The Market Transitions
The big question now is, “Where is the real estate market going in Santa Barbara?”?”
With buyers who sought to escape from dense urban environments like New York City, San Francisco, and Los Angeles, the market shifted dramatically over the past two years to a seller’s market with dramatic price increases and a flurry of market activity. There is no substitute for an
architecturallystriking estate in a beautiful low-density coastal settingwith a year-round climate that is hard to beat anywhere. I’ve been to every state in the USA, but its almost impossible to beat the
wonderful areas such as Montecito, Hope Ranch, Santa Barbara, and Carpinteria where the greenery of Central and Northern California meets the pleasant climate of Southern California with a protected south-facing coast.
So back to the market, when inflation first kicked in, while interest rates remained fairly constant, there was immense upward pressure on residential pricing. Many buyers were also having to drop most or all contingencies up-front just to secure the property they wanted. I also experienced this in
certain sectors of the commercial market where there was a price run-up in the hospitality sector. Now that interest rates are rising, we should not be seeing those same price increases that we have seen in recent times. And buyers are now having more time to make a decision as well as conducting their due diligence investigations during escrow.
So as price escalations subside and more properties become available on the market, the picture is looking better for buyers – especially for those who can buy with “all cash” terms. For buyers seeking a loan to secure their property, I have good relationships with local lending professionals who can provide a variety of options in that area.
Property insurance continues to be a challenge in the areas closer to the mountains, but I have established some new relationships with very helpful insurance brokers.
If you are not seeing what you are looking for, I have access to various office-exclusive listings that are not listing on the MLS. Often times, I also have found opportunities by combing through expired listings as well as properties currently available for lease.
As conditions improve 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 commercialreal estate appraisal having appraised many notable propertiesincluding 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..
Berkshire Hathaway Home Services, California Properties
1170 Coast Village Rd Montecito, CA 93108