Stan Tabler

Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate & Goleta Real Estate

(805) 689-2305

Santa Barbara Real Estate Services

Santa Barbara Real Estate Services The decision to purchase real estate or to place your home for sale in the Santa Barbara real estate market can be one of the biggest you and your family will make at any given time. This decision can be made easier if you are adequately informed about the buying and selling process, the local real estate market and the neighborhoods and communities in which you are interested. As a local real estate professional with more than thirty years of experience helping buyers and sellers just like you, it would be my great pleasure to introduce you to the Santa Barbara Real Estate Services I offer to both buyers and sellers.

For sake of simplicity, buying a home is a three-step process: finding the right community, finding the right home and negotiating the best contract terms. For your convenience, I have compiled a wealth of information on local communities and their real estate trends as well as provided you access to the search the entire Santa Barbara MLS to view available properties. Once we have narrowed down the ideal community and the right home, I will use my many years of experience and expertise and my Santa Barbara Real Estate Services to negotiate the contract terms to suit your needs and to exceed your expectations.

For sellers, I believe you will find my commitment to untiring communication and service, masterful marketing and negotiation skills to be most refreshing. Resulting from years of extensive experience and research, a superior ability to anticipate problems and solve them and unsurpassed ethics and professionalism, you will find these qualities will help your home sell quickly and for its highest dollar.

Whether you are moving across town or across the country, it would be my great pleasure to assist you with all your housing needs and to share my Santa Barbara Real Estate Services with you and your family. Please feel free to browse my Santa Barbara Home Buying and Selling Tips at your leisure and do not hesitate to contact me, Stan Tabler at your convenience. I look forward to hearing from you soon and to assisting you with all your real estate goals, big and small.

Santa Barbara South Coast Real Estate Update

June 13, 2020

Direct from the County Recorder’s Office by way of Fidelity National Title, the total number of residential sales on the South Coast of Santa Barbara County was down 56% from 193 in May 2019 to 85 in May 2020. In May 2020 there were 65 House/PUD sales, down 52% from 2019, with a median sales price of $1,169,000 and an average sales price of $2,117,848.  In May 2020 there were 20 Condominium sales, down 65% from 2019, with a median sales price of $810,000 and an average sales price of $963,000.  The total of the combined January through May residential sales in 2020 was 564, down 27% from 2019, with a median sales price of $1,101,500 and an average sales price of $1,521,535.

In Carpinteria there were a total of 2 sales in May 2020, down from 3 in April.  In May 2020 the median and average sales price of the 1 House/PUD sale was $995,000.  In May 2020 the median and average sales price of the 1 Condominium sale was $445,000.  The lowest priced Carpinteria sale in May 2020 was a Condominium on Birch Street @ $445,000 and the highest was a House on Carpinteria Avenue @ $925,000.

There were no sales in Summerland in April or May of 2020.

In Montecito there were a total of 18 sales in May 2020, up from 15 in April.  The median sales price of the 15 House/PUD sales was $3,460,000 and the average sales price was $4,560,467.  In May 2020 the median sales price of the 3 Condominium sales was $2,000,000 and the average sales price was $2,126,167.  The lowest priced Montecito sale in May 2020 was a House on Orchard Avenue @ $925,000 and the highest was an Estate on East Valley Road @ $11,250,000.

In Santa Barbara there were a total of 34 sales in May 2020, down from 45 in April.  The median sales price of the 29 House/PUD sales was $1,058,750 and the average sales price was $1,216,933.  In May 2020 the median sales price of the 5 Condominium sales was $800,000 and the average sales price was $903,000.  The lowest priced Santa Barbara sale in May 2020 was a House on San Pascual Street @ $604,500 and the highest was a House on Celine Drive @ $2,225,000.

In Hope Ranch there was one sale in May 2020, down from 3 in April.  The median sales price and the average sales price was $10,500,000.  There are no Condominiums in Hope Ranch.  The lowest and highest priced Hope Ranch sale in May 2020 was an Estate on Cresta Avenue @ $10,500,000.

In Goleta there were a total of 30 sales in May 2020, up from 18 in April.  The median sales price of the 19 House/PUD sales was $989,500 and the average sales price was $1,184,450.  In May 2020 the median sales price of the 11 Condominium sales was $679,000 and the average sales price was $721,682.  The lowest priced Goleta sale in May 2020 was a Condominium on Hollister Avenue @ $410,000 and the highest was a House on Boulder Ridge Road @ $2,700,000.

Analysis

The COVID-19 pandemic has not only affected our daily lives, but how everyone buys and sells real estate.  Open houses and Broker Caravans are not allowed and serious protocols are in place for in-person showings of listings, by appointment only.  Due to virus concerns many Sellers have completely cancelled their listings and this only has exacerbated the lack of housing inventory on the market.  It is hard to grasp how to analyze the future effects of the virus on how we live our lives.  The unemployment rate remains high, mortgage interest rates remain low and there appears to be pent-up Buyer demand for housing after the partial loosening of the stay-at-home restrictions.  Also, some owners have decided that they need a larger home to accommodate a home office, and they may become Sellers and Buyers. 

A limited supply of available properties along the South Coast of Santa Barbara County is keeping values higher than one might expect, even taking into account the effects of COVID-19, as compared to many inland areas of California and most areas of the United States.  The appreciation rate along the South Coast has softened, but the pent-up Buyer demand and low inventory has kicked parts of our market into high gear.  A family I represented as Buyers made an offer on a Goleta home only to find themselves in competition with 12 other offers.  Just last week I listed two estate sale properties on the East Side, and to our astonishment we received 70 offers (this is a personal record for me)!  Along the South Coast of Santa Barbara County as of June 5th there were 318 active House/PUD listings (up from 283 on May 1st) and 108 active Condominium listings (up from 86 on May 1st) available for sale.  Generally, there is much more inventory available in the higher price ranges than in the lower ranges as 121 (38%) of the 318 active House/PUD listings are located in the higher valued Montecito and Hope Ranch areas.  Compare the current low totals to the inventory levels from 2007 to 2011 when the total number of active listings ranged between 734 and 1,026.  Historically the highest number of active listings along the South Coast was recorded in June of 1992 when there were 1,297 active listings available for sale.

During each month of 2019 and 2020, sales of bank-owned properties ranged between zero and three.  There were no bank-owned sales in January through May 2020.  As of June 5th there were no bank owned listings for sale or in escrow on the South Coast of Santa Barbara County.  There were no bank-owned property sales in May 2020.  Foreclosure activity along the South Coast of Santa Barbara County has diminished dramatically.  To check out California’s foreclosure by county, visit this RealtyTrac link: California Foreclosure Trends by County .  Dr. Nothaft, the Chief Economist for CoreLogic, has recently stated “Home loan delinquency and foreclosure rates were the lowest in a generation before the COVID-19 pandemic hit.  Recession-induced job losses will fuel delinquencies.  However, wide-spread foreclosures across America will likely be averted because of the home equity buffer that homeowners have and the available forbearance programs.  Our Home Equity Report found that at the start of 2020, homeowners with a mortgage also had an average of $177,000 in home equity.”

As of April 2020 (the latest data available from CoreLogic), the highest recorded County median sales price in California was in San Francisco County @ $1,340,000 (down 4.3% from 2019) and the lowest recorded County median sales price was in Plumas County @ $218,500 (down 27.2% from 2019).  The median sales price in the County of Santa Barbara was $585,000 (down .5% from 2019) and the median sales price in the City of Santa Barbara was $1,167,500 (down 5.1% from 2019).  The lowest median sales price recorded in any California city was in fire ravaged Paradise in Butte County @ $45,000 (down 86.6% from 2019) and the highest was in Los Altos in Santa Clara County @ $3,125,000 (up .7% from 2019).  You could buy 69.5 median priced Houses in Paradise, 5.3 in the County of Santa Barbara or 2.8 in the City of Santa Barbara for the same price as 1 House in Los Altos.  If you care to see a .66 acre fire lot you can buy in the Paradise for $45,000 check out https://www.realtor.com/realestateandhomes-detail/5805-Yorkshire-Dr_Paradise_CA_95969_M24502-23356?view=qv .  If you care to see a 2,142 square foot House you can buy in Los Altos for $3,100,000 check out https://www.realtor.com/realestateandhomes-detail/292-Quinnhill-Rd_Los-Altos_CA_94024_M19950-85475?view=qv .

