2011 Real Estate Market Update -- Orcutt Homes Sales
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Orcutt CA |
2010 |
2011 |
|
Homes Sold |
419 |
452 |
|
Average List Price |
$322,018 |
$289,805 |
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Average Sales Price |
$315,069 |
$282,307 |
|
Days on Market |
80 |
103 |
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$ per Square Foot |
$171 |
$154 |
|
Foreclosures |
127 |
138 |
|
Short Sales |
96 |
123 |
Looking at the sales figures for 2011, the number of homes sold increased by about 8% in Orcutt. However, the average sales price went down 10% which is a considerable decline. Days on market increased to 103, so it took longer to sell a home in 2011. However, that figure is probably affected by the increase in short sale listings which stay on market while bank approval is obtained. Short sales increased by 28% in the Orcutt area. Foreclosures also increased but not as drastically -- they increased about 7%. Overall, the appetite for homes in the Orcutt is strong, but distress sales comprise 57% of the homes sold and that continues to put downward pressure on pricing.
If you are considering selling your Orcutt CA home and you would like a comparative market analysis, feel free to contact my office at (805) 938-9950 and set up an appointment. I specialize in short sales and distress sales. If you are interested in buying a home in Orcutt CA, I will be happy to assist you and provide a list of available homes in Orcutt CA and the surrounding area.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent, Certified HAFA Specialist (CHS), and Certified Distressed Property Expert (CDPE) and Short Sale and Foreclosure Resource Agent (SFR) serving Santa Maria, Orcutt, Lompoc, Nipomo, and Arroyo Grande on the Central Coast of California.
* Stick built SFRs & PUDs. Zip codes 93455. Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor 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 real estate market. School district boundaries are subject to change and must be verified with the appropriate authority. Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice and is for information purposes only. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.
Copyright © 2012 Tni LeBlanc *2011 Real Estate Market Update --Orcutt Home Sales*
How to Frustrate Buyers and Alienate Buyer’s Agents
Truth in Advertising. Simple concept, but in the real estate world it can get complicated. The temptation to embellish is sometimes irr
esistible to a home seller. Just the other day, I was showing a home to a couple who have a large family. We have been on the hunt for a 4 bedroom in their desired location for quite some time. When we walked into a home with a large enclosed sun room with a closet, the husband exclaimed “I hope they aren’t counting this as the fourth bedroom!” And it hit me how many houses we’ve seen that claimed to have 4 bedrooms and really did not. Unfortunately, our market is moving so fast, there is often not enough time to preview or get the other agent on the phone in time to avoid these mini-disasters. Here was a family that really needed 4 bedrooms, not 3 bedrooms and an office, not 3 bedrooms and a crawl space you could build out, but 4 bedrooms, and they were consistently being misled. They’d seen it all in terms of creative advertising, and not surprisingly were getting a little jaded.
As a real estate agent, I’ve seen it all. I’ve seen vacant lots classified as single family homes -- “oh you want a house with that?” Not to mention advertising for features that didn’t even exist in the home. “Hey where’s the pool?” Only to hear “There is plenty of room for one out back and here are the plans I had drawn up.” To which I am tempted to 
reply, “How about you call us back when you draw up a real pool? Because right now you’re showing my client the person he doesn’t want to be -- you know the person who really wanted a pool but couldn’t afford to put one in? Yeah, he doesn’t want to be that guy, which is why he wanted to look at houses with pools already in them.” And as an agent, after driving out to some non-pool having house during prime Saturday showing time, I better at least see an over sized spa with some dirty water in it, or I’m going to be upset. I don’t want to look at blueprints and un-filed permits; I can dream at home, I don’t need the change of scenery.
The seller’s side of this equation I think is also very negative. Watching day after day of buyers trot through your home and reject it can be disheartening (and make you feel unnecessarily desperate). You’re going to start to think that people hate your house. When in reality, they just hate that it doesn’t have a gourmet kitchen...like you said it did. Now ultimately, unless you suddenly decide to upgrade, the buyer for your home will have to be okay with Formica countertops and vinyl floors. Trust me, people buy homes with Formica counter tops and vinyl flooring every day. Some of those people even like the houses they buy. The key is to attract buyers who want the attributes that your home actually has. By painting an accurate picture of your home in advertising, you will avoid frustrating buyers, alienating buyer’s agents, and wasting your own time.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent, Certified HAFA Specialist (CHS), and Certified Distressed Property Expert (CDPE) and Short Sale and Foreclosure Resource Agent (SFR) serving Santa Maria, Orcutt, Lompoc, Nipomo, and Arroyo Grande on the Central Coast of California.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice and is for information purposes only. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.
