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As a Top 5 in Real Estate Member, I counsel many clients on a wide
range of financial concerns, not just their real estate investments. As
2009 comes to a close, I wanted to alert you to some important
information that could save you money come tax time.
In addition to the $8,000 tax break for first-time home buyers and the
newly expanded tax credit that includes move-up buyers, new tax-relief
bills passed in 2008 provide for a number of other tax breaks that may
lower your 2009 tax debt. Plan now and review these breaks with your
accountant to see if they could help reduce your tax liability in 2009
and beyond:
• Payroll Tax Credit. For 2009 and 2010, Congress gave
workers a 6.2% credit on earned income, applied as lower income tax
withholding (there are caps based on income). Recipients of Social
Security, Railroad Retirement benefits or Supplemental Security Income,
some federal workers, and veterans with disability pensions will get a
one-time $250 check. Self-employed workers may be able to reduce
quarterly estimated payments to get advance benefits.
• Larger Personal Exemptions. For 2009, each personal exemption you can claim is worth $3,650—up by $150 over 2008.
• Higher Standard Deductions. The standard
deduction for married couples filing jointly rises to $11,400 up by
$500 from 2008. For singles, the amount increases to $5,700—up by $250
over last year, and heads of households can claim $8,350, a jump of
$350.
• Tax Credit for College Tuition. For 2009 and
2010, the Hope credit is replaced by a new credit of up to $2,500 per
student a year for four years of college, not just the first two years.
It now also covers the cost of books, but begins to phase out based on
higher incomes.
• Child Tax Credit. If the credit exceeds the
filer’s tax liability, all or part of the credit will be refunded if
the filer earns more than $3,000 – down from $12,550 in 2008. (Also,
for families with three or more children, the maximum earned income tax
credit for 2009 and 2010 rises by $628.50)
Other changes that could affect you include higher income limits for
deductible IRAs and Roth IRAs, higher estate tax and gift tax
exemptions, credit for energy-saving home improvements, and partial
exclusion of unemployment benefits.
To understand how the new tax breaks could save you money, consult with your financial advisor or e-mail me
for more information. Be sure to pass this email along to your family
and friends—in these tough economic times, we could all use a tax break!
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Enclosed is the update of activity for January 1, 2010 through January 31, 2010, click here to view the updates. There were a total of 45 new listings.
There were 11 pending sales.
Of the residential sales there were 7 sales between $150,000 and
$600,000, 4 sales between $601,000 and $999,999, no sales over $1,000,000. There were 17 sale completes. Their were 23 price decreases and no
price increases. The number of
current listings are up slightly; however they are still very high at 327
listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. Conforming
30 year fixed rates up to $417,000 are at 4.875% at 1 point and Jumbo
Conforming Loans which are loans up to $729,750 are at 5.0% at 1 point and Super
Jumbo Loans are at 5.625% at zero points for origination. The conforming 5 year
ARM Interest Only is at 4.25% at 1 point, the Jumbo 5 year ARM Interest Only is
at 5.375% at zero points. The 11th
District Cost of Funds index (COFI) is up at 1.828 for the month of
January. The 6 month LIBOR rate is
at 0.39; last month it was at 0.63; 12 months ago it was at 1.77.
Adjustable rate mortgages
appear to be holding their own on resets. At least the ones we have tied to the
LIBOR and 1 Year Treasuries. I
would caution anyone who has an interest only loan and has been paying ony
interest only to check the terms of their loan. At some point you will be moving toward an adjustable rate.
However, instead of the payment being amortized over 30 years, it will be amortized
over 25 years. that will make a
significant difference in your payment. Play the "What If" game and estimate the
interest rate, amortize it over 25 years and see what it looks like. If you have difficulty doing any of the
above, call us for some assistance.
Better to know ahead of time and formulate a plan than to be caught with
your "Pants on the
Ground" (anyone watch
American Idol) That was funny but this reset will not be.
Real Estate activity has been
up. Not everyone is writing offers
as yet but an amazing number of people are out looking. There are some great tax benefits
available right now for the 1st time buyer and the non-1st time buyer, so for
those sitting on the fence - the time is now. Interest rates are great and some amazing inventory is is
available. The market continues to
stabilize in the price ranges under 1 million which is a good thing. Lots of
activity under $800,000. Just a few months ago the activity was all under
$600,000 so that is a good thing for the upper end.
CIF schedules are in full
swing at the High School. Water Polo, BasketBall and Soccer made it into CIF. I
am not sure how Boys Soccer did but the Girls annihilated their 1st opponent
9-0. Way to go Girls Soccer.!!
They are a force to be reckoned with. We have some amazing girl athletes on that team and I think
we will see several names we know on a college roster somewhere.
Great News! Panino's is
coming to Santa Ynez. I love their
chicken curry sandwiches. No more trips to Solvang or Los Olivos - they are
only a short walk away. Sadlly,
Santa Ynez lost Artiste Wine Tasting as they moved to Los Olivos. I am especially proud as our son Adam
is doing the remodel at the old Artiste spot in Santa Ynez . We are proud parents; it looks pretty
good if I do say so myself.
