DEMAND FOR SANTA BARBARA REAL ESTATE REMAINS HIGH
Whether it’s Montecito, Santa Barbara, Hope Ranch, or Carpinteria, the story remains the same.
Buyer demand still continues to outpace the supply of properties for sale (inventory) in today’s southern Santa Barbara County market, sometimes referred to as the South Coast.
As an aside, my long-time accountant from Los Angeles recently told me that if he could live anywhere in the world, he would live in my hometown of Carpinteria – if he could afford it, he added.
It used to be that you could find a lot more for your money in the Santa Barbara area than the coastal Los Angeles area (ie. Malibu, Pacific Palisades). Not anymore. Buyers are now assigning great value to our area. With remote work being more prevalent and a revival of sorts back to lower- density “green” living, our charming coastal enclave is almost impossible to beat. And those seeking places to park their dollars are viewing our local market as a safe, high-quality-of-life investment choice.
The good news is that the local real estate market is becoming more balanced. Interest rates are down slightly, inventory of homes for sale is higher, and home prices appear to be stabilizing. For instance, while single-family residential price levels in the southern Santa Barbara County area have increased by approximately 75% (!!!) since the 2019 calendar year, the median price level for 2024 year-to-date is similar to the 2023 calendar year so far. As we enter prime home-buying season, I do expect price levels to rise this year at least modestly. Homes that are move-in-ready are still selling fairly quickly (within a month or two), even in the luxury market. Meanwhile, “fixers” stay on the market much longer, presenting an opportunity to buyers willing to put in the sweat-equity. FYI, we have a great program at Berkshire Hathaway that helps home sellers prepare their home for sale while deferring the cost to the close of escrow.
Since obtaining property insurance still remains a challenge, especially in the mountainous high-fire zones, I advise buyers to be proactive and make inquiries with insurance agents at the beginning of the buying process. I have excellent property insurance agent contacts.
If you are not seeing what you are looking for, I have access to various office-exclusive (off-market) listings that are not listed on the MLS. Often times, I also have found opportunities by combing through expired listings as well as properties currently available for lease.
As more opportunities open up for buyers, the greater Santa Barbara residential real estate market is, more than ever, a great place to live, work and play. It is also a pleasure for me to help make that happen – please call or write anytime and I will be happy to serve.
J.J. Gobbell has been engaged in real estate consulting for over 30 years. He also has an extensive background in both residential and commercial real estate appraisal having appraised many notable properties including ultra-high-end luxury residences, large agricultural properties, high-rise office towers, and even oil terminals! He received the prestigious MAI designation from the Appraisal Institute in 2006. Such experience is critical in many areas including setting the appropriate listing price for a seller as well as negotiating the best purchase price for a buyer. He loves living in the Santa Barbara area and very much enjoys helping clients meet their real estate goals and dreams in each unique community along the South Coast, including Santa Barbara, Montecito, Hope Ranch, Carpinteria, and Goleta. His expertise includes the highest level of service for discriminating buyers and sellers. Please call and allow him to help turn your dreams into reality regarding your next move in the real estate market. I also have great testimonials from past clients that I can provide.
J.J. Gobbell
DRE#02063124
Berkshire Hathaway Home Services, California Properties
1170 Coast Village Rd Montecito, CA 93108
805.403.5785
JJ(at)EstatesOfSantaBarbara(dotted)com
www.EstatesOfSantaBarbara.com