Santa Maria – Orcutt Monday Market Update

Real estate sales were on an even keel last week, but it isn’t exactly what could be called a strong “Spring Market”.  Yes, nearly twice the number of listings over the same time frame last year, but has the number of sales increased significantly over the past few months?  Not really.  Interest rates are still quite good at less than 5%, so we’ll see how June shapes up.

 

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In my nearly 30 years of experience, I’ve observed that there are so many activities occurring in June that real estate sales are slow.  Graduations, both college and high school, weddings, Father’s Day, the start of vacations, kids going to summer school and/or summer camp — just a whole slew of activities that reduce interest in real estate.  Then by July things settle down and sales go up, as people (families) prepare to buy before school starts.  It’s a pattern I’ve seen over and over.

For sellers, it can mean a long frustrating wait for a sale — so if there is a serious need to sell, it’s time to get aggressive with pricing.  For buyers, if not dealing with any of the common June activities, it’s a good time to buy with less competition!

Buying or selling, give me a call and we’ll plan for success! You can reach me at (805)937-5777 or complete the Contact form below.  Time to get moving! 🙂

 

 

What is Mortgage Insurance?

Insurance — can’t live without it, right?  We hate to pay it,  until we need it!  There is one type of insurance that is often required in a real estate transaction, like it or not, and it’s called Mortgage Insurance.

If the borrower of a mortgage loan does not meet a specified percentage equity amount in a property after making the down payment, then mortgage insurance is required by the lender.  It covers the lender for the added risk of a high loan-to-value (LTV) mortgage.

Generally, mortgage insurance is required when the loan amount exceeds 80% of the value, which is traditionally determined by a professional appraisal done by the lender.  So for a borrower with less than 20% down payment, this insurance premium will be added to the payment.  It can usually be canceled when a specified LTV is attained, i.e. when the equity in the home has reached a certain point and the risk is not as great for the lender.  It’s important to read the loan documentation, since specifications can vary by the loan type and the lender.

Don’t confuse mortgage insurance with homeowner insurance, which covers risks from fire, liability, etc.  Homeowner insurance is also usually required when securing a mortgage, but is separate from mortgage insurance.

For more information, give me a call at (805)937-5777, and if you need a referral to a good local lender, I will be happy to help!

 

 

Santa Maria – Orcutt Monday Market Update

Are we going to have a “Spring Market” here in the Santa Maria Valley this year?  One has to wonder, with the quantity of sales in the negative column this past week!  Inventory fell just a tiny bit, and so did sales volume.  What are the buyers thinking right now, and what is holding them back?  Or maybe another question might be, where are the buyers?  Oh, they are there, some on the fence and some still not finding what they want, waiting for more new inventory.  Sooner or later….

Here are the sales stats for last week.

 

 

 

 

 

 

 

 

 

For more information about local real estate, please give me a call at (805)937-5777 or complete the Contact form below.  Thanks!

 

Open House Today

Here’s your chance to experience a unique 3 bedroom, 2 bath Orcutt home that has been remodeled practically top to bottom!  Click here to see the virtual tour, and then be sure you see it today from 1:00 to 3:00 — 3901 Terrace Avenue — turn west onto Terrace off of Bradley Road, near the Santa Maria Way/Bradley intersection.  Gorgeous kitchen!  Price just adjusted to only $385,000!

For more information, give me a call at (805)937-5777 or complete the easy Contact form below!

Price Reduced on Sharp Orcutt Home!

3901 Terrace Av – $395,000

Serious homeowners, serious about selling!  Today, this unique Orcutt home is even more of a bargain than before, as the price has dropped from $395,000 to $385,000!  Re-designed just a few years ago to reduce water consumption, the back yard living space is “hard-scaped”, meaning the only lawn requiring water in our current drought is the front lawn.  In the back, you can enjoy a fire pit, the picnic table and benches, the cool playhouse (or storage) and the upper terrace where your green thumb can shine!  Fruit trees include apple, apricot, plum and pomegranate, but you can easily add a great vegetable garden too!

Inside, enjoy the gorgeous stained concrete flooring throughout the home — just perfect for anyone with allergies, or perhaps someone using a wheelchair — and who wouldn’t love the beautiful kitchen!  Newer roof, too!

I introduced this home last week, so just click here to go to that post, review the details, and watch the virtual tour — then call me for an appointment to see it before it’s gone!

I’m easily reached at (805)937-5777 or use the Contact form below, and I’ll get right back to you!  Thanks!

