As a Realtor, I speak with many people about their housing needs. I recently met with a family about selling their home that provided space for a family of five and now there are only two of them at home.
The home is too large for their needs, so should they sell today or hold on for tomorrow’s value? Actually, people buy and sell homes every day regardless of the market because of their changing needs. The market velocity reflects those changes and the activity of those who make a move.
For January, the residential sales were almost half of December’s production, for a total 60 homes selling for the area from Carpinteria to Goleta. At the height of the market, January 2007 posted 95 sales, so we had only 35 fewer sales from the top of the market.
The majority of sales came from the lower end of the market in Santa Barbara West with 15 sales and Goleta North with 17 sales. Once again, Goleta holds the record for low inventory with a four-month supply.
Our overall market for the area has more than a seven-month supply, or 232 days of inventory, if nothing else lists. Considering that just two years ago we had a 13-month supply of homes in the area with more than 900 units to offer buyers, the 670 we have available today are an ample supply to choose from in most price ranges.
Considering that the Bush tax cuts have been extended for this year, we have historic low interest rates that sellers can take advantage of with their next purchase.
If your home doesn’t fit your needs, perhaps it’s time to call a qualified professional Realtor and discuss your options. The couple I met with decided to simplify their lives and sell now in preparation for retirement and travel now.
— Elaine Abercrombie, a broker with Abercrombie Fine Homes, is past president of the Santa Barbara Association of Realtors. She can be contacted at elaine@afhomes.net or at 805.450.0086.