Enclosed is the update of 4
months of activity for August 1, 2011 through November 30, 2011. . There were a total of 109
new listings. There were 24
pending sales. Of the residential sales
there were 20 sales between $250,000 and
$600,000, 1 sales between $601,000 and $999,999, 3 sales over $1,000,000, and no land sale. There were 78 sale completes. Their were 91 price decreases and no price
increases. The number of current
listings are down; however they are still very high at 268 listings specific to the Santa Ynez Valley.
Rates continue to fluctuate
on a daily basis. Conforming 30 year
fixed rates up to $417,000 are at 3.875% at no points and Jumbo Conforming
Loans which are loans up to $626,500 are at 4.125% at no points and Super Jumbo
Loans which are loans up to $1,000,000 are at 4.625% at no points for
origination. The Jumbo 30/5 year ARM Interest Only is at 3.625% at no
points. The 11th District Cost of Funds
index (COFI) is down at 1.218 for the month of December. The 6 month LIBOR rate is at 0.80; last month
it was at 0.71; 12 months ago it was at 0.48.
I am going to do the End of
the Year Update with this letter since we are still struggling to get this
Update back on schedule. We have worked harder mostly due to the Short Sale
Market which requires not only knowledge and professionalism but boundless
energy, perseverance beyond question and unbelievable tenacity. I guess we are just hard headed and stubborn
enough not to let the banks win and eventually we run into someone at the bank
who does understand reality and we close
the deal. It just takes an incredible
amount of time. Marlene and I are thankful everyday for each other as it takes
two to get it all done. The results of
the year are a mixed bag. There are
buyer's out their with loads of confidence in the market, many of them
investors or buyers looking for 2nd homes. They think the prices are great;
interest rates are phenomenal and we are close to if not at the bottom of the
under the $800,000 range of homes. I
would say in the under $400,000 range, homes are flying off the shelf with
multiple offers. That does not mean they are selling at astronomical prices but
market forces are preventing them from slipping further, at least for the 4th
quarter of 2011. There was still about
.5% erosion per month in values for at least the first 3 quarters of 2011 but I
think stability in the 4th quarter. That
is an improvement over 2010 where we saw declines from .75% to 1% per month. So I have high hopes for 2012. If you have not received an accurate analysis
of where your house is valued in the 4th quarter of 2011 - now is the time to
do that because...."God willing and the Creek doesn't rise" that will
determine your property value in 2012 and the base for future years and maybe
even some increase over the long term..
The hard reality is that number is somewhere between 40-60% off the peak
value in 2005 and has driven us back to the property values of 2001. And there
is no area of value that is untouched by this.
It does not matter if your property was valued under 1 million or over
10+ million. We have all taken the
hit. The reason for the variation from
40-60% is determine by the level of maintenance your house has received. If you are in pristine condition - you are
down 40%; if you have deferred maintenance and your property is not staged for
showing, you are down 60%.
That being said, it may be
your time to do something or ask the question.
Be sure and check out our Website and Property Search engines. We have access to all three Santa Barbara
County Multiple Listing Services and you can find everything available
throughout the County and as far North as Paso Robles at www.MacbethRealEstate.com
. Looking for Short Sales, Auctions,
REO's we have access to those too through RealtyTrac and Foreclosure Radar.
Have a Short Sale, facing foreclosure, call us for information. At the very least we can rpovide you with the
knowledge to make an informed decision.
Just give us a call and let us know what you need. 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 2011 and for the future to get your information about the Santa Ynez
Valley and other areas on the beautiful
Central Coast from.........
Your Real Estate
Professionals
David and Marlene Macbeth