The Federal Reserve (the Fed) raised the overnight rate four times in 2018 with the last raise to 2.5% in December 2018 and then in 2019 the Fed lowered the overnight interest rate numerous times, thereby reversing all of 2018’s rate increases.  In March the Fed made an “emergency rate cut” to 0-.25%.  The Fed has recognized that the COVID-19 outbreak is causing “tremendous human and economic hardship, sharp declines in economic activity and a surge in job losses, which weigh heavily on economic activity, employment and inflation and poses considerable risks to the economic outlook over the medium term.”   At the Fed’s June 10th meeting they indicated that near-zero interest rates will last through 2022 to curb COVID-19 damage to the economy.  At the Fed’s late May meeting, New York Federal Reserve President John Williams said “I think we’re kind of in a good place…maybe near the bottom in terms of the economic downturn and, hopefully, we’ll start seeing improvement in coming months.”  The operative word there is “hopefully”.   As of June 11th you can get a $510,000 30-year fixed rate loan at 2.85%.  Historically the lowest 30-year mortgage interest rate since 1970 was recorded in 2012 @ 3.31%, so we are now setting a new low @ 2.85%.  The highest mortgage rate was recorded in 1981 @ 18.63%.  If you got a $510,000 mortgage in 1981, your payment would have been $7,949/month; now it would be $2,116/month.

Of the 85 sales in May 2020 there were 46 over $1,000,000 which equates to 54% of the total sales.  The South Coast of Santa Barbara is not an inexpensive place to purchase real estate as compared to most areas of the United States, but again many people will pay more to live and invest in Santa Barbara.  According to Forbes the national average for all cash real estate sales is 20%; on the South Coast in May 2020, 27% were cash sales, up from 16% in April.  See the attachment for the total list of the 85 properties sold on the South Coast of Santa Barbara County in May 2020 and/or contact me for more information.

On May 26th the Conference Board reported that the Consumer Confidence Index stood at 86.6, up from 85.7 in April, down from 118.8 in March and down from 132.6 in February.  In recent years the highest recent Index level recorded was 137.9 in October 2018. Historically the highest Consumer Confidence Index level was recorded in September 2000 when the Index stood at 142.5.  “Following two months of rapid decline, the free-fall in Confidence stopped in May,” says Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic. Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits. However, consumers remain concerned about their financial prospects. In addition, inflation expectations continue to climb, which could lead to a sense of diminished purchasing power and curtail spending. While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave are likely to keep a cloud of uncertainty hanging over consumers’ heads.”

As for the cost of living in May 2020, Expatistan has compiled data from 242 major metropolitan areas worldwide.  Expatistan’s list indicates Mountain View, CA at #4 is the most expensive area in the USA with a Price Index score of 258 and Memphis, TN at #134 is the least expensive with a score of 128.  Of the top 25 most expensive areas worldwide, 5 are in California: #4 Mountain View @ 258,  #7 San Francisco @ 247, #14 Oakland @ 219, #20 Los Angeles @ 203 and #23 San Jose @ 199.  The most expensive area to live in the world is #1 Hamilton (Bermuda) @ 293 and the least expensive is #242 Madras (India) @ 55.  Santa Barbara is not on the list as Expatistan has not rated it as a major metropolitan area.  This is an interesting list to check out if you want to compare the cost of living in different cities around the world: https://www.expatistan.com/cost-of-living/index .

In his March 18, 2020 article, Nicolas Bedo at Realtor.com® wrote about the Luxury Market in the fourth quarter of 2019 and then about the current market uncertainty:  “Continuing their upward trajectory, markets along the central coast of California keep thriving. Santa Barbara was the fastest growing luxury market in Q4, with prices reaching $2.88 million, up 25 percent compared to the same time last year. Million dollar sales in Santa Barbara were up 29 percent year over year.  Monterey prices reached $2.36 million, up 24 percent year over year, with million dollar sales up 52 percent. San Luis Obispo luxury prices reached $1.38 million, growing 10.5 percent year over year, with million dollar sales up 72 percent.  However, like the U.S. economy, luxury housing isn’t immune to the impacts both short and long-term of COVID-19. Many of the gains made in the luxury market in the fourth quarter could be erased as buyers are asked to stay home and sellers hunker down. It seems clear that COVID-19 is going to have far reaching consequences both in the U.S. and globally, the question that remains is just how much of an impact it will have.”  Check out the complete article: https://www.realtor.com/research/tag/luxury-homes/

Historically the highest Year-to-Date median sales price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.  In May 2020 the Year-to-Date median sales price was $1,101,500 down from $1,113,750 in April.  The median sales price has been hovering just below or just above that historic high for most of 2017, 2018, 2019 and now into 2020.  This is an indication of a leveling off in market values along the South Coast of Santa Barbara.

Based on the Santa Barbara Multiple Listing Service, as of June 5th, in the City of Santa Barbara there were 126 active House/PUD listings and 42 pending sales, which equates to a 3 month supply of listings for Buyers to choose from.  Generally up to 3 months of inventory would be considered a Seller’s market where demand is high and inventory is scarce; lower than 2 months of inventory points to a more feverish Seller’s market.  Historically a 4 to 5 month supply of available inventory would indicate a fairly well-balanced market between Buyers and Sellers.  Typically a 6+ month supply is considered to be a Buyer’s market where inventory is plentiful; Buyers are slower to make decisions and want to see everything on the market.  Based on Santa Barbara Multiple Listing Service data and as of June 5th Carpinteria/Summerland had a 3.3 month supply, Montecito had a 4 month supply, Goleta had a 1.5 month supply and Hope Ranch had a 3.6 month supply.  All these inventory ratios are much lower than in early April.  These inventory statistics indicate that Goleta is in a Seller’s market and the City of Santa Barbara, Carpinteria/Summerland, Montecito and Hope Ranch are mostly in a balanced market for the first time in quite a while.  With a total of 106 House/PUD pending sales and only 318 active listings on the South Coast of Santa Barbara County, there is a 3 month supply of House/PUD listings to choose from.  With a total of 38 Condominium pending sales and only 108 active listings on the South Coast of Santa Barbara County, there is a 2.8 month supply of Condominium listings for Buyers to choose from.

The ramifications of the concerns about COVID-19 and how it has & will affect our world, government spending in response to COVID-19, home insurance availability & rising premiums, trade tensions, the tumultuous stock market, demonstrations, the Federal $10,000 limit on State tax deductions and the memories of the fire damage & debris flows in Montecito are concerns to many Sellers and Buyers along the South Coast of Santa Barbara County.  That being said, Santa Barbara Buyers currently seem to be in a frenzied state due to pent-up demand and low inventory.  The trajectory of COVID-19 itself cannot be predicted or what it may mean to our economy in the future.  Lack of available inventory as compared to last June is continuing to drive our markets, especially in the Goleta and the City of Santa Barbara.  As always, supply and demand dynamics have and will continue to affect the South Coast of the Santa Barbara Real Estate Market for a long time to come.

Feel free to contact me with any real estate related questions.

