Home prices in Santa Barbara continue to fluctuate, presenting a mixed picture for buyers and sellers. While the median listing home price currently averages around $2.6 million, data from Zillow indicates that home values have increased overall by 7.2% over the past year. This rise, however, comes with neighborhood variations in values. Prime neighborhoods with homes in excellent condition, priced realistically, are moving. Homebuyers taking part in this market should brace themselves for possible bidding wars, particularly in the better neighborhoods. August sales in 2024 were up from the same time in 2023.
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WISHING YOU AND YOUR LOVED ONES A HOLIDAY SEASON FILLED WITH WARMTH, JOY, AND LAUGHTER.
MAY THE SPIRIT OF THE HOLIDAYS BRING YOU PEACE
AND THE COMING YEAR BE FILLED WITH PROSPERITY, GOOD HEALTH, AND BOUNDLESS SUCCESS.
Good news! The Wall Street Journal reported that slowing inflation caused Federal Reserve Chair Jerome Powell to pivot away from raising interest rates and toward planning when rates might be lowered. The U.S. economic outlook has brightened in recent months because inflation and wage growth are slowing. Healed supply chain and an influx of workers to the labor force are curbing wage and price increases without causing broad economic weakness.
Plus! Barbara Corcoran’s takes on the real estate market. Spoiler Alert! When mortgage rates drop to around 6% prices will go up. If you’re waiting for prices to drop that may not be the best strategy. Check out the video and decide for yourself.
Click “Read More” below for the whole post and GMA video.
Today is the 402nd celebration of Thanksgiving. No national holiday is more unifying or has done more to birth a distinctive national identity than Thanksgiving Day. Regardless of sectarian differences or political creeds, Americans gather to feast as families, and to celebrate around the Thanksgiving table.
The debate over whether or not the Pilgrims established the first Thanksgiving celebration misses the point. They modeled for future generations the principle of days of thanksgiving and celebration, and today we look to the Pilgrim fathers and mothers as our inspiration.
May this holiday season bring you joy and laughter as you create new memories with your loved ones. Cherish the moments of being together and be thankful for those around you.
Surging mortgage rates and still-high home prices are not leaving already demoralized home shoppers much to be thankful for these days.
Nonetheless, the housing market remains competitive as demand continues to outpace supply. Would-be buyers with the stomach to stay in the market are gobbling up the limited inventory, especially new homes, as builders continue offering incentives to hopeful homeowners.
Click Read More below for more information and video from Altos Research.
In the movie The Big Short there was a scene in which a stripper bought multiple investment condos. She was able to do so because there were subprime loans available in the early 2000s that required: 1. No Income Verifications, 2. only a 680 credit score 3. No Down Payment: 4. and no owner occupancy.
So Strippers could speculate in investment condos with no income and no money out of pocket – effectively getting free “put” options. If condo prices went up – woohoo! Strippers got rich! If condo prices went down – darn! Strippers walked away and lost very little.
What could go wrong? Well, we know the answer… The economy was a mortgage broker/stripper doom loop. What may be even more amusing is that those strippers were probably making very good money, as the same mortgage brokers who gave them loans were also spending inordinate amounts of time in those same strip bars, tipping strippers with the money they made providing mortgages for strippers.
ZILLOW ANNOUNCES 1% DOWN
Last week Zillow announced its 1% down loan program, and the internet went wild with comments about how this is a return to the worst excesses of the subprime mortgage days. You’d think we are on the verge of mortgage Armageddon. But alas, we’re not because Buyers need to actually verify income with a real job and real tax returns.
Click Read More below for the whole story
We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008. We may be in one of the strongest Real Estate Markets in a long time. When you look at the numbers today, the one thing that stands out is the strength of this housing market.
Here are two fundamentals that prove this point. Click “Read More” below to continue reading.
The Santa Barbara housing market is very competitive. Homes in Santa Barbara receive 4 offers on average and sell in around 31 days. The median sale price of a home in Santa Barbara was $1.5M last month, down 17.0% since last year. The median sale price per square foot in Santa Barbara is $1.24K, up 5.3% since last year.
Click Read More below for Charts, Graphs, and more Statistical Data
A very entertaining video with Tom Cruise and his Top Gun co-star Monica Barbaro on The Late Late Show with James Gorden.
MarkLomas.com DRE: 00898298 MARK DANFORTH LOMAS HomesOfSantaBarbara@gmail.com “Practicing the Fine Art of Real Estate” I have over 30...
