When a hot market meets conventional thinking, I often hear people say, “It must be overheating,” and “It’s all going to end soon.” I disagree. I believe that this conventional way of thinking will lead to missing the biggest real estate market upturn of all. We are currently in a pandemic, not the last gasp of the old business cycle.
Here’s what makes me think the big push is just getting started:
- First, the market is red hot right now and markets tend to continue in their current path until something derails them.
- Some businesses had record years in 2020 and are poised for even stronger growth.
- The $1.9 T stimulus is heading into the economy – business is ramping up for everyone.
- Some people have surplus cash from a bullish stock market and other investments.
- Interest rates are extremely low.
- The loan approval process is getting faster, making more efficient and speedy loan approvals.
- Many new loan programs have been created to help you get out of one home and into another.
- Prop 19, which goes into effect in April, enables you to move while keeping your lower property tax rate.
- By this coming July it will be 16 months without an open house and people are ready to shop.
- A lot of people are viewing,and even buying, a home using the video on their phones.
- Many people will be looking at new homes for features their current home is lacking.
- Millions of people have been freed from their connection to the office, so they can live where they choose.
- More people than ever are getting out of LA and SF and moving to Montecito.
- Travel is still uncertain. Living near family is more important than ever.
- Homes are selling quickly, making it possible to sell and buy concurrently.
- Many people can now afford a second home and Montecito has long been a desired destination.
- General optimism is on the rise.
Montecito Market Report
These factors suggest why the market will remain hot for many months, or longer. While predictions don’t always come true, this list is long, affecting both older homeowners and strong new buyers. People have always paid a premium to live in Montecito. There are definitely more people willing to do that. I expect to see more action, not less.
Buyers:
My advice is to purchase today, or at least as soon as possible, before you get left out. I have been personally involved in more than 300 successful multiple offers. In today’s market, this is a skill set you need to have the winning bid. If you miss out on your First-Choice home you will have to settle for second, or even your third choice. Call me for help buying the home you want instead of settling for the one you can get.
Sellers:
My advice is to get your home ready in the next 3 – 4 months so that you can sell during the summer time heat. Home preparation is my specialty. The earlier you plan your sale the more profit you’re likely to make. Please call me to help you obtain the highest offer.
Client Talk…
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