Normal
0
0
1
600
3425
28
6
4206
11.1025
0
0
0
Enclosed is the update of
activity for August 1, 2009 through August 31, 2009,
click here to view the updates. There were a total of
33 new listings. There were
25 pending sales. Of the
residential sales there were 16 sales between $200,000 and $600,000, 6 sales
between $601,000 and $999,999 and no sales between $1,000,000 and $1,999,999
and 3 land sale. There were 13
sale completes. Their were 40
price decreases and no price increases.
The number of current listings are down slightly; however they are still
very high at 349 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 4.8% at zero points and Jumbo Conforming Loans which are loans
up to $729,750 are at 5.1% at zero points and Super Jumbo Loans are at 5.6% at
zero points for origination. The conforming 5 year ARM Interest Only is at 4.1%
at zero points, the Jumbo 5 year ARM Interest Only is at 5.1% at zero
points. The 11th District Cost of
Funds index (COFI) is down at 1.473 for the month of August. 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 0.76; last month it was at 0.91; 12
months ago it was at 3.12.
August has been a busy month
filled with long negotiations but culminating in quite a few pending
sales. Buyers are being very
careful in their assessment of values which can put Sellers at a disadvantage.
However, I think everyone is coming to grips with the reality of the
"New" market and finding that it is what it is; sometimes "moving
on" is much better than "hanging on" and what you have to lose
in the "peanuts", you can make up in the "popcorn."
Short sales are still taking
anywhere from 3-6 moths to accomplish so it still appears that lenders are
still inundated with loans that are not paying off at full value. However, for
those of you in the short sale position and bemoaning the loss in your credit
standing, there is light at the end of the tunnel. One of our clients sold their home at a value that did not
pay off the lender in full. Their
story is different in that they did whatever they needed to do to make their
payment up until the close of escrow. True, they did not leave their home with
any dollars in their pocket and the lender did not get full value on their
money but 5 months post sale,
their credit scores are still over 740. This will enable them to buy a home, probably more quickly than any of
us anticipated and recover from this economic crisis.
Fall is upon us and we are at
home tonight listening to an exciting Pirate Football game on Krazy Kountry
105.9 over an awesome new sound system courtesy of the Football Boosters and
their sponsors. What a difference from years past. We are getting ready to go out of town or Marlene and I
would both be at the game--we are such sports junkies. There is nothing like
Friday Night Football in Santa Ynez but then we like all the sports because it is not the WIN that's
important for kids but the TRY. We
are going to miss Danish Days this year but I hope you all get to have some of
those great aebelskivers at Saturday or Sunday breakfast on the streets of
Solvang. Next year Solvang will be
celebrating her Centennial Celebration and we wouldn't miss it.
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................
Your Real Estate Professionals
Providing
Old-Fashioned Service Using
Today's Technology
David Macbeth and Marlene Macbeth