Macbeth Blog - Santa Ynez Valley Real Estate

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David and Marlene Macbeth

April 1, 2012 - June 30, 2012, Local Market Updates

Enclosed is the update of activity for April, 2012 thru June 2012.  There were a total of  108 new listings.  There were 89 pending sales.  Of the residential sales there were 58 sales between $250,000 and $600,000, 18 sales between $601,000 and $999,999, 9 sale over $1,000,000, 1 commercial sale and 4 land sales.  There were 70 sale completes.  Their were 87 price decreases and no price increases.  The number of current listings are up at 293 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 3.625% at no points and Jumbo Conforming Loans which are loans up to $626,500 are at 3.75% 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 3.0% at no points.  The 11th District Cost of Funds index (COFI) is down at 1.118 for the month of July.  The 6 month LIBOR rate is at 0.73; last month it was at 0.74; 12 months ago it was at 0.40.

Instead of talking my own opinions in this letter I thought I would include an article I spotted in the WSJ today.  It makes some interesting points and I thought was very well written.  They also agree with us that every piece of economic advice needs to be skewed to your own particular area so I will try to put a North County/Santa Ynez Valley slant on this article.

The great news is that home prices at least in the price ranges under 1 million have stabilized here in the Valley also. And with a little more data coming in this year that may also be true for the upper end also.  They appear to have stabilized at the mid year 2002 values; that is not the greatest news for those purchasers who bought  in the 6 years after that date but it appears the downward spiral is over.  The economy and the real estate market still has a long way to go because the bounceback to the previous highs will be a long time coming.  The recession of 1989, yes we were in real estate way back then, took until 2000 to recover.  The WSJ provided us with a great graph which gives us an instant summary snapshot into that recovery and it matches my data collection very closely.  Their advice if you are waiting to make a move.......Dont't hold your breath.

Our local market will like all other markets will depend on two factors: rents and valuations. If it is cheaper to rent, than buy or rents are stagnant, prices will need longer to recover.  If rents are rising, you can expect prices to rise also. That last one is a true statement for Santa Ynez Valley properties, rents are on the uptick. We are lucky.... we have great schools.... great weather......great neighbors, low crime  and a great community.  We have Location, Location, Location in spades. I want to make a statement about great schools and why I put it first on my list... they remain one of the most important aspects of our community life.  Keep our great teachers, keep our schools updated both curriculum and facilities, and keep them safe.  Those concepts should be of MAJOR importance to us as community members and property owners or future property owners whether we are 5 and just entering the school system  or 65, just watching or if your  lucky enjoying your grandchildren go through the school system..

I am not going to be able to put more more into this newsletter and stay on one page so read the enclosed article.  I thought the part about your market value in relation to your loan amount was really an eye-opener.  If you are underwater by 50%, home prices will have to rise 7% per year for the next 10 years for you to get back to even. I am sure they are calculating in maintenance costs but that is a long range plan. It might be a good one for some people but evaluate it in terms of your own finances to see if it works for yours or let us help you figure it out..

Be sure and check out our Website and Property Search engines.  You can still 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 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 2012  to get your information about the Santa Ynez Valley  and other areas on the beautiful Central Coast from.........

Your Real Estate Professionals
Providing Old-Fashioned Service Using Today's Technology

David and Marlene Macbeth, CDPE, CIAS, e-PRO, GRI

Published Tuesday, July 17, 2012 12:35 PM by David & Marlene Macbeth
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Pixehome-Realtor App said:

It was indeed a very useful article with good information provided and thanks for sharing your insights.Can you please provide the real estate market calendar as a whole to get some more ideas on Santa Ynez Valley properties.

<a href="http://www.pixehome.com">realestate software</a>

August 24, 2012 5:25 AM
 

Pam Weaver said:

The local market is growing day by day and I even got an essay written on it through https://australianwritings.net/ and managed to get an A+ on it haha. Hope it grows even more.

December 24, 2017 3:06 AM

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