Giving pause to Santa Barbara real estate one can take a look at the positive headlines, creating a much more optimistic feel for the state of home sales and the economy in general. It has been stated over and over in recent years that economic recovery is tightly connected with real estate recovery. The economy has been recovering slowly, and often real estate recovery has seemed even slower. It does look like that is starting to change in the Santa Barbara area.
Seems that the fear factor is gone and that consumer confidence is back in many market segments in Montecito and Santa Barbara. Numbers are showing that there were 15% more sales in March with about 20% less inventory than a year ago. This is creating bidding wars on some properties in the Santa Barbara real estate market. As I mentioned in a previous blog the high end luxury market in the Montecito/Santa Barbara area is much stronger than it has been in the past few years. Looking at the $7,000,000 and above price range there were 75% more sales in the past 2 months than the same time frame in 2011. It appears high net worth buyers are now ready to put their money back into the luxury real estate market particularly in Montecito. To view currently available luxury homes for sale in Montecito click here.
It is important to remember, however, that not too long ago headlines were 99.9% bleak, offering little hope, and when there was hope it seemed months, if not years, in the future. Today’s headlines on the other hand are far more optimistic, showing signs of life in retail, residential, new construction, and real estate investment. This is holding true in the Santa Barbara real estate market.
Recent Wall Street Journal headlines related to real estate include: “Drop in Store Vacancies Signals Possible Mall Rebound”, “Owning Regains Appeal”, and “Foreclosure Starts ‘Fall’ in February”. Likewise, recent headlines at Realty Times include: “Real Estate Outlook: Vacation Sales Surge”, and “Banks Upbeat About Mortgage Performance, Looser Credit Looms”.
While certainly real estate recovery is not in full bloom everywhere but it certainly is looking up. The general sentiment appears to be that owning real estate is a good investment and that now is a great time to be a buyer. Whether you are looking for a primary residence, a vacation home, a luxury estate, or an investment property in a resort area Santa Barbara and Montecito offer a diverse selection of properties – to view Santa Barbara homes for sale click here or go to www.SantaBarbaraRE.com