The effects of the COVID-19 Pandemic are obvious and has changed everyone’s lives in many ways, the real estate market was no different.
Like many businesses, we have pivoted in providing our services virtually and digitally. For the first two weeks we waited for the Governor to confirm that Real Estate was indeed an essential service and that, following strict safety guidelines, we could continue to show properties to buyers. April’s market statistics clearly reflect a drop in sales for the first couple of weeks when everything came to a sudden halt. April also saw a decline in the number of homes listed for sale.
Here are some of the highlights from April 2020;
Total properties sold 94 – 69 homes & 25 Condos -44%
Median Sales Price for a Home – $1,200,000 -10%
Median Sales Price for a Condo – $791,000 +12%
Months of Inventory – 3.81
16% were Cash Sales
Despite all we are going through, we have some good real estate news. The median house price in our area has not dropped, and in fact, has stayed steady over the past 3 years.
There are many buyers still seeking to buy a home.
In some cases, we continue seeing multiple offers come in on many listings due to the fact that there is still a shortage of inventory. Right now we definitely have well-qualified buyers who want to buy homes.
We have quickly adapted to the changes in our industry and continue to go above and beyond to safely serve clients with excellence, not only in real estate but also by helping them in a myriad of practical ways as we face these new times together.
For a complete look at the real estate market report for April 2020 click the link below
- Catch up on some reading
- Watch some movies
- Practiced a musical instrument
- One thing for sure I limiting the NEWS and Social Media
Be sure to take a look at this month’s newsletter and have a wonderful day!
- 128 total properties sold in February, 92 homes & 36 Condos
- Median sales price for a home was $1,189,500
- Median sales price for condo’s $682,500
- 3.58 Months of Inventory
Remember these are February results. Now that we are halfway through March, it will be interesting to see how this month turns out with the latest concerns around the COVID-19 (Coronavirus).
We at Village Properties are as concerned, as many are, about staying healthy during these challenging and uncertain times.
Along with the Market Report Link, here are links to the CDC’s recommendations for your reference, the Santa Barbara County Public Health Department, and the California Department of Public Health regarding the virus and what to be aware of.
We are taking the advice of the CDC and being extra cautious when conducting Real Estate business in our beautiful community.
We’ll be here for your real estate needs and grateful for your support.
At the time of posting this Market Report, we are well into February of 2020.
As the market report indicates, the Real Estate news is still very positive and the new year is off to a good start.
The early trends we are seeing for home sales in 2020 are indicative of a very healthy market from Goleta, Santa Barbara, Montecito, Summerland, and Carpinteria.
Traditionally, early summer has been the strongest selling season and sellers have typically waited to list their homes in spring.
This year, however, the statistics are telling sellers something else.
During the months of December, 2019 and January, 2020 the number of sales were high, but the median price was slightly down from January of the previous year.
With a strong economy, low-interest rates, and tight inventory, this makes for an interesting market.
The total number of properties sold in January was 129, 96 of those being homes and 33 condo sales.
Inventory levels are the challenge and continues to show increased demand for housing with more home buyers than properties available to purchase in most price ranges.
For a look at the full report click the link below.
When it comes time to buy a home, where should someone begin?
It doesn’t matter if you’re a first-time homebuyer or have already been through the process of buying a home, I wanted to provide some information and insight on what to think about and how to get started.
I always recommend the first thing someone does is to meet with a mortgage lender. This can be at your bank or a business that specializes in home loans.
I had an opportunity to meet up with a mortgage lender, Austin Lampson at Homeowners Financial Group, to discuss what to expect in the beginning stages, the difference between “Pre-Approval” and “Pre-Qualification”
Here is a link to a guide with more information that outlines everything and I hope you’ll find helpful.
In my next vlog, part two of this, we’ll go into more depth and get into the details of what to expect along the way when it comes to looking for a new home.
I would love the opportunity to answer any questions or provide additional information, so please let me know what I can do for you.
This is a follow-up video to one I did last month titled What is an iBuyer?
What is an iBuyer Part 1
So, Who are they? iBuyer’s that is
Well…they’re Internet companies like Opendoor, Offerpad and even Zillow Offers to name a few. There are many more out there offering similar services. They make offers to purchase homes quickly if the home is “Eligible” or “Qualifies” They are typically looking for ready to sell properties (They don’t have the resources to do major repairs or want to take the time to remodel) They offer Instant Cash, Fast closing time, although it still may take 2-3 weeks to complete the process after a seller accepts their offer. Service in Limited market areas with a price point up to about $500k, at the time of this video. Anything above that likely won’t be considered. They still charge a fee and may also deduct any repair cost.
They claim to buy at fair market value, well how is that possible when they will be reselling the property? Who are you actually working with? Will it be the same person each time? What if you have questions or want to go over something in person?
What is the cost of convenience? Is it worth the difference?
It really posses a lot of questions still to be answered.
Here is a link that shows a fee comparison and what a seller can expect to receive.
iBuyer Fee Copmarison
It is very interesting.
I encourage anyone looking to buy or sell a property to do some more research, ask the necessary questions and compare the services that are being provided for the desired results.
Let me know if you have any questions or would like further information.
Happy New Year!
It’s a new year and a new decade ahead and the results from last year’s real estate market report are in, the new report shows how well the market is doing.
Here is a link to the full report:
December 2019 Year-End Report
176 total properties sold during the month of December, 124 homes and 52 condos with an average 78 days on market.
The median price is up 5% for homes, going from $1,200,000 to $1,258,000 and up 3% for condos, from $680,000 to $702,250.
The market is strong, from Goleta to Carpinteria, Montecito, and Santa Barbara.are
What does your next home look like?
As we head into the cooler months there is one thing we cannot escape, the sun setting much sooner than some of us would like. Does this mean that you should move any evening entertaining you’re planning on doing inside? Not necessarily! With a few simple light fixtures, string lights, or even a fire pit that not only provides light but warmth for that cool evening air you can keep yourself and guests enjoying your outdoor space even after the sun sets.
These outdoor string lights are built to withstand outdoor conditions and not only are they aesthetically pleasing but also electricity bill friendly, as they are powered by a solar panel that charges during the day so you can enjoy the beautiful warm glow they offer at night. Need some more ideas on how to light up your outdoor area?
Check out this page on Houzz to browse different ideas and even shop for the items you want to light up your space!