Aug. 17, 2008 - Santa Maria California Luxury Home & Executive Home Market

When looking at the Santa Maria California and Orcutt California market overall, currently there are approximately 700 homes on the market, and approximately 60% of single family homes and condos are either short sales (sometimes referred to as pre-foreclosures) or bank-owned properties (REOs).  And, in the past 30 days, approximately 130 single family homes have closed escrow, and about 60% of those were REOs, and around 15% were short sales.

Contrast that with the luxury and executive home market where there are only about 50 homes priced above $500,000 or more in the Santa Maria California and Orcutt California market, and only 20% of them are short sales or REOs.  The executive and luxury home market consists mostly of homes in the Orcutt area and includes developments such as Elkhorn Estates, Deerfield Estates, Oakhill Country Estates, Lake Marie, and Foxenwood Estates.  But there are also executive homes in Santa Maria proper in the Country Club area and in Hancock Park which is close to Marian Hospital.

Currently, of those homes, only one is priced over 2 million.  The average square footage is around 3000 square feet and the average price hovers around $700,000.  Although this segment of the market has not been as decimated by the housing crisis as the first time home buyer market in Santa Maria, there have been significant price decreases and your money will certainly buy a lot more than 3 years ago.  The key is weeding through the listings and finding the perfect combination of the right seller and the right home.  I can help you with this process.

If you are interested in receiving a list of executive, luxury, and golf course homes in the Santa Maria, California, and Orcutt, California area, please send an email to me at tni@mintprop.com, or give me a call at (805) 878-9879.  Local association rules prevent posting this information, but I will be happy to provide it to you upon request.

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com

www.MintProp.com
www.YourMonthlyMint.com
www.VAFBRealEstateSearch.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com

*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market

Jul. 6, 2008 - Selling Your Home as a Short Sale in the Santa Maria CA & Orcutt CA Market

Short sales dominate the Santa Maria and Orcutt CA market. Simply put, short sales are sales where the owner owes more than the house is currently worth. Currently, 50% of the active listings in Santa Maria and Orcutt are short sales. However, 60% of the homes sold in the past 30 days are bank owned homes (REOs), and only 10% of sold homes in the last month were short sales.*

Many homeowners ask -- why the disparity? Or, is a short sale a real possibility for me? Now certainly, those figures have something to do with the inherent difficulty of a short sale. Short sales are a marathon, not a sprint. And one of the most important decisions you will make as a homeowner short selling in this environment is the agent you employ. However, I continue to believe that selling your house as a short sale is an option that homeowners in distress should explore. Short sales can help owners avoid foreclosure and in some cases bankruptcy.

Homeowners who purchased or refinanced at the height of the market (end of 2005 / beginning of 2006) often owe much more than their home is currently worth. For example, homes purchased in the Santa Maria or Orcutt CA area during the peak for $500k are often only worth $300k in today's market. Due to job transfer, divorce, or economic factors outside of their control, many homeowners must sell their home now even though it is not the most opportune time. Short sales can work. There are several tactics that will help the odds of a successful outcome for your short sale:

1) Do the background work before you list your home. I recommend to all my short sale sellers that they employ an attorney before beginning the short sale process. You need advice as to whether a short sale is your best option, review of your initial loan documents, assistance compiling your short sale package, and someone to handle negotiations with your bank. Most people believe they cannot afford to hire an attorney. However, there are some attorneys who now specialize in handling shorts sales and work on a transactional basis instead of a per hour basis. I can also provide you with an attorney referral.

2) Obtaining an "approved price" from your lender. By beginning the dialogue with your lender early, you increase the odds of obtaining an approved price for your listing. The market is currently flooded with short sales and those with an "approved selling price" stand out from the crowd. Buyers and buyers agents are encouraged by this as it means that the lender has agreed to accept an offer at that price and the transaction will likely close in a reasonable amount of time. Buyers are beginning to understand what short sales are, either through their own experience or through the experience of their friends and colleagues who have sat through a short sale. As a result, you have to be able to articulate a reason why short sale will work where others will not. So, the key to marketing your short sales lies in both properly displaying the features of your home and telling buyers why your home is worth waiting for. I can help you market your short sale in order to obtain the purchase offer you need.

