SANTA BARBARA REAL ESTATE MARKET UPDATE THROUGH JULY 2020

During the month of July, sales across our community were robust with more than 50% entertaining multiple offers. I am seeing some techniques for securing properties that I have not seen in a long time…such as escalation clauses (when a buyer offers to pay a certain amount over the best offer -with proof, up to a certain amount), offers well over list price sight unseen, all cash purchases with requests for appraisals to refinance during escrow, 10 day loans to compete with cash offers and many other creative ways to get offers accepted.

Many of the buyers that I am hearing about are coming up from Los Angeles (1 escrow of mine has LA buyers) but the rest of the deals I am working on are Santa Barbara buyers. I have two clients that both live in apartments next door to one another that are looking to purchase a house together in order to have more room outside start to build equity.  I have an out of state client that is selling his house in Carpinteria and the buyers are renters that had been living in Carpinteria and were ready to own their own home. I have clients who both work at UCSB who are thrilled to be in escrow on a Mesa property. The majority of my clients are locals…just the way I like it!

Here is the synopsis from July 2020 from Village Properties on the Santa Barbara real estate market. There were a total of 915 total sales properties sold (659 single-family residences and 256 condos). The SFR average price was $2,001949 (median $1,375,000) and for condos the average was $863,934 (median was $741,500).

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