The nationwide market is constantly changing, especially after the craziness of the past couple of years. Perhaps you’re thinking about buying or selling Santa Barbara real estate in 2023, and you’re wondering how the current state of the market should affect your approach. This article will break down several key trends and expert predictions about where the market is headed over the next year. And if you have a question that isn’t answered in this article, contact someone with Calcagno & Hamilton Real Estate Partners — they will be happy to assist.
1. What is the local market doing right now?
In September 2022, homes sold for a median price of about $1.8M and an average price of nearly $3.4M. Each figure represents a stark increase from the same month last year. Most homes spend less than one month on the market (an average of 25 days), and the median sales price fell just short of the median list price of $1.96M.
The hottest properties, however, can go under contract even faster, sometimes in less than two weeks. As a rule of thumb, most homes receive multiple offers; some sellers go so far as to waive contingencies. And though some homes drop in price during their time on the market, they are the exception.
2. What is the nationwide market doing right now?
At the same time, home prices aren’t expected to tank completely, so if you’re thinking about selling, you can still find yourself in a favorable position and draw competitive offers on your home. As for buyers, you may not stand to benefit from waiting for a good deal since prices likely won’t drop far below where they currently are.
3. Is the market going to crash in 2023?Bottom Line
4. Is 2023 a good time to buy Santa Barbara real estate?
Furthermore, as interest rates continue to climb, you may spend more on a home purchase even if median sales prices stabilize. Before you buy a home, consult a trusted agent to evaluate your current financial position to determine if this is the right time and investment for you.
5. Is 2023 a good time to sell Santa Barbara real estate?
If you’re relocating to another community, your decision becomes more straightforward. However, if your driving reason to sell is to capitalize on your investment or make a quick profit, you may want to reconsider whether this is the right time. As you weigh your options, you can ask your realtor for a local market analysis, where you’ll be able to see what kind of return similar homes in your area have recently received.
6. How can I put myself in a good position to buy a home?
7. How can I prepare my home to sell for the best possible price?
8. Who can help me with my transaction?
The team would love to answer any additional questions, and they can help you take the next step toward buying or selling Santa Barbara real estate.
*Header photo courtesy of Shutterstock