3) Price your home correctly. I cannot emphasize this enough. If an approved price cannot be obtained from the lender you must consult with your agent to list your home for a reasonable price. I've seen one too many short sales where the listing agent overpriced or underpriced the listing. Many times an owner listing their home as a short sale bases their listing price on what they owe on the home rather than what the market is saying. If you overprice your short sale in this market, you will get no showings much less any offers. At the other end of the spectrum, is the under priced short sale listing -- priced at a "fire sale" price. This is not an advantage to the short sale homeowner because many times they will fail to obtain a reasonable offer and instead only attract low ball offers. The selling price still has to be accepted by the bank and they are not likely to accept an offer that is obviously below current market value. I can help you price your home correctly in this market at a level that will both obtain offers and be considered reasonable by the bank.

4) Pick the right agent. This is obvious but often overlooked in this market. Homeowners who would have thought long and hard about who to choose as their listing agent during the boom are simply throwing their homes at "short sale mills" and feeling thankful that any agent will take their short sale listing. There is a great deal of shame and avoidance that anyone in financial distress goes through. However, this can be disastrous for a short sale seller. In my efforts working on behalf of buyers, I routinely see short sale listings that have not been properly marketed, costly short cuts taken, and I have submitted offers on short sales where the agent never even bothers to respond. Often this occurs because agents have taken on more short sale listings than they can service in an attempt to increase their odds of closing a deal. My goal in selling your short sale is to give you the best possible shot at getting an approved short sale. I put the same amount of time and effort into my short sale listings (if not more) as I do regular listings. Sellers in distress deserve the best possible chance to avoid foreclosure and/or bankruptcy. Please contact me today at (805) 878-9879 for a short sale consultation. Let me give you expert advice on selling your house as a short sale in today's Santa Maria and Orcutt CA market.

Sincerely,

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com

www.MintProp.com
www.YourMonthlyMint.com
www.VAFBRealEstateSearch.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com

*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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Jun. 28, 2008 - Santa Maria CA & Orcutt CA Bank Owned / Foreclosure Market Update

The Santa Maria/Orcutt CA market for foreclosure properties is certainly not unique. However, because of media reports on overall trends in the national real estate market, many who venture into the local home buying market are under the misimpression that there are hundreds of cheap houses sitting out there for the picking. That is not exactly how it is currently working. I might say that about the local condo market -- but not the market for homes. That is not to say that there are not bargains out there. There clearly are. But, the local market for foreclosed properties is extremely competitive. On one particularly choice recent bank owned listing, the listing agent reported 28 offers in 5 days.

At present, there are plenty of buyers who have not had success buying a foreclosure. That is because out of approximately 700 single family residences currently on the market, about 300 are short sales. Some are referring to these short sales as "pre-foreclosures" although the term is not altogether accurate as not all will end up in foreclosure if they do not sell. Indeed, some sellers will simply remove them from the market and suffer through, but it is true that the vast majority are trending toward foreclosure.

Short sales are listings where the seller offers the home contingent upon the lender approving the sale at that price because the seller owes more than the house is currently worth. In my experience, short sales take about 3-4 months to close and at least 2/3's of the time they fail, i.e., the seller cannot come to terms with their lender to accomplish the sale. This seems counter intuitive in many cases as often the lender ends up taking less for the property as a bank owned home than as a short sale. However, there are competing interests involved in a short sale including the lender's interest in trying to get more money out of the distressed seller, appeasing sometimes unrealistic investors who are in denial about the extent of their loss, and the fact that the extent of the loss in this unique market many times outweighs the cost savings of avoiding a foreclosure (some estimates place this at $30k-$50k at maximum). Short sales have their advantages for buyers in that you are dealing with a seller who is VERY motivated and the property is usually in better condition than the average foreclosure. But, in my experience buyers get terribly frustrated with them and the success rate is low. This puts an almost laser like focus on the properties that pop up as bank owned as these sales have more certainty -- if you get an accepted contract you will get the property at the end of the process. The tricky part is getting an accepted contract. Currently there are about half as many active bank owned properties as short sales on the market (about 150) in the Santa Maria/Orcutt market. In my view, this reflects the fact that the bank owned market moves FAST. When bank owned properties, i.e., properties that have completed the foreclosure process, are placed back on the market at competitive prices they are under contract quickly. The days on market reflected may prove deceptive to this trend as many times a deal is all but accepted but still reflected as active in the MLS as the contract makes its way through a bank beaucracy for final signatures and approval. However, every bank owned property I have written on for buyers this month except for one -- has had multiple offers.

