The Santa Barbara International Film Festival announced on January 18, 2023, the highly anticipated line-up for the 38th Festival which will run from February 8, 2023, through to February 18. The Film Festival will showcase 52 World Premiers and 78 US premieres from 43 countries along with tributes featuring the year’s top talent, panel discussions, and free education and community outreach programs. Click Read More below for more information.
Martin Luther King Jr. (born Michael King Jr.; January 15, 1929 – April 4, 1968) was an American Baptist minister and activist, one of the...
It’s important to keep up with real estate trends if you’re looking to buy or sell. January’s housing market is likely to mimic December’s, which is good for sellers but not great for buyers. This post features Santa Barbara’s real estate market trends for December 2022, year-to-date statistics for the year, plus market trends for the last decade.
As we head into 2023 the housing market finds itself at a turning point, hindered by a dramatic spike in mortgage rates that chilled the market. A storm was brewing as sellers came to terms with the fact that volatile mortgage rates were rising and pushing some buyers to the sidelines dampening demand for their homes. Yet supply is still tight and home prices went up faster throughout the year than many American incomes. The cooling housing market also leveled the playing field for all types of brokerages as change became the new normal.
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.
(For More Information Click Read More Below)
The colorful and always-changing Funk Zone in Santa Barbara is a unique neighborhood found between Highway 101 and the Beach off lower State Street. The Funk Zone proudly reflects its roots in art and industry with an eclectic mix of artisan shops, art galleries, studios, eateries, wine-tasting rooms, and microbreweries – some of which have popped up in the area’s converted warehouses and packing plants, all just steps from the beach!
Tourists and locals love to explore the Funk Zone’s artsy soul through the Arts Fund Community Gallery’s monthly exhibitions. From the Zone’s gourmet grab-and-go breakfast and lunch spots to its urban sit-down restaurants, the Zone shines a spotlight on locally sourced ingredients and plentiful outdoor patios. The Lark housed in a creatively repurposed historic fish market serves up tasty shareable plates. Next door, the Lucky Penny offers wood-fired pizzas, freshly baked pastries, sandwiches, and salads. Lastly, check out the Santa Barbara Urban Wine Trail. Taste wines from each of Santa Barbara County’s five AVAs at the Valley Project while ogling the stunning floor-to-ceiling map of the region.
Click “Read More” below for Funk Zone in Santa Barbara, California YouTube Video
Recent months have seen the median sale price in Santa Barbara Real Estate dip from a record high this spring. The price paid per square foot is up 9% on the year. Looking ahead to next year, we expect an uptick in inventory and a more balanced Santa Barbara real estate market with more options for buyers and sellers.
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keep demand declining while other potential buyers remain sidelined from an affordability standpoint. The interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.
A couple of recent videos with insights into today’s real estate market. Simply inventory is painfully low and interest rates have reached the point where buyers are either waiting for the perfect house competitively priced or sitting on the sidelines waiting for things to significantly change.
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