Copyright © 2012 Tni LeBlanc *How to Frustrate Buyers and Alienate Buyer’s Agents*
2011 Real Estate Market Update - Santa Maria Home Sales
|
Santa Maria CA |
2010 |
2011 |
|
Homes Sold |
582 |
596 |
|
Average List Price |
$220,329 |
$210,405 |
|
Average Sales Price |
$220,241 |
$205,604 |
|
Days on Market |
70 |
85 |
|
$ per Square Foot |
$142 |
$129 |
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Foreclosures |
243 |
267 |
|
Short Sales |
156 |
151 |
Is Bank of America Still Terrible at Short Sales?
I would have to reluctantly say no. Bank of America is no longer terrible at short sales. This coming year will mark four years since my first Bank of America short sale, and as critical as I am of Bank of America, I must admit they they have improved. That first short sale took 8.5 months and at least 3 buyers to complete, and most of the time we were lost in a wilderness of bureaucracy. The market was still rapidly declining, so by the time they approved the short sale, the property did not appraise. Thankfully, the property was unique enough to the last and final buyer that they didn’t just move on. And, it didn’t hurt that the buyers were also using Bank of America for their loan. The loan officer did help in escalating the file as there was at the time no clear cut and effective method for escalating a file.
I think Bank of America has improved their processing time and in general they are becoming more accountable. Two improvements in particular stand out 1) They now use Equator. Equator is a secure online platform that allows you to upload documents and communicate directly with Bank of America about your short sale files. 2) The BofA Twitter Team. @BofA_Help on Twitter has proved to be a fantastic resource when ridiculous issues crop up on files. After you’ve exhausted the traditional channels to no avail, the Twitter Team can help you push that short sale off the tracks before the oncoming train arrives.
In my experience, Bank of America currently takes about 5 – 10 weeks processing short sale files. What is frustrating is that often they are capable of having approvals in 5 – 6 weeks, and there seems to be no rhyme or reason as to why one file takes 5 weeks and another 10 weeks. Often they get into a really great rhythm, and then they decide to tweak something in their internal processes, and if you happen to initiate a short sale at that time you end up being a 10 week file instead of a 5 week file. In my experience, currently most of the delays happen up front in their efforts to qualify every borrower repeatedly for HAFA or the Bank of America Cooperative Short Sale program, or because of a delay getting an appraisal ordered on the property. In addition, they often outsource their HAFA files and BofA Cooperative Short Sale files to outside entities which include UTLS, AMS Servicing, and REDC and getting a file back to BofA in Equator once it has been sent out can be difficult and time consuming.
Bank of America still has a ways to go. I don’t particularly care for the fact that they constantly tout their real estate agent website as a resource for short sales, but last time I looked I couldn’t even find any standard forms for a short sale on that site. And of course their new “introductory calls” are also annoying — on a recent one I told the rep that I would call her back if I ran into a problem down the road and she informed me that it was only a one time call and I couldn’t call her again. Kind of like when you go into a store and look for a salesperson to help you and can’t find one, but if you look like you don’t need any help, five different people offer you assistance. So, although they have improved, a certain amount of it is just showmanship. As a person that values substance over show — I find that part of it annoying, but the part that actually works — such as the Twitter Team, I like.
Before deciding whether to short sell your Santa Maria home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent.She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.
Copyright© 2011 Tni LeBlanc *Is Bank of America Still Terrible at Short Sales?*
2) They have an opinion. Most people have an opinion about the value of their home. It is usually their largest investment and will probably be yours. Many short sale sellers could afford to keep their home if they purchased it at today’s prices and they have watched the market descend. They aren’t always thrilled that their home is selling for what they view as “peanuts.” Sellers who have maintained and improved their home tend to have a strong opinion about its value -- even if it is a short sale.
3) Neighbors. Yes, people care about their neighbor’s property values. Especially short sale sellers. These are not the folks who back a U-haul up to their home in the middle of the night and leave their former neighbors with a foreclosure to contend with. They tend to care. Many times short sale sellers are thinking about their neighbors who are trying to sell or refinance and they don’t want their financial distress to negatively affect their neighbors. 
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Independent real estate broker and attorney in Santa Maria, CA. Serving the Santa Maria, Orcutt, and Central Coast real estate markets.
Tni LeBlanc's family has lived on the central coast for over 25 years. She was born in Santa Barbara and the family came to the Santa Maria Valley in 1986 to open a restaurant in the Town Center Mall. Tni attended local schools and began her college education right here at Allan Hancock College in Santa Maria. In 1992, she moved to Atlanta, Georgia to pursue her Bachelor of Arts degree from Clark Atlanta University, which she received, summa cum laude, in 1995.
