NOW MIGHT BE THE BEST TIME TO DO IT
You may have heard that the housing market is softening. If you’re thinking about listing your home in Santa Barbara or Montecito, NOW is the best time to do it. According to a year-end report from Realtor.com, that slowdown has to do with a continued lack of inventory. Plus, buyer traffic has decreased. Experts say that’s good news for upscale home sales in markets like those in Santa Barbara that provide opportunities for buyers to purchase their dream home.
In a recent interview discussing the housing market, First American’s Chief Economist, Mark Fleming, put it simply:
“The biggest challenge is really the availability of supply.”
A look at available inventory numbers released by the National Association of Realtors (NAR), shows that the actual number of homes for sale decreased every month from last June through November.
What does this mean to you as a seller?
The best time for listing your home can be when there is less competition. That increases the possibility of getting a better price and encountering fewer hassles in the transaction.
Over the last two years, the luxury sector has experienced record-setting price growth and robust activity. In 2019, upscale homes sellers will continue to experience home price growth, albeit at a slower pace.
“It’s a different world at the end of year than it was at the start of the 2018.” Danielle Hale, Chief Economist at Realtor.com.
Read: Next Housing Crash Prediction: Is One Coming?
Here are the details: During the first 10 months of 2018, about 100,500 homes sold for $1 million or more across 85 luxury markets in the U.S. Compare those numbers to the same period in 2017 and you’ll see that’s an increase of 10%. Once all the luxury real estate closings for 2018 are recorded, experts at Realtor.com predict we’ll see a record-breaking 118,000 home sales at or above $1 million.
Some areas, like upscale Santa Barbara, Montecito and Hope Ranch are on pace to see significant growth this year. They include the highest-end luxury sectors.
“These locales will attract demand from higher cost areas as luxury buyers reallocate investments during and post-tax season.” Realtor.com report
Read: A Look Back At Montecito Real Estate in 2018
What does this mean for those living, or planning to buy in upscale Santa Barbara? It means 2019 will be a good year for buyers, who stand a chance of encountering less competition. Granted, no one has a crystal ball that can see into the future. But the instincts of and projections by trusted industry pros can help guide your decision.
If you’re a buyer or planning on moving to upscale Santa Barbara in 2019, I have some amazing properties to show you.
Listing your home with me means it will be in good company
Take the Spectacular Ocean View Estate in Montecito pictured at the top of this blog. For fans of Modernism, Post-modernism, Neo-classicism and Art Deco, this property is a dream come true! Sitting on approximately 2 acres, architect James Morris, a founding partner of Santa Barbara’s acclaimed The Warner Group, combined all these styles to create this stunning Montecito ocean view estate. Two subsequent renovations have embellished the estate with the finest materials and meticulous craftsmanship. The result is a residence that rivals any home you’ll find on California’s Central Coast.
Or perhaps the Somerset Estate is more your style. Built in 1918 in the community’s elite “Golden Quadrangle,” this stunning estate is a fine example of superior 21st-century workmanship and conveniences while honoring early 20th-century charm and class. Beginning in 1939 and continuing into the 1960s, the home’s owner, Henrik Westen, commissioned iconic architect Lutah Maria Riggs to design and oversee several alterations and additions. Landscaping of the approximately 1.6-acre grounds is believed to be attributed to prominent landscape architect Lockwood de Forest. If you’re a fan of the great outdoors, this property’s for you. The grounds are special, not just due to provenance, but also considering their maturity, and the continuity of their care. I adore the lengthy hedgerow at the entrance to the estate, as well as the abundant display of flora and precisely sculpted hedges. It’s a real testament of landscape magic.
Then there’s this Classic Birnam Wood, Home that represents a quintessential relaxed luxury that epitomizes the Montecito, California lifestyle. That lifestyle is manifest in this singular nearly 6,000 square foot residence. With almost three-quarters of an acre, the home is located at the end of a quiet cul-de-sac and adjacent to the 11thgreen of the prestigious Birnam Wood Golf Club. Surrounded by sprawling lawn, lovely gardens and majestic trees, the home is imbued with an ambiance of subdued sophistication. This classic residence, surrounded by lawns, mature trees, a charming rose garden, and private course, claims a very special place, indeed. Beyond its immediate surroundings are stunning mountain views, and convenience to world-class amenities such as Montecito’s Upper Village shops and dining, spectacular beaches and award-winning schools.
Read: The Santa Barbara School District
Another of my favorite listings is this Montecito Cottage. Sitting on well over an acre, this home is the perfect pied-à-terre. Plus, there’s plenty of room for expansion should you want to live here full time. We’re talking abundant multi-pane windows, French doors to large verandas, and recessed lighting. All create an ambiance of spaciousness and light. I love the home’s unique features, which include the living room’s fireplace with its stone hearth. The new owners will appreciate the home’s stone floor-to-ceiling surround, a designer kitchen hosting stainless appliances and a substantial center island, and luxurious baths featuring beautiful stone countertops, walls, and floors. Plus, once again, there’s lush natural landscaping complemented by majestic mature trees and meandering walking paths.
On the other hand, if you are considering listing your home here, NOW is the best time to do it. Give me a call at +1 805.886.9378 or email me at Cristal@montecito-estate.com and I’ll happily add your home to my portfolio of fine properties. I also work with buyers who are looking for the perfect place to call home. Let me work my magic with you!