Alys Martinez of KEYT television in Santa Barbara reports on County Supervisor’s ban on Short Term Rentals. The Supervisors say they’re “reaffirming zoning regulations.” This has been a controversial topic that has pitted neighbors against neighbors in Santa Barbara. Many believe their property values are threatened by commercial use of homes zoned for residential use only. And, that the quality and character of their neighborhood is changed by a continual flux of unfamiliar short-term tenants.

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106 Homes sold in August 2023 down from 133 homes sold this time last year. Low inventory continues to drive sales. 40% of homes sold in southern Santa Barbara were "all cash." Although the market has softened slightly here in September there's a strong possibility that the market will pick up as we head into October and November. Click Read More below for more statistics, graphs, charts, 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.
Waiting for a film to start at this year’s Santa[...]
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