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Looking back at the last six months the south coast of Santa Barbara, spanning from Goleta to Carpinteria, we’ve not...
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In May 2024, California’s housing market faced significant challenges due to the highest mortgage rates since late 2023. These elevated rates significantly dampened home sales on both a monthly and annual basis. Despite this, the statewide median home price exceeded $900,000 for the second consecutive month, setting yet another record high, as reported by the California Association of REALTORS®.
C.A.R. President Melanie Barker noted, “California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity.” However, she also pointed out that recent moderation in interest rates and improvements in housing inventory could present opportunities for motivated buyers to reenter the market before the peak homebuying season.
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Have a great 4th of July!
The video was shot from the Upper Riviera neighborhood here in Santa Barbara. If you listen to the audio you’ll hear some rowdy neighbors hollering and whooping it up during the event!
Click Read More below to go to the full post, 4th of July fireworks video, and a list of holiday events taking place here in Santa Barbara.
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The real estate market in Santa Barbara continues to remain vibrant even with high interest rates and low inventory. As the year progresses our unique coastal community continues to attract interest and investment in Santa Barbara real estate.
Year to date the market is up 14% on the total number of homes sold since this time last year. Property values continue to climb with the average price up 6%. The average time for a home to be on the market is around 30 days.
Nationally internal and external forces are accelerating change in today’s real estate market. The market continues to be strong and is not crashing. Prices are rising as the economy continues to expand.
Real concerns are affordability as homeownership shrinks and rates are expected to remain elevated. Another concern is the real estate industry is changing since the Department of Justice’s lawsuit against the National Association of Realtors prevailed and realtors are trying to navigate the new landscape for real estate sales. Consumers need real estate agents but it may be a little early to see how this will play out.
Click Read More Below for Statistics and Videos.
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Are Home Prices Rising? The real estate market here 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 Santa Barbara real estate.
Keep in mind that all real estate is local. What may be happening somewhere else in California could be completely different from what you’re experiencing.
Click Read More Below for the whole post.
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Santa Barbara is proud to be the first to bring this romantic Italian festival to the western hemisphere from our sister festival in Grazie di Curtatone, Italy. The Festival, a beloved tradition in Santa Barbara, is also our primary fundraiser for Children’s Creative Project. By attending the I Madonnari Festival, you’re not just enjoying the festivities but also directly contributing to arts education programs in schools throughout the county.
The Santa Barbara I Madonnari Street Painting Festival offers a truly unique experience, where artists of all ages come together to create street paintings, ranging from classical to original images. This annual three-day festival, held on Memorial Day Weekend at the Old Mission Santa Barbara, is a sight to behold.
Click Read More below for the whole post and photos of this year Festival.
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Remembering those who made the ultimate sacrifice for our country. We are grateful that we are fortunate enough to be able to celebrate and honor their lives for their service. Thank you to my father who served in the Calvary in WWII, to my brother Chris who served in Vietnam (Two tours, bronze star/ Navy Seal), and to all those who served and all those who continue to serve.
Never forget.
Click Read More below for a touching Memorial Day video tribute from the Marine Corps.
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May 20, 2024 – Mortgage rates moderated further last week before inching up in the past couple of days, as the latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple of reports to justify rate cuts for the Fed, but the new numbers offer hope that the central bank could still lower rates in their upcoming July or September meeting.
The California housing market, meanwhile, kicked off the spring homebuying season with an encouraging start. April home sales at the state level improved moderately from last month and were up from the same month of last year, while the statewide median price soared to the highest level on record. Housing supply continued to improve, with new active listings surging by double-digits from a year ago for the fourth consecutive month. Source: California Association of Realtors.
Click Read more for Santa Barbara real estate market trends, statistics, and video.
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The Financial Times / Meredith Whitney reported that Freddie Mac wants to enter the secondary home equity loan market in a win-win for the government, Wall Street, and consumers with Mortgage Reform that could unleash the next big U.S. stimulus.
The U.S. housing market is harboring the potential for unprecedented economic stimulus that wouldn’t require any federal spending, according to Meredith Whitney, the one-time Oracle of Wall Street” who predicted the Great Financial Crisis.
Meredith noted that mortgage finance giant Freddie Mac asked its regulator last month to enter the secondary mortgage market, or home equity loans, which allow homeowners to borrow against the equity in their houses. Such borrowing can be used for vacations, weddings, new cars, investments, medical bills, or starting a business. In other words, it’s more money that could power the economy.
Letting Freddie Mac initiate this mortgage reform for home equity loans could start putting $1 trillion into consumers’ wallets as soon as this summer and $2 trillion by the autumn, Whitney estimated. If fellow mortgage giants Fannie Mae and Ginnie Mac follow along, the potential stimulus could top $3 trillion.
Click Read More below for the whole post and more information about interest rates.
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Don’t wait! Mortgage Rates remain high and it is unlikely rates will drop this year. Real Estate experts are urging home buyers not to wait as home prices are expected to rise. It’s a challenging market for buyers and Fannie Mae is predicting an increase in home prices through 2025. Don’t wait
Rising costs aren’t the only obstacle for buyers as low inventory is also impacting the market’s dynamics.
If Baby Boomers ever decide to move/downsize some experts believe that will put 9 million homes on the market over the next 10 years. Wait and see? Don’t wait.
Click Read More below for mortgage rate update and videos.
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