Stan Tabler, CRS, GRI, ABR, GREEN

Compass

801 Chapala Street

Santa Barbara, CA 93101

805.689.2305

[email protected]

http://www.stantabler.com

CalBRE Brokers License #00774377 since 1980

Santa Barbara Real Estate Buying and Selling Tips

Whether you are a first-time home buyer or a seasoned veteran who has bought and sold properties for decades, buying or selling a home can be a complex process. While I have compiled this list of Santa Barbara Home Buying and Selling Tips as a resource for both buyers and sellers just like you, there is nothing that can replace the guidance provided by a knowledgeable and trusted member of the real estate community. As a Santa Barbara Realtor with more than three decades of experience in the Santa Barbara and surrounding markets, it would be my great pleasure to share my vast experiences with you. Perhaps one of the biggest preparations sellers can make when listing their Santa Barbara CA houses for sale is to get their home ready for buyers’ first impressions. Items such as the walkway, front porch and entryway can be crucial in a buyer’s first impression. Be sure to keep these areas free from clutter, updated and fresh. Kitchens and bathrooms are also known to “sell homes.” These are great areas to consider a few upgrades to maximize your return. As part of the Santa Barbara Real Estate Services I offer to sellers, we will walk through your home together to determine if any updates or changes need to be made to emphasize your home’s most marketable qualities. For buyers, it is important to first ask yourself why you want to buy a home: To stop paying rent? To start building equity? To raise a family? To have a place of your own? To entertain business associates? To move up to a bigger home? Next, you should determine the type of home you would like to have. Be specific and be sure to separate the “needs” from the “wants.” Once you have started this process, it will be imperative to speak with a qualified loan consultant regarding a pre-qualification. These Santa Barbara Home Buying and Selling Tips will assist you in being ready to explore communities and tour homes of interest without going on a wild goose chase.

Should you have any questions about these Santa Barbara Home Buying and Selling Tips, I encourage you to contact me. As a local real estate professional who lives, works and plays within the communities I service, it would be my great pleasure to welcome you to our area or to help you find the perfect buyers for your Santa Barbara home. Please do not hesitate to contact me today. I look forward to hearing from you soon and to earning your trust and business. Let’s get started!

Why is Santa Barbara Real Estate so expensive?

The Santa Barbara County South Coast may be the most attractive area in all of California to live due to its coastal setting, weather and no/slow growth policies which have been legally, and more importantly mentally, in place since 1972. With a total population of just over 200,000 coupled with a job base larger than the number of housing units available, the unrelenting demand for residences far outstrips the limited supply. Demand to live on the South Coast comes not only from local South Coast buyers (who account for 69.1% of the sales), but from North County buyers (1.2%), California buyers (14.7%), Western United States buyers (6.4%), Eastern United States buyers (5.8%) and Buyers from Abroad (2.8%). The South Coast’s Median Home price runs over twice the price of California’s Median Home price. Santa Barbara is a world-class destination and a highly desirable place to live; real estate values are driven by lifestyle choices, not just by economics.

What is the Median Home Selling Price?

The Median Price represents the price point at which half the homes sell for more and half sell for less. The Median Price can fluctuate from month to month depending on the price-mix of homes sold.

Current Price Trends

South Coast of Santa Barbara County

For May 2020

Single Family Residence Market

Median Sales Price = $1,169,000

Lowest Sale Price = $604,500

Highest Sale Price = $11,250,000

Condominium/PUD Market

Median Sales Price = $810,000

Lowest Sale Price = $410,000

Highest Sale Price = $3,450,000

Where can I see Santa Barbara homes for sale?

Just go to “Property Search” to listings currently available in any given price range.

Buying Your Santa Barbara Home

Step 1

Meet with me to get a general overview of the current market and to discuss what you are looking for in a home. Contact Stan by e-mail at [email protected] or on his direct line at (805) 689-2305.

Step 2

Since you will be making a serious financial commitment, your next task is to determine your budget for your investment in Santa Barbara Real Estate. If you need a mortgage, you should start the Pre-Approval process with a local lender and determine your comfort level.

Step 3

Determine the size of Santa Barbara home you will require, or can live with, by identifying the spaces you need for your family’s activities. No house will ever fully live up to your dreams, so you will probably have to make some compromises. Break the process into parts and prioritize those parts. Mentally budget for the parts your really care about!

Step 4

Select target neighborhoods that meet your needs for commuting, shopping access, quality of schools, availability, style and recreational activities. There is an array of possibilities; during this step we will tour homes in a few Santa Barbara neighborhoods to give you a overall view of the area.

Step 5

After determining which Santa Barbara neighborhoods and will fit your desires, we will concentrate your home search in the chosen areas. This may entail e-mailing the new listings to you as they come on the market or calling you with the information.

Step 6

After locating a home acceptable to you, we will prepare an offer to be presented to the Seller. This offer will contain your inspection and financing contingencies.

Step 7

Upon mutual acceptance of your negotiated offer, an escrow will be opened to handle the paperwork and title insurance needed for you to purchase the property. In California, the escrow company is a neutral third party which follows mutually agreed upon instructions from the Buyer and Seller. Your deposit check, which is usually in the amount of 3% of the purchase price, will be deposited into this escrow account.

Step 8

The length of escrow is negotiated in the offer and can be long or short, but the usual length is 30-45 days. Usually the Buyer has a 17 day inspection contingency and the Buyer has the right to inspect the property and review any disclosures the Seller can provide. If the Buyer requires a mortgage, the time frame for removing the loan contingency is usually between 17 and 21 days. These time frames are all negotiable.

Step 9

Assuming that property checks out and you have removed all your contingencies, the balance of your funds is due in escrow the last business day prior to the escrow closing. Property transfers are recorded at 8:00 AM each business day and we usually get confirmation between 10:00 and 2:00, depending on how busy the County Recorder’s office is that particular day. Upon receiving confirmation the Seller usually releases the keys to the Buyer who is then free to occupy their new property.

Santa Barbara South Coast Real Estate Update

June 13, 2020

Direct from the County Recorder’s Office by way of Fidelity National Title, the total number of residential sales on the South Coast of Santa Barbara County was down 56% from 193 in May 2019 to 85 in May 2020. In May 2020 there were 65 House/PUD sales, down 52% from 2019, with a median sales price of $1,169,000 and an average sales price of $2,117,848.  In May 2020 there were 20 Condominium sales, down 65% from 2019, with a median sales price of $810,000 and an average sales price of $963,000.  The total of the combined January through May residential sales in 2020 was 564, down 27% from 2019, with a median sales price of $1,101,500 and an average sales price of $1,521,535.

In Carpinteria there were a total of 2 sales in May 2020, down from 3 in April.  In May 2020 the median and average sales price of the 1 House/PUD sale was $995,000.  In May 2020 the median and average sales price of the 1 Condominium sale was $445,000.  The lowest priced Carpinteria sale in May 2020 was a Condominium on Birch Street @ $445,000 and the highest was a House on Carpinteria Avenue @ $925,000.

There were no sales in Summerland in April or May of 2020.

In Montecito there were a total of 18 sales in May 2020, up from 15 in April.  The median sales price of the 15 House/PUD sales was $3,460,000 and the average sales price was $4,560,467.  In May 2020 the median sales price of the 3 Condominium sales was $2,000,000 and the average sales price was $2,126,167.  The lowest priced Montecito sale in May 2020 was a House on Orchard Avenue @ $925,000 and the highest was an Estate on East Valley Road @ $11,250,000.

In Santa Barbara there were a total of 34 sales in May 2020, down from 45 in April.  The median sales price of the 29 House/PUD sales was $1,058,750 and the average sales price was $1,216,933.  In May 2020 the median sales price of the 5 Condominium sales was $800,000 and the average sales price was $903,000.  The lowest priced Santa Barbara sale in May 2020 was a House on San Pascual Street @ $604,500 and the highest was a House on Celine Drive @ $2,225,000.

