Q1 2021 Review
When the first shut down happened in March of 2020, the real estate markets came to a standstill with prices dropping week after week. Then as people started adjusting to the lock down, real estate sales started to pick up. Why? At first it was a combination of historically low interest rates and folks wanting to get out of the larger higher density cities that posed higher risks of contracting COVID.
As time went on and it became clearer that many people would be allowed to continue working from home, they started asking themselves if they really wanted to continuing living where they were or if there was somewhere else they’d rather be. And with that, we started to see more and more people leaving these larger cities and moving to Santa Barbara. Ask any veteran Realtor and they will all say the same thing: I’ve never seen this kind of urban flight before…ever!”
Santa Barbara seller’s are experiencing the perfect storm of low interest rates and unsurpassed urban flight (demand) fueled by job mobility.
As you can see in these slides, appreciation rates have skyrocketed and inventory rates are the lowest we’ve ever seen. As with everything COVID, these are unprecedented real estate times.
And if you’re thinking of moving out of state to enjoy your retirement, there has never been a better time to capitalize on high selling prices than today. Call me if you’d like to explore the current value of your home.