Marlene and I received the Prudential Presdent's Circle Award
for being in the Top 3% of Prudential Realtors Nationwide. We credit our success to all of our
clients who entrust us with your business and we wish to thank you all for that
support. 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 2010 to get your
information about Santa Ynez Valley real estate from................
Your Real Estate
Professionals Providing
Old-Fashioned Service Using
Today's Technology
David Macbeth and Marlene Macbeth
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Enclosed is the update of
activity for December 1, 2009 through December 31, 2009, click here to view the updates. There were a total of 23 new listings. There were12 pending sales. Of the residential sales there were 6
sales between $200,000 and $600,000, 6 sales between $601,000 and $999,999, no
sales over $1,000,000. There were
16 sale completes. Their were 27
price decreases and no price increases.
The number of current listings are down slightly; however they are still
very high at 291 listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. We are
checking daily with lenders and
trying to make sure our buyer have their loans locked in and for a long enough
period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to
$417,000 are at 4.6% at 1 point and Jumbo Conforming Loans which are loans up
to $729,750 are at 4.7% at 1 point and Super Jumbo Loans are at 5.5% at zero
points for origination. The conforming 5 year ARM Interest Only is at 4.2% at 1
point, the Jumbo 5 year ARM Interest Only is at 5.2% at zero points. The 11th District Cost of Funds index
(COFI) is up at 2.094 for the month of January. We are adding the 6 month LIBOR index to our update letter
as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month
LIBOR rate is at 0.43; last month it was at 0.48; 12 months ago it was at 1.77.
There is a significant change
noted in the interest rate information above on the Cost of Funds Index (COFI).
The COFI is computed from data report by COFI Reporting Members of the Federal
Home Loan Bank of San Francisco.
For November 2009 25 eligible institutions reported COFI data. Effective November 1, 2009 Wachovia
Mortgage merged into Wells Fargo Bank which is not eligible to be a COFI Report
Member.. The impact of removals of COFI Report Members on the COFI index
depends entirely on the amount of interest expense and total funds of the
entity being removed. This merger changed the COFI, the basis for
many negative amortization adjustable rate mortgages from 1.259% in October
2009 to 2.094% in November. The
effect of that is adjustable rate mortgages will change almost imediately about
.8%. So if your adjustable rate
mortgage rate was based on the COFI plus a margin of 3.0; your interest rate
will change from 4.259% to 5.094% in one month. If you pay rate, the interest
rate at whiich your payment is recalculated was set for the 4%+ rate and your
interest rate is now in the 5% range, all of a sudden you will be accruing negative
interest to your principal balance at a time when most of the other indices are
dropping or remaining relatively stable. If you have an adjustable rate
mortgage and it is tied to the Cost of Funds Index, you should evaluate your payment amounts because this is not the
time to be adding to your principal balance. Call or email us for more information or if you have additional questions.
Other than the above change
the market appears to be stabilizing in the price ranges under 1 million which
is a good thing. There was
relatively consistent activity at least for us during the month of December as
showing occured and a few of our listings in this same range went into escrow.
Happy New Year and let's hope
2010 is a great year for all of us.
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 in 2009 and
for choosing in 2010 to get your information about Santa Ynez Valley real
estate from................
Your Real Estate
Professionals Providing
Old-Fashioned Service Using
Today's Technology
David Macbeth and Marlene Macbeth
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Enclosed is the update of
activity for November 1, 2009 through November 30, 2009, click here to view the updates. There were a total of 19 new listings. There were 20 pending sales. Of the residential sales there were 13
sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999, 2
sales between $1,000,000 and $1,999,999, 1 sale between $2,000,000 and 1
commercial property sale. There
were 11 sale completes. Their were
23 price decreases and no price increases. The number of current listings are down slightly; however
they are still very high at 309 listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. We are
checking daily with lenders and
trying to make sure our buyer have their loans locked in and for a long enough
period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to
$417,000 are at 4.6% at 1 point and Jumbo Conforming Loans which are loans up
to $729,750 are at 4.7% at 1 point and Super Jumbo Loans are at 5.5% at zero
points for origination. The conforming 5 year ARM Interest Only is at 4.2% at 1
point, the Jumbo 5 year ARM Interest Only is at 5.2% at zero points. The 11th District Cost of Funds index
(COFI) is down at 1.259 for the month of November. We are adding the 6 month LIBOR index to our update letter
as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month
LIBOR rate is at 0.48; last month it was at 0.54; 12 months ago it was at 2.57.
The real estate market
continues to be in the new reality. Some of that is good; some of it is not so
good. There are still lots of great opportunities for Buyers but the amount of
inventory in the low end (under $600,000 ) has disappeared and prices are
starting to stabize. That is not to say we still will not see REO's and short
sales in he future but right now Marlene and I are not anticipating further
eroding of equity value. The
market between 600,000-1,000, 000 is still finding its niche but the lower end
of that price range I think is also at the bottom. There are
enough comparables out there that we have a good idea of where pricing needs to
be to sell. Sales over $1,000,000 continue to be slow and I think will be
determined by employment conditions. The good news on the unemployment picture
is that we only lost 11,000 jobs last month. A higher number is due in part to
seasonal hiring but at this point "beggars can't be choosers." We will take whatever good news there
is.