The tactic many bank sellers are undertaking is to list the properties low, refuse to consider offers until they collect a number of offers over a couple of days or weekend and then "counter offer" back to all potential buyers with a request for their "highest and best" offer. Nice -- now buyers are in the position to bid against themselves -- blindly. I have a technique to aid in this situation -- one that will keep you from overpaying. However, it is still an ugly position to be in. As a result, some properties are being bid up slightly -- which is contrary to what many buyers expect and what the media portrays about the real estate market. Take into account that each bank owned home has to make its way through the foreclosure pipeline, a process which takes months. So, when they hit the market they are a hot commodity -- when priced right. Be ready when you step onto this foreclosure highway -- be prepared for the fast lane.

I specialize in guiding people through this process. You need an expert. Call me today to take advantage of this market (805) 878-9879.

Sincerely,

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com
www.VAFBRealEstateSearch.com

*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.



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May. 11, 2008 - Buying a Bank Owned Beach Home in Shell Beach CA, Pismo Beach CA, & Grover Beach CA

The Central Coast of California offers a wide range of housing for those who want their own little piece of the coastline. From a one bedroom "beach shack" in Oceano or Grover Beach to a million plus beach estate with panoramic ocean views in Pismo Heights; everyone can find their perfect vacation beach home on the Central Coast.

"Beach shacks" as they are dubbed locally, or "beach bungalows" start as low as $200k and go upward depending on their condition and location. At the lower end, many beach bungalows are priced without the value of the home considered, as structural issues make some borderline "tear downs." Potential purchasers should be prepared to put between a 20%-33% down payment on this type of house, as some lenders will see this as the purchase of a lot (and thus a riskier investment) with the home having no value at all. Some property owners have improved these shacks and updated them, but many in their existing states would not qualify for the low down payment government backed financing programs such as VA or FHA.

Beach bungalows in Grover Beach, Pismo Beach, and Shell Beach are usually no more than 2 bedrooms and one bathroom and the square footage is typically less than 1000 square feet. Of course, pricing is heavily influenced by condition and the location. There are beach bungalows available in tony Shell Beach, CA; however, I find much of the inventory there has been improved and updated as compared to the inventory in Grover Beach or Oceano. Due to the location which offers direct walking access to the popular beach areas, and the typically better condition of the properties, the prices of beach bungalows in Shell Beach start at around $500k and go upward.

Because of the housing downturn, we are just beginning to see bank owned beach house inventory on the Central Coast. This is very exciting as new opportunities abound for buyers to find the vacation house of their dreams at a significant discount. Those wishing to buy a bank oned beach house are in for some challenges. Indeed, some buyers are not up to it, as there are definite delays when buying homes from a bank. However, bank owned homes offer some of the best discounts in the current market, and it may turn out to be worth your wait. In my experience, these delays can occur at any part of the transaction.

I've had bank owned transactions where it took almost 3 weeks for a bank to accept an offer, two weeks to sign the contract, 3 weeks to choose an escrow company, or one week to sign their estimated settlement statement. These types of delays can cause difficulty when financing rate locks are involved. Some of these delays are less brutal on vacation home buyers because they do not need to coordinate a move into the home immediately. The good news is that the bank owned pricing environment has spilled over and affected even the prices that private sellers are asking for beach homes. They must compete with bank owned inventory in order to obtain offers. This translates into an especially opportune time to pick up a beach house.

My background as an attorney lends itself easily to a specialty in helping others buy bank owned (REO) and "pre-foreclosure" homes. I would be happy to show you all the Central Coast has to offer for your second home purchase, including golf course communities with ocean views such as Cypress Ridge in Arroyo Grande, hilltop ocean view homes in Pismo Heights, and beach front bungalows in Shell Beach. Call me directly on my cell at (805) 878-9879, or send me an email at tni@mintprop.com, and I'll set up a "Client Portal" for you where you'll get alerts about newly listed bank owned beach homes. Or you can simply search for free on my website.

