More Balanced Landscape but Still a Seller’s Market
The Santa Barbara market, while still favoring sellers, is showing signs of adjustment, offering a more balanced landscape for those looking to buy or sell. To navigate today’s evolving real estate dynamics, it's crucial for both buyers and sellers to stay informed and work closely with a knowledgeable realtor. In that vein, let's unpack the November 2023 Market Update and explore what it means for our beautiful region.
Hot Properties
Properties with compelling features, such as tasteful remodeling, charm, flexible floor plans, excellent amenities, or breathtaking views, continue to command a premium. Recent data illustrates the allure of these hot properties, some receiving three to six offers above the asking price. With tight inventory, many homes swiftly found new buyers, emphasizing the importance of being market ready.
Opportunities and Challenges for Buyers
While buyers face challenges such as interest rates, price points, and securing reasonable home insurance, they now encounter fewer multiple-offer situations. This provides room for negotiation on both price and terms compared to a year ago. Despite these challenges, the long-term wealth-building potential of homeownership remains a strong motivator for many buyers. After all, what better place to invest in your future than the American Riviera?
Sellers' Strategy for Success
Sellers continue to wield influence in this market, provided they approach pricing judiciously. Deep-cleaning, strategic updates, and thoughtful staging to highlight a home's best features contribute significantly to securing the best price in the current market climate.
Neighborhood Market Update
Montecito
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NEW LISTINGS: 20
PRICE CHANGES: 11
PENDING: 15
SOLD: 13
Hope Ranch
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NEW LISTINGS: 2
PRICE CHANGES: 1
PENDING: 2
SOLD: 1
Santa Barbara
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NEW LISTINGS: 39
PRICE CHANGES: 32
PENDING: 37
SOLD: 36
Carp/Summerland
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NEW LISTINGS: 7
PRICE CHANGES: 9
PENDING: 6
SOLD: 4
Featured Property
EXQUISITE CAPE-COD STYLE ESTATE
LISTING PRICE: $12,500,000
Nestled within the coveted Golden Quadrangle, this 2.04± acre Exquisite Cape-Cod Style Estate, boasting three gates, offers a magical retreat. Conveniently located near Montecito Upper Village, restaurants, and Birnam Wood Golf Club, the residence features exotic gardens, rare plant specimens, and captivating ocean vistas.
The living room impresses with a soaring ceiling, mezzanine, inlaid wood floors, and windows framing ocean and garden views. The gourmet kitchen, equipped with top-of-the-line appliances, opens to the formal dining room, and a den opening to a pergola.
The owner's sanctuary upstairs features high ceilings, an intimate fireplace, dual walk-in closets, secret attic space, and two en-suite bathrooms with panoramic views. Two window seats provide mountain and garden views with an ocean backdrop.
Optimizing the estate’s versatility are a Moody Sisters-style guest house nestled in the trees, the main home’s two bedroom suites with ocean and garden views, a large game room/office, and an additional guest suite above the garage.
The property also features an enchanting treehouse, a freeform-shaped pool with in-pool spa, and a wisteria-covered pergola with a BBQ grill.
If you're looking to buy, sell, or invest in real estate within this region, don't hesitate to contact me at (805) 886-9378 or email me at Cristal@montecito-estate.com to arrange a complimentary consultation. Meantime, stay in the loop on market trends with my next market update. Wishing you success and prosperity in your real estate endeavors in and around the American Riviera!
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