The most respected figure for home appreciation comes from the Dow Jones S&P Case Shiller Index. They say home prices rose 20 percent across the US in the past year. The biggest winners were Phoenix, Tampa Bay and Miami, with 33%, 27.5% and 25.5% respectively in this big city beauty contest. The highest city in California was San Diego at 24 percent. Santa Barbara was close behind at 23 percent. During the past 12 months, the leading local neighborhoods were Montecito at 41 percent and the Mesa at 42 percent. Those are spectacular numbers! You might want to sell your home ASAP.
Other counties in Southern California averaged about 14 percent in price increases. Predictions for next year are far less optimistic, with 6 percent increases expected, according to the California Association of Realtors. Core Logic, a real estate data base company, thinks as low down is coming and they predict only a 1.6 percent increase for next year. We should not be swept up into thinking the market is going to climb another 40 percent, or even 5 or 10 percent, this coming year.
Of course, nobody knows anything for sure about where the market is going. Yet, if we know anything, it is heading into a slowdown. When the market skyrockets for a while, it is likely that it will soon return to average price increases.
Prices are unlikely to drop but selling may turn from a painless process into a longer, more difficult one. Prices have had a profound run-up in the past year. Because your home has appreciated substantially, now may be a good time for you to consider selling.
I’ve helped hundreds of families through this process. Selling a home is rarely easy and simple. If you want to avoid high stress levels when selling your home, now might be the perfect time to call me.
Montecito Market Report
According to the SBMLS, I’ve got a track record of over 800 homes sold with higher prices and shorter marketing times than other Realtors. I work hard to create the perfect winning solution for you and your family. If you want to fix-up your home, I’ve got you covered. If you don’t want to fix-up your home and prefer to get it on the market right away, I can do that too. When there is another plan, you need to execute, I’m experienced and flexible enough to meet your needs.
Let’s spend some time getting to know what your needs are. I can help you make your move safe, comfortable, and highly profitable. I welcome your call.
Client Talk…
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