Sincerely,

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com

www.MintProp.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com
www.VAFBRealEstateSearch.com

Mar. 15, 2008 - Vandenberg Air Force Base Buyers VA 100% Financing Home Buying Tips

Now that home prices have declined significantly on the Central Coast, we are beginning to see the return of VA financing. VA financing limits the purchase price of a home to $417,000, which was the previous FHA limit as well. So, with the decline in home prices, VA financing has become a viable option again, and many potential VA buyers, real estate brokers, and mortgage lenders have begun re-educating themselves on VA financing requirements.

This is especially important to the Central Coast as we are home to Vandenberg Air Force Base, which is home to the 30th Space Wing, which manages missile and space testing for the Department of Defense. So, we have a great deal of active duty and retired military in the local area who are eligible for a certificate for the VA home loan guaranty program. This post offers a few tips for those buyers. Also you can start your home search on my website, where you can search for Central Coast homes, and also for homes immediately adjacent to Vandenberg Air Force Base.

Importantly, the loan limits for VA financing were not raised with the recent legislation which raised FHA limits to $729,500 in high cost areas, so VA buyers are still limited to a maximum of $417,000. I have mixed feelings about the FHA limit being raised especially since the median home price in California has now almost slipped below the previous $417,000 limit, but I'll address that in another post. Currently, the California Association of Realtors indicates that as of January 2008, the median home price in California is approximately $430,000. So, VA financing is again a viable alternative for many, and especially for first time buyers who are spending a lot less than that amount for their first home.

First things first, military personnel who wish to use VA to finance a home purchase must obtain a certificate of eligibility through the Department of Veteran's Affairs. usually, an experienced lender can obtain a certificate almost instantly by using an automated system VA set up just for that purpose. In some cases, you may need to submit a form and wait for a certificate to be mailed to you in order to establish your entitlement to this benefit.

The next step is qualifying your income and credit. Again, this is where your lender comes in. From my discussions with lenders, I've learned the most important aspect of qualification for VA loans beyond income is not the credit score of the applicant, but their most recent credit history. Namely, whether they have made timely payments in the past 12 months. Nothing sinks a VA buyer quicker than recent late payments made on their accounts. If there is more than one late payment in the past 12 months, you may still be able to get the application manually underwritten; however, the more "lates" you have on your credit, the less likely the possibility of squeaking through becomes. So, if you want to buy with VA financing concentrate on keeping current with your payment obligations. I've experienced VA approving buyers with credit scores in 500's, and I've also experienced other buyers being rejected for late payments. So it seems that your overall credit history (or lack of credit history) will affect you less than being late on your car payment for the last 2-3 months.

Also be aware that when you make an offer with VA financing, it may not be as strong as an offer from a buyer using conventional financing. Part of this is dependent upon whether you ask the seller to pay closing costs and/or make other concessions. Closing costs with VA loans tend to be a bit higher than for conventional loans. If you don't have closing costs saved, you can request that the seller pay them, but of course that will impact the strength of your offer. You can also stack them on top of the purchase price in your offer, and that way the seller gets their full price and you don't have to pay the costs out of pocket. This also assumes that the home will appraise at the higher value; sellers who are asking a price close to a reasonable estimate of their appraised value will take this into consideration as well. Lenders I've spoken with estimate about 4% of the purchase price for closing costs on a VA loan. Conventional lenders will typically only allow buyers to request closing cost help from the seller of up to 3% of the purchase price (because they fear fraud if a lot of money is being given back to the buyer), but VA will allow up to 6% of the purchase price to be paid by the seller as closing costs and/or other concessions to the buyer.

