It certainly is a good sign when we see about 10 new homes hit the market in one week… but even better when it happens two weeks in a row. Since January 1st, we have seen our local home inventory grow from just under 100 homes offered for sale to the number today (March 7, 2014) of about 122+/- homes for sale in the MLS system in the Montecito 93108 zip code. This number is encouraging but is still well shy of where we were a year ago, when we regularly had more like 150 homes on the market.
Certainly this number can be a little misleading, as some of these new listings were for sale last year, but came off the market late in 2013. A number of these homes that have come back on the market as new listings (commonly referred to as re-listings), have come back with price reductions to entice buyers.
Obviously we want the local market to just keep going up and up, and we can hope that buyers will pay whatever is asked for a slice of Montecito paradise. However for now, from my opinion, it seems as if prices are settling a bit and finding a buyer is all about the condition of the home or opportunity, the amenities, square footage, etc… but at the end of the day it often comes down to price… is it a good deal when compared to what else is being offered?
This is where our www.MontecitoBestBuys.com comes into play. This website was created 2 years ago to spotlight what we felt were the best buys in all price ranges in Montecito. As time has gone on, this list that is updated each week, has proven to be a good indicator of what homes will likely sell. During the past year, approximately 75% of all homes that sell in Montecito have at one time or another been on our Best Buys list. This list is usually about 50 properties deep, which represents about 30-40% of available homes. The fact that so many homes that sell come from our list tells us that our pricing strategies are working to price homes in a range that will find a buyer.
If you are buying or selling a home, our insight to the local market can prove very valuable. Just a few months ago, a client was unsure about the value of a property they were buying. When we compared it to everything on the market at that time in their price range in Montecito, and reviewed the Best Buys list, it became very obvious that the square footage, location, lot size, upside potential, etc… were unbeatable by anything else on the market at that time. Our clients closed escrow, are happy in their new home, and could likely turn a profit if they re-listed now, just 6 months later.
So if you are looking to buy or sell in Montecito or Santa Barbara, please contact us for a price evaluation or guided home tour. We love what we do and our family has been involved in the Real Estate market in Santa Barbara for over 50 years.
We look forward to helping you find your dream home and assisting you with your Real Estate needs, whatever they may be.
Mark & Sheela Hunt ~