Montecito Connection – Can You Power Down the Stress in Your Real Estate Deal?

It can be very stressful to buy or sell a home, especially in COVID times. So how do you reduce the stress in real estate deal? Studies show that people who have a plan for how to deal with stressful events experience less stress than people who wing it without a plan. A successful plan could contain a few of the following:

For a Buyer:

Decide on a limit for how much you plan to spend.
Get clear on how you are going tofinance the purchase.
Decide on how much time you have todevote to the search.
Find an experienced professional to help you in your search and buying experience.

For a Seller:

Find an experienced Realtor who can help you grasp current market conditions.
Discuss with your Realtor his or her negotiating strategy.
Have a plan for how to get help with the moving process.

Plan B

As a Buyer you probably hope your purchase will go a certain way. But the market is changing from day to day so you should consider creating a Plan B. Here are several questions to ask yourself: What if I’m being priced out of this market? Am I willing to accept less? Might I be able to borrow more than I prefer? Might I get a loan from a friend or family member? Am I willing to buy a fixer-upper? Having considered these possibilities reduces the stress of encountering these choices.

Stress Reduction

It is normal to feel stress when selling or buying a house. In fact, many people experience waking up in the middle of the night and have a hard time going back to sleep somewhere during the process. It can be helpful to have a plan for how to deal with this increased stress. For example, you may want to plan extra time for working out, meditation, yoga, walks in nature, or any stress reducing activity that you enjoy.

Montecito Market Report

Update on Short Term Rentals

The County of Santa Barbara allows Short Term Rentals (STRs) to operate in the Coastal Zone and allows Home Stays in the inland areas of the County. Montecito Coastal Zone STRs are very popular and profitable. Home Stays are defined as rentals that occur while the property owner(or tenant) are present at the property during the tenant’s visit. The owner or tenant may occupy a guesthouse on the property, while the guests may stay at the main house (maximum of 3 bedrooms are allowed to be rented).

In September 2019, the County Board of Supervisors had a preliminary hearing to gather in put and give direction to staff on drafting new STR regulations for the Coastal Zone. The project is in the Planning Department, and there is no current timing when the next steps on that plan will be presented to the public for input. (STR information provided by Paradise Rentals.)

The STR model of ownership continues to be attractive to buyers in the Coastal Zone of Montecito. For example, a Hedgerow or Miramar Beach Area home can produce 30% more revenue as an STR than as an alternative revenue model. The STR model also allows the owner opportunities to use their home between guests. If renting your home as an STR is of interest to you, I have excellent references for STR Property Management. Please call me for more information.

Client Talk…

“Scott did a fantastic job for us. We were remote sellers and so needed to have a Realtor that could take care of everything, that was Scott. The plan that Scott put in place for us included setting our expectations, getting the place ready, coordinating with workers for repairs and improvements, professional staging and photography, and creating an excellent brochure. We would recommend Scott to anyone selling or buying a property in Santa Barbara.”

Ian