Macbeth Blog - Santa Ynez Valley Real Estate

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David and Marlene Macbeth

February 1, 2011 - March 31, 2012, Local Market Updates

Enclosed is the update of activity for February, 2012 thru March 2012.  There were a total of  76 new listings.  There were 47 pending sales.  Of the residential sales there were 29 sales between $250,000 and $600,000, 8 sales between $601,000 and $999,999, 5 sale over $1,000,000, 1 commercial sale and 2 land sales.  There were 34 sale completes.  Their were 49 price decreases and 2 price increases.  The number of current listings are up at 289 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 4.0% 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 3.125% at no points.  The 11th District Cost of Funds index (COFI) is down at 1.206 for the month of April.  The 6 month LIBOR rate is at 0.74; last month it was at 0.74; 12 months ago it was at 0.43.

The latest round of Santa Barbara Economic Forecasts are starting to come out.  They  are somewhat rosier than the recent previous years but not a cause for handsprings as yet. Fortunately Santa Barbara County is a unique place where national and state forecasts do not have an much applicability.  We have some tried and true linchpins of agriculture, education, defense, technology and tourism.  For the Valley itself we can be thankful for several of those areas includingthe wine industry which brings tourists and also provides jobs and  the Chumash Casino and Resort  which infuses consistent dollars into the economy and the pockets of its employees and tribal members, all of which help keep the local economy afloat.

The sale of properties in the price range under $600,000 has really picked up and inventory in this range is dropping.  The banks are still predicting a round of short sales but I think Santa Barbara County and the Santa Ynez Valley is looking stable at this time.  That is not to mean that the upper end of price ranges over  1 million will still not see a glut of more than can be sold in a reasonable period of time. And the price of those sales really needs to be determined by what has sold in the last 6 months  and not by what was in 2005; getting back to 2005 is going to take much longer than the 6 years it took for values to fall.  It will be interesting to see if the cost of  proper maintenance, repair and updating of the homes of those sellers who are going to hold out for the return of values to 2005 levels will  equate to the rise in prices of the future.  A crystal ball providing the "right answers" would be a great tool.  The buyers are definitely out there now looking even in all price ranges but they are looking for "THE DEAL" and generally they are willing to wait until they find it.

Are we in a Buyer or Seller's Market?  I think we are in both; we bounce between the two on a daily basis; lower end inventory is  down which makes properties under $450,000 few and far between but the upper end although showing some sign of life is still struggling.In either case there is still plenty of inventory to look at,  There are "the deals"  the buyers but if you are a Seller and want to sell, to move up, move away, get out from under, there is opportunities to get that done.   In any case, talking to your realtor and an accountant or lawyer well versed in short sale, foreclosure and bankruptcy and most importantly, the local market  is very important.   Marlene  and I are well versed and educated in all 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 and in the right spot.

Be sure and check out our Website and Property Search engines.  The Lompoc MLS and CCRMLS have merged and now all North County properties are under the same Search MLS; only Santa Barbara remains it's own entity  for searching out properties. You can still 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 Monday, May 14, 2012 9:32 AM by Marlene Macbeth
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