The other major hurdle with VA offers is typically the timeline. Most lenders will tell you that it is difficult to close a VA loan in under 45 days. This is primarily due to the VA appraisal process. VA uses their own appraisers and there are fewer appraisers that are qualified to do VA appraisal work. As a result, their workloads are heavy and they cover larger geographic areas than other appraisers. For example, in my experience with non-VA appraisers, I can usually get an appraisal completed within one week. On a VA transaction, it may one week just to get an appointment for the appraisal! Also, the appraisal may indicate that additional work must be completed which can throw a wrench in the works late in a transaction. And, of course, this can be very tricky when you're buying a bank owned property and you have a seller who will make NO REPAIRS. Therefore, at the outset if the buyer has no additional funds, you should make sure to ask for seller concessions that will cover closing costs, active infestation termite work (this will be a guess unless a termite report is on file), and any other repairs VA might require (another guess until appraisal is done and estimates for the work have been completed). But again, asking for more money back from the seller, or stacking the costs on top of the purchase price can also impact how attractive your offer is. So, there are a lot of variables, and experienced listing agents know that and as a result many are wary of buyers using VA financing.

All of the above is based on my experience as well as informal and anecdotal interchanges with loan officers. You should do your own research on these issues, as none of it is meant to be a guaranty of what it will take for you to qualify for a loan or successfully complete a transaction. It is offered merely to give potential VA buyers an indication of the possible pitfalls involved with using the VA home loan guaranty program.

If you are transferring to the area, retiring from service, or have too many dogs to live on Base, I would love to help you find a home using your VA eligibility certificate. These transactions can be challenging, but I'm up to the challenge. Please feel free to give me a call today, I make it a point to be available to my clients by cell (805) 878-9879, so please give me a call today so we can begin the process of finding the perfect home for you.

Sincerely,

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com

www.MintProp.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com
www.VAFBRealEstateSearch.com

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Mar. 9, 2008 - The Short Sale Housing Market in Santa Maria California

A little while back I promised to write an entry on buying short sales. I have many clients who have the notion that they want to buy their next or first home this way, and these days my first conversation with potential buyers always includes a discussion of these types of sales. Last time I took a peek, there were approximate 800 single family home listings in the Santa Maria area, and about 40% of them were short sales or at least potential short sales. So, the current market for homes in Santa Maria and Orcutt is inundated with these listings.

First things first. What is a short sale? A short sale listing is one in which the owner owes more on their loan than their house is currently worth. And, due to any number of factors, they are trying to sell their home. Many of the current short sales are caused by a home owner's interest rate adjustment making payments unaffordable. Other homeowners could make their payments but they must sell because they have to move (due to job transfer, etc.) and they cannot currently sell their home for what they owe. Even others are simply walking away because they do not wish to make payments on homes that are not worth what they paid for them. When it is apparent at the outset that a home will not sell for what the homeowner owes it is listed as a "short sale."

Typically, when I'm showing potential buyers homes in Santa Maria and Orcutt they fall in love with a short sale. Many of the short sale listings in Santa Maria show very nicely, especially when you compare them to similarly priced foreclosed and bank owned properties. In a short sale situation, you have a motivated seller in the home and they present the home very well, as compared to a bank foreclosure where appliances may be missing, carpet is stained or torn out, projects unfinished, or even apparent deliberate damage inflicted by a homeowner who was unhappy about losing their home. So a short sale can be a great bargain because they may require less repair for the same price as a foreclosure. But as with most things, the details make the difference.

How is buying a short sale different from buying another home? A short sale contract, if accepted by the seller, will be conditioned upon the seller receiving approval from the bank. That is the tricky part. Obtaining bank approval can take 3-4 months. And, at the end of that 3-4 months the answer can be "no," and the bank can just proceed to foreclose on the property (where a Notice of Default has already been filed), or they can request more money from the potential buyer (even though the seller has agreed to a lower price), or the bank can throw a wrench in the works by demanding more money from the seller's other resources or assets in order to make up the difference between the loan balance and the offer.

Once an offer is accepted by the seller, and presented to the bank for approval, the bank will conduct its own appraisal and solicit broker price opinions from other local brokers to make sure that the offer is in line with the market. But even if they agree that the offer is fair, the bank will still try to get the seller to assume a note (debt) for the difference between the offer and what that seller owes on the property. Ultimately, the seller and the bank may not be able to agree to terms, and bank approval will not be obtained. And while all of this is being negotiated, the buyer must simply just wait, often hearing nothing in response for weeks at a time.

