Santa Barbara Real Estate – December 2017
Merry Christmas! This is one of our favorite times of year, but this year is sure different. With the Thomas Fire still burning in the back country, it has altered the normal holiday cheer. In many respects it’s a great reminder as to what’s really important in life. We both have been very blessed by so many of you checking in to see how we are doing – THANK YOU!
On the real estate front, it feels like December and January will see a slow down in sales. With the fire these past two weeks, real estate hasn’t necessarily been top of mind for a lot of folks. Additionally some lenders and insurance companies are pausing on the purchase front as homes are threatened, waiting until the threat of fire passes. We would imagine this temporary stay of activity lifts once the fire is out.
Additionally it appears 2018 will bring us some new tax laws related to the mortgage interest tax deduction among other things. With that uncertainty, we suppose sales may initially be impacted as we all learn and begin to fully understand the impact of the new rules. Tax Reform 2018.
Other than these recent issues, sales for 2017 have been strong; volume is still outpacing 2016, and the median home sales price is up. Tax Reform 2018
Oct / Nov Market Highlights
Oct/Nov ’17 Highest Sale
3443 Padaro Ln
5 BD / 6.5 BA / $18.600.000
Oct/Nov ’17 Lowest Home Sale
3962 Via Real
3 BD / 2 BA / $515.000