With the election behind us, speculation has already begun on how the Trump presidency might impact real estate. Surprisingly, even before Election Day, Santa Barbara and Montecito had already started seeing increased buyer interest and more homes going into escrow. Buyers now feel they have leverage after nearly five years of a seller’s market. Inventory is growing, and more properties are set to hit the market in the coming months, prompting motivated sellers to lower expectations by adjusting prices or accepting offers — typically above last year’s prices, but not always as high as anticipated.
We’re closely monitoring the pace of sales relative to listing inventory. Although sales rates remain mostly flat, more price reductions are occurring. Even so, recent sales continue to close at higher prices than comparable transactions last year. Whether it’s the election, interest rates, or broader economic shifts, changing dynamics are clearly influencing both buyer behavior and seller expectations in Montecito.
SANTA BARBARA COUNTY INVENTORY
HERE’S WHAT WE ARE SEEING:
Buyers still pay a premium for homes with:
• Turn-key, tasteful remodels, exceptional charm, flexible floor plans or stunning views
Slower interest in less-appealing homes:
• Properties that need significant work are selling more slowly and for lower prices than expected
• Buyers do not like uncertainty and the unknowns of construction costs, permitting, and bureaucratic delays hold buyers back
Buyers are more comfortable negotiating:
• With more choices available, buyers are increasingly confident in making lower offers and asking for seller concessions
Seller’s expectations:
• Sellers who are adapting and are getting ahead of the curve are being successful
• Pricing, presentation and timing are the keys to being successful in today’s market
What Happened in Montecito Last Week?
November 3rd – November 9th
7 New Listings
2 Closed Sales
3 Pending Sales
weekly spotlight
Newly Staged Montecito Gem
150 Coronada Circle | $3,995,000
Where contemporary design meets sweeping vistas, this Montecito residence is perfectly positioned to capture expansive views from the mountains to the sea, presenting a panorama of beauty.
Featuring 2 bedrooms plus an office/den and epitomizing modern luxury, the Mediterranean style shines through every room.