It is very difficult to wait through this process because of the obvious uncertainty involved. I usually advise Santa Maria buyers to write on short sales when this is the ONLY house they want and they want NO OTHER. Because it takes that type desire to make it through the process. Santa Maria short sales may also make sense if you are buying a home for investment, and you are not waiting through this process to move into the home. Most buyers simply can't deal with the uncertainty, they want to know when they can schedule movers, when they can lock their interest rate, and most of all, they want to know if they have a deal or not. Waiting 4 months and getting a "no" for an answer is exhausting to most, and during that time most buyers usually find another home that they would like to pursue.

There is some advantage to trying to pursue short sales as the Santa Maria real estate market currently has a shortage of inventory, in my opinion. Believe it or not, I have plenty of buyers who can't find anything they want to buy! This is because they've ruled out short sales and overpriced listings, and bank owned properties that are priced correctly are receiving multiple bids. Sometimes, by focusing on a short sale they are able to get a home in good condition that they like without having to compete with so many other buyers.

The current market for short sales in Santa Maria and the surrounding areas is complex. I would be happy to discuss the best approach to finding the right home for you here on the Central Coast. Please feel free to give me a call at (805) 878-9879, I make a point to be directly available to my clients. Also, feel free to search for properties on my website.

Sincerely,

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com

www.CentralCoastRealEstateSearch.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateBlog.com

Feb. 17, 2008 - Buying Foreclosures in Santa Maria, California

The number one question I'm asked by new clients is "Tni, how can I buy a foreclosure?" The Santa Maria and Orcutt market is full of foreclosed properties right now making it an excellent time to buy. I specialize in helping people buy these types of properties. I am a certified HUD buyer's agent, and I am the exclusive agent for RealtyTrac in Santa Maria, Nipomo & Oceano.

There are, however, several misconceptions about buying foreclosures. Many people want to buy homes on the court house steps at auction believing they will be able to purchase a home for pennies on the dollar. Indeed, there are people that buy homes for pennies on the dollar, but those type of "professional buyers" often buy homes sight unseen, in bulk, and pay all cash or do not use conventional financing, i.e., they use cash from private investors. In my experience, the biggest discounts are reserved for those who are taking the most risk.

Most people simply cannot or do not want to buy a home this way. For most, buying a home is the single largest investment of their lifetime, and they cannot afford to take that much risk with it. Accordingly, home buyers want an opportunity to inspect a home. They do not want to buy it without looking at the the interior floorplan, having a home inspection, termite inspection, and the like. Further, most first time home buyers have little cash up front and must use conventional financing which takes a little more time to put into place. I've found that the best way for home buyers to take advantage of the recent price drops in Santa Maria and Orcutt is to buy a bank owned home using a buyer's agent. These homes are significantly discounted, and their prices are the current force driving home prices downward in Santa Maria and Orcutt.

Another misconception is that because it is a buyer's market (and it is) that you have your pick of any home in Santa Maria and Orcutt. It is true that there is a lot of inventory on the market right now. But most of it I would classify as difficult to buy. It is difficult because if it is not owned by a bank, you are many times dealing with a home seller in denial or distress. Many home sellers are simply in denial about the true value of their property in today's market. Prices have fallen so quickly that it is simply too painful for some to accept that their house is now worth $200,000 less than just 2 years ago.

For many others, their mortgage balance exceeds the market value of their home and their adjustable rate loan is going up. So, they have listed their home as a short sale. The short sale process is not for the timid and weak willed. It is a viable option, but it is also a process. And, in my experience it is a process most buyers have a hard time with because it includes a lot of waiting and uncertainty. (I will blog on short sales in the near future). So, in my experience, most people trying to buy foreclosures in the Santa Maria/Orcutt real estate market are only considering bank owned properties. This is due to the fact that you are more likely to get significant price reductions from banks as many sellers can't or won't give you the price reductions that banks can stomach easily. But, there is significant competition for these listings. Many are receiving 3-4 offers the first day they are listed. Some are being bid up past their list prices. So, it is important to use a buyer's agent that can help you effectvely navigate through the process.