In Hope Ranch there was one sale in May 2020, down from 3 in April.  The median sales price and the average sales price was $10,500,000.  There are no Condominiums in Hope Ranch.  The lowest and highest priced Hope Ranch sale in May 2020 was an Estate on Cresta Avenue @ $10,500,000.

In Goleta there were a total of 30 sales in May 2020, up from 18 in April.  The median sales price of the 19 House/PUD sales was $989,500 and the average sales price was $1,184,450.  In May 2020 the median sales price of the 11 Condominium sales was $679,000 and the average sales price was $721,682.  The lowest priced Goleta sale in May 2020 was a Condominium on Hollister Avenue @ $410,000 and the highest was a House on Boulder Ridge Road @ $2,700,000.

Analysis

The COVID-19 pandemic has not only affected our daily lives, but how everyone buys and sells real estate.  Open houses and Broker Caravans are not allowed and serious protocols are in place for in-person showings of listings, by appointment only.  Due to virus concerns many Sellers have completely cancelled their listings and this only has exacerbated the lack of housing inventory on the market.  It is hard to grasp how to analyze the future effects of the virus on how we live our lives.  The unemployment rate remains high, mortgage interest rates remain low and there appears to be pent-up Buyer demand for housing after the partial loosening of the stay-at-home restrictions.  Also, some owners have decided that they need a larger home to accommodate a home office, and they may become Sellers and Buyers. 

A limited supply of available properties along the South Coast of Santa Barbara County is keeping values higher than one might expect, even taking into account the effects of COVID-19, as compared to many inland areas of California and most areas of the United States.  The appreciation rate along the South Coast has softened, but the pent-up Buyer demand and low inventory has kicked parts of our market into high gear.  A family I represented as Buyers made an offer on a Goleta home only to find themselves in competition with 12 other offers.  Just last week I listed two estate sale properties on the East Side, and to our astonishment we received 70 offers (this is a personal record for me)!  Along the South Coast of Santa Barbara County as of June 5th there were 318 active House/PUD listings (up from 283 on May 1st) and 108 active Condominium listings (up from 86 on May 1st) available for sale.  Generally, there is much more inventory available in the higher price ranges than in the lower ranges as 121 (38%) of the 318 active House/PUD listings are located in the higher valued Montecito and Hope Ranch areas.  Compare the current low totals to the inventory levels from 2007 to 2011 when the total number of active listings ranged between 734 and 1,026.  Historically the highest number of active listings along the South Coast was recorded in June of 1992 when there were 1,297 active listings available for sale.

During each month of 2019 and 2020, sales of bank-owned properties ranged between zero and three.  There were no bank-owned sales in January through May 2020.  As of June 5th there were no bank owned listings for sale or in escrow on the South Coast of Santa Barbara County.  There were no bank-owned property sales in May 2020.  Foreclosure activity along the South Coast of Santa Barbara County has diminished dramatically.  To check out California’s foreclosure by county, visit this RealtyTrac link: California Foreclosure Trends by County .  Dr. Nothaft, the Chief Economist for CoreLogic, has recently stated “Home loan delinquency and foreclosure rates were the lowest in a generation before the COVID-19 pandemic hit.  Recession-induced job losses will fuel delinquencies.  However, wide-spread foreclosures across America will likely be averted because of the home equity buffer that homeowners have and the available forbearance programs.  Our Home Equity Report found that at the start of 2020, homeowners with a mortgage also had an average of $177,000 in home equity.”

As of April 2020 (the latest data available from CoreLogic), the highest recorded County median sales price in California was in San Francisco County @ $1,340,000 (down 4.3% from 2019) and the lowest recorded County median sales price was in Plumas County @ $218,500 (down 27.2% from 2019).  The median sales price in the County of Santa Barbara was $585,000 (down .5% from 2019) and the median sales price in the City of Santa Barbara was $1,167,500 (down 5.1% from 2019).  The lowest median sales price recorded in any California city was in fire ravaged Paradise in Butte County @ $45,000 (down 86.6% from 2019) and the highest was in Los Altos in Santa Clara County @ $3,125,000 (up .7% from 2019).  You could buy 69.5 median priced Houses in Paradise, 5.3 in the County of Santa Barbara or 2.8 in the City of Santa Barbara for the same price as 1 House in Los Altos.  If you care to see a .66 acre fire lot you can buy in the Paradise for $45,000 check out https://www.realtor.com/realestateandhomes-detail/5805-Yorkshire-Dr_Paradise_CA_95969_M24502-23356?view=qv .  If you care to see a 2,142 square foot House you can buy in Los Altos for $3,100,000 check out https://www.realtor.com/realestateandhomes-detail/292-Quinnhill-Rd_Los-Altos_CA_94024_M19950-85475?view=qv .

The Federal Reserve (the Fed) raised the overnight rate four times in 2018 with the last raise to 2.5% in December 2018 and then in 2019 the Fed lowered the overnight interest rate numerous times, thereby reversing all of 2018’s rate increases.  In March the Fed made an “emergency rate cut” to 0-.25%.  The Fed has recognized that the COVID-19 outbreak is causing “tremendous human and economic hardship, sharp declines in economic activity and a surge in job losses, which weigh heavily on economic activity, employment and inflation and poses considerable risks to the economic outlook over the medium term.”   At the Fed’s June 10th meeting they indicated that near-zero interest rates will last through 2022 to curb COVID-19 damage to the economy.  At the Fed’s late May meeting, New York Federal Reserve President John Williams said “I think we’re kind of in a good place…maybe near the bottom in terms of the economic downturn and, hopefully, we’ll start seeing improvement in coming months.”  The operative word there is “hopefully”.   As of June 11th you can get a $510,000 30-year fixed rate loan at 2.85%.  Historically the lowest 30-year mortgage interest rate since 1970 was recorded in 2012 @ 3.31%, so we are now setting a new low @ 2.85%.  The highest mortgage rate was recorded in 1981 @ 18.63%.  If you got a $510,000 mortgage in 1981, your payment would have been $7,949/month; now it would be $2,116/month.

Of the 85 sales in May 2020 there were 46 over $1,000,000 which equates to 54% of the total sales.  The South Coast of Santa Barbara is not an inexpensive place to purchase real estate as compared to most areas of the United States, but again many people will pay more to live and invest in Santa Barbara.  According to Forbes the national average for all cash real estate sales is 20%; on the South Coast in May 2020, 27% were cash sales, up from 16% in April.  See the attachment for the total list of the 85 properties sold on the South Coast of Santa Barbara County in May 2020 and/or contact me for more information.

On May 26th the Conference Board reported that the Consumer Confidence Index stood at 86.6, up from 85.7 in April, down from 118.8 in March and down from 132.6 in February.  In recent years the highest recent Index level recorded was 137.9 in October 2018. Historically the highest Consumer Confidence Index level was recorded in September 2000 when the Index stood at 142.5.  “Following two months of rapid decline, the free-fall in Confidence stopped in May,” says Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic. Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits. However, consumers remain concerned about their financial prospects. In addition, inflation expectations continue to climb, which could lead to a sense of diminished purchasing power and curtail spending. While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave are likely to keep a cloud of uncertainty hanging over consumers’ heads.”

As for the cost of living in May 2020, Expatistan has compiled data from 242 major metropolitan areas worldwide.  Expatistan’s list indicates Mountain View, CA at #4 is the most expensive area in the USA with a Price Index score of 258 and Memphis, TN at #134 is the least expensive with a score of 128.  Of the top 25 most expensive areas worldwide, 5 are in California: #4 Mountain View @ 258,  #7 San Francisco @ 247, #14 Oakland @ 219, #20 Los Angeles @ 203 and #23 San Jose @ 199.  The most expensive area to live in the world is #1 Hamilton (Bermuda) @ 293 and the least expensive is #242 Madras (India) @ 55.  Santa Barbara is not on the list as Expatistan has not rated it as a major metropolitan area.  This is an interesting list to check out if you want to compare the cost of living in different cities around the world: https://www.expatistan.com/cost-of-living/index .