The Holidays are in full
swing at our house. The tree is up and decorated. The mood of our grandchildren
is high anticipation. Bob, the Elf
is showing up in a different spot every day and all the chilren are hoping he
is taking note of their good behavior and reporting good things to Santa and
Mrs. Claus. Speaking of Santa and
Mrs Claus(Dave and Marlene), they will be in Santa Ynez this Saturday from 1:00
to 3:00 in the courtyard on Sagunto Street. Stop by with your children or
without. Santa's lap accommodates all sizes It's always fun.
The spirit is upon us.
Remember the Foodbank and Christmas Unity or People Helping People in
the Valley as their resources have all been tested by the economy and
unemployment. I know they will appreciate anything you
can afford to share. We hope you all have a wonderful Holiday Season with your
family and friends because that is truly what it is all about.
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 2009 to get your
information about Santa Ynez Valley real estate from................
Your Real Estate
Professionals Providing
Old-Fashioned Service Using
Today's Technology
David Macbeth and Marlene Macbeth
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Enclosed is the update of
activity for October 1, 2009 through October 31, 2009, click here to view the updates. There were a total of 29 new listings. There were 19 pending sales. Of the residential sales there were 13
sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999 and
3 sales between $1,000,000 and $1,999,999 and no land sales. There were 24 sale completes. Their were 41 price decreases and 1
price increase. The number of
current listings are down slightly; however they are still very high at 327
listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. We are
checking daily with lenders and
trying to make sure our buyer have their loans locked in and for a long enough
period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to
$417,000 are at 4.8% at 1 point and Jumbo Conforming Loans which are loans up
to $729,750 are at 5.0% at 1 point and Super Jumbo Loans are at 5.5% at zero
points for origination. The conforming 5 year ARM Interest Only is at 4.2% at 1
point, the Jumbo 5 year ARM Interest Only is at 5.5% at zero points. The 11th District Cost of Funds index
(COFI) is down at 1.272 for the month of November. We are adding the 6 month LIBOR index to our update letter
as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month
LIBOR rate is at 0.54; last month it was at 0.63; 12 months ago it was at 2.55.
Real estate continues to be
busy; 29 new listings versus
19 sale pendings which is not as
good as last month but still good considering seasonal adjustments. Contingency sales are continuing to
make for an unusually long escrow but there have been some shorter time frame
sales in the mix. The big news for
this month is that the $8,000 tax credit has been extended until April 30,2010.
There are new rules to consider which may or may not impact your situation but
good to know. The chart is printed on the reverse of this letter for your
convenience and a few more details are described below:
Tax Credit
Versus Tax Deduction - Its important to remember that the tax credit is
just that& a tax credit. The benefit of a tax credit is that its a
dollar-for-dollar tax reduction, rather than a reduction in a tax liability
that would only save you $1,000 to $1,500 when all was said and done. So, if a
first-time homebuyer were to owe $8,000 in income taxes and would qualify for a
tax credit of $8,000, she would owe nothing. Better still, the tax credit is refundable, which means the
homebuyer can receive a check for the credit if he or she has little income tax
liability. For example, if a first-time homebuyer is eligible for a tax credit
of $8,000 but is liable for $4,000 in income tax, she can still receive a check
for the remaining $4,000!
Higher
Income Caps- The amount of income someone can earn and qualify for the full
amount of the credit has been increased. Single tax filers who earn up to
$125,000 are eligible for the total credit amount. Those who earn more than
this cap can receive a partial credit. However, single filers who earn $145,000
and above are ineligible. Joint
filers who earn up to $225,000 are eligible for the total credit amount. Those
who earn more than this cap can receive a partial credit. However, joint filers
who earn $245,000 and above are ineligible.
Maximum
Purchase Price - Qualifying
buyers may purchase a property with a maximum sale price of $800,000.
Guess I am both out of time
and out of space - the later of which is to be distinguished from "out in
space or somewhere in left
field" or whatever else you label it. It has been a rough month but there
is light at the end of the tunnel.
The residential market although not robust continues to improve; the
Federal Government continues to see the need to support Housing as a way out of
the Economic Slump. The SY Pirate
Football Team handily won its last game and looks like the SY GirlsVolleyball
Team as of today are through the
third round of CIF. Good Luck
Pirates- continue to make us proud both on the field and off. Life is good.
Marlene has been in Wisconsin for a few days visiting with
her cousins and saying good-bye to her Aunt, just another part of the cycle of
life. Good-bye can be very hard but it will be a time to celebrate a lifetime
of great memories. We will all be together for the Thanksgiving Holiday and we
hope you and yours will enjoy time
together and be thankful.
.Otherwise, 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 2009 to get your information about Santa Ynez Valley
real estate from................
