Mike Casaceli, J.D., REALTOR®’s Post

Higher Prices, Again!   October 2023 saw a record closing price of $660,500 in Northern Santa Barbara County!   We still have fewer new listings (53 homes vs. 54 last year), new escrows (52 homes vs. 54 last year) and closings (46 homes vs. 54 last year).   What's new recently was the brief spike in mortgage rates above 8%. They're down to 7.5% as of this writing.   If a 7% mortgage rate is restrictive, 8% certainly is. We expect to see less activity as long as rates are this high. But a slower market isn't translating to lower prices. What it's doing is giving people fewer homes to choose from (people who have to move), thus driving up prices.   Like we said last month, at some point, these pressures will ease. When it will happen is anybody's guess. What we do know is that it's a terrific time to sell your home, and it's still a great time to buy for those with a larger down payment. If you don't have that down payment, lenders have terrific first-time home buyer programs, and sellers are often willing to pay for your closing costs!   As always, every situation and every person is unique. So if you're wondering how today's market will work for you and want to discuss your ideas, call me at (805) 363-6390. ___________________ Get Our Newsletter: Sign up at https://conta.cc/47kmu4Z to get it every Month and stay up to date on our Local Market with facts, stats, and how it affects you! ___________________ Mike Casaceli, J.D. REALTOR® Broker Associate p. (805) 363-6390 | www.MikeCasaceli.com License No. 01967805 Bardi & Associates, Lic. 02053049 2018 REALTOR® of The Year

Here are the June 2023 stats for the Austin real estate market: While down from June 2022, the median sales price is up by over $15,000, closed sales decreased by over 250, new listings increased by about 100, and active listings increased by over 650 compared to May 2023. June was a very busy month and July is shaping up to be similar, if not even busier. Buyers have much more inventory to consider, but it is still a little low with what is needed for the current demand. Because of this, we have seen median home prices increase despite the higher mortgage rates. With the drop in mortgage rates this week, we will most likely have more buyers entering the market for the latter part of the summer season. Sellers have a great opportunity to list their home before the slower season in October-December. It's important homes are in the best condition possible and marketed well to get in front of as many buyers as possible. Open houses are a great way to encourage this, too. Reach out to me with any questions or if you'd like to discuss how these stats affect your real estate situation. Have a great weekend!

Hey y’all, Happy Friday! I hope you had a marvelous week. It’s the weekend and you should be at all the Open Houses 😃 There is 1 listing back on the market and 32 on the market in Lexington. With mortgage rates having ticked down, there are two kinds of buyers: 1) The first kind are the buyers that will have bought between December through the end of February and will feel very fortunate to have been one of the smart buyers to buy when prices were still lower. 2) Then second kind are the buyers who will wait until they see everyone else jumping on the market because of the interest rates having ticked down and will pay more for their home because this will drive prices up. Which kind of buyer do you want to be? Lexington New Listings and Coming Soons listed by our brokerage: https://lnkd.in/eSJxit2g Schedule for Lexington Open Houses this weekend: https://lnkd.in/eHat3xxi (If you reach out, I can let you know if there are any off market homes coming soon that could be a good fit for you) Having the right insight on these homes is important to make the smartest decisions. I am here to help you understand the market and advise you throughout your buying and selling process. Due to the competitive nature of today's real estate market, it's also important to get in as soon as possible for private showings. I can help you with this, not just in Lexington but other towns you're interested in as well. Schedule a call, meeting, or private showing on my calendar: https://lnkd.in/eK7YKA-3 Warm regards, Josh Santana 📲: (978) 939-9147 📧: josh.santana@maproperties.com

REAL ESTATE REPORT AUGUST - Hamilton-Burlington There were 795 sales in August, down from 873 sales last year, a decline of 11%. Sales have improved in the lower price ranges, but are challenged as you get over $1 million. Higher mortgage rates continue to impact sales, especially for higher-priced properties. New listings have slowed because home owners are not giving up their locked in lower rates and generally people like to buy before they sell and they can't find anything. Average home prices fell to $863,700, approximately $10,000 less than the previous month but still higher than the $857,900 reported in August 2022. It is taking longer to sell a home and we are seeing price reductions on properties as home prices fall. This is the time when it's really important to prepare your home for sale before listing AND pricing it right so that you don't chase the market down. If you're thinking of selling, you need to talk to us. It's free and I guarantee that you'll learn something you didn't know before.