Macbeth Blog - Santa Ynez Valley Real Estate

Old-Fashioned Service Using Today's Technology
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David and Marlene Macbeth

August 1 - August 31, 2010 Market Update

Enclosed is the update ofactivity for August 1, 2010 through August 31, 2010, click here to view the updates.  There were a total of 37  new listings.  There were 16 pending sales.  Of the residential sales there were 13sales between $199,000 and $600,000, 2 sales between $601,000 and $999,999, nosales over $1,000,000 and 1 land sale. There were 24 sale completes. Their were 54 price decreases and no price increases.  The number of current listings are upslightly; however they are still very high at 341 listings specific to the SantaYnez Valley.

Rates continue to fluctuateon a daily basis.  Conforming 30year fixed rates up to $417,000 are at 4.125% at 1 point and Jumbo ConformingLoans which are loans up to $729,750 are at 4.25% at .875 point and Super JumboLoans are at 4.875% at .5 points for origination. The conforming 5 year ARMInterest Only is at 2.75% at .75 points, the Jumbo 5 year ARM Interest Only isat 4.125% at 1 point.  The 11thDistrict Cost of Funds index (COFI) is down at 1.753 for the month ofSeptember.  The 6 month LIBOR rateis at 0.47; last month it was at 0.52; 12 months ago it was at 0.67.

The market is hot - lots ofbuyers out there but the weather is hotter.  This past Sunday at 107 degrees and counting there werebuyers looking at open houses. That really says something. Dave and I were only prepared forair-conditioned open houses or at least great window coverings to keep out theblazing sun. Our summer was a little on the cool side this year by the accountsof us "Old Timers" and by that I mean long-time residents. However,the last week has been amazing---the entire county is breaking hot temperaturerecords. It should make the grape harvest--all that much sweeter.  We have also had our gardener friendsreporting the tomato crop has not been as sweet.  Fortunately I am still bringing in my harvest...I am up to 1tomato and 3 green peppers  whichon a cost basis has not been the most profitable thing I have done recently. Mycareer as a farmer is definitely not as successful as I had hoped. I think I betterstick to real estate sales---at least there I know what I am doing.

Credit Scores.... a subjectof great concern of late.  A fewpoints here or there makes a difference so we need to all keep tabs on whereour individual scores are situated. For potential these were some of the options:

  • For scores between 620 and 639 the best average annual percentagerate offered was 4.9 percent.
  • For scores between 640 and 659, the rate was 4.73 percent.
  • For scores between 660 and 679, the rate was 4.6 percent.
  • For scores between 680 and 699, the rate was 4.56 percent.
  • For scores between 700 and 719, the rate was 4.44 percent.
  • For scores of 720 and above, the rate was 4.3 percent.

That means that for each20-point score increase, the average rate dropped 0.12 percent. On a $300,000home with a 20-percent down payment, a 0.12 percent decline equals about $6,400saved over the course of a 30-year mortgage. If you are trying to buy a house,here is another way to evaluate your options.

Be sure and check out our Websiteand Property Search engines.  Wehave added Lompoc area properties to the Search through their MLS and you canfind everything available throughout the County.  Looking for Short Sales and REO's. Just indicate that on thebottom field of the form and you will get the most up-to-date list available.We may be reached during the day at our office 805-688-2969, and in the eveningat 805-688-2986.  Our toll-freenumber is 1-800-300-7977.  My cellphone is 805-689-4178 and Marlene's is 805-689-2738.  So whether you need to buy or sell, call us. We would liketo show you what we can do!  In themeantime we thank you again for your loyalty and support in seeking us out whenlooking at properties in the Valley and for choosing in 2010 to get yourinformation about the Santa Ynez Valley and other areas on the beautiful Central Coast from.........

Your Real EstateProfessionals Providing
Old-Fashioned Service UsingToday's Technology

David Macbeth and Marlene Macbeth

Published Wednesday, September 29, 2010 2:57 PM by David & Marlene Macbeth
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