Santa Barbara
Are $5 Gas prices effecting Santa Barbara CA Realtors and/or their clients?
Categories: Real Estate News, Santa Barbara
Everyone has been talking about the continuing rise in gas prices we have experienced here in the first 6 months of 2008. If you are not one of us, then you are on a wonderful extended vacation somewhere abroad…hope you are having a great time!!!
In California, with our higher taxes on gas and higher costs of producing cleaner fuel, we see some of the highest prices in the entire country. So where does this put Realtors here in the Santa Barbara area who depend on their vehicles every day as part of their job to look at the inventory and to drive clients around.
Additionally, what are potential buyers thinking with regards to these higher prices?
Here are some observations that I have noticed here in 2008.
1) Carpooling - More and more I am seeing 2, 3 and even 4 Realtors sharing a car to go “caravanning” to look at the new inventory that comes out every week. This is obviously a good thing and will continue as far as I can see.
2) Combining Trips - Realtors seem to be combining trips a lot more than the past. Dropping off that document to an agent in Montecito on Tuesday can wait until Wednesday when Montecito’s caravan takes place. I also hear Realtors talking about combining errands and not making that drive for just one particular errand. Personally, I fit in this category a lot these days and just think it is smart.
3) Staying Local - Santa Barbara Real Estate Agents who were working with buyers and/or sellers on property in the extended areas such as Ventura or Lompoc are deciding to refer this business out. Additionally, buyers that were contemplating commuting from these extended areas are looking harder at their options to live local. You can search the Internet these days and find several articles talking about these specific economics.
4) Real Buyers - Santa Barbara Realtors are not just hopping in the car with a buyer they don’t know much about. Most experienced agents are “qualifying” their buyers a lot more to try and determine whether this will lead to a sale or just a lot of waisted time and waisted costly gas.
5) The Ego Car - More and more hybrids and smaller cars are showing up at the office instead of the BMW’s and Lexus’ etc. The Prius in and of itself has seemed to pop up a lot more. I myself am looking to purchase a new car here in the coming year and my wife and I are looking at all options with most of them being a smaller more fuel efficient car.
What you can Do ??- If you are in the market right now for real estate and yourself do not want to be driving around all over to look at property, I would recommend spending a lot of time doing research online to look at property. You can sign up here to look at all new listings that meet only your specific needs such as price, beds, baths, area etc. Additionally, you can search the entire Santa Barbara MLS if you are wanting to simply browse the entire market on your own. If you are wanting to know about past sales to study the specific market you are hoping to purchase or sell in, contact me and I can send you a list. Good luck!!!
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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5 Ways to Increase the Chances of Selling Your Santa Barbara Home in Today’s Market
Categories: Santa Barbara, Seller's Resources
If you are in a situation where you need to think about selling your Santa Barbara home in today’s market, here are 5 rules I think that could be of help.
1) Be honest with your price. The most common mistake in a down market is to set your price based on yesterday’s market. Generally the first batch of buyers you get in the first 10 days will tend to pay the best price. If you don’t attract any of them, you are potentially in for a long haul with a slower market. If there is a lot of inventory in your area then you need to create a buzz. If you end up not getting an offer in the first 2-3 weeks and you feel that it is because of price, do a large price reduction instead of setting out on a path of baby steps in price reductions.
2) Use a qualified realtor. Doing things on your own such as a FSBO is very hard in a slower market. You will have to work a lot harder than you can imagine to market your home these days. Also, hire a Realtor with some experience and not someone who just got into the business. You should use an agent with a track record in a slower market.
3) Stage your home to sell. Get rid of clutter, pictures of grandparents and your latest trip to the sea and sand. Create glam and a focal point in each room. Paint your home with a fresh coat and choose neutral colors as well as spacious colors.
4) Offer incentives for the buyer. We know about all the issues with financing these days. There are also plenty of horror stories for well qualified people. Make your home more affordable for a first-time buyer with offering to pay all closing costs for example. A $3,000 hit at close of escrow looks a lot nicer than no one knocking on the door and then having to contemplate a $35,000 price reduction.
5) If you are under water on your mortgage, look for options. If a family issue or a job is compelling you to move, you don’t have a ton of options. If it is a job for example, then ask your new employer to help with your loan and sale. Another option is to become a landlord. Our rental market in Santa Barbara is strong and maybe the best option is to wait out the slump as a landlord.
Further Reading: Do Open Houses Work in the Santa Barbara and Montecito Areas, 5 Crucial Tips to Have Your Santa Barbara Home Ready for Sale in a Slow Market
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Need Baby and Toddler Equipment on Your Next Santa Barbara CA Vacation?
Categories: Montecito, Santa Barbara
Are you planning a vacation or visit here soon to the Santa Barbara and Montecito CA areas and are worried about all the items you have to haul. Why not Relax and let Santa Barbara Baby Company help you take care of the family.
Santa Barbara Baby Company offers premium brand rental equipment and supplies. Their service is designed to help parents enjoy their visit to the Santa Barbara area. Start your vacation by traveling with the luxury of minimized baggage. From infants to toddlers, they’ll make your stay in Santa Barbara more enjoyable. Free delivery of baby and toddler rental gear to Santa Barbara, Montecito, Goleta, Summerland and Carpinteria areas.
Why Rent?
Traveling with a child or children can be a challenging experience. Baby equipment is not tailored for the nuances of travel and often becomes cumbersome and bulky luggage.
For those on flights, airlines often require you to pay surcharges for extra luggage – especially on international flights. In addition, excessive luggage creates a longer check-in process, and more baggage to manage, in addition to your child. Loose equipment checked onto flights can lead to damage or loss. Claims with airlines are tedious to file and rarely cover the actual damage or loss.
