Macbeth Blog - Santa Ynez Valley Real Estate

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David and Marlene Macbeth

December 1, 2011 - January 31, 2012, Local Market Updates

Enclosed is the update of activity for December, 2011 thru January 2012.  There were a total of  52 new listings.  There were 38 pending sales.  Of the residential sales there were 29 sales between $250,000 and $600,000, 4 sales between $601,000 and $999,999, 1 sale over $1,000,000, 1 commercial sale and 3 land sales.  There were 35 sale completes.  Their were 48 price decreases and no price increases.  The number of current listings are down; however they are still very high at 244  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 3.75% at no points and Jumbo Conforming Loans which are loans up to $626,500 are at 4.0% at no points and Super Jumbo Loans which are loans up to $1,000,000 are at 4.50% at no points for origination. The Jumbo 30/5 year ARM Interest Only is at 3.25% at no points.  The 11th District Cost of Funds index (COFI) is up at 1.221 for the month of February.  The 6 month LIBOR rate is at 0.79; last month it was at 0.80; 12 months ago it was at 0.46.

A few items of note as we end the year and start on 2012.  The indices that determine adjustable rate mortgages are rising ever so slightly and slowly. Is there a reason  for this? None that I can think of except the FED is slowly trying to raise the rates without causing a major panic.  They tell us the economy is getting a little better  which may be true in some parts of the country but I think California is still in for some more pain based on the governor's budget and the automatic cuts that are scheduled. All I continue to hope for is some stability and relative calm.. What's important for you is that you know and project on your adjustable rate loan is where it is going and how long is it going to take to get there. Need some help, we can help you figure it out.

There were a lot of Pending sales these past two months and that is good; the sales are dominated by distressed sales (Contingent Short Sales and Contingent REO) sales; that is both good and not so good. Not so good that the market continues to be dominated by distressed sales (50% of the pending sales in December and 69% of the sales in January). However, it is good that the market is clearing itself of distressed homeowners.  Yes, it is horribly sad that so many people are losing or have lost their homes. But this is also the opportunity for distressed homeowners to get themselves on the road to recovery. The laws are in place both State and Federally for people to recover.The big boost at the State level for right now is Senate Bill 458. It basically waives deficiency judgements for purchase money and non-purchase money loans.  It should also be noted that this law expires at the end of 2012. What it means is that if you are granted a short sale by the bank, they can not come after you for the difference in what is owed and what is paid.  That doesn't absolve you of some of the income tax liabilities but it can be a tremendous relief.  In any case, talking to your realtor and an accountant or lawyer well versed in short sale, foreclosure and bankruptcy  is very important. Marlene  and I are well versed and educated in these issues and if we don't know the answers at the very least we can point you in the right direction.  Being proactive will put you and our economy on the right track.

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 provide 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.........

David and Marlene Macbeth, CDPE, CIAS, e-PRO, GRI
Your Real Estate Professionals
Providing Old-Fashioned Service Using Today's Technology

Published Tuesday, February 14, 2012 9:44 AM by Marlene Macbeth
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Shawna Lawrence said:

many people might think that himanity is fading and there is no hope to life anymore and there aren't kind hearted people left on this planet but just like i found this page with so dedicated people working for people like us to get their dream houses and continuously putting effort in making it happen.

February 16, 2018 2:14 AM

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