Market Trends & some good reasons for Optimism

Some Very Good Reasons for Optimism

• RATES HAVE FALLEN ABOUT 1.5% SINCE MID-OCTOBER. That translates to about $100 a month in savings per $100,000 borrowed.
• The Housing Market is most definitely Not Frozen source: JVM Blog/ JVM Lending
• INVESTORS ARE STILL BUYING: Investors seem to see something much of the homebuying world does not. Agents report that they’re dealing with investors of every type. The low inventory for Investment properties is fairly limited in Santa Barbara right now making good investment properties very desirable especially if they’re priced right.
• RATES WILL CONTINUE TO FALL: Rates are expected to fall in the first half of 2023. If that happens we may also see more homes for sale. CoreLogic is predicting appreciation next year.

SANTA BARBARA MONTHLY MARKET REPORT NOVEMBER 2022 SOURCE: CAR

• Existing Single Family Residences: 690 * % change from last year: -36.6%
• Existing Single Family Residence Median Price: $2,360,000 % change from last year +12.4%
• Active Listings (Monthly average) 109 % change from last year: -2.5%
• Market Competition Median Days on Market 10. Sales to list price 100 %
• Percentage of Active Listings with Reduced Asking Prices: 33.4%

How Far Will Home Prices Drop Before January 2023?

Housing Market Predictions for 2023 * Source: Redfin

Housing Market Predictions * Source: TheRealEstateScene