 

Santa Maria – Orcutt Monday Market Update

Last week was better with new inventory, but what happened to closings?  The closings reflect sales of 30-60 days ago, as far back as March and as recent as April.  Maybe we will see a surge next week, but it must have been pretty quiet around the title companies last week… This week, I have added a new category of sales that will help in understanding total contract sales.  Because we have returned to a “normal” market, and prices have gone up, more homeowners have the equity to attempt a “move-up” again.  They still need to sell first before buying, but since they are now able to do so, sellers are starting to accept offers that contain that contingency.  This past week there were 2 sellers who accepted offers based on the sale of the buyers’ homes.  One is a Foxenwood Estates home listed at $549,000 and the other is a condo in Santa Maria, priced at $172,000.  I think we will be seeing more of these as we roll into the summer months, so I’m adding this category for accuracy, with regard to the actual number of sales.

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It’s so great to look back at a year ago and see that our inventory has doubled!  So much healthier, all the way around.

For more information about the local Santa Maria Valley real estate market, or to start shopping for your next home, please give me a call at (805)937-5777 or complete the Contact form below.  As always, your comments are welcome too, and there’s a space for them just below the Contact form!

 

Happy Mother’s Day!

Best wishes to all the moms out there, young and old!  So many are celebrating their very first Mother’s Day, while for lots of women, it is one of many.  No matter, even if our mothers have passed on to a better place, we cherish our memories and love them still.

To my own mother, thank you for raising me to believe I could do anything, and do it well.  Thank you for giving me values to guide me on my journey through life.  Thank you for being my rock when sometimes everything around me was falling apart, but most of all, thank you for your unconditional love.  I wish you were still here, but you are always in my heart.

 

Old Orcutt Event on Saturday

First year for Wendy Steller’s annual Mother’s Day Gift Bazaar to be held in her new location at the old Loading Dock!  It’s always been at Mark and Wendy’s Old Town Market at the corner of Clark and Gray.  Now, it will be at “Deja Vu”, her antique mall on Broadway, next to Uliveto’s!  Be sure to visit for all the great gift ideas!  Then head over to the market for wine tasting, 5:30 to 8:00!

Saturday, May 10

For real estate information that is current and accurate, please give me a call at (805)937-5777 or complete the Contact form below ~ thank you!

Unique & Delicious New Listing in Orcutt!

I had to say that: delicious!  It really is a one-of-a-kind 3+2 in Orcutt, because the owners have put so much personality into it that it is hard not to love!  First, it’s perfect for anyone suffering from allergies, as there is absolutely no carpet in this home!  Yet far from being bored with the standard 18″ tile so common these days, these floors are tastefully stained concrete.  Talk about easy to care for, especially if your household includes kids and/or pets!  How about someone using a wheelchair? Piece of cake!

Enjoy the video, then continue reading!

What about entertaining? The owners removed some inhibiting walls, vaulted the ceilings in the living areas, and voila! What was once a boxy, cumbersome space is now wide open and ready for the next party!  Guests flow easily between the kitchen, great room and back yard, and the hosts get to enjoy everything too, even while cooking in the (ta-da) gorgeous remodeled kitchen!  Dark cabinets, gleaming stainless steel appliances and stained concrete counters complete this Pottery Barn-style kitchen.  When not entertaining, the long counter/bar is the ideal spot for the kids to use for doing their homework while mom and dad prepare dinner.

For the conservationist in you, or okay, maybe the lazy side of you, the entire back yard has been hard-scaped so all you need to do is water the plants you’ve potted, and the fruit trees (apricot, plum, apple and pomegranate)!  Of course if you love to garden, and prefer to grow your own veggies, there is a perfect space that runs the width of the property on the terraced portion of the yard!  Otherwise, you can just enjoy your weekends around the firepit and picnic table!  The two side yards are wide, and one is currently used as a dog run.

The list of improvements to the house goes on and on, so you’ll want to give me a call to come see this chic single level home in the Orcutt School District.  Discover for yourself!  Key facts: not too big, not too small, kitchen and baths stylishly remodeled, newer roof, windows replaced throughout, and absolutely easy care!!  Come see this little oasis before it’s gone!

Give me a call at (805)937-5777 or complete the Contact form below.  Let the adventure begin!

 

New Listing in Sunrise Hills!

On one of the larger (10,000sf) lots in Sunrise Hills, here is a brand new listing on a cul-de-sac, just waiting for a new owner!  Three bedrooms, 2 baths, great room with a brick fireplace, dining area, kitchen with stainless appliances, walk-in pantry, indoor laundry, park-like back yard and RV space too!  More details await your discovery.  What more could you want?  Orcutt School District?  That’s part of the package!

Approximately 1900 square feet, and priced competitively at only $389,000!

Enjoy the tour below, then call for more details and a viewing appointment!

Listing details, click here! Call me at (805)937-5777 to see, or complete the Contact form below. Thanks!