In his March 18, 2020 article, Nicolas Bedo at Realtor.com® wrote about the Luxury Market in the fourth quarter of 2019 and then about the current market uncertainty:  “Continuing their upward trajectory, markets along the central coast of California keep thriving. Santa Barbara was the fastest growing luxury market in Q4, with prices reaching $2.88 million, up 25 percent compared to the same time last year. Million dollar sales in Santa Barbara were up 29 percent year over year.  Monterey prices reached $2.36 million, up 24 percent year over year, with million dollar sales up 52 percent. San Luis Obispo luxury prices reached $1.38 million, growing 10.5 percent year over year, with million dollar sales up 72 percent.  However, like the U.S. economy, luxury housing isn’t immune to the impacts both short and long-term of COVID-19. Many of the gains made in the luxury market in the fourth quarter could be erased as buyers are asked to stay home and sellers hunker down. It seems clear that COVID-19 is going to have far reaching consequences both in the U.S. and globally, the question that remains is just how much of an impact it will have.”  Check out the complete article: https://www.realtor.com/research/tag/luxury-homes/

Historically the highest Year-to-Date median sales price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.  In May 2020 the Year-to-Date median sales price was $1,101,500 down from $1,113,750 in April.  The median sales price has been hovering just below or just above that historic high for most of 2017, 2018, 2019 and now into 2020.  This is an indication of a leveling off in market values along the South Coast of Santa Barbara.

Based on the Santa Barbara Multiple Listing Service, as of June 5th, in the City of Santa Barbara there were 126 active House/PUD listings and 42 pending sales, which equates to a 3 month supply of listings for Buyers to choose from.  Generally up to 3 months of inventory would be considered a Seller’s market where demand is high and inventory is scarce; lower than 2 months of inventory points to a more feverish Seller’s market.  Historically a 4 to 5 month supply of available inventory would indicate a fairly well-balanced market between Buyers and Sellers.  Typically a 6+ month supply is considered to be a Buyer’s market where inventory is plentiful; Buyers are slower to make decisions and want to see everything on the market.  Based on Santa Barbara Multiple Listing Service data and as of June 5th Carpinteria/Summerland had a 3.3 month supply, Montecito had a 4 month supply, Goleta had a 1.5 month supply and Hope Ranch had a 3.6 month supply.  All these inventory ratios are much lower than in early April.  These inventory statistics indicate that Goleta is in a Seller’s market and the City of Santa Barbara, Carpinteria/Summerland, Montecito and Hope Ranch are mostly in a balanced market for the first time in quite a while.  With a total of 106 House/PUD pending sales and only 318 active listings on the South Coast of Santa Barbara County, there is a 3 month supply of House/PUD listings to choose from.  With a total of 38 Condominium pending sales and only 108 active listings on the South Coast of Santa Barbara County, there is a 2.8 month supply of Condominium listings for Buyers to choose from.

The ramifications of the concerns about COVID-19 and how it has & will affect our world, government spending in response to COVID-19, home insurance availability & rising premiums, trade tensions, the tumultuous stock market, demonstrations, the Federal $10,000 limit on State tax deductions and the memories of the fire damage & debris flows in Montecito are concerns to many Sellers and Buyers along the South Coast of Santa Barbara County.  That being said, Santa Barbara Buyers currently seem to be in a frenzied state due to pent-up demand and low inventory.  The trajectory of COVID-19 itself cannot be predicted or what it may mean to our economy in the future.  Lack of available inventory as compared to last June is continuing to drive our markets, especially in the Goleta and the City of Santa Barbara.  As always, supply and demand dynamics have and will continue to affect the South Coast of the Santa Barbara Real Estate Market for a long time to come.

Feel free to contact me with any real estate related questions.

Stan Tabler, CRS, GRI, ABR, GREEN

Compass

801 Chapala Street

Santa Barbara, CA 93101

805.689.2305

[email protected]

http://www.stantabler.com

CalBRE Brokers License #00774377 since 1980

Santa Barbara Real Estate Market Trends

Santa Barbara South Coast Real Estate Update

June 13, 2020

Direct from the County Recorder’s Office by way of Fidelity National Title, the total number of residential sales on the South Coast of Santa Barbara County was down 56% from 193 in May 2019 to 85 in May 2020. In May 2020 there were 65 House/PUD sales, down 52% from 2019, with a median sales price of $1,169,000 and an average sales price of $2,117,848.  In May 2020 there were 20 Condominium sales, down 65% from 2019, with a median sales price of $810,000 and an average sales price of $963,000.  The total of the combined January through May residential sales in 2020 was 564, down 27% from 2019, with a median sales price of $1,101,500 and an average sales price of $1,521,535.

In Carpinteria there were a total of 2 sales in May 2020, down from 3 in April.  In May 2020 the median and average sales price of the 1 House/PUD sale was $995,000.  In May 2020 the median and average sales price of the 1 Condominium sale was $445,000.  The lowest priced Carpinteria sale in May 2020 was a Condominium on Birch Street @ $445,000 and the highest was a House on Carpinteria Avenue @ $925,000.

There were no sales in Summerland in April or May of 2020.

In Montecito there were a total of 18 sales in May 2020, up from 15 in April.  The median sales price of the 15 House/PUD sales was $3,460,000 and the average sales price was $4,560,467.  In May 2020 the median sales price of the 3 Condominium sales was $2,000,000 and the average sales price was $2,126,167.  The lowest priced Montecito sale in May 2020 was a House on Orchard Avenue @ $925,000 and the highest was an Estate on East Valley Road @ $11,250,000.

In Santa Barbara there were a total of 34 sales in May 2020, down from 45 in April.  The median sales price of the 29 House/PUD sales was $1,058,750 and the average sales price was $1,216,933.  In May 2020 the median sales price of the 5 Condominium sales was $800,000 and the average sales price was $903,000.  The lowest priced Santa Barbara sale in May 2020 was a House on San Pascual Street @ $604,500 and the highest was a House on Celine Drive @ $2,225,000.

In Hope Ranch there was one sale in May 2020, down from 3 in April.  The median sales price and the average sales price was $10,500,000.  There are no Condominiums in Hope Ranch.  The lowest and highest priced Hope Ranch sale in May 2020 was an Estate on Cresta Avenue @ $10,500,000.

In Goleta there were a total of 30 sales in May 2020, up from 18 in April.  The median sales price of the 19 House/PUD sales was $989,500 and the average sales price was $1,184,450.  In May 2020 the median sales price of the 11 Condominium sales was $679,000 and the average sales price was $721,682.  The lowest priced Goleta sale in May 2020 was a Condominium on Hollister Avenue @ $410,000 and the highest was a House on Boulder Ridge Road @ $2,700,000.

Analysis

The COVID-19 pandemic has not only affected our daily lives, but how everyone buys and sells real estate.  Open houses and Broker Caravans are not allowed and serious protocols are in place for in-person showings of listings, by appointment only.  Due to virus concerns many Sellers have completely cancelled their listings and this only has exacerbated the lack of housing inventory on the market.  It is hard to grasp how to analyze the future effects of the virus on how we live our lives.  The unemployment rate remains high, mortgage interest rates remain low and there appears to be pent-up Buyer demand for housing after the partial loosening of the stay-at-home restrictions.  Also, some owners have decided that they need a larger home to accommodate a home office, and they may become Sellers and Buyers. 

