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Navigating a Changing Market
As we head into 2023 the housing market finds itself at a turning point, hindered by a dramatic spike in mortgage rates that chilled the market. A storm was brewing as sellers came to terms with the fact that volatile mortgage rates were rising and pushing some buyers to the sidelines dampening demand for their homes. Yet supply is still tight and home prices went up faster throughout the year than many American incomes. The cooling housing market also leveled the playing field for all types of brokerages as change became the new normal.
Market Trends & some good reasons for Optimism
RATES HAVE FALLEN ABOUT 1.5% SINCE MID-OCTOBER. That translates to about $100 a month in savings per $100,000 borrowed.
The Housing Market is most definitely Not Frozen source: JVM Blog/ JVM Lending
INVESTORS ARE STILL BUYING: Investors seem to see something much of the homebuying world does not. Agents report that they’re dealing with investors of every type. The low inventory for Investment properties is fairly limited in Santa Barbara right now making good investment properties very desirable especially if they’re priced right.
RATES WILL CONTINUE TO FALL: Rates are expected to fall in the first half of 2023. If that happens we may also see more homes for sale. CoreLogic is predicting appreciation next year.
(For More Information Click Read More Below)
Market Update and Early Predictions for 2023
Recent months have seen the median sale price in Santa Barbara Real Estate dip from a record high this spring. The price paid per square foot is up 9% on the year. Looking ahead to next year, we expect an uptick in inventory and a more balanced Santa Barbara real estate market with more options for buyers and sellers.
Santa Barbara Real Estate Market Update
June 2022 Statistics and Market Trends
Have homebuyers had enough? Nationally mortgage rates have spiked on top of record appreciation! Up 42% since the onset of the pandemic. Locally though the real estate market here in Santa Barbara has only seen modest changes so far. Homes may be taking a little longer to sell, and we’re seeing more price reductions/ price improvements. It seems as if the market reinvents itself every day.
How’s the Real Estate Market?
How’s the Market?
No Signs that the Market is Easing Up…
Santa Barbara Real Estate October Statistics
The real estate market here in southern Santa Barbara continues to remain strong for sellers and fairly competitive for buyers...
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3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570