A New Wave of Optimism Has Hit The Montecito Real Estate Market
With the trend of "doom and gloom" finally giving way in light of news that the Federal Reserve Bank will most likely be lowering interest rates in September, as well as a other positive economic indicators hitting the news, Montecito home buyers that were reluctant to buy a new home are now looking for Montecito homes for sale with more intent. What does this mean, and what are these homebuyers looking for?
Montecito Homes For Sale That 'Have It All' Will Sell Quickly
The homes that have all of the luxury amenities that buyers are looking for in 2024 are those that will sell more quickly. This is because homebuyers in Montecito are really looking for their 'forever' home. The amenities most are looking for include those that focus on sustainability without forgoing luxury. Geothermal HVAC systems, incorporation of nature into the home, EV charging stations and other updates should be made if you're planning on selling your Montecito home in the coming months.
The other amenities buyers are looking for in Montecito focus on wellness. Infrared saunas and cold plunge pools are trending as buyers look for ways to make their homes into sanctuaries of wellness in an age where that is a primary focus. If you're thinking of selling your Montecito home, it would be a good idea to ensure you have what buyers are looking for.
Pandemic Trends Are Fading In Importance
One interesting trend is that the "must haves" that emerged during the COVID-19 pandemic are starting to become less important. Specialized home office space being chief among these, as luxury buyers are now more comfortable with a culture that is somewhat returning to the office, at least in a hybrid capacity.
Instead, homes that have increased accessibility are becoming more popular, as the focus on a "forever home" means a home that can be livable through all of life's stages. Single floor living, or inclusion of ramps and stairlifts are becoming more sought-after in today's Montecito real estate market. Additionally, Montecito homes for sale that are 'adaptable' are getting the most attention.
Is Your Montecito Home a Unicorn?
Unicorn properties are really what buyers are seeking out. Special homes that meet the needs of the buyer's particular lifestyle are in high demand, but lower inventory means that the ideal home might not yet be for sale in Montecito. This presents Montecito homeowners with opportunities, as they can make the necessary improvements and list their homes with lower competition.
While we often bemoan low inventory, it can be a strategic advantage for the homeowner looking to sell their house and improve their overall ROI. A smaller investment on making the home more 'lifestyle affirming' can net hundreds of thousands in terms of your final sale price.
As we know, Montecito homes already have a lot of advantages in the luxury market. The proximity to the ocean, the small-town feel of the community, and other advantages make for an ideal location for luxury home buyers to find their next, or forever, home. If you're looking at Montecito homes for sale or think this might be the right time to sell, contact Maureen McDermut today!
