The NAR settled a lawsuit without acknowledging they or the membership had done anything wrong. The lawyers, real estate disruptors, and the buyers who brought the suit have done more to confuse the process than help anyone other than themselves. It’s not a win for buyers or sellers. The major news outlets continue to misinterpret what this settlement means.
This post will help explain how the lawsuit will impact the real estate industry. There are two excellent videos here plus some opinions on the potential possibility of a tidal wave of dual agency transactions. Click Read More below for the whole post.
Mortgage rates have fallen for nine consecutive weeks and are expected to drop further although many think it’s unlikely that rates will drop below 6%.
The Federal Reserve’s campaign to lower inflation through rate hikes had a significant impact on the housing market. Now that inflation is easing, and interest rates are falling, it’s likely buyers who have been sitting on the sidelines might get back in the game.
The big question for 2024 is will there be a notable increase in inventory? The general consensus among real estate professionals is optimistic as you’ll see in the video included in this post. All expectations are for an increase in inventory. But, truthfully, only time will tell. All indicators at this stage look good without any significant unforeseen disruptions.
Click Read More below for Market Update, last year’s sale’s statistics, and a very timely Altos Research video.
California home prices are holding steady as high interest rates test the housing market according to the California Association of Realtors.
Persistently high mortgage rates continue to test California’s housing market as home sales fell for the fourth consecutive month in September, while the median price rose from the year-ago level for the third straight month to record its largest year over year gain in more than a year.
The President of the California Association of Realtors Jennifer Branchini says, “With the market being less competitive, there are greater opportunities for consumers who need to purchase a home for personal reasons or those who can qualify to purchase at today’s interest rates. More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from.
Click Read More below for more information and video.
The American Institute of Architects, Santa Barbara is proud to announce its 14th annual ArchitecTours. This year’s tour features projects in various communities near downtown Santa Barbara. The projects include newly completed residences on the Mesa, as well as mid-century and cottage-style accessory dwelling units. In addition, tour-goers will also have the chance to visit multi-unit senior and veteran housing projects, Drift Hotel, and SB Biergarten. The spaces demonstrate the beauty of Santa Barbara’s signature indoor-outdoor lifestyle and the diversity of our local communities.
Click Read More below for more information for this weekend’s ArchitecTour!
It is here where the anchor drops. A one-of-a-kind masterpiece designed and rebuilt by a father (engineer) and son (carpenter)...
106 Homes sold in August 2023 down from 133 homes sold this time last year. Low inventory continues to drive sales. 40% of homes sold in southern Santa Barbara were “all cash.” Although the market has softened slightly here in September there’s a strong possibility that the market will pick up as we head into October and November.
Click Read More below for more statistics, graphs, charts, and video.
Buyers and sellers’ sentiments remained virtually unchanged in August 2023 as housing market participants waited for more signals on what the Fed’s next move will be.
With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated. As costs of borrowing continue to rise consumers might be tapped out. It’s possible that the economy will show signs of slowing later this year, and if that happens, the Central Bank will have no choice but to cut rates starting the first quarter of 2024. Mortgage rates might begin declining in the fourth quarter of this year and possibly improve next year.
The decline is expected, and if that occurs, will most likely be gradual.
Click Read More below for some very insightful videos into the current real estate housing market.
Even though the summer homebuying season is officially here, the housing market is still experiencing a winter chill.
The national average 30-year fixed mortgage rate remains elevated compared to last year, hitting a year-to-date high of 6.79% the week ending June 1, according to Freddie Mac.
Though the median existing-home sales price edged lower year-over-year for the fourth consecutive month—a promising sign for home shoppers—experts don’t expect substantial, nationwide price declines anytime soon.
Click Read more below for the entire post and videos.
Juneteenth is a federal holiday in the United States commemorating the emancipation of enslaved African Americans. It is also often observed for celebrating African American culture. Originating in Galveston, Texas, it has been celebrated annually on June 19 in various parts of the United States since 1866.
Built in the 1930s, high above the Santa Barbara coast, the mansion known as Bellosguardo was the summer home of reclusive heiress Huguette Clark, who instructed her staff to never change a thing – and they didn’t. CBS Sunday Morning pays a visit to a fabled home constructed from a Gilded Age fortune (made famous from the bestseller “Empty Mansions”), which will be opening its doors to public tours in the near future.
Click “Read More” below for video.
