How Are Sales?

Aug 14, 2023

The Santa Barbara real estate market has enjoyed a historic run in home values over the course of a decade. As a result, real estate in Santa Barbara has become a luxury commodity. However, despite rapid appreciation, demand remains intact and should catalyze activity moving forward. It appears that today’s high prices aren’t enough to scare away buyers.

Click Read More below for sales statistics provided by Fidelity Title Company and a video about Market Trends nationally by Altos Research to give you a more defined overview of market conditions.

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Fiesta! Old Spanish Days Returns!

Aug 1, 2023

Now in its 99th year, Old Spanish Days in Santa Barbara is a beloved Santa Barbara tradition since 1924 dedicated to honoring and preserving the city’s history, spirit, culture, heritage, and traditions. The annual five-day festival, called “Fiesta” by locals, takes place from August 2nd through the 6th, 2023.

Click Read More below for Video and more information about this year’s poster.

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Home Prices

Jul 18, 2023

The graphs included in this post use recent monthly reports from three sources to show the worst home price declines are already behind us, and home prices are appreciating nationally.

Click Read More below for the rest of this post and video.

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Market Update

Jul 17, 2023

The California real estate market has shown signs of recovery in May, with home sales reaching the highest level in eight months and the median home price surpassing $800,000 for the second consecutive month. The market is demonstrating resilience and stability.

The Santa Barbara real estate market remains strong while interest rates hovers around 7%. On July 16, 2023, the current average interest rate for a 30-year mortgage was 7.14%. Source: Bankrate

All Cash purchases have picked up since last year here in Santa Barbara. All Cash sales for June of 2022 were 28%. This year for June was 40%, which may reflect the dramatic hike in interest rates this year.

Click Read More below for graphs, charts, and video.

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The State of Mortgage Rates and Decoding the Real Estate Market

Jul 7, 2023

The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That’s the highest point since early November.

For a homebuyer taking out a $400,000 mortgage, the monthly payment of principal and interest rose to $2,720 from $2,637 in just one week.

For sellers, higher mortgage rates have created a so-called golden handcuff effect. The vast majority of homeowners today have mortgages with interest rates below 4% or even below 3%.

“Recent data indicated that nearly 82% of home shoppers reported feeling locked-in by their existing low-rate mortgage, while around 1 in 7 homeowners without a selling plan cited their current low rate as their reason for remaining on the sidelines,” said Jiayi Xu, an economist at Realtor.com.

Because of that, there is currently a critical shortage of homes for sale, with year-to-date new listings now 20% behind last year’s pace.

Click Read More Below for the entire post and GMA video on Mortgage Rates and Decoding the Real Estate market. (7.7.2023) Image from the World Property Journal

Click READ MORE below for video

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Santa Barbara Rose Garden

Jul 1, 2023

The A.C. Postel Memorial Rose Garden, also known as “The Road Garden,” is adjacent to the Santa Barbara Mission and contains over 1,500 rose plants that are typically in bloom between April and November. The park has a large grassy area making it a great recreational area for families and friends. Although there are no picnic tables, it is a popular destination for picnics on the grass where you can enjoy breathtaking views of the Santa Barbara mission – the “Queen” of California’s 21 missions. Dogs are allowed on leash.

Click Read More below for video

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Goleta, California “The Good Lands”

Jun 29, 2023

Goleta offers a high quality of life with a blend of urban amenities and a relaxed coastal atmosphere. The City has a strong sense of community with numerous parks, recreational facilities, and community events. The cost of living, while relatively high by national standards, is lower than neighboring cities in southern Santa Barbara County.

Click Read More below for the full post.

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All Eyes On Home Prices

Jun 27, 2023

Even though the summer homebuying season is officially here, the housing market is still experiencing a winter chill.

The national average 30-year fixed mortgage rate remains elevated compared to last year, hitting a year-to-date high of 6.79% the week ending June 1, according to Freddie Mac.

Though the median existing-home sales price edged lower year-over-year for the fourth consecutive month—a promising sign for home shoppers—experts don’t expect substantial, nationwide price declines anytime soon.

Click Read more below for the entire post and videos.

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Architect Jeanne Gang

Jun 25, 2023

Recently CBS’s Sunday Morning show with Jane Pauley featured renowned architect Jeanne Gang. Although there is no Santa Barbara connection here we hope you’re a fan of Design and Architecture and will enjoy this video.

Jeanne Gang, arguably the most important female architect working today, heads her own firm, Studio Gang, which is pushing the boundaries of the good that architecture can do, for connecting communities and for the environment. Gang talked with correspondent Martha Teichner about her most recent project, an expansion of New York’s American Museum of Natural History, and about the skyscrapers, airport terminal, and other civic spaces she has designed in her hometown of Chicago meant to transform spaces, outside and within.

Click Read More below to go to the full post and video.

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Summer Solstice Celebration

Jun 22, 2023

The annual Santa Barbara Summer Solstice Parade and Festival has been a City tradition since the early 1970s. Each year spectators line the streets to see the homegrown parade and an amazing outpouring of creativity from the community.

In its 49th year, the Solstice Parade and Festival is the largest arts event in Santa Barbara County, drawing crowds of over 100,000 spectators and participants from around the world. The 2023 parade will start at noon, June 24 at the corner of Santa Barbara St. and Ortega and proceed to Alameda Park for the festival.

The festival will take place Friday, Saturday, and Sunday, June 23rd, 24th & 25th. The festival is free and open to the public and will include a full musical lineup as well as a variety of food and merchant vendors and a beer and wine garden.

For more information about the Parade and Celebration click Read More below.

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Santa Barbara Real Estate

How Are Sales?

Fiesta! Old Spanish Days Returns!

Home Prices

Market Update

The State of Mortgage Rates and Decoding the Real Estate Market

Santa Barbara Rose Garden

Goleta, California “The Good Lands”

All Eyes On Home Prices

Architect Jeanne Gang

Summer Solstice Celebration

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