Macbeth Blog - Santa Ynez Valley Real Estate

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David and Marlene Macbeth

March 1 - March 28, 2010 Market Update

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

Published Monday, April 26, 2010 9:02 AM by Marlene Macbeth

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