have the chance to visit multi-unit senior and veteran housing projects, Drift Hotel, and SB Biergarten. The spaces demonstrate the beauty of Santa Barbara’s signature indoor-outdoor lifestyle and the diversity of our local communities.
Click Read More below for more information for this weekend’s ArchitecTour!
“Would Beverly Hills Close Rodeo Drive?” asks Sothebys International Realty’s Diane Waterhouse.
This post features a State Street Update from Nick Welsh of the Independent Magazine. It’s funny and upsetting. The powers that be seem incapable of making any kind of decision and continue to “kick the can down the road.”
Open the street.
Click Read More below for the full article.
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