I'm considering moving back home to Santa Barbara. What is the real estate market like these days - is it a buyer or seller market?

Asked by Josh Mo, Miami Beach, FL Sun Jan 27, 2013

What's the average home price these days?

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Sergio Gonzalez’s answer
Sergio Gonza…, Agent, Westlake Village, CA
Sun Jan 27, 2013

Santa Barbara is currently experiencing a decrease in inventory of homes for sale. Multiple offers are present typically with homes priced under 1M. An example is my listing on 1416 las positas place had 12 offers and went well over the asking price of $699k. With that said I'm going to disagree with the others and say that it has now switched to a sellers market. However interest rates continue to be at all time lows which still make housing in Santa Barbara affordable. Feel free to contact me directly on my cell at 805-283-7003 I'm available now.

Also visit my website to view all Santa Barbara homes for sale.
1 vote
Joy Bean, Agent, Santa Barbara, CA
Sun Jan 27, 2013
Hi Josh,
Funny you should ask as I have just finished my year-end/fourth quarter analysis of the housing market in Santa Barbara. Please take a look when you have a moment:http://www.joypbean.com/resources/market_trends.html. Check out the Fourth Quarter 2012 newsletter. The average sales prices by district are listed on page two of my newsletter. The overall median currently stands at $800,000 but it varies dramatically by area/neighborhood. Please feel free to give me a call anytime to discuss and I would be pleased to send you a selection of best buys once we identify your requirements.
All the best,
Joy Bean
Sotheby's International Realty
1 vote
Patrice Rossi, Agent, Santa Barbara, CA
Sun Mar 24, 2013
Josh, since January it's pretty much been a seller's market due to low inventory (multiple offers, properties selling over list), but it's also still a great time for buyers who are ready to move quickly, since money is still pretty cheap and prices are still pretty affordable. As a buyer you have to be 100% prepared (prequal, intro letter, etc.) and be ready to sign docs on your phone yesterday!

You'll definitely need an agent who has the connections with other agents and can find you what you need before it even hits the MLS. Call me and I'll work with you to get you your new home back in Santa Barbara.

-Patrice Rossi
c 805.722.2899
1435 Anacapa Street, Santa Barbara, CA 93101
f 805.966.6005
0 votes
Scott Cary, Agent, Modesto, CA
Thu Feb 21, 2013
Josh, the local Santa Barbara market is HOT! We are seeing prices already returning to the 2005 numbers! Partly due to the low inventory levels we are experiencing.Yet we still have opportunities! Are you looking for a home or condo? Many of the 'good values' are receiving multiple offers so its very important to find a strong agent as well as a good 'local' lender to help you.

Scott Cary Broker with Sotheby's International Realty, Santa Barbara
0 votes
Krishan Gupta, Home Buyer, Santa Barbara, CA
Sat Feb 9, 2013
If you ask a real estate agent , they will sell you the maximum( Like on 815 Garden street the house is falling apart built in 1920 and has illegal construction all over.Watched by the city). There are no buyers.There are 70 foreclosures home. do your home work online.
0 votes
Eddie W. de…, Agent, Riverside, CA
Thu Jan 31, 2013
That is a great question. As a lender I don't always have the ability to know and understand particular markets across this great land. However, I was visting Santa Barbara this last weekend, and it looks like this is a strong market. The overall issue accross many parts of California and across the nation is the lack of available inventory. This tends to ring true specially in markets where property is very desirable such as Santa Barbara. For the most part, in these type of markets they always tend to be a "Seller's" market. Its simple economics. Unlimited desires to limited supply. In my opinion, Santa Barbara will always be this. Even the communities surrounding Santa Barbara such as Montecito and Carpinteria are showing this to be true as well. One of the agents that I work with has one of the lowest priced listings in Montecito, right under $900k.

Depending on your FICO score, be prepared to put anywhere from 20-40% down. Rates are at an all time low, so be sure to get prequalified/preapproved before shopping. This will give you a good indication of how much you are willing to spend on your next home. Good luck.

For any other questions or if you wished to be Preapproved, feel free to call me at 951-210-2101.
You may also feel free to look me up at http://www.ImpacMortgage.com/edeleon.
Also, feel free to like my facebook page at http://www.facebook.com/LoansByEddie

Eddie W. de Leon
NMLS #238369
0 votes
JoAnn Pomatt…, Agent, Santa Barbara, CA
Wed Jan 30, 2013
We're seeing low inventory in some, if not most, areas of Santa Barbara and surrounding areas. This is creating multiple offer situations when a desirable/well priced property does come on the market. These properties are usually selling for over their original asking price. This market pressure is pushing home prices upward and creating a seller's market atmosphere. Only time will tell what the next few months bring in the first quarter of this new year. It's smelling a little bit like a great time to sell your home and a perfect time to buy. Interest rates are still at an all time low. If your on the fence its time to take a leap of faith. Who doesn't want to own a piece of paradise in Santa Barbara? Call me if I can help (805) 705-3798
0 votes
Lisa Marder, Agent, Boca Raton, FL
Mon Jan 28, 2013
It is still a buyers market 3 properties are available in that community! If interested call Lisa Marder @ 561-866-1788 or email daliro1@yahoo.com
0 votes
Summer Knight, Agent, Santa Barbara, CA
Sun Jan 27, 2013
The average home price varies greatly by neighborhood...single family homes in Goleta are now starting high $500,000 to low $600,000 up to the $1 million mark where as in Santa Barbara we see the $750,000-$1,400,000 range. With low inventory and interest rates, sellers are enjoying multiple offers, fewer days on the market and lots of all cash offers. Now is a great time to buy in Santa Barbara since price are still relatively low.

Let me know if I can help further!
Summer Knight
0 votes
Catherine O'…, Agent, Santa Barbara, CA
Sun Jan 27, 2013
Hi Josh,

If you were born here like myself, you understand we have our own special world here...Best of luck coming back home!

While it still seems an opportune time to get in our Santa Barbara housing market with the price reset. I believe that now, it very well may be an 'even' market in 'Santa Barbara',( the area Goleta to Carpinteria area)...The Lower end has a little upward pressure and Homes that are priced right have multiple offers. Our inventory is so low that we have been looking for homes for our clients and getting them under contract before they are public.

I hope you find my thoughts helpful.

0 votes
Giti Brown, Agent, Santa Barbara, CA
Sun Jan 27, 2013
Definitely still a buyer's market; however the inventory is low which will essentially drive up the market.
0 votes
Lisa Marder, Agent, Boca Raton, FL
Sun Jan 27, 2013
it is still a buyers market.
If interested in buying call Lisa Marder of Lang realty 561-866-1788
0 votes
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