Normal
0
0
1
725
4137
34
8
5080
11.1025
0
0
0
Enclosed is the update of
activity for September 1, 2009 through September 30, 2009, click here to view the updates. There were a total of 32 new listings. There were 29 pending sales. Of the residential sales there were 18
sales between $200,000 and $600,000, 6 sales between $601,000 and $999,999 and
3 sales between $1,000,000 and $1,999,999, 1 commercial sale and 1 land
sale. There were 15 sale
completes. Their were 33 price
decreases and 1 price increase.
The number of current listings are down slightly; however they are still
very high at 337 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 4.7% at 1 point and Jumbo Conforming Loans which are loans up
to $729,750 are at 5.0% at 1 point and Super Jumbo Loans are at 5.6% at 1 point
for origination. The conforming 5 year ARM Interest Only is at 3.8% at 1 point,
the Jumbo 5 year ARM Interest Only is at 5.2% at zero points. The 11th District Cost of Funds index
(COFI) is down at 1.412 for the month of October. 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 0.63; last month it was at 0.76; 12 months ago it was at 3.98.
Fall is certainly in the
air. There was frost on our roofs
the other morning so I think it is time to put away summer and move into my
fall-winter mode. Marlene and I take our grandchildren to preschool every
morning so we are heading out early to make our rounds to the Presbyterian
Preschool, Tecolote Daycare and Los Olivos School and it is frosty. The girls
are quite fond of Krazy Country so no more Fox News for me. Their morning
serenade usually involves some Taylor Swift, Rascal Flatts or Sugarland and
what's scary is they know all the words.
Even Keighley at age 3 can sing right along. I have considered painting
my "Man" Truck pink as
the car seats are lined up in the back seat. Life doesn't get any better than
this.
I also love to do the stats
for the month when they start looking good. Real estate has been busy of late and 32 new listings versus 29 sale pendings
means that at least we are almost keeping pace. The one thing that should be noted the length of time the
contingency sales are taking. Some
of the short sale pending will actually not report as sold final for 4-6
months, sometimes even longer.
That bodes well for those sellers that are not in a short sale position
because some buyers just don't want the wait or the hassle of not really
knowing for 5 months or so if they really will get the house. An experience
listing agent can sometimes make all the difference in shortening that time
frame or having a reasonable assurance of closing. If you are thinking that its
your time to enter the market or if you find yourself in a position where you
need to sell for less than the amount owed, it would be wise to schedule a
consultation with us and consider
all the possibilities. The $8,000
tax credit deadline for the Fed is looming and it is a big plus if you can take
advantage of it. There is also
some talk of extending it but there is nothing definite as yet.
What is the market doing
currently...stabilizing?, continuing to free fall?. My thoughts are that prices
in some cases have retreated to 2002 values. I continue to think we are stabilizing especially in the lower
end but REO lenders continue to
amaze me with their pricing which does impact the overall market. My number one pet peeve at the moment
is they do not do anything to make a property more saleable to the buyer other
than lower the price. I am not talking
any big ticket items. I think
minor cleaning, washing windows, cleaning bathrooms and carpets would make a
difference that would translate into a little higher sales price which would
compensate them for paying for those expenses. It might also translate into shorter marketing times. If you as a seller are competing with a
lot of low-priced REO's, then staging the house, removing the clutter and
making it sparkle needs to be your number one priority, it does make a
difference.
Guess I am out of space. Hope we see you this fall at the games
at the High School, on the way to School or out just enjoying a spectacular
Valley fall. Otherwise, we may be
reached during the day at our office 805-688-2969, and in the evening at
805-688-2986. Our toll-free number
is 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................