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David and Marlene Macbeth

August 1 - November 30, 2011 Market Updates

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 .  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

Published Wednesday, January 11, 2012 10:39 PM by Marlene Macbeth
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