Santa Barbara Real Estate Forecast

Talk of a looming recession has been in the works since the pandemic’s start. If you’re looking to move to Santa Barbara County, you might be wondering if it is still a good time to buy a home. We understand the stress a potential recession puts on homeowners, so to get a pulse on the situation, we decided to ask one of the top agents in town what they predict is on the horizon for Santa Barbara real estate.

Downtown Santa Barbara

Marsha Kotlyar’s Forecast

With nearly 20 years of experience, Marsha Kotlyar has become one of the most respected names in luxury real estate. She is the founder and director of The Marsha Kotlyar Estate Group, which is the top-selling team at the top brokerage in Santa Barbara, Berkshire Hathaway, and she has achieved $1.4 billion in career sales volume. When asked what she would say to homeowners about the current housing market, Marsha said,

“It’s important to remember that the next recession will not repeat the events of the 2008 housing crash. Today’s market is also very different because the number of people looking to buy a home still outweighs the supply of homes for sale. Not to mention, lending standards were tightened after lessons were learned, and new regulations have been enacted, so those approved for a mortgage are less likely to default than those who were approved in the pre-crisis lending period.

Due to Santa Barbara County’s high quality of life, we predict the housing market correction to be short-term and much milder for our community, as our housing supply is expected to remain low, and there is very little risk of a foreclosure wave.”

Marsha Kotlyar

Santa Barbara backyard remodeled by Clear Construction

Clear Skies Ahead

Although it’s natural to worry about how a recession might affect present market tensions, we remain optimistic about the housing market and the future of Clear Construction. Regardless of when the next recession comes or how drastic its effects are on the nation, Santa Barbara has proven to be insulated in the past. Because of the county’s affluence, it experiences shorter and shallower recessions than the rest of the region. Additionally, the increase in companies offering work-from-home options indicates more people are expected to continue leaving cities and relocating to more suburban areas with more outdoor space and a more desirable lifestyle, which is a promising trend for the future of Santa Barbara’s housing market.

Clear Construction Team

Clear’s Project Plans

Partner with Clear

If you recently purchased a home or are considering moving, we would love to work with you. We specialize in full-service general contracting for new construction and remodeling, offering everything you need from start to finish – from design conception, through custom drawings and renderings, to permitting, construction, finish carpentry, interior design, and custom cabinetry. We bring all services under one roof to simplify the building process and ensure solid, seamless results.

Barker Pass residence remodeled by Clear Construction

Many companies are experiencing labor shortages and long lead times. However, Clear Construction has successfully built a strong and skilled team of more than 40 people to ensure that we can continue taking on more projects regardless of the ebb and flow of the industry. If you’re looking at properties and wondering how much a remodel would cost or what changes would be feasible, we would be happy to meet with you and provide our professional opinion. We love collaborating with clients to bring their visions to life.