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Elaine Abercrombie: Pace Picking Up in Real Estate Market

In October, the supply of homes continued to dwindle from Carpinteria to Goleta

Elaine Abercrombie
Elaine Abercrombie

According to the data gleaned from the Santa Barbara Multiple Listing Service for October, the overall market from Carpinteria to Goleta is showing a five-month supply of homes for the second month in a row.

The supply has dwindled since January, when there was a 13-month supply of homes in the area.

Goleta is the fastest-paced market, with only a two- to three-month supply of homes.

The Goleta area is located from Highway 154 toward Goleta, and north and south is split by Highway 101 for statistical purposes in the SBMLS.

We are seeing many multiple offers on the properties, which may drive the prices higher than the list price. The secret is to price the property correctly at the beginning of the listing to get activity quickly. No one is interested in today’s prices for day-old bread.

The market is full of opportunity for both buyers and sellers. Low interest rates allow those moving up to control their costs while being able to move from their existing residence without having to do any owner financing, and today’s buyers are making great financial decisions for their current situations by buying now.

This is a great time to be in real estate.

Elaine Abercrombie, a broker with Village Properties Realtors, is president-elect 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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