A limited supply of available properties along the South Coast of Santa Barbara County is keeping values higher than one might expect, even taking into account the effects of COVID-19, as compared to many inland areas of California and most areas of the United States.  The appreciation rate along the South Coast has softened, but the pent-up Buyer demand and low inventory has kicked parts of our market into high gear.  A family I represented as Buyers made an offer on a Goleta home only to find themselves in competition with 12 other offers.  Just last week I listed two estate sale properties on the East Side, and to our astonishment we received 70 offers (this is a personal record for me)!  Along the South Coast of Santa Barbara County as of June 5th there were 318 active House/PUD listings (up from 283 on May 1st) and 108 active Condominium listings (up from 86 on May 1st) available for sale.  Generally, there is much more inventory available in the higher price ranges than in the lower ranges as 121 (38%) of the 318 active House/PUD listings are located in the higher valued Montecito and Hope Ranch areas.  Compare the current low totals to the inventory levels from 2007 to 2011 when the total number of active listings ranged between 734 and 1,026.  Historically the highest number of active listings along the South Coast was recorded in June of 1992 when there were 1,297 active listings available for sale.

During each month of 2019 and 2020, sales of bank-owned properties ranged between zero and three.  There were no bank-owned sales in January through May 2020.  As of June 5th there were no bank owned listings for sale or in escrow on the South Coast of Santa Barbara County.  There were no bank-owned property sales in May 2020.  Foreclosure activity along the South Coast of Santa Barbara County has diminished dramatically.  To check out California’s foreclosure by county, visit this RealtyTrac link: California Foreclosure Trends by County .  Dr. Nothaft, the Chief Economist for CoreLogic, has recently stated “Home loan delinquency and foreclosure rates were the lowest in a generation before the COVID-19 pandemic hit.  Recession-induced job losses will fuel delinquencies.  However, wide-spread foreclosures across America will likely be averted because of the home equity buffer that homeowners have and the available forbearance programs.  Our Home Equity Report found that at the start of 2020, homeowners with a mortgage also had an average of $177,000 in home equity.”

As of April 2020 (the latest data available from CoreLogic), the highest recorded County median sales price in California was in San Francisco County @ $1,340,000 (down 4.3% from 2019) and the lowest recorded County median sales price was in Plumas County @ $218,500 (down 27.2% from 2019).  The median sales price in the County of Santa Barbara was $585,000 (down .5% from 2019) and the median sales price in the City of Santa Barbara was $1,167,500 (down 5.1% from 2019).  The lowest median sales price recorded in any California city was in fire ravaged Paradise in Butte County @ $45,000 (down 86.6% from 2019) and the highest was in Los Altos in Santa Clara County @ $3,125,000 (up .7% from 2019).  You could buy 69.5 median priced Houses in Paradise, 5.3 in the County of Santa Barbara or 2.8 in the City of Santa Barbara for the same price as 1 House in Los Altos.  If you care to see a .66 acre fire lot you can buy in the Paradise for $45,000 check out https://www.realtor.com/realestateandhomes-detail/5805-Yorkshire-Dr_Paradise_CA_95969_M24502-23356?view=qv .  If you care to see a 2,142 square foot House you can buy in Los Altos for $3,100,000 check out https://www.realtor.com/realestateandhomes-detail/292-Quinnhill-Rd_Los-Altos_CA_94024_M19950-85475?view=qv .

The Federal Reserve (the Fed) raised the overnight rate four times in 2018 with the last raise to 2.5% in December 2018 and then in 2019 the Fed lowered the overnight interest rate numerous times, thereby reversing all of 2018’s rate increases.  In March the Fed made an “emergency rate cut” to 0-.25%.  The Fed has recognized that the COVID-19 outbreak is causing “tremendous human and economic hardship, sharp declines in economic activity and a surge in job losses, which weigh heavily on economic activity, employment and inflation and poses considerable risks to the economic outlook over the medium term.”   At the Fed’s June 10th meeting they indicated that near-zero interest rates will last through 2022 to curb COVID-19 damage to the economy.  At the Fed’s late May meeting, New York Federal Reserve President John Williams said “I think we’re kind of in a good place…maybe near the bottom in terms of the economic downturn and, hopefully, we’ll start seeing improvement in coming months.”  The operative word there is “hopefully”.   As of June 11th you can get a $510,000 30-year fixed rate loan at 2.85%.  Historically the lowest 30-year mortgage interest rate since 1970 was recorded in 2012 @ 3.31%, so we are now setting a new low @ 2.85%.  The highest mortgage rate was recorded in 1981 @ 18.63%.  If you got a $510,000 mortgage in 1981, your payment would have been $7,949/month; now it would be $2,116/month.

Of the 85 sales in May 2020 there were 46 over $1,000,000 which equates to 54% of the total sales.  The South Coast of Santa Barbara is not an inexpensive place to purchase real estate as compared to most areas of the United States, but again many people will pay more to live and invest in Santa Barbara.  According to Forbes the national average for all cash real estate sales is 20%; on the South Coast in May 2020, 27% were cash sales, up from 16% in April.  See the attachment for the total list of the 85 properties sold on the South Coast of Santa Barbara County in May 2020 and/or contact me for more information.

On May 26th the Conference Board reported that the Consumer Confidence Index stood at 86.6, up from 85.7 in April, down from 118.8 in March and down from 132.6 in February.  In recent years the highest recent Index level recorded was 137.9 in October 2018. Historically the highest Consumer Confidence Index level was recorded in September 2000 when the Index stood at 142.5.  “Following two months of rapid decline, the free-fall in Confidence stopped in May,” says Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic. Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits. However, consumers remain concerned about their financial prospects. In addition, inflation expectations continue to climb, which could lead to a sense of diminished purchasing power and curtail spending. While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave are likely to keep a cloud of uncertainty hanging over consumers’ heads.”

As for the cost of living in May 2020, Expatistan has compiled data from 242 major metropolitan areas worldwide.  Expatistan’s list indicates Mountain View, CA at #4 is the most expensive area in the USA with a Price Index score of 258 and Memphis, TN at #134 is the least expensive with a score of 128.  Of the top 25 most expensive areas worldwide, 5 are in California: #4 Mountain View @ 258,  #7 San Francisco @ 247, #14 Oakland @ 219, #20 Los Angeles @ 203 and #23 San Jose @ 199.  The most expensive area to live in the world is #1 Hamilton (Bermuda) @ 293 and the least expensive is #242 Madras (India) @ 55.  Santa Barbara is not on the list as Expatistan has not rated it as a major metropolitan area.  This is an interesting list to check out if you want to compare the cost of living in different cities around the world: https://www.expatistan.com/cost-of-living/index .

In his March 18, 2020 article, Nicolas Bedo at Realtor.com® wrote about the Luxury Market in the fourth quarter of 2019 and then about the current market uncertainty:  “Continuing their upward trajectory, markets along the central coast of California keep thriving. Santa Barbara was the fastest growing luxury market in Q4, with prices reaching $2.88 million, up 25 percent compared to the same time last year. Million dollar sales in Santa Barbara were up 29 percent year over year.  Monterey prices reached $2.36 million, up 24 percent year over year, with million dollar sales up 52 percent. San Luis Obispo luxury prices reached $1.38 million, growing 10.5 percent year over year, with million dollar sales up 72 percent.  However, like the U.S. economy, luxury housing isn’t immune to the impacts both short and long-term of COVID-19. Many of the gains made in the luxury market in the fourth quarter could be erased as buyers are asked to stay home and sellers hunker down. It seems clear that COVID-19 is going to have far reaching consequences both in the U.S. and globally, the question that remains is just how much of an impact it will have.”  Check out the complete article: https://www.realtor.com/research/tag/luxury-homes/

Historically the highest Year-to-Date median sales price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.  In May 2020 the Year-to-Date median sales price was $1,101,500 down from $1,113,750 in April.  The median sales price has been hovering just below or just above that historic high for most of 2017, 2018, 2019 and now into 2020.  This is an indication of a leveling off in market values along the South Coast of Santa Barbara.