Start your vacation by traveling with the luxury of minimized baggage. Arrive at your destination with all the amenities you need to make your vacation with your child more enjoyable!
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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5 Reasons I Should Buy Into Santa Barbara Real Estate Today!!
Categories: Buyer's Resources, First-time Home Buyers, Santa Barbara
Many true buyers are sitting on the sidelines these days deciding on when to get into the real estate market. Ultimately this decision for each individual will be based on many different factors. If your own personal reasons are leading to you wanting to get into the Santa Barbara Real Estate market right now, here are 5 factors today that should be a part of your thoughts.
1) You can not time the bottom of the market. Timing the bottom of the market is incredibly hard to do and often harder to resist. With current inventory at a decent amount and mortgage rates very low, find a perfect place with your Realtor and then try and bargain. Even if the selling price seems to be very good, offer lower…if it is not accepted you can move on.
2) Low mortgage rates. Most economists agree that financing will become more expensive in the future. By now we have all heard our share of stories about financing woes even for well qualified people. Currently, the 30 year loan is now roughly at 6.1% and most economists see it reaching 6.5% by the end of the year and up to a 7% forecast sometime in 2009. So even if home prices do fall some more, there will most likely be a penalty to pay with higher interest rates.
3) Rates on “larger conforming mortgages”, which is almost a given for most buyers in the Santa Barbara area, won’t be dropping much. Even though the conforming amount has risen to $729,000 in the Santa Barbara area, investors are shunning these big jumbo loans. Because of this, these larger loans are unlikely to see a drop in rates in the coming year and then the program for these “jumbo conforming” loan amounts are set to all disappear.
4) Don’t just by for a cheap price, buy in a good area. Sure you might get excited about that great foreclosure price, but when you are buying a home, you are also buying the neighborhood. If more than a few foreclosures have come up in one area, there most likely will be more. They tend to be bunched in particular areas and this might not be the best recipe for stability in a neighborhood. An old rule of thumb is to buy the worst house on the best block…not the worst house on a bad block.
5) Work with a great Realtor that has experience and who you personally have a good connection with. This I think just needs to be accepted since times are tough for many Realtors. Make sure your Realtor is not desperate and just steering you into a home to finally make a deal. Sit down with your agent, express your needs and plans and get a good sense of whether they are looking out for you or just looking to get paid.
Further Reading: The Positives of FHA Loans here in Santa Barbara, Goleta and Carpinteria areas, The 2 Major First Steps in Buying a Home in the Santa Barbara area
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Cort Report for Santa Barbara, Montecito, Goleta and Carpinteria CA. Areas - April 2008
Categories: Carpinteria, Goleta, Market Statistics / Updates, Montecito, Santa Barbara
Here is the Santa Barbara cort report for closed sales for the month of April 2008. The cort report lists all closed sales of property regardless of whether they were reported in the Santa Barbara MLS or not. This includes for sale by owners, transfers of property between family members etc. Upwards of 95+ % of all sales are reported in the MLS, where as 100% are reported in the cort report.
If you would like further info about a certain month or area, please let me know so that I can be of help.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Home Schooling Options for Santa Barbara Families
Categories: Santa Barbara, School Information
Impacted by the recent budget cuts in funding for our local schools, Santa Barbara announced plans this week to hold informational meetings for families that are interested in home schooling. Colby Frazier, from The Santa Barbara Daily Sound, wrote an informative article this week if you would like more information about the exact plans the school district has for home schooling in the Santa Barbara area.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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The New Expansion of Luxury Townhomes and Condos in Santa Barbara CA.
Categories: Downtown Neighborhood, Real Estate News, Santa Barbara
In the last 3-5 years, Santa Barbara has seen several small mixed-use style projects consisting of 2-10 residential townhome units sprout up within shouting distance of State Street and the downtown area. Most of these projects finished development before the market started to soften in early 2007 and therefore had no problem finding buyers.
The Paseo Chapala project located on the Corner of Chapala Street and De La Guerra Street was the first major development in the last several years that unfortunately got caught in the downturn of the market and presently still has 7 residential units up for sale. Even with this news, the appeal for developing high-end townhomes and condos in the downtown area does not seem to be subsiding anytime soon.
The newest batch of upscale top notch granite and marble laden townhomes are nearing completion toward the end of 2008 and into early 2009 and are mostly on the larger scale such as Paseo Chapala. The current major projects that are on the horizon are:
- Paseo One located at the corner of Chapala and Gutierrez Streets. This project was taken over by Don Hughes in early 2007. There looks to be 35 units coming up for sale with possibly 7 of these already having been reserved.
- A planned 53-unit development located on the corner of Carrillo and De la Vina streets.
- The roughly 100 units proposed by Bill Wright above Cabrillo Boulevard on the corner of Garden Street and Yanonali.
View Current List of Luxury Condos for Sale in Santa Barbara and Montecito CA.
Although most all of these developments have some form of affordable units, the bread and butter market rate for these upscale projects seem to have price points in the $1.5 Million to $2.75 Million range. The continued proposals for these upscale construction projects seems to indicate that most developers have an optimistic forecast for both business and tourism.
“When the city did the master plan for Chapala Street, they really sent a message to property owners and developers that they wanted to increase the density of mixed-use projects along the Chapala corridor, and the property owners and developers listened,” says Steve Cushman, president of the Santa Barbara Chamber of Commerce.
For many residents, the Chapala style projects make sense where they are: along a main transportation corridor and close to businesses, shopping, entertainment and buses.
“The baby boomers are all starting to retire … and are coming with a pocket full of money,” Cushman said. “They can pay cash for a million dollar condo and that’s what’s happening and is going to continue to happen because Santa Barbara is so popular around the world.” Despite the residential slump in certain areas and price points, developers seem to keep pusing for housing projects located near the downtown corridors.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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