Subsequently, Tni obtained a law degree from Georgetown Law and a Master of Arts in philosophy from Georgetown University. After graduation, she began practicing law in Washington D.C., with Jones, Day, Reavis & Pogue, but she always had her eye on returning to the Central Coast. In preparation for that, she took and passed the California Bar on her first sitting. And in 2000, she was nominated for and received a "Distinguished Alumni Award" from her alma mater, Allan Hancock College. After a few years of working for Fortune 500 clients, Tni made the move back to Santa Maria while commuting to work at the (then) largest law firm in Santa Barbara, Hatch & Parent. Soon after her return, Tni began the transition from attorney to real estate broker. By July 2006, she opened her own brokerage, Mint Properties, in the new Mission Creek Plaza building on Santa Maria Way.
Tni's stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law. Her clients range from sophisticated long term real estate investors to first time buyers. And, the diversity of services offered by Mint Properties reflects her legal background; she handles all manner of real estate transactions from 1031 exchanges to short sales.
Tni maintains her commitment to and involvement with the local legal community by serving as a board member for the Legal Aid Society of Santa Barbara County (2006 - 2010), and she has pledged to make a donation to that organization upon each real estate closing. Legal Aid is committed to providing access to the legal system to victims of domestic violence, elder abuse, and housing discrimination. Currently, she serves as Chairperson of the Santa Maria Association of Realtors' Fraud Task Force and Grievance Committee. In support of the local business community, Mint Properties is a proud member of the Santa Maria Valley, Nipomo and Lompoc Valley Chambers of Commerce. In her spare time, Tni enjoys travel, reading, and toting the world's most spoiled Pomeranian (Spike) around town.
Juris Doctor, Georgetown Law
Master of Arts, Georgetown University
Bachelor of Arts, Clark Atlanta University
Alumni, Allan Hancock College
REALTOR®, e-PRO, CDPE
Certified HAFA Specialist
EcoBroker Certified®
HUD Selling Broker
Trulia VIP, Realty Trac Featured Agent
Active Rain Rainmaker
Women's Council of Realtors
Member, Santa Maria Association of REALTORS®
Member, Lompoc Valley Association of REALTORS®
Member, Combined Los Angeles Westside MLS
Member, California Association of REALTORS®
Member, National Association of REALTORS®
CHAIR, Santa Maria Association of REALTORS® Fraud Task Force
http://MintProperties.net
http://SantaMariaRealEstateBlog.com
http://VandenbergAFBHomes.com
http://SantaMariaShortSales.com
TESTIMONIALS
From start to finish, Tni made our first home buying experience manageable. During our initial meeting, when she took us to see properties that met our budget and preferences, we valued her perspective into the ins and outs of Santa Maria real estate. We appreciated her willingness to answer our questions about the home buying process, which helped up prepare for each step in advance. Her honesty and ethics coupled with her positive attitude encouraged us through the ups and downs of closing. It was Tni's persistence that carried us through; her daily contact with everyone involved in our escrow kept us right on schedule. With Tni, we always knew we had someone on our side, making the road a little less bumpy.
Patricia and Ted Lazowski
Orcutt, California
What I admire most about Tni is her level of integrity. She went the extra mile for me to ensure that I was fully informed about the properties I was viewing, the local area, and property values. In a declining market, agents stand to make less and less on real estate transactions because their commission is based upon the sale price. Even so, Tni was just as motivated to get me the best deal she could as I was. She was very diligent about checking comparable values, right up to the last minute, to ensure that our offer was in line with the market. Because of her effort in this regard, she saved me over $10,000.
Tni is unstoppable. She connected with me nearly every day to keep me up to date about my transaction. She stayed on top of the seller's agent to ensure that timelines were met. I had a particularly difficult seller and dealing with them required extra paperwork and extreme diligence, which Tni provided with a smile. Because of her legal background, she was able to further ensure contract compliance on both sides of the table and stay on top of my contractual obligations so that the transaction went as smoothly as possible.
Tni stands out on a personal level as well. Not only does she provide legal savvy, integrity and diligence, but she is a joy to work with because she is so cheerful and positive. She laughs easily and often. She handles difficult people (including me) and situations with professional poise. She is generous with her time. And it is obvious that she loves not only the industry and profession in general, but that she takes joy in helping people achieve their dreams. When it's time to sell, I'm definitely going to call her. I hope that you do the same.
Tracy Griffin
Arroyo Grande, California
From the beginning, Tni offered professionalism. She knew the markets, gave educated advice when asked, and handled me with a pair of professional gloves. She was honest and easy going and quite personable (even comforting at times). She got to know every member of my family and treated each with respect and genuine interest. She was a joy to work with and I wouldn't hesitate to recommend her or call upon her for any future real estate needs I may have.
Cathy Gosselin
Orcutt, California
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