In the past month, 48 homes closed escrow in Montecito. The previous Montecito market record month for the past 5 years was only 25 sales. Not only did Montecito set a new record, we demolished it. The market is hot and getting hotter. And, the record could be beaten again next month because 54 homes are pending sale and waiting to close.
The market is being held back from even more sales because there are not enough listings available. Huge demand is being met with little supply. Since the beginning of June, 60 Montecito properties closed through the MLS. Twenty percent closed for full price, or above, including overbids of more than $100,000 on several homes. Prices are strong and getting stronger.
Montecito Market Report
Why is there a COVID bump? LA buyers are looking at Montecito because it is near LA but is not as crowded. Businesses are telling key employees to work from home digitally and they can live anywhere. Instead of Silicon Valley, why not Montecito? Phone video greatly expands the buyer pool. A Montecito listing of mine was purchased by an out of state buyer without a personal tour after viewing the home by phone video. People heavily invested in the stock market are divesting to purchase real estate. Loan interest rates are below 3 percent. This is a perfect storm in the real estate market.
Are your kids living far away and you would love to be closer to them? Is your age and health making you even more concerned about where to live? Especially now that traveling to see family is not so easy? These days jumping on planes to travel is no one’s first choice. Maybe moving for you was far in the future but possibly now you are revisiting the idea of moving sooner?
I am currently ranked in the Wall Street Journal/Real Trends top 1,000 real estate agents in the United States as well as the 2020 America’s Best. This is one of those moments in the marketplace where my 42 years of experience can be used to your advantage. You may be pleasantly shocked by what your home will bring in today’s market.
This outstanding housing market could still be taken away. The election is 85 days away. COVID – 19 is still with us. The world economy is fragile. If you would like to pivot to a new location by selling your present house, this is the best time in memory to make that move. Let’s talk.
Client Talk…
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