Your Real Estate Professionals
Providing
Old-Fashioned Service Using
Today's Technology
David Macbeth and Marlene Macbeth
e-PRO, GRI
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Normal
0
0
1
725
4137
34
8
5080
11.1025
0
0
0
Enclosed is the update of
activity for September 1, 2009 through September 30, 2009, click here to view the updates. There were a total of 32 new listings. There were 29 pending sales. Of the residential sales there were 18
sales between $200,000 and $600,000, 6 sales between $601,000 and $999,999 and
3 sales between $1,000,000 and $1,999,999, 1 commercial sale and 1 land
sale. There were 15 sale
completes. Their were 33 price
decreases and 1 price increase.
The number of current listings are down slightly; however they are still
very high at 337 listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. We are
checking daily with lenders and
trying to make sure our buyer have their loans locked in and for a long enough
period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to
$417,000 are at 4.7% at 1 point and Jumbo Conforming Loans which are loans up
to $729,750 are at 5.0% at 1 point and Super Jumbo Loans are at 5.6% at 1 point
for origination. The conforming 5 year ARM Interest Only is at 3.8% at 1 point,
the Jumbo 5 year ARM Interest Only is at 5.2% at zero points. The 11th District Cost of Funds index
(COFI) is down at 1.412 for the month of October. We are adding the 6 month LIBOR index to our update letter
as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month
LIBOR rate is at 0.63; last month it was at 0.76; 12 months ago it was at 3.98.
Fall is certainly in the
air. There was frost on our roofs
the other morning so I think it is time to put away summer and move into my
fall-winter mode. Marlene and I take our grandchildren to preschool every
morning so we are heading out early to make our rounds to the Presbyterian
Preschool, Tecolote Daycare and Los Olivos School and it is frosty. The girls
are quite fond of Krazy Country so no more Fox News for me. Their morning
serenade usually involves some Taylor Swift, Rascal Flatts or Sugarland and
what's scary is they know all the words.
Even Keighley at age 3 can sing right along. I have considered painting
my "Man" Truck pink as
the car seats are lined up in the back seat. Life doesn't get any better than
this.
I also love to do the stats
for the month when they start looking good. Real estate has been busy of late and 32 new listings versus 29 sale pendings
means that at least we are almost keeping pace. The one thing that should be noted the length of time the
contingency sales are taking. Some
of the short sale pending will actually not report as sold final for 4-6
months, sometimes even longer.
That bodes well for those sellers that are not in a short sale position
because some buyers just don't want the wait or the hassle of not really
knowing for 5 months or so if they really will get the house. An experience
listing agent can sometimes make all the difference in shortening that time
frame or having a reasonable assurance of closing. If you are thinking that its
your time to enter the market or if you find yourself in a position where you
need to sell for less than the amount owed, it would be wise to schedule a
consultation with us and consider
all the possibilities. The $8,000
tax credit deadline for the Fed is looming and it is a big plus if you can take
advantage of it. There is also
some talk of extending it but there is nothing definite as yet.
What is the market doing
currently...stabilizing?, continuing to free fall?. My thoughts are that prices
in some cases have retreated to 2002 values. I continue to think we are stabilizing especially in the lower
end but REO lenders continue to
amaze me with their pricing which does impact the overall market. My number one pet peeve at the moment
is they do not do anything to make a property more saleable to the buyer other
than lower the price. I am not talking
any big ticket items. I think
minor cleaning, washing windows, cleaning bathrooms and carpets would make a
difference that would translate into a little higher sales price which would
compensate them for paying for those expenses. It might also translate into shorter marketing times. If you as a seller are competing with a
lot of low-priced REO's, then staging the house, removing the clutter and
making it sparkle needs to be your number one priority, it does make a
difference.
Guess I am out of space. Hope we see you this fall at the games
at the High School, on the way to School or out just enjoying a spectacular
Valley fall. Otherwise, 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 2009 to get your
information about Santa Ynez Valley real estate from................
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Normal
0
0
1
600
3425
28
6
4206
11.1025
0
0
0
Enclosed is the update of
activity for August 1, 2009 through August 31, 2009, click here to view the updates. There were a total of
33 new listings. There were
25 pending sales. Of the
residential sales there were 16 sales between $200,000 and $600,000, 6 sales
between $601,000 and $999,999 and no sales between $1,000,000 and $1,999,999
and 3 land sale. There were 13
sale completes. Their were 40
price decreases and no price increases.
The number of current listings are down slightly; however they are still
very high at 349 listings specific to the Santa Ynez Valley.
Rates continue to go up and
down on a daily basis. We are
checking daily with lenders and
trying to make sure our buyer have their loans locked in and for a long enough
period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to
$417,000 are at 4.8% at zero points and Jumbo Conforming Loans which are loans
up to $729,750 are at 5.1% at zero points and Super Jumbo Loans are at 5.6% at
zero points for origination. The conforming 5 year ARM Interest Only is at 4.1%
at zero points, the Jumbo 5 year ARM Interest Only is at 5.1% at zero
points. The 11th District Cost of
Funds index (COFI) is down at 1.473 for the month of August. We are adding the 6 month LIBOR index
to our update letter as it is becoming the standard for many Adjustable Rate
Mortgages. The 6 month LIBOR rate is at 0.76; last month it was at 0.91; 12
months ago it was at 3.12.
August has been a busy month
filled with long negotiations but culminating in quite a few pending
sales. Buyers are being very
careful in their assessment of values which can put Sellers at a disadvantage.
