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real estate market

The Key Factor to Getting Your Home Sold

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The Key Factor to Getting Your Home Sold

A tale as old as time, "I want to get my house sold NOW!" Every seller's dream is a quick offer and a short escrow, but attaining this elusive goal is easier said than done. Location, quality or condition, market conditions, marketing, price... each factor has it's own hand in the turnaround time for listing your home, and accepting an offer. However, no factor has a heavier influence on getting your house sold than - you guessed it- price.

Stunning Spanish Compound w/ Ocean views in Montecito.
Stunning Spanish Compound w/ Ocean views in Montecito.

According to a new article by RealtyTime.com, a house in a good location will see for a fair price, as will a home in a bad location. Same goes for quality of construction and condition of the house. Listing a home for a fair price will always yeild higher interest than an over-priced proeprty. This is important for sellers to keep in mind, and while listing your home at price x, consider the time on market and number of showings. If the property fails to maintain momentum and intersest, a price reduction is often a beneficial move. Not only will adjusting the price bring back buyers previously interested, it will also allow a larger pool of buyers to take an initial look, bringing you - the seller - an offer you can accept!

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The Luxury Market Goes To The Young and the Wealthy!

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The Luxury Market Goes To The Young and the Wealthy!

The National Association of Realtors has reported on a very intriguing study conducted by the Luxury Institute, which found those who are driving the luxury real estate market are not those middle-aged CEO's but younger buyers with a fresh take on what is "in" in luxury real estate. Looking at young buyers aged 21 or older with a minimum income of $250,000, the survey concludes that these young buyers are willing to pay more than buyers of similar wealth but aged over 55. On average, young buyers spent over $2 million on their most recent residential property purchase which was almost twice as much as older buyers spent! The article by RealtorMag quotes the CEO of the Luxury Institute: “Luxury homes are for more than successful and retired empty nesters,” says Milton Pedraza, CEO of the Luxury Institute. “Today’s luxury buyer is both dynamic and diverse, and it’s reflected in the homes and products they’re buying.”

However, it's not just how much young buyers are spending, but also what they are spending it on that is of note. The amenities at the top of most young buyer's wish lists are outdoor kitchens, gyms, home theater systems and garages to house 4+ cars! These amenities all showcase the desire to lead active lifestyles, raise families or entertain in their homes and make the most of their purchases. Despite these new age desires, the oldest adage in real estate still applies: Location, location, location! Location is still the most important factor in property purchases, with only 6% of young buyers purchasing homes outside of the U.S.

Calling all you young buyers looking for the perfect property! Take a peek into these luxury Riskin Associates properties and tell us, do you see something you like?

A home gym in a Santa Barbara estate
A home gym in a Santa Barbara estate
This contemporary Montecito property boasts one of the most luxurious outdoor dining areas.
This contemporary Montecito property boasts one of the most luxurious outdoor dining areas.
610CimaVista_Cellar
610CimaVista_Cellar

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Low Housing Inventory: A Country-wide Epidemic

a montecito home currently on the market
a montecito home currently on the market

After a stellar year in 2012, the real estate market is experiencing a historically low supply of listed properties all over the country. An article by CNBC's Diana Olick discusses the current state of the market and cites several potential factors contributing to this painfully low inventory. According to Olick's article, listings are down 17% over March 2012 and potential contributing factors include that many Americans owe more than their property is worth, so a move could incur a great expense, which discourages homeowners from listing their property. Also, as home prices rise, many potential sellers may be waiting to see how high the prices will go before listing.

However, despite the low inventory, the pending home sales index is up 7% over March 2012, predicting an increase in closing sales. Across the country, pending home sales are inching upwards with the west seeing a 1.5% increase and the south is up 2.7%. The east coast stayed the same and the midwest is up 0.3%.

With home prices rising and an abnormally low inventory, the market is experiencing a fantastic season for sellers! Riskin Associates, Montecito's #1 selling agent represents properties of distinction in Montecito.

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First Quarter Update for Santa Barbara's Real Estate Market

santa barbara real estate market activity chart
santa barbara real estate market activity chart

Fellow Village Properties agent Carol Kruckenberg recently wrote an article for the Santa Barbara News Press which discusses the current state of the Santa Barbara real estate market, as well as reviews the market over the first quester of 2013. Carol sites a resurgence in the market based on a number of compelling factors, including the median list price for homes, which has risen 12% to $940,000 over last year. Low inventory has created a seller's market, which according to the article means that listings should sell in approximately 2.2 months. Last year, there were 414 homes to sell, this year there is nearly half as many at 287 homes listed for sale. Going back to 2011, there were 511 homes for sale. More encouraging evidence of market recovery stems from a recovery financial arena as well; last year, 30% of homes for sale were "distressed," meaning bank-owned or short-sale properties, this year less than half as many listings (12%) are "distressed." Carol's article also highlights the final sale prices of listings as evidence for a recovery in the area's real estate market, the number of listing's sold to date is the highest it's been in the last five years, including last year's banner year.

Carol's article also provides a number of valuable tips to both buys and sellers entering into the Santa Barbara area real estate market. Below, an excerpt from the article highlights a few of Carol's tips:

Here are some practical tips whether you are a buyer or a seller in this very active real estate market. If you are a seller, it is recommended that you hire a real estate professional to assist you through the process of selling your house/condo/mobile home.  If your agent has suggestions for you regarding the condition of the property, you will want to listen with an open mind.  It is best that you do not purposely underprice your property hoping for multiple offers; this strategy has been known to backfire.  With your agent’s help, come up with a realistic price for your home.  The important factors that guide pricing are location and condition.

If you are a buyer and need to finance the property you will be buying, get pre-qualified first.  This will tell you if you are financially capable of buying and the amount you can finance. It is recommended that you enlist the services of a real estate professional.  The agent will be able to keep you informed of properties that fit your specific requirements and may have the inside track on properties that may not be in the Multiple Listing Service.  The agent will then be able to guide you through the purchasing process.

The article makes sense of the market activity during the first quarter of 2013 in Santa Barbara's residential real estate market while providing valuable information and recommendations for navigating one's way through this most interesting seller's market, and Santa Barbara's #1 realtor team, Riskin Associates, applauds Carol's insight into the market and her dedication to the industry.

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