Macbeth Blog - Santa Ynez Valley Real Estate

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David and Marlene Macbeth

October 1 - November 30th, 2012 Local Market Update

Enclosed is the update of activity for October 1, 2012 thru November 30, 2012.  There were a total of  72 new listings.  There were 64 pending sales.  Of the residential sales there were 43 sales between $100,000 and $600,000, 14 sales between $601,000 and $999,999, 4 sale over $1,000,000, 1 comm. sale and 2 land sales.  There were 49 sale completes.  Their were 35 price decreases and 6 price increases.  The number of current active listings are down at 236 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 3.50% at no points and Jumbo Conforming Loans which are loans up to $626,500 are at 3.625% at no points and Super Jumbo Loans which are loans up to $1,000,000 are at 4.125% at no points for origination. The Jumbo 30/5 year ARM Interest Only is at 3.250% at no points.  The 11th District Cost of Funds index (COFI) is down at 1.038 for the month of December.  The 6 month LIBOR rate is at 0.52; last month it was at 0.53; 12 months ago it was at 0.80.

The real estate market is continuing its recovery with limited inventory in the under $500,000 range and decreasing inventory in the under $1,000,000 range.   The really good news is that 2011 was definitely the bottom of the market and there has been a significant rebound in prices from the low spot in the 4th quarter of 2011. My best guess is that property prices dropped into the the 2002 date range and now they seem to be in late 2003, maybe even breaking into 2004. Overall I think the real estate market has regained about 30% of what it lost relatively quickly.  I think we will continue to make gains in value but the pace is going to slow into the 5-7% range which will be a good thing. It is much better to move at the "pace of the tortoise, rather than the hare" and of course, upward is a much better direction than down.  Expectations of sellers are high as the listing prices continue to push the envelope but savvy buyers are very cognizant of appraisal values on the properties they look to purchase. There continues to be lots of great buys out there as interest rates are still very low and the home of your dreams may be just around the corner.

There will be lots of other changes regarding real estate in the coming year. The 3.8% tax on real estate is a reality but the good news is that only a small number of high earners will be impacted by its existence. There is a new charge of $150 per parcel on rural properties within the unincorporated  areas of Santa Barbara County for State Fire protection. I think that includes everything that is not located within the City limits of either Solvang or Buellton.

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 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 hope your holiday was Merry and filled with family memories and good friends and 2013 is a Happy New Year for us all.  We thank you again for your loyalty and support in seeking us out when looking at properties in the Valley and for choosing in 2013  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 Monday, January 7, 2013 4:26 PM by Marlene Macbeth
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