That’s an expression from Missouri, where I grew up. The Chickens in this case are Realtors. There are a lot of Real Estate Agents who do not have enough experience to fly in anything but tornado conditions. Everyone knows that 2021 and 2022 market velocity was way above normal. It’s not that the Market has died.There is still a shortage of homes for sale and a lineup of Buyers ready to purchase them.
But by looking at the month’s sales below, you can see that the Montecito Market had fewer sales. The Market has changed, and last year’s strategy will not work so well this year. Sellers who decide to skip prepping their home or allow their Realtor to put their home for sale at too high of a price, are setting themselves up for disappointment.
Ignoring this year’s Market reality can lead to selling for less than Market Value, which is what can happen when a property has several price reductions.When the first week’s flurry of showings drops to a trickle, that’s a signal that the Market is unwilling to pay the price you’re asking. The Seller may not even recognize that their Agent has let them down by overpricing their home or by not giving it a fresh look.
Not long ago, a luxury home Seller could wait 4 or 5 months before “adjusting” the price. They told themselves, “There aren’t that many people who can buy a luxury home.” However, the Buyer pool for a Montecito home is vastly greater today. Anyone with a cell phone can tour a home from thousands of miles away, and the Market is much quicker to bypass an overpriced or outdated property.
Montecito Market Report
(February–March 2023)
You might get a Realtor recommendation from friends who sold their home quickly last year. That’s not good enough to qualify that Realtor to sell your home. You don’t want a newer agent no matter how good their last two years have been. You need a strong 30-year track record that has been forged in many Market conditions. For a private confidential discussion of your unique real estate situation, please call.
Is Now a Good Time to Buy Real Estate or Should I Wait?
Once you know how to value Real Estate, every time is a good time to buy. If you don’t know how to value Real Estate, it’s never a good time to buy. Simple as that.
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by brokerage firms other than the displaying broker(s) are marked with the ‘MLS’ logo and detailed information about them includes the name of the listing brokers. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor displaying broker shall be responsible for any typographical errors, misinformation, or misprints. 2021 Santa Barbara Multiple Listing Service. All rights reserved.
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