However, I think everyone is coming to grips with the reality of the
"New" market and finding that it is what it is; sometimes "moving
on" is much better than "hanging on" and what you have to lose
in the "peanuts", you can make up in the "popcorn."
Short sales are still taking
anywhere from 3-6 moths to accomplish so it still appears that lenders are
still inundated with loans that are not paying off at full value. However, for
those of you in the short sale position and bemoaning the loss in your credit
standing, there is light at the end of the tunnel. One of our clients sold their home at a value that did not
pay off the lender in full. Their
story is different in that they did whatever they needed to do to make their
payment up until the close of escrow. True, they did not leave their home with
any dollars in their pocket and the lender did not get full value on their
money but 5 months post sale,
their credit scores are still over 740. This will enable them to buy a home, probably more quickly than any of
us anticipated and recover from this economic crisis.
Fall is upon us and we are at
home tonight listening to an exciting Pirate Football game on Krazy Kountry
105.9 over an awesome new sound system courtesy of the Football Boosters and
their sponsors. What a difference from years past. We are getting ready to go out of town or Marlene and I
would both be at the game--we are such sports junkies. There is nothing like
Friday Night Football in Santa Ynez but then we like all the sports because it is not the WIN that's
important for kids but the TRY. We
are going to miss Danish Days this year but I hope you all get to have some of
those great aebelskivers at Saturday or Sunday breakfast on the streets of
Solvang. Next year Solvang will be
celebrating her Centennial Celebration and we wouldn't miss it.
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 2009 to get your
information about Santa Ynez Valley real estate from................
Your Real Estate Professionals
Providing
Old-Fashioned Service Using
Today's Technology
David Macbeth and Marlene Macbeth
|
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Enclosed is
the update of activity for July 1, 2009 through July 31, 2009, click here to view the updates. There were a total of 32 new listings. There were 20 pending sales. Of the residential sales there were 14
sales between $200,000 and $600,000, 4 sales between $601,000 and $999,999 and
no sales between $1,000,000 and $1,999,999, 1 sale between $4,000,000 and
$4,999,999 and 1land sale. There
were 27 sale completes. Their were
44 price decreases and no price increases. The number of current listings are down slightly; however they
are still very high at 350 listings specific to the Santa Ynez Valley.
Rates
continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans
locked in and for a long enough period of time if they are dealing with the
purchase of a short sale.
Conforming 30 year fixed rates up to $417,000 are at 4.875% at 1 point
and Jumbo Conforming Loans which are loans up to $729,750 are at 5.0% at 1 point
and Super Jumbo Loans are at 5.50% at 1 point for origination. The conforming 5
year ARM Interest Only is at 3.375% at 1 point, the Jumbo 5 year ARM Interest
Only is at 4.10% at 1 point. The
11th District Cost of Funds index (COFI) is up at 1.599 for the month of
July. We are adding the 6 month LIBOR
index to our update letter as it is becoming the standard for many Adjustable
Rate Mortgages. The 6 month LIBOR rate is at 0.94; last month it was at 1.11;
12 months ago it was at 3.12.
I am just
only to say a few words about where the market is today from where it was in
August 2005. We are at the 4 year mark. During the first 12-18 months I think
most of us, realtors and homeowners alike, were in the"shell shock"
mode. What is happening??? Properties are on the market and not
selling. As we all started coming to our senses, reality began hitting and we
could see we were in for a roller coaster ride downhill....a complete
"free fall" looking for the "sweet spot"of stability. A
local appraiser has calculated that market values have been going down approximately
1.3% monthly for the past 29 months.
I am sure there is a great mathematician out there who could calculate
the true drop in the market but I am more a simple mathematician so I am going
to call it a drop of approximately 30-40% from the peak. Yikes!!!! But don't panic. There are
other areas that are far worse; and there are even some pockets in the valley
that have been worse than others. So where are we now. I truly believe the lower end of the
market has hit bottom. Inventory continues to decrease and with lack of supply
comes demand........stability. Even the condominium market has started to come
into its own and has started to stabilize at about 35-40% of peak value. The
area that seems to still need a correction is probably the market from $900,000
to $3,000,000+. I used to think
the upper end of the stratosphere was immune here but even here we are seeing
some adjustments, not to the extent of the lower end but an adjustment never
the less.
There are
some good things that have happened.
People are started to save more, the savings rate is up around 6% and it
was about 1-2%. We are learning our properties...the shelter over our heads are
not a bank accounts to draw from but rather a savings account where we can
accumulate wealth...slow and steady like the tortoise, one mortgage payment at
a time. For those who have had a
rough time in the past 48 months, there is light at the end of the tunnel and you can recover. The one
lesson I think we have all learned is not to take anything for granted which
brings me to my last point. If you
are a grandparent, parent, daughter, son, daughter-in-law, son-in-law, wife,
husband, ex-wife, ex-husband, aunt, uncle, cousin, etc trying to do your best,
the other half of your equation is probably trying to do their best too. Give
them a break, it all can change in an instant and just maybe it wasn't all that
bad. Carpe Diem Oige... what a
great lesson you have given us and how lucky we were to have had you spend time
in our world.
