Enclosed is the update of activity for April 1, 2009 through April 15, 2009, click here to view the updates. There were a total of 20 new listings. There were 5 pending sales. Of the residential sales there were 3 sales between $200,000 and $600,000, 1 sales between $601,000 and $999,999 and 1 sale between $1,000,000 and $1,999,999, and no land sales. There were 7 sale completes. Their were 23 price decreases and 4 price increase. The number of current listings are up slightly; however they are still very high at 356 listings specific to the Santa Ynez Valley.
Rates continue to go up and down on a daily 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 up to $417,000 are at 4.875% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 5.125% at 1 point and Super Jumbo Loans are at 6.75% at 1 point for origination. The Conforming 5 year Interest Only is at 4.625% at 1 point. The 11th District Cost of Funds index (COFI) is down at 2.003 for the month of April. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month LIBOR rate is at 1.65; last month it was at 1.74; 12 months ago it was at 1.92.
Real Estate activity, at least in the lower price ranges continues to move. There are still many opportunities out there but we are seeing multiple offers on many properties. That bodes well for sellers/lenders on both fronts. With a number of buyers bidding on the same property there is less chance that an offer will be accepted by a desperate seller that is less than fair market value. That is also good for homeowners who are not looking to sell as the erosion of value on properties seems to have stabilized. It is still a great time to buy because interest rates continue to be at record lows. I got a quote as low as 4.5% at 1 point. The rates are continuing to bounce around so I have the lenders I am using watch my buyers loans like a hawk because when its down, we want to "lock it in" This is not like the stock market where you have an opening and closing bell for either the absolute lowest rate or the absolute lowest price. A buyer has to take their best shot. If you are waiting too long for the lowest and best price, you can miss the market.
The election coming this May is an important one for the schools and educational programs. I think every school in the Valley is having to severely cut expenses and staff. If you have a child in school, you are more than motivated to get the best education possible for your child. Losing our younger, energetic teachers will hurt our schools and your child. For those of you past child-raising years, you are not off the hook. A great educational system is part of support system for maintaining our property values and that is of interest to us all. One of the first questions a buyer of real estate asks is What are the schools like? The answer is all of our Elementary and High Schools are great; their API scores are among the highest in the state. Santa Ynez Valley High School has API scores around 810; it was named by Newsweek as one of the 600 Best High Schools in the Nation. It has Advanced Placement and International Baccalaureate Programs that allow our students academic scholarships and admittance to outstanding universities. Money is tight for everyone at this time but lets not make our children pay the price.
We may be reached during the day at our new office 805-688-2969, and in the evening at 805-688-2986. Our toll-free number remains 1-800-300-7977. My cell phone is 805-689-4178 and Marlene's is 805-689-2738. So whether you need to buy or sell, call us. We would like to show you what we can do! In the meantime we thank you again for your loyalty and support in seeking us out when looking at properties in the valley and for choosing in 2009 to get your information about Santa Ynez Valley real estate from................
Your Real Estate Professionals Providing
Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth