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Santa Barbara Association of Realtors
Realtor of the Year
Associated With Sotheby's International Realty
1436 State St, Santa Barbara, CA 93101
Phone or Text(805)729-0910
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Santa Barbara Weekly Real Estate Update
ON January 19th, 2015 I was Interviewed by the Santa Barbara News-Press, here's that interview:
Business Outlook Q&A: Inventory a challenge for Real Estate markets in 2015
Buying a first home or selling one might be on many people’s priority lists in the New Year. But with new listings declining in South Count it looks like the number of sales will continue to decline in 2015.
That’s according to Gary Woods a Realtor with Sotheby’s International Realty and the statistician for the Santa Barbara Association of Realtors.
Limited inventory is the biggest hassle facing both buyers and sellers wanting to stay and trade up on the pricey American Riviera, Mr. Woods said.
Eager real estate professionals are scrambling for listings in a market where 10 percent of the agents handle 90 percent of the transactions for both local and out-of-market clients, he said.
Forecasts for the commercial real estate- market in the South Coast show a similar trend a large number of buyers chasing limited inventory to expand or open office, retail and industrial spaces.
Also, the investment market will remain extremely hot, said Bob Tuler a principal/broker with Radius Commercial Real Estate & Investment.
The supply-and-demand situation is a result of many troubled properties clearing out of the system following the, Great Recession and returning to something resembling the markets of years past both said.
Today, Mr. Woods and Mr. Tuler provide an overview of the forces and issues that will drive their respective areas of real estate in the coming year,
RESIDENTIAL BEAL ESTATE - GARY WOODS
Q: What were the hallmarks of the residential real estate market in 2014 on the South Coast? Give us the numbers.
Q: What are the dollar amounts for sales volumes year over year?
Q: How would you describe the market for 2015?
Q: Talk about inventory.
Inventory-wise, most areas are down in double digits, with Goleta South falling 15 percent and Carpinteria declining 13 percent. East of State Street is the closest to where we were last year; falling only 4 percent.
The number of new listings has fallen for five years in a row from a high of about 550 units (many of them distressed properties) for sale in 2010 to less than 280 in 2014. Currently, I don’t see anything to reverse this trend.
Q: How can anyone afford a $5 million home?
Q: What are the three top factors that will shape your industry in 2015?
We’ve just seen the Dow go over 18,000 primarily on the Fed’s statement that interest rates will remain low and falling fuel costs have spurred consumer spending leading to a 5 percent growth in GDP in the quarter. Thus far, that consumer spending hasn’t impacted real estate but if it continues then it could foster more activity.
Q: What do you see as the strengths and weaknesses of the South Coast’s real estate market?
Q: How will mortgage rates affect future transactions?
People, other than the very wealthy, are about at the top of what they can pay so if interest rates go up prices have to fall.
Q: How would you describe the first-time-buyer market here?
Q: Will home prices appreciate next year?
Q: Where are the leads coming from?
A little-known fact is that most print advertising is really for the seller who wants to see their property advertised. But predominantly what sells a house is other agents and the sign. People drive the neighborhoods they want to live in and call on the signs.
Sotheby's International Realty
1436 State St, Santa Barbara,CA 93101