Santa Barbara Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 2, 2019

Santa Barbara Real Estate Market Trends - January 2019

 

 

 

 

 

 

 

 

Full PDF Report: http://tiny.cc/marketupdate

Dec. 19, 2018

Santa Barbara Ranked a Best Small City In The U.S.

 

It should be no surprise that our beautiful Santa Barbara has won another accolade, this time being rated as the "Best Small City" in the U.S. in the Conde Nast Readers’ Choice Poll.

Santa Barbara is a wonder for its magical sunsets, coastline location, and pleasing places and people. It is hard to imagine a place better than the coastline, where the colorful skies and beach vibes set alight pure joy to start each day.

Our California coastline city is visited by approximately 7.2 million visitors annually. To outsiders, we're mostly known for our prestigious wineries, hotels, resorts, lively restaurants and nightlife after hours. Moreover, many of the well- known hotels and resorts have won “Top Hotels is Southern California” according to Visit Santa Barbara, including the well-known Ritz Carlton Bacara and the Four Seasons Resort: The Biltmore Santa Barbara.

In addition, Santa Barbara has been ranked highly amongst other phenomenal cities including the glorious wine countryside of Napa, California (#12), the scenic Sedona, Arizona (#6) and the historic city of Alexandria, Virginia (#4).

According to Kathy Janega- Dykes, President and CEO of Visit Santa Barbara, “Santa Barbara has a way of making travelers feel like they’re in a little pocket of paradise when here”. 

Our beach town has previously been featured in the top 15 among several other cities in the nation. According to the recent issue of Condé Nast Traveler, the November issue illustrates Santa Barbara as being a paradise amongst many others, highlighting the offerings most locals already know.

We are also home to the 5th best national public university, UC Santa Barbara, and one of the best-rated community colleges, Santa Barbara City College. 

In the heart of the city, the average traveler is delighted to be present in such a paradise. The city truly delivers a spectacular vision with extraordinarily scenic mountains and the ocean surrounding the area.  The southern county is a perfect getaway destination for travelers and visitors to explore, as it has been by many.

Furthermore, many locals can agree that the city has proven to be so much more than just home, but a true paradise. Entirely, the city awaits future visitors and welcomes future tourists to explore and experience the paradise for themselves. 

Posted in Santa Barbara
Dec. 14, 2018

Development Opportunity in Santa Barbara, CA!

Development Opportunity in Santa Barbara, CA!

¼ acre parcel | existing lot with a 2/1 | Offered at $920,000

GREAT LOCATION!!

4365 Cuna Drive

OPEN SUNDAY 1-3

https://www.luxuryinsantabarbara.com/coming-soon/

Dec. 14, 2018

JUST SOLD! 4811 Rhoads Ave - Sold for $1,035,000

 

JUST SOLD!
Remodeled 3 Bedroom 2 Bath Main Home with 2/1 Guest Quarters.

4811 Rhoads Avenue
Sold for $1,035,000

Posted in Buying, Selling
Dec. 11, 2018

4 Reasons to Buy A Home This Winter!

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up or you just want to have control over renovations, maybe now is the time to buy.

 

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Dec. 10, 2018

Santa Barbara Real Estate Market Trends - December 2018

 

 

 

 

 

 

 

Full PDF Report: http://tiny.cc/marketupdate

 

 

Dec. 5, 2018

10 Things People Regret Overlooking when Buying a Home

 

The home-buying process is complicated and even the most prepared have regrets. Here are some of the things people regret overlooking after buying a home.

1. Future Development

When you have a specific house in mind, think about potential developments. For example: If the home is near a busy road, will there be expansion in the near future? If there is a lot of open space around the home, will more homes be built in the area soon? If there are several homes for sale in the neighborhood, are they selling quickly and who’s moving in? It may be difficult to find concrete information about future developments, but keeping some what-ifs in mind as you look can help you find your ideal home. Also, keep in mind the potential resale value of your future home because no one knows what the future holds and you may need to sell earlier than you imagined.

2. Forgetting Pre-Approval

If you’re serious about buying a home and not just trolling the market, be sure to get pre-approved by your bank or credit union BEFORE you start viewing homes. Also, be sure to obtain pre-approval instead of just pre-qualification, which is simply a preliminary letter from your bank without the official credit check, etc. With pre-approval, you will really feel ready to make an offer when a home feels right, and if there’s heavy competition. You’ll also know exactly what you can afford, which is really the most important thing. 

3. Ignoring Old Paint

Despite the fact that sellers are required to fill out a lead-pair disclosure form in most states, if the home you’re considering was built before 1978, you should seriously consider its potential for lead-based paint. On one of your showings, take a lead-paint test kit with you to swab a few areas that seem suspicious (flaking, zebra-like chips). You can buy tests for a few bucks at your local health department. If you have time and the ability, also test the water to ensure the tap water doesn’t contain lead as well. 

4. Skipping the Final Walk-Through

Most purchase agreements allow for a final walk-through of the property to ensure that the house is still in good condition. This might not seem necessary, but if you’re purchasing a foreclosed property or displacing disgruntled renters, you may need to ensure that no last-minute damage was done (think writing on walls, stolen appliances, etc.).

5. The Commute is Too Long

At a certain point, a commute becomes a burden. If your commute is taking valuable time away from your family or personal goals, look for a home closer to your work. It may be worth it to downsize to a smaller home instead of losing too many hours out of every workday.

6. Roof Leaks

Home inspectors can find a lot of things wrong with a house but they can’t catch everything all the time. Most home inspectors won’t climb on a roof to inspect so it’s important to have things they won’t always check thoroughly viewed by an expert. Home inspectors typically don’t inspect underground pipes, septic tanks or wells, all of which are particularly expensive to repair or replace. You can protect yourself by finding a home inspector who carries “Errors and Omissions” coverage.

7. Wiring

Homes built in the mid-’60s or ’70s might have aluminum wiring and if so it should be determined if everything has been retrofitted properly. If it hasn’t, it could be a fire hazard and wiring replacement can run thousands of dollars.

8. Not Saving Enough

A NerdWallet survey of 2,200 home buyers and mortgage applicants found that the biggest regret for millennial buyers was they wished they’d save more money before buying a house. More than 10 percent of respondents no longer felt financially secure after they bought their home.

9. Not Doing Enough Research

Nearly half of the respondents in a NerdWallet survey said they’d do something different if they could. Near the top of the list of things they’d do better the second time was doing more research. A total of 41 percent of people who applied for a mortgage felt they weren’t aware of all of their loan options. Tied into that is many first-time homebuyers aren’t aware of all of the costs associated with buying a house, especially the closing costs.

10. Wrong Size Home

Nearly 20 percent of millennial buyers and 20 percent of Generation X buyers said they regretted they didn’t buy a bigger house in the NerdWallet survey.

Posted in Buying
Nov. 26, 2018

Santa Barbara Real Estate Market Trends - November 2018

  

      Full PDF Report - Click Here

Oct. 10, 2018

Santa Barbara Real Estate Market Trends - October 2018

 

 

 

 

 

 

 

 

PDF Report: http://tiny.cc/marketupdate

Sept. 13, 2018

Santa Barbara Real Estate Market Trends - September 2018

 

PDF Report: http://tiny.cc/marketupdate