As a part of this update of activity for December 1, 2008 through December 15, 2008, click here to view the updates. There were a total of 9 new listings. There were 7 pending sales. Of the residential sales there were 5 sales under $600,000, 1 sale between $600,001 to $999,999, 1 commercial sale, no sales between $1,000,000 to $1,999,999, no sales over $2,000,000 and no land sales. There were 8 sale completes. Their were 17 price decreases and no price increases. The number of current listings are down slightly; however they are still very high at 342 listings specific to the Santa Ynez Valley..
Here is the latest and greatest update on loans. Rates continue to go up and down on a daily or even hourly basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates down to $603,000 are at 4.5% at 1 point and Jumbo Loans which are loans in excess of $603,250 are at 5.875% at 1 point for origination. The Jumbo 5 year ARM (interest only) is at 6.625% at 0 points. The 11th District Cost of Funds index (COFI) is up slightly at 3.125 for the month of December. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. FYI: LIBOR is the abbreviation for “London Interbank Offered Rate.” The 6 month LIBOR rate is at 2.17; last month it was at 2.63; 12 months ago it was at 4.83.
The conforming loan limit is now at $603,250 but the rates for this range are terrific. Interest rates are lower than we could have ever believed and lenders are very busy with refinances and some purchases. The lower end of the price ranges continue to be the busiest as first time buyers scramble for the best opportunity they have had in years. We have a number of listings in the lower price ranges under $550,000 and many of them have been getting showings even with the timing so close to the holidays.
Santa and Mrs. Claus had another busy season and if you missed us this year, we hope you will stop by and see us next year on our annual stop in Santa Ynez. Marlene and I will be in the Valley for the Holidays enjoying the festivities with our granddaughters, Reagan, age 5, Peyton, age 4, Keighley, age 2 and our first grandson Mason who will be celebrating his First Christmas. We have another wonderful Christmas Dinner planned with our good friends, Lance and Marianne. Our celebration continues to grow as our children marry, bring their special friends, have babies and fill the dinner table and our hearts with the joy of the Season.
Enclosed with this update is our Christmas gift to you. We hope it brings back memories of the beauty of our Valley all the year long. So for all of our family, friends and “clients soon to be friends,” you are in our hearts, thoughts and prayers this season and throughout the year. We thank you again for your loyalty and support in seeking us out when looking at properties in the valley and for choosing in 2008 to get your information about Santa Ynez Valley real estate from……………
Your Real Estate Professionals,
David Macbeth & Marlene Macbeth, GRI
Realtors
Sotheby’s International Realty