Can You Find Your Dream Home in Today’s Market?

Did you know there are 80% fewer homes on the market in California today? I recently

attended a presentation on the economic status of the country and haven’t been able to stop thinking about this.

In 2007, there were roughly 160,000 unsold homes on the market in California

at any given time. Today, we have under 30,000 homes. That’s a decrease of over 80%, which makes your options far more limited when buying a home. No wonder everyone talks about low inventory. We definitely see this trend here in Santa Barbara County as well. We have more buyers than we do homes on the market, which creates a pinch that buyers most certainly feel as they search for their dream home.

I have good news and bad news for you: 

The good news is that California — and Santa Barbara County in particular — continues to be one of the most desirable places to live in the country. Because of the demand, it is also a great place to invest in real estate. Parking your money in paradise is rarely a bad idea.

The bad news is that you might not get exactly what you want when you go to buy a home. I know, it’s a terrible notion to think of paying for something that isn’t exactly what you were looking for. Who wouldn’t want a turnkey house, perfect in every way, and within their budget?

But there is a silver lining to this situation.

You can have exactly what you want. You just need to get creative. That house in the perfect neighborhood that needs work can become the home of your dreams. A renovated home can function better, feel better, and be more aligned to your needs than any turnkey house on the market would be, once it is designed in your unique style.

There are three main things you need to consider to win the low inventory game:

1) Take your interior designer with you. When you are touring homes that need renovation, it’s so easy to get overwhelmed by what you see: dated kitchen and bathrooms, terrible carpet, low ceilings, and choppy floor plans. When you take your designer with you on tour, it’s suddenly about what could be instead of what’s currently there. The vision comes into focus, and you are able to see how the home can be perfectly yours.

2) Re-think your budget. Many people set a budget for their home purchase, and then try to get as much house as they can for that price point. This isn’t a bad strategy, but in a low inventory market this drastically narrows your options. However, when you take a portion of that total budget and set it aside for renovation and design services, your options begin to widen. Suddenly, homes you would not have previously considered come to the table, and you can make the best choice for you and your family.

3) Look past the surface. Many properties on the market in Santa Barbara County are changing hands from an older generation and need updating. Hate the low ceilings? Find out if they can be vaulted. Terrible carpet? Let’s see if hardwood is hiding underneath. Is the kitchen too tight? Maybe we can remove a wall to make it more accessible. Primary suite too small? See if you can expand the footprint, making space for a larger ensuite bath and walk in closet.

Being in a low inventory market may mean you might not find exactly what you are looking for, but it doesn’t mean you can’t have exactly what you want.

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Laura Gransberry is an interior designer specializing in home renovations and restoration in the Santa Barbara area. She can be reached at laura@lauragransberry.com, and on instagram @lauragransberrydesign. Visit www.lauragransberry.com to learn more!