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.
What’s UP with Mortgage Rates?
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keep demand declining while other potential buyers remain sidelined from an affordability standpoint. The interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.
Is the California Real Estate Market Cooling
A couple of recent videos with insights into today’s real estate market. Simply inventory is painfully low and interest rates have reached the point where buyers are either waiting for the perfect house competitively priced or sitting on the sidelines waiting for things to significantly change.
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Santa Barbara Real Estate Market Update
Real Estate News You Can Use October 2022
Real Estate News You Can Use! How’s the housing market in California right now? According to the California Association of Realtors, the monthly and annual home price growth accelerated in August. For the first time in five months California house sales also increased which was mainly due to a window of opportunity generated by a temporary decline in mortgage rates that created a little more favorable lending climate.
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3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570