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 2009 to get your
information about Santa Ynez Valley real estate from................
Your Real Estate Professionals Providing
Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth
e-PRO, GRI
Realtors
Prudential California Realty.
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Enclosed is the update of activity for June 1, 2009 through June 30, 2009, click here to view the updates. There were a total of 41 new listings. There were 36 pending sales. Of the residential sales there were 26 sales between $200,000 and $600,000, 4 sales between $601,000 and $999,999 and 4 sales between $1,000,000 and $1,999,999, 1 sale between $14,000,000 and $14,999,999 and 1 commercial property sale. There were 21 sale completes. Their were 53 price decreases and 2 price increase. The number of current listings are down slightly; however they are still very high at 361 listings specific to the Santa Ynez Valley.
Rates continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to $417,000 are at 4.75% at 1 point and Jumbo Conforming Loans which are loans up to $729,750 are at 4.875% at 1 point and Super Jumbo Loans are at 5.50% at 1 point for origination. The conforming 5 year ARM Interest Only is at 3.875% at 1 point, the Jumbo 5 year ARM Interest Only is at 4.625% at 1 point. The 11th District Cost of Funds index (COFI) is up at 1.832 for the month of June. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month LIBOR rate is at 1.11; last month it was at 1.23; 12 months ago it was at 3.10.
Stats...Stats amd more Stats. Will I never get tired of looking at the numbers from every concievable angle. Nope, I guess not and this is my forum for entertaining or boring you all to tears. The MLS has chosed to break down our categories for Pending into Contingent, Contingent Short Sale, and Straight Sale Pending. It provides us with a better idea of the type of sale we are looking at and if a price looks particularly low or high we have an idea if it was a property in distress or just a seller wanting or needing to sell. Last time I gave you my "2 Cents" analysis of the lower price ranges but today it the struggling price range $800,000-1,000,000. There is good and not so good on the horizon. The good news is that there are 4 sales contingent in that price range. One Skytt Mesa on .49 acres and the rest between 1 acre and 19 acres; it should be noted that everyone of these properties started at a price ranges betwee $1,125,000 and $1,450,000; 3 of them are in Santa Ynez and 1 in Solvang. Two of these are probably short sales. There are no contingent short sales in this price category. In the Pending Properties category there are 2 properties that were listed in the $800,000-900,000 range that are pending at the moment. One sold in the low 700,000 range and one on an acre that sold in the 800,000's. What does this tell us...and remember this is in general. If you are a $800,000+ house on less than 1/2 acre you need to be in the low 700,000's so you can compete with the new "boys on the block.". All of the Skytt Mesa properties have already adjusted their prices to put themselves in position for a sale by reductions into the 700,000 range and offering lots of incentives. They are new with all the accompanying stylistic amenties including 10 foot ceilings, wide moldings, 8 foot doors, lots of square footage, in some cases 3 car garages and new..new..new. If you are on an acre, you need to be pretty "spiffy", updated and some added features if you expect a price in the $850,000- 950,000 + range. This is a tought market for buyers as the economy has hit them hard. They generally have a home to sell and cannot afford to carry two payments to buy what they want while waiting for their home to sell. The good news is that they are out there looking, a few of them are in a position to buy but they are looking for their best deal.
The Santa Ynez Valley Economic Forecast was held at the Hotel Corque last week. Marlene and I both attended. Attached is a better summary than I provided several weeks ago that covers the Economic Forecast but also some insightful commentary from one of the Hoteliers who indicates hotel occupancy is at about the high 60's range but guests expecting a little more "bang for their buck" in the way of amenities as well as a lot of locals also supporting many of the valley businesses. Marlene and I find between spending more time to pull together each and every sale during a difficult real estate market and our special grandparent moments we are staying in the valley more, enjoying our local activities and restaurants and keeping the "$love$" local. Oh what a shame..".just another day in Paradise."
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 2009 to get your information about Santa Ynez Valley real estate from................
Your Real Estate Professionals Providing
Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth
e-PRO, GRI
Realtors
Prudential California Realty.
