Q3 MARKET REPORT
In 2020, we held our breath (and wore our masks) while we watched demand increase and more and more buyers call Montecito home. Many people weren't looking for a second (or third or fourth) home as was common in years past; the majority of the buyers seem to have planted roots, investing their lives into our community as full time residents.
Yes, a few 2020 buyers have since sold and moved back to city life, but the vast majority are still here making memories in Montecito. Year to date, more than half of the buyers involved in our transactions are currently local residents looking for an address change. Approximately 45% of our buyers are from out of town, most with connections here, including UCSB, Westmont, family, friends, or just a lifelong dream of living by the beach.
Call us biased, but we think it would be nearly impossible to discover the beauty and ease of Montecito and not share it with everyone we know! As a result, Riskin Partners has seen an increase in referrals from happy clients sending their friends, family, and colleagues to us to help them find their own piece of paradise. Of course, there are those who aren't in a position to relocate full time, and we are still helping multiple buyers look for the right part time pad as well.
What continues to remain true is that buyers are willing to pay a premium for instant gratification. Even prior to the pandemic, properties more recently renovated or newly built with clean and modern finishes, sell quickly and at top dollar.
HIGH ON BUYER’S WISHLISTS
New, or recently updated
Historical pedigree or architecturally significant
Ocean or mountain views
Amenities like pools, guest structures, or pickle ball courts.
CLICK BELOW FOR EXAMPLES OF PROPERTIES IN HIGH DEMAND THAT COMMAND A PREMIUM.
Inventory remains at historic lows, which has left many buyers anxious and frustrated. Though demand remains high, there is less of a frenzy to buy now, at any cost, than we saw earlier in the pandemic. Perhaps that will change as we get into the new year, and families are beginning to look towards being settled by the start of the fall 2022 school year. Regardless, pricing has started to stabilize after appreciation on average of 20-30% from the beginning of 2021 alone.
CLICK BELOW TO VIEW EXAMPLES OF PROPERTIES THAT HAVE APPRECIATED DURING THE PANDEMIC.
Who you work with has always mattered but never more so than now, especially with such limited inventory. It's important to be aligned with an agent in the know who understands the nuances of this dynamic market; why what sold for what it did, and market trends overall. Riskin Partners is proud to be known for our integrity, tireless work ethic, and ability to find clients the right house, even if that property isn't on the market.
CLICK BELOW TO REVIEW OUR CURRENT BUYER NEEDS.
Robert, Jasmine, Dina, and Sarah
Whether you are looking for a change of scenery, considering making changes to your home, wonder how renovations impact value, have questions about the current value of your home, or have people in your life looking to learn more about Montecito, we would be honored to assist with all of your real estate needs!
