2010 - Page 12 of 14 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

2009 Orcutt CA Real Estate & Foreclosure Market Update

01/29/2010
Foreclosure / Bank Owned (REO) Info, Santa Maria

There were a total of 509 homes and condos sold in 2009 in the Orcutt area. Included in these figures are homes in the 93455 zip code which includes some homes and condos in Santa Maria that are south of Betteravia. 439 of the sales were single family homes and 70 were condos/PUDs. The average list price was $339,181, and the average sales price was $332,989 at $182 per square foot with73 days on market. For condos and PUDs, the average list price was $185,185, and average sales price was $179,203 at $132 per square foot with 89 days on the market.

Can I Buy a Santa Maria Condo with FHA Financing?

01/28/2010
Buyer Info, Santa Maria

Can you buy a condo in today's market with FHA financing? The answer is yes you can, but it is very difficult lately. Fannie Mae enacted guidelines which have impacted the condo market tremendously. These guidelines were meant to encourage owner occupancy and stability in condo associations but in many instances they have ended up penalizing associations not already in conformance with those guidleines and making all but impossible for them to ever conform.

2009 Lompoc CA and Vandenberg Village CA Real Estate & Foreclosure Market Update

01/27/2010
Foreclosure / Bank Owned (REO) Info, Lompoc / Vandenberg Village

There were 360 single family homes sold in the Lompoc and Vandenberg Village in 2009. This excludes manufactured home sales. This figure is down approximately 10% from the 401 homes/condos that were reported sold in 2008. Of the 360 homes/condos sold in 2009, 305 were single gamily detached homes, and 55 were attached/condo dwellings. 217 of the sales were foreclosures (REOs) and 50 were short sales.

How to Buy Short Sales in Santa Maria, CA (Part 2)

01/24/2010
Buyer Info, Short Sale Info

Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.

2009 Tepusquet, Sisquoc, Garey, and Rural Santa Maria CA Real Estate Update

01/23/2010
Los Alamos / Tepusquet

When researching the MLS for sales in the rural areas of Santa Maria, I came up with 14 sales in 2009. 6 of them were classified as residential sales, and 8 as land sales. There is no point in looking at averages, etc. with so few sales. It is more useful to look at a sampling of the individual sales information:

2009 Grover Beach CA Real Estate & Foreclosure Market Update

01/22/2010
Central Coast Real Estate

Overall, Grover Beach is experiencing the same reduction in available homes for sales as other markets on the Central Coast of CA. Comparing December 2009 to December 2008 levels -- there were 115 units for sale in 2008, and this December there were only 82. Keep in mind, that buyers still experienced bidding wars for foreclosures in Grover Beach in 2008 -- and now there are even fewer homes for sale.

How to Buy Short Sales in Santa Maria, CA (Part 1)

01/21/2010
Buyer Info, Short Sale Info

Your agent should analyze any short sale listing that you consider offering on. Part of that analysis should be whether there is a second lien holder. There are many short sales that fail; however when you analyze why they fail, often the reason is because a second lien holder is making unreasonable, and sometimes inappropriate demands.

Can I Buy a FSBO Home with a Real Estate Agent?

01/17/2010
Buyer Info

Yes you can. In fact, I would always advise a home buyer to have representation when making a purchase, and especially when buying a FSBO (for sale by owner). The issue of compensation can be tackled with the seller at the outset. Most FSBOs seek to save money by not paying a Realtor to represent them in the sale of their home. However, I've found that FSBOs will usually agree to pay a buyer's agent out of their proceeds.