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Enclosed is the update of activity for May 1, 2009 through May 31, 2009, click here to view the updates.. There were a total of 50 new listings. There were 35 pending sales. Of the residential sales there were 27 sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999 and 2 sales between $1,000,000 and $1,999,999, 2 sale between $6,000,000 and $6,999,999 and 1 land sales. There were 10 sale completes. Their were 39 price decreases and 2 price increase. The number of current listings are up slightly; however they are still very high at 362 listings specific to the Santa Ynez Valley. Rates continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to $417,000 are at 4.75% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 4.875% at 1 point and Super Jumbo Loans are at 5.625% at 1 point for origination. The conforming 5 year ARM Interest Only is at 4.0% at 1 point, the Jumbo 5 year ARM Interest Only is at 5.125% at 1 point. The 11th District Cost of Funds index (COFI) is down at 1.380 for the month of June. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month LIBOR rate is at 1.23; last month it was at 1.54; 12 months ago it was at 2.90. I just did the stats for Properties under $400,000 or less in the Valley including Los Alamos but excluding Condominiums and Single Family homes on leased land; there are only 14 active, 12 listings are pending or contingent, and 12 have sold in the past 6 months. That gives an absorption of approximately 1 per month in the past but an increase of 100% for the future. Using those same parameters on the $400,000-600,000 range there are 21 active, 17 listings contingent or pending and only 1 sold in the past 6 months. That reflects an extremely slow turnover rate over the past 6 months but a market that has heated up with great intensity and activity in the past few weeks. Using those same parameters in the 600,000 to 800,000 range there are 26 active listings, 6 contingent sales and 7 solds in the past 6 months. That market is also showing some promise but I think its time is not quite here but the next 60 days during the best marketing season of the year looks to be very promising. The Santa Ynez Valley Economic Forecast was held at the Hotel Corque last week. Marlene and I both attended. The nation as a whole and the State of California still are having significant problems but surprisingly Santa Barbara County, at least the South County and the Santa Ynez Valley were doing far better than most places due in most part to its economic base of Tourism, (We are family friendly and only a short drive from LA or San Francisco), Agriculture (I guess wine grapes, strawberries and broccoli will see us through.) and the presence of the Casino. That's not to say we are without issues but we are faring better than most. We have printed a voluminous report of approximately 300+ pages which is available to look at details and graphs if anyone is interested. Graduations have been in full swing throughout the Valley during the past 2 weeks and ending today. Having recycled ourselves through our own children's graduations, we are now on the "2nd coming". Last night we had a Kindergarten graduation party for our oldest grandchild who felt that since she had attended a High School graduation party, she requested a command performance from a very good-natured High School graduate who I am sure would rather have been having a good time with his friends. Thanks for that....you know who you are and I won't embarrass you further. 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 2009 to get your information about Santa Ynez Valley real estate from................
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Enclosed is the update of activity for April 16, 2009 through April 30, 2009, click here to view the updates. There were a total of 20 new listings. There were 10 pending sales. Of the residential sales there were 6 sales between $200,000 and $600,000, 3 sales between $601,000 and $999,999 and no sales between $1,000,000 and $1,999,999, 1 sale between $2,000,000 and $2,999,999 and no land sales. There were 6 sale completes. Their were 21 price decreases and 1 price increase. The number of current listings are down slightly; however they are still very high at 347 listings specific to the Santa Ynez Valley. Rates continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to $417,000 are at 4.50% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 4.625% at 1 point and Super Jumbo Loans are at 5.625% at 1 point for origination. The Jumbo 5 year ARM Interest Only is at 5.0% at 1 point. The 11th District Cost of Funds index (COFI) is down at 1.626 for the month of May. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month LIBOR rate is at 1.54; last month it was at 1.65; 12 months ago it was at 2.88. I just did the stats for Properties under $400,000 or less in the Valley including Los Alamos and there are only 12 active and I know of those 12 at least 50% are in negotiation today or entering escrow. The lower end is stabilizing as Sold comparables show us almost 1 closed escrow per week over the past 6 months and we have not yet hit the typical "prime" marketing season. Stay tuned for the $400,000-600,000 price range and the $600,000-800,000 range. Summer has hit the Valley. Temperatures have been in the 80's and 90's which if you are like Marlene and I is a good thing. We love summer in the Valley. Truth be told, we love all seasons here but who wouldn't. We live in a great place. However, it does not come without a price and at the moment as I drive around the Valley, I think our dollars would be well spent in a weed abatement program that keeps our vegetation to a level that will prevent a disaster as they are experiencing this week in Santa Barbara. Watching the news has been an eye-opener. As residents we need to be vigilant about brush and foliage around our homes and in the vacant parcels that surround us. The election continues to loom closer so read the ballots and remember to Vote. Vote Yes on Proposition 1A and 1B. I know money is tight for everyone at this time but lets not make our children pay the price. In the meantime our prayers and thoughts go out to our neighbors in Santa Barbara and the Fire and Police Officers who are working around the clock in terrible conditions to keep us all safe. May this end quickly so that we can all have a Happy Mother's Day. We may be reached during the day at our new office 805-688-2969, and in the evening at 805-688-2986. Our toll-free number remains 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 2009 to get your information about Santa Ynez Valley real estate from................ Your Real Estate Professionals Providing
Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth
e-PRO, GRI
Realtors
Prudential California Realty.
