New statistics show that the cities in Santa Barbara County are showing positive signs of real estate market improvement. Santa Barbara County is currently ranked as third for housing market turnarounds, which means that it is doing extremely well and that housing prices are recovering rapidly. These housing increases include luxury homes, which have recaptured much of the value that they lost throughout the housing crash.
This market change has made it a seller’s market, as many homes are now receiving dozens of bids. This is driving prices up, but also reinforcing the luxury nature of the Santa Barbara area. When paired with rising mortgage interest rates, these rising prices are discouraging first-time buyers but may ultimately lead to an increase of value within the area. This will serve those that purchase property in the Santa Barbara County very well, as it will mean that their investments will rise in value.
The market in Santa Barbara County is expected to continue increasing, and it may continue to be a seller’s market for quite a while. Sellers will find it very easy to sell their homes in this area, but buyers may face some challenges. For more information about the Santa Barbara real estate market contact the experts Mark & Sheela Hunt.