Based on the Santa Barbara Multiple Listing Service, as of June 5th, in the City of Santa Barbara there were 126 active House/PUD listings and 42 pending sales, which equates to a 3 month supply of listings for Buyers to choose from.  Generally up to 3 months of inventory would be considered a Seller’s market where demand is high and inventory is scarce; lower than 2 months of inventory points to a more feverish Seller’s market.  Historically a 4 to 5 month supply of available inventory would indicate a fairly well-balanced market between Buyers and Sellers.  Typically a 6+ month supply is considered to be a Buyer’s market where inventory is plentiful; Buyers are slower to make decisions and want to see everything on the market.  Based on Santa Barbara Multiple Listing Service data and as of June 5th Carpinteria/Summerland had a 3.3 month supply, Montecito had a 4 month supply, Goleta had a 1.5 month supply and Hope Ranch had a 3.6 month supply.  All these inventory ratios are much lower than in early April.  These inventory statistics indicate that Goleta is in a Seller’s market and the City of Santa Barbara, Carpinteria/Summerland, Montecito and Hope Ranch are mostly in a balanced market for the first time in quite a while.  With a total of 106 House/PUD pending sales and only 318 active listings on the South Coast of Santa Barbara County, there is a 3 month supply of House/PUD listings to choose from.  With a total of 38 Condominium pending sales and only 108 active listings on the South Coast of Santa Barbara County, there is a 2.8 month supply of Condominium listings for Buyers to choose from.

The ramifications of the concerns about COVID-19 and how it has & will affect our world, government spending in response to COVID-19, home insurance availability & rising premiums, trade tensions, the tumultuous stock market, demonstrations, the Federal $10,000 limit on State tax deductions and the memories of the fire damage & debris flows in Montecito are concerns to many Sellers and Buyers along the South Coast of Santa Barbara County.  That being said, Santa Barbara Buyers currently seem to be in a frenzied state due to pent-up demand and low inventory.  The trajectory of COVID-19 itself cannot be predicted or what it may mean to our economy in the future.  Lack of available inventory as compared to last June is continuing to drive our markets, especially in the Goleta and the City of Santa Barbara.  As always, supply and demand dynamics have and will continue to affect the South Coast of the Santa Barbara Real Estate Market for a long time to come.

Feel free to contact me with any real estate related questions.

Stan Tabler, CRS, GRI, ABR, GREEN

Compass

801 Chapala Street

Santa Barbara, CA 93101

805.689.2305

[email protected]

http://www.stantabler.com

CalBRE Brokers License #00774377 since 1980

Final Goleta Home Buying Walk Through

You’ve found the home of your dreams, negotiated the contract and you’ve been running around making plans and getting ready to move – closing is just days away! There are just a few more steps before the keys to your new Goleta Real Estate are in your hands. One of these important steps is the Final Goleta Home Buying Walk Through. There is a lot that can happen in the final days before closing. Movers may have damaged a wall or the floor during the seller’s move, perhaps the curtains you negotiated into the deal have been taken down, or maybe the previous owner left the garage full of boxes and trash. Anything can happen, which is why it is imperative to complete a final walk through whether you are Buying a Second Home or Vacation Home or are moving into your primary residence.  Here are a few tips to remember when touring the home for the final time:

  1. Check steps, sidewalks, driveways and patios for any noticeable change.
  2. Verify the condition of doors and windows, including locks.
  3. Check garage door and openers, as well as exterior lights and motion-activated lights.
  4. Flush all toilets and check all faucets.
  5. Check all appliances to ensure they are in working order, including water heater.
  6. Check ceilings, walls and floors for any new damage.
  7. Verify heating and air is operational.
  8. Ensure all negotiated terms from the contract are present and in the expected condition.
  9. Ensure that all the seller’s personal items and debris have been removed from the property.

As your Goleta Realtor, one of my responsibilities to both buyers and sellers is to ensure that this Final Goleta Home Buying Walk Through is completed to everyone’s satisfaction. If you’re considering the purchase or sale of a Goleta home or any property in the Santa Barbara area, it would be my pleasure to discuss the final walk through and many other details with you.

With more than three decades of real estate experience within this community, I have helped countless numbers of buyers and sellers reach their real estate goals. Whether you’d like more information on the Final Goleta Home Buying Walk Through or would like to speak with me to learn more about the community and its real estate, please do not hesitate to contact me today! I look forward to hearing from you soon.

Montecito Real Estate Closing Process

What’s next? After you have worked tirelessly to find the home of your dreams, it’s time for the closing process to begin. Simply put, closing occurs when you sign the papers to make the house yours. However, before that day arrives the Montecito Real Estate Closing Process involves several important steps that are put in place to protect all parties. As your Montecito Real Estate Agent, it would be my pleasure to guide you and assist you throughout the entire process from beginning to end.

 

  1. Open Escrow – Escrow is an account held by a third party. This third party will hold the escrow amount you agreed upon in your purchase agreement until closing.
  2. Title Search and Title Insurance – When purchasing Montecito California Real Estate, title search and insurance provide peace of mind and legal safeguard so that when you buy a property, no one else can try to claim it as theirs later. A title officer will perform the search to make sure there are no clouds on the title.
  3. Appraisal – A lender will want to make sure you’re borrowing an amount equal or less than the home’s market value.
  4. Home Inspection – While a home inspection is not required, most buyers will choose to have an inspection to ensure they understand the condition of the home they are purchasing. If there are serious problems uncovered during inspection, you will generally have the opportunity to renegotiate or back out of the agreement.
  5. Final Walkthrough – This is one of the last steps before you sign closing papers to ensure no damage has occurred and nothing has been removed that is included in the purchase.
  6. Closing Day – It is imperative to review each closing document thoroughly before completing the Montecito Real Estate Closing Process. Generally, the buyer and seller, as well as their agents, will be present at the closing. Once all legal documents are signed, the title company will officially record the deed and other legal documents with the appropriate government agencies.

These are the very basic steps of the Montecito Real Estate Closing Process. It is important to remember that each purchase or sale is unique and that it is always in your best interest to have a local real estate professional assist you from beginning to end. Please take a moment to browse my blog and my website and let me know if you have any questions or if I can be of any assistance. You may also enjoy my recent Montecito Real Estate Market Report. There has never been a better time to consider the purchase of Montecito real estate. Contact me at your convenience to learn more!

Santa Ynez Home Buyers and Sellers Checklist

Overwhelmed? Taking care of all the little details when it comes time to purchase or sell your Santa Ynez Valley Homes can seem daunting. There are many factors to consider and deadlines to meet to ensure your transaction stays on track. As a local real estate professional that has been assisting buyers and sellers just like you for more than forty years, I’ve developed a Santa Ynez Home Buyers and Sellers Checklist to assist you.

 

Santa Ynez Home Buyers and Sellers Checklist For Buyers:

  • Determine how much you can spend by speaking with a knowledgeable mortgage consultant. This may include checking your credit reports and learning how much you can borrow.

  • Find a local real estate professional that has the in-depth community knowledge today’s Santa Ynez Valley homebuyer needs.

  • Research potential neighborhoods. Begin making a list of features you want in a home, and start house hunting with your Realtor.

  • Make an offer.

  • Get an inspection, appraisal and begin working towards the closing process.

 

Santa Ynez Home Buyers and Sellers Checklist For Sellers:

  • Educate yourself about the current market data and trends in your neighborhood

  • Prepare your home. Clean and de-clutter all areas of the home. Speak with your Realtor about any changes or upgrades that may need to be addressed before placing your home for sale.