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Enclosed is the update of activity for April 1, 2009 through April 15, 2009, click here to view the updates. There were a total of 20 new listings. There were 5 pending sales. Of the residential sales there were 3 sales between $200,000 and $600,000, 1 sales between $601,000 and $999,999 and 1 sale between $1,000,000 and $1,999,999, and no land sales. There were 7 sale completes. Their were 23 price decreases and 4 price increase. The number of current listings are up slightly; however they are still very high at 356 listings specific to the Santa Ynez Valley. Rates continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to $417,000 are at 4.875% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 5.125% at 1 point and Super Jumbo Loans are at 6.75% at 1 point for origination. The Conforming 5 year Interest Only is at 4.625% at 1 point. The 11th District Cost of Funds index (COFI) is down at 2.003 for the month of April. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. The 6 month LIBOR rate is at 1.65; last month it was at 1.74; 12 months ago it was at 1.92. Real Estate activity, at least in the lower price ranges continues to move. There are still many opportunities out there but we are seeing multiple offers on many properties. That bodes well for sellers/lenders on both fronts. With a number of buyers bidding on the same property there is less chance that an offer will be accepted by a desperate seller that is less than fair market value. That is also good for homeowners who are not looking to sell as the erosion of value on properties seems to have stabilized. It is still a great time to buy because interest rates continue to be at record lows. I got a quote as low as 4.5% at 1 point. The rates are continuing to bounce around so I have the lenders I am using watch my buyers loans like a hawk because when its down, we want to "lock it in" This is not like the stock market where you have an opening and closing bell for either the absolute lowest rate or the absolute lowest price. A buyer has to take their best shot. If you are waiting too long for the lowest and best price, you can miss the market. The election coming this May is an important one for the schools and educational programs. I think every school in the Valley is having to severely cut expenses and staff. If you have a child in school, you are more than motivated to get the best education possible for your child. Losing our younger, energetic teachers will hurt our schools and your child. For those of you past child-raising years, you are not off the hook. A great educational system is part of support system for maintaining our property values and that is of interest to us all. One of the first questions a buyer of real estate asks is What are the schools like? The answer is all of our Elementary and High Schools are great; their API scores are among the highest in the state. Santa Ynez Valley High School has API scores around 810; it was named by Newsweek as one of the 600 Best High Schools in the Nation. It has Advanced Placement and International Baccalaureate Programs that allow our students academic scholarships and admittance to outstanding universities. Money is tight for everyone at this time but lets not make our children pay the price. We may be reached during the day at our new office 805-688-2969, and in the evening at 805-688-2986. Our toll-free number remains 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 2009 to get your information about Santa Ynez Valley real estate from................ Your Real Estate Professionals Providing Old-Fashioned Service Using Today's Technology David Macbeth and Marlene Macbeth
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Enclosed is the update of activity for February 16, 2009 through March 15, 2009, click here to view the updates. There were a total of 32 new listings. There were 14 pending sales. Of the residential sales there were 10 sales between $200,000 and $600,000, 4 sales between $601,000 and $999,999, no sales between $1,000,000 and $1,999,999, and no land sales. There were 9 sale completes. Their were 59 price decreases and 1 price increase. The number of current listings are up slightly; however they are still very high at 335 listings specific to the Santa Ynez Valley.
Rates continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to $417,000 are at 4.875% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 5.5% at 1 point and Super Jumbo Loans are at 6.75% at 1.25 points for origination. The Conforming 5 year Interest Only is at 4.75% at 1 point. The 11th District Cost of Funds index (COFI) is down slightly at 2.455 for the month of March. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. FYI: LIBOR is the abbreviation for "London Interbank Offered Rate." The 6 month LIBOR rate is at 1.96; last month it was at 1.75; 12 months ago it was at 2.74.
It's almost Spring. I am so excited. Spring always gives me spring fever and besides Spring Vacation and Easter Egg hunts are on the horizon at our house. That is, after we get over talking about the Leprechaun who visits at night and leaves little gold coins in secret places. By the way...Happy St. Patrick's Day. Don't you just love the innocence of children and how they look at things. It was so much easier way back then.
Good News for Spring - listings have been selling---every listing we have under $600,000 except one is in escrow at the moment. 1st time Buyers, young people and investors have been looking at this time as a great opportunity. We are still a long way from getting out of this situation but there is progress.
The education situation and budget remains scary. I know of so many teachers who will be looking elsewhere for employment. I am fearful for our children on how this will impact their academic needs. I know the teacher in our family, our daughter, Amie has a full schedule of classes at SY High School and 150-160 students who will not have the benefit of her expertise or caring attitude unless a major windfall happens to the High School budget. This kind of situation affects us all as property owners. One of the reasons our real estate has the value it does is because we have great schools. The number one question from young families moving to the family is "How are the Schools?" I hope we have the financial resources and teachers to keep on top of the academic ladder for next year and beyond. 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 2009 to get your information about Santa Ynez Valley real estate from................
Your Real Estate Professionals Providing Old-Fashioned Service Using Today's Technology
David Macbeth and Marlene Macbeth
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• 3,197 sq. ft., 3 bath, 3 bdrm single story -  MLS® $1,425,000 - Great Price Village Collection, Solvang - Spectacular views from a poolside setting are the focus of this 3 bedroom plus office/library, 3 bath home on 1/3 acre in the Village Collection. Spacious living/family rooms enhanced with cathedral ceilings, accent lighting, and custom fireplace surrounded by a library and media cabinets; custom kitchen with upgraded appliances, granite and tile counters, and skylight for natural lighting. Large master bedroom suite with separate walk-in closets, double sinks, soaking tub and private commode. 3+ car garage with lots of space for storage or workshop. Spectacular backyard with pool and spa
Property information
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Village Collection, Solvang - Announcing a price reduction on 232 Valhalla Drive, a 3,197 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $1,425,000 - Great Price. Property information
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