The red hot real estate market in Santa Barbara is changing, but this could be great news for you.
If there has been one phrase that has characterized the housing marketing since 2020 it has been "low inventory". Almost every market across the country has been overwhelmed with a flood of buyers and a lack of homes for sale. This led to unprecedented bidding wars for homes, driving prices to record highs. But the Santa Barbara market is changing. What could that mean for you?
If You're Selling a Home in Santa Barbara...
Did sellers that waited miss the boat? Hardly. While you might not receive 100 offers for your home if you list it in the summer of 2022, you will still be able to command a fantastic price. This is because while inventory has started to creep up, the increase in interest rates has not pushed buyers out of the market at the rate that it makes a tremendous difference for sellers.
In other words, there are still plenty of buyers looking to move into your Santa Barbara home. And if you were concerned about finding a new house before listing your home, you are in luck. Inventory is starting to increase, which means you will have more choice when choosing your next home.
If You're Buying a Home in Santa Barbara...
Have you been trying to buy a house in Santa Barbara or Montecito? If so, you are probably like many, who feel discouraged or fatigued from looking for houses, finding the right one, putting in an offer, and then losing out to one of the hundreds of others that have submitted offers on the same home.
You, however, are in luck. The recent rise in interest rates has put some of your competition out of the housing market, which gives you less competition for homes. The recent reports of increased inventory is welcome news as well, as this is the first increase in housing inventory in a year. So if you have been trying to find that dream home, it is time to start looking again.
If You're Buying AND Selling a Home in Santa Barbara...
Possibly the most frustrated people in the housing market are those that are trying to purchase a new home and sell their current one. Because of the lack of houses available, and the speed at which homes are selling, people in the position of moving from one home to another are feeling squeezed from both ends.
However, the changes in the market are favorable to you as well. With more homes available, you will be more likely to find a home that you love. The reduction in the number of buyers competing for homes due to the increase in mortgage interest rates has also reduced the competition.
The one other advantage you have is that it is still a seller's market. Which means a skilled Realtor can help negotiate favorable occupancy terms for you, while you navigate the purchase of your next home.
When you need to sell your home in Santa Barbara, buy a home in Santa Barbara, or both, then you need to contact Maureen McDermut, a top selling Santa Barbara Realtor.