If you are interested in receiving e-mail alerts on newly listed bank owned properties in the Santa Maria and Orcutt market, fill out a request on my website and indicate "bank owned" in the "comments" section. I will create a "Client Portal" where these bank owned Santa Maria and Orcutt listings will be freshly delivered as they appear on the market. Bookmark your client portal and sort the properties into your "saved" and "rejected" folder. This is a great resource for buyers, you won't have to look at the same listings again and again. Once you've rejected a listing, it will not be presented to you again. Sign up today! This is a complimentary feature offered to all Mint Properties' clients.

Also, I make it a point to be available to my clients directly. So, feel free to contact me on my mobile at (805) 878-9879.

Sincerely,

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner of Mint Properties
(805) 938-9950 (main)
(805) 878-9879 (mobile)
tni@MintProp.com

www.CentralCoastRealEstateSearch.com
www.BuySantaMariaForeclosures.com
www.MintProp.com

Nov. 28, 2007 - Tni LeBlanc of Mint Properties, Local REALTOR e-PRO® Agent Utilizing Technology To Provide Consumers With State-of-the-Art Services

Nov. 27, 2007 - Free Grover Beach Property Search & Market Update

Bookmark and search for Grover Beach Listings on my website.

Market update for Grover Beach California - The news does not look that great for sellers in Grover Beach. In the past 30 days, I have only one reported residential sale in the MLS. That was this 3 bedroom, 2 bath, 1248 square foot home on a 5,000 square foot lot which sold for $530,000 on October 31, 2007. What does this means for buyers? Well it is a great time to be a buyer in Grover Beach -- you have plenty of sellers willing to work with you.

In Grover Beach news, the Times Press Recorder reports that the Grover Beach City Council has agreed to repair portions of North 12th street from Atlantic to El Camino Real. This area has generated many citizen complaints. A report issued by city engineer, Jim Garing, indicates that the steep angle of the street causes faster pavement deterioration than other surface streets. Repaving will help with further deterioration.

Contact Tni LeBlanc of Mint Properties for all your Central Coast real estate needs. I would love to assist you in taking advantage of recent market conditions. Please contact my office today at (805) 938-9950. Also, feel free to search for Central Coast properties on my website, and check my blog for up to date market information.

*Based on the information from the Central Coast Regional MLS for the 30 days prior to this posting, November 27, 2007. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

Nov. 26, 2007 - Nipomo Delays Water Decision Making Due to Blacklake Residents' Concerns

According to the Adobe Press, Blacklake residents turned out in great numbers to the Nipomo Community Services District ("NCSD") meeting in response to a proposed plan which would require an equitable contribution of $1672 from each Blacklake homeowner in order to merge the water systems. Blacklake residents argue that the equitable contribution should not be required of them because the systems were combined, in effect, when NCSD annexed Blacklake in 1993.

In short, NCSD wants to combine the Blacklake Division and Town Division water funds. Blacklake's fund comprises 58 percent of the 2.5 million currently managed by the Service District. Instead of moving forward on the initiative, NCSD voted 3-2 to further study the capacity of the existing Blacklake system, as well as the financial impact of a merged system versus a stand alone Blacklake system.

Contact Tni LeBlanc with Mint Properties today for all your Central Coast real estate needs. I would love to assist you in taking advantage of recent market conditions. Please contact my office today at (805) 938-9950. Also, feel free to search for Central Coast properties on my website.

Nov. 25, 2007 - Santa Maria Homeowners Receive Flood Insurance Reprieve

As reported by the Santa Maria Times, FEMA has decided that the new maps which are expected to place most of Santa Maria in a flood plain, will not be issued until September 2008 at the earliest. These maps had been expected this fall.

This provides a small reprieve to Santa Maria property owners, who would be required to purchase flood insurance, if they hold a federally insured mortgage. Homeowners who purchase flood insurance before the maps become effective may be able to receive a discount on the cost of insurance. Of course, city and county officials are still trying to work with the Army Core of Engineers to get the levee fixed which would remove the concern altogether.

Remember to contact Tni LeBlanc with Mint Properties for all your Central Coast real estate needs. I would love to assist you in taking advantage of recent market conditions. Please contact my office today at (805) 938-9950. Also, feel free to search for Central Coast properties on my website. www.MintProp.com

Nov. 13, 2007 - First Blog Entry

Here is my first blog entry. I hope to get up and running on here shortly.

I also blog on www.tnileblanc.wordpress.com