  • Price your home to sell. Take time to discuss this thoroughly with your Realtor.

  • Work to keep you home clean and tidy so you are always ready for showings.

  • Be realistic with all offers and take the emotions out of your decision.

These are just a few steps that you and your Realtor will need to take to ensure your transaction is as smooth and successful as possible. If you are investing in property, I encourage you to also read by blog entitled: Santa Ynez Investment Properties Do and Don’t List. If you’re ready to start browsing the real estate market or would like to discuss selling your Santa Ynez home, contact me today! I am always available for consultation and look forward to sharing my wonderful community with you! Let’s get started today.

Santa Ynez Investment Properties Do and Don’t List

Offering world-class wineries, verdant vineyards, sprawling ranches and six small towns, the Santa Ynez Valley is praised by locals and visitors alike for its rural-agricultural heritage and sophisticated “wine country” ambiance. In spite of the area’s relaxed atmosphere, Santa Ynez Valley Real Estate allows residents to enjoy an active lifestyle including golf, biking, hiking and horseback riding, as well as excellent fishing at nearby Lake Cachuma. An ideal location for investment, I have compiled this Santa Ynez Investment Properties Do and Don’t List for your convenience.

 

When considering the purchase of any investment property, it is important to complete a Santa Ynez Home Buyers and Sellers Checklist to ensure you stay focused and to move efficiently through the transaction. Here are a few investment pointers:

 

  • Do analyze your finances and make sure you can take on an investment property at this time.

  • Do make sure you are prequalified for a loan.

  • Do hire a knowledgeable and respected real estate professional, and be sure to research the current market in the community of your choice.

  • Do make sure you fully inspect properties to ensure that there are no large issues that will significantly change the total cost of your investment.

  • Don’t overestimate the value of rental properties. Your property may sit vacant for some time and you will need to account for this.

  • Don’t get invested emotionally in the process.

  • Don’t rush through the process. Take your time to find the investment that suits your wants and needs.

  • Don’t rely on seller’s documentations. Always have a third party verify title.

 

These are just a few tips to place on your Santa Ynez Investment Properties Do and Don’t List. It is important to remember that each house and each transaction are unique and that the guidance of a local real estate professional in these cases can be vital to your success.

 

As your Santa Ynez Valley Realtor, please do not hesitate to contact me if you have any questions about the Santa Ynez Investment Properties Do and Don’t List or any of the information you find on my website. I’d love to hear from you and look forward to helping you find the investment property that not only suits your needs, but that also exceeds your expectations. Let’s get started today!

Entertainment in Carpinteria and Summerland California Area

Positioned quietly between Ventura and Santa Barbara County, Carpinteria is a small, enchanting ocean-side town that is renowned for its exceptional bluffs and seemingly endless beaches. Entertainment in Carpinteria & Summerland California Area includes everything from surf and sea right outside your front door to bike riding, camping, a walk along the Salt Marsh Reserve, fine dining, world-class shopping and much, much more.

 

Carpinteria Real Estate allows residents and visitors alike to participate in endless recreational, social and cultural activities throughout the year. One great example is the highly celebrated Avocado Festival. Each year the festival can be found along Linden Avenue with everything from award winning guacamole to homemade avocado ice cream. Speaking of food, you will also find a wealth of great restaurants including Carp’s one-stop hamburger shack, Robitaille’s Fine Candies, Island Brewing Company, Cajun Kitchen Café and Hugos Restaurant. You will also find Hollandia Produce, an organic produce company, rounding off the shopping and Entertainment in Carpinteria & Summerland California Area.

 

Other fantastic sources of Entertainment in Carpinteria & Summerland California Area are the many hiking trails and hot springs found in the neighboring community of Ojai, the events and activities at the Santa Barbara Polo Fields and of course the endless beaches and ocean waves.

 

As your Carpinteria and Summerland Realtor, it would be my pleasure to introduce you to the area and to the many activities, amenities and luxuries found here. I encourage you to browse my website at your convenience and look forward to assisting you with any and all your real estate needs. You may also be interested in my recent blog entitled: How Do I Price My Carpinteria and Summerland Home? Contact me today to get started whether buying, selling or investing!

How Do I Price My Carpinteria and Summerland Home?

When it comes to putting your Carpinteria and Summerland Real Estate on the market, determining the right asking price is one of the most important decisions you and your Realtor will make. If you’re asking the question –  “How Do I Price My Carpinteria and Summerland Home?” – you’re headed in the right direction. With the help of a qualified and experienced Carpinteria Real Estate Agent, you should have no problem setting the right price for your home and attracting more potential buyers to your property.

 

When determining the appropriate asking price, real estate professionals take several things into consideration. Some of these include: comparable listings and sales, withdrawn and expired listings, pending sales, square foot cost comparisons and the overall condition of the local market. Once these items have been reviewed, a good Realtor will be able to answer: “How Do I Price My Carpinteria and Summerland Home.”

 

As a seller, it is also important to look at the selling of your home as objectively as possible and to try to keep emotions out of the equation. Equally as important is to remember that pricing your home too high could have a very negative impact on the marketability of your home. By setting a price that is too high, your home could likely become “stale” in the market and will need to be removed from the market for a period of time. If the property is priced too high and sits too long, potential buyers will think negatively of the property. Therefore, in order to get your home sold in the quickest possible time period, it is important for you to give serious consideration to the price suggested by your Realtor.

 

If you’re still wondering, “How Do I Price My Carpinteria and Summerland Home?” or would like to learn more about Entertainment in Carpinteria & Summerland California Area, I encourage you to browse my website and blog at your leisure. Please contact me if you have any questions. It would be my great pleasure to help you with any and all of your real estate goals!

Vacationing in Montecito California & The Santa Barbara Area

“Little mountain, little forest” – the ideal name for this exceptional area of winding, tree-shaded lanes reminiscent of an English countryside. The small, upscale beach community of Montecito, California has long been renowned for its exceptional beach access, beautiful boutiques, cafes and restaurants, and for the unparalleled luxury Montecito Real Estate found throughout the community. If you are considering Vacationing in Montecito California & The Santa Barbara Area, you will find endless beaches, from Butterfly Beach down to Fernald’s Point, on which to enjoy a long leisurely stroll in the sun and a dip in the Pacific Ocean.

Today, many who vacation in the area are considering the purchase of a Montecito Vacation Home. With interest rates at an all-time low and a myriad of exceptional real estate opportunities available throughout Montecito and Santa Barbara, there has never been a better time to make the dream of owning a beachfront property a reality. Whether you are looking for a luxury estate-sized home right on the ocean or a quiet condominium tucked away from the hustle and bustle, Montecito and the Santa Barbara area have it all. Montecito also offers exceptional shopping opportunities at both the “Lower Village” on Coast Village Road and the “Upper Village” on East Valley Road.

When thinking about purchasing a home for use when Vacationing in Montecito California & The Santa Barbara Area, it is important to understand that a home can be much more valuable if it’s rentable. You may think you’ll keep the retreat all to yourself, but it is smart to shop as though you are going to rent the home out. As a local real estate professional with more than 30 years of experience in this community, I can help you find the property to not only meet your needs, but to also exceed your expectations.

I encourage you to browse my blog and my website at your leisure to learn more about Vacationing in Montecito California & The Santa Barbara Area as well as to learn more about our community including the Montecito Real Estate Closing Process. Should you have any questions or would like to speak with me regarding your specific needs, please do not hesitate to contact me directly! Let’s get started today!


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Contact Stan

Stan Tabler, CRS, GRI, ABR
Realtor of the Year
Compass California
DRE #00774377 since 1980
801 Chapala Street
Santa Barbara, CA 93101
(805) 689-2305
[email protected]