Enclosed is the update of
activity for March 1, 2010 through March 28, 2010, click here to view the
updates. There were a total of
33 new listings. There
were14 pending sales. Of the
residential sales there were 8 sales between $199,000 and $600,000, 5 sales
between $601,000 and $999,999, 1 sale over $2,000,000. There were 13 sale completes. Their were 35 price decreases and no
price increases. The number of
current listings are down slightly; however they are still very high at 309
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 zero points and Jumbo
Conforming Loans which are loans up to $729,750 are at 5.0% at zero points and
Super Jumbo Loans are at 5.625% at zero points for origination. The conforming
5 year ARM Interest Only is at 4.0% at zero points, the Jumbo 5 year ARM
Interest Only is at 5.375% at zero points. The 11th District Cost of Funds index (COFI) is down at 1.614
for the month of April. The 6
month LIBOR rate is at 0.43; last month it was at 0.39; 12 months ago it was at
1.74.
It looks like we are a little
slow this month at getting our Update letter out and we apologize for that
delay. We took some time off in
April and took our grandchildren and a few parents - we are not that
altruistic- to Cabo for Spring Break. Although we always manage to do more than
a little real estate when we are out of the country, we did enjoy the
opportunity to play at length with the girls and remember what it was like to see
things with fresh new eyes. And so we come back to reality with fresh eyes and
see what the real estate world has been up to with a whole new perspective.
Sales activity continues to move slowly and price is still the determinate
factor. I truly believe the lower
end of the market has stabilized.
That is not to mean it is moving upward but it is no longer dropping.
There are still a number of short sales and REO that are coming on the market
and it is always a surprise to me that many of the REO did not try a short sale
first. Although selling at less
than your encumbered value is not what most people want to do, it can have its
advantages. Sometimes you just need
to "stop the economic bleed" and start to heal financially. The one surprise that I continue
to have is the number of SCAM or CON artists that are preying on unsuspecting
people trying to do the right thing.
A word of caution--if you are paying up front fees to some agency or
individual to help you do a loan modification or short sale or prevent your
foreclosure, you are being scammed.
If someone you know is doing that, please tell them to stop and get some
advice from someone they trust or
has been referred to them.. It
should not cost you thousands of dollars. There are banks or agencies who will
help you for free. Call a local
realtor, call the California Association of Realtors but get some advice. Both Marlene and I have taken Short
Sale Seminars that have provided us with answers to many of your questions. We
would be happy to help you or at least point you in the right direction.
'Enough said.
Marlene and I have also been
acknowledged by Top5inRealEstate as Top Agents. This will allow us to provide
extensive real estate information by linking through our website as well as
email. We have been working
diligently updating but we are not
quite thre yet. If we do not have
your current information on file, please send us an email with that
information. We will be continuing
to update our contact list by phone so you may receive a call from us or our
assistant who is helping with this task. 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