Enclosed is the update of activity for January 1, 2010 through January 31, 2010,
click here to view the updates. There were a total of 45 new listings.
There were 11 pending sales.
Of the residential sales there were 7 sales between $150,000 and
$600,000, 4 sales between $601,000 and $999,999, no sales over $1,000,000. There were 17 sale completes. Their were 23 price decreases and no
price increases. The number of
current listings are up slightly; however they are still very high at 327
listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. 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 $729,750 are at 5.0% at 1 point and Super
Jumbo Loans are at 5.625% at zero points for origination. The conforming 5 year
ARM Interest Only is at 4.25% at 1 point, the Jumbo 5 year ARM Interest Only is
at 5.375% at zero points. The 11th
District Cost of Funds index (COFI) is up at 1.828 for the month of
January. The 6 month LIBOR rate is
at 0.39; last month it was at 0.63; 12 months ago it was at 1.77.
Adjustable rate mortgages
appear to be holding their own on resets. At least the ones we have tied to the
LIBOR and 1 Year Treasuries. I
would caution anyone who has an interest only loan and has been paying ony
interest only to check the terms of their loan. At some point you will be moving toward an adjustable rate.
However, instead of the payment being amortized over 30 years, it will be amortized
over 25 years. that will make a
significant difference in your payment. Play the "What If" game and estimate the
interest rate, amortize it over 25 years and see what it looks like. If you have difficulty doing any of the
above, call us for some assistance.
Better to know ahead of time and formulate a plan than to be caught with
your "Pants on the
Ground" (anyone watch
American Idol) That was funny but this reset will not be.
Real Estate activity has been
up. Not everyone is writing offers
as yet but an amazing number of people are out looking. There are some great tax benefits
available right now for the 1st time buyer and the non-1st time buyer, so for
those sitting on the fence - the time is now. Interest rates are great and some amazing inventory is is
available. The market continues to
stabilize in the price ranges under 1 million which is a good thing. Lots of
activity under $800,000. Just a few months ago the activity was all under
$600,000 so that is a good thing for the upper end.
CIF schedules are in full
swing at the High School. Water Polo, BasketBall and Soccer made it into CIF. I
am not sure how Boys Soccer did but the Girls annihilated their 1st opponent
9-0. Way to go Girls Soccer.!!
They are a force to be reckoned with. We have some amazing girl athletes on that team and I think
we will see several names we know on a college roster somewhere.
Great News! Panino's is
coming to Santa Ynez. I love their
chicken curry sandwiches. No more trips to Solvang or Los Olivos - they are
only a short walk away. Sadlly,
Santa Ynez lost Artiste Wine Tasting as they moved to Los Olivos. I am especially proud as our son Adam
is doing the remodel at the old Artiste spot in Santa Ynez . We are proud parents; it looks pretty
good if I do say so myself.
Marlene and I received the Prudential Presdent's Circle Award
for being in the Top 3% of Prudential Realtors Nationwide. We credit our success to all of our
clients who entrust us with your business and we wish to thank you all for that
support. 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 2010 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