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Elaine Abercrombie: Pendulum Swings Toward Buyer’s Market

The Santa Barbara market holds steady, with July ending with a smaller inventory

Elaine Abercrombie
Elaine Abercrombie (Roe Anne White photo)

The market may be slowing somewhere, but not in the Santa Barbara area.

We had a strong finish for July with the month end, reporting fewer inventories than the month prior, with a seven-month supply of homes. That puts us slightly in a buyer’s market.

Last July reported homes selling at 93 percent of list price, and this year it’s 92 percent.

Did you know that in the past 35 years only 10 of those years have favored buyers? The 1 percent softening in values show sellers are negotiating with buyers on repairs and price to get to their goal and sell their home.

If you’re thinking of selling, it’s a great time to sell to buyers who can qualify for more houses today because of the low interest rates and also secure a low payment for yourself as well.

There are some excellent values out there. Happy hunting!

Elaine Abercrombie, a broker with Abercrombie Fine Homes, is president of the Santa Barbara Association of Realtors. She can be contacted at .(JavaScript must be enabled to view this email address).

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