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Bank of America | Substitute Buyer Program | Santa Barbara Short Sales
BANK OF AMERICA SUBSTITUTE BUYER PROGRAM
Santa Barbara Homes | Bank of America Short Sale
Short Sales: the pros and cons seem to always be in conflict, but Bank of America is working to make things more workable for everyone involved. Working through the spider webs of short sales, Bank of America has implemented a new program this past month titled “Substitute Buyer” program, which is targeted for the benefit of those working with a short sale property. According to Bank of America, Santa Barbara buyers can submit a backup offer to Bank of America if the original buyer has walked away from the transaction. With this new program, a new short sale will not need to be initiated for a new buyer if you already have a back up offer when the original buyer cancels. Buyers will work with the same transaction in equator and with the same short sale specialist. Unfortunately, if there is no backup buyer ready, the property will need to be marketed again and the process must start from the beginning when a new offer is received.
If you have questions regarding this program or Santa Barbara short sales, contact us today by phone or email. (805-637-7148 | Daniel@ZiaGroup.com). Special thanks to Ed Soto at Bank of America Home Loans.
If you are just visiting our blog for the first time, make sure to visit our comprehensive Santa Barbara Real Estate website where you can Meet our Team, Search the MLS, see how we Spend Our Commissions, get updates on REOs and Foreclosures, and more. We appreciate the opportunity to serve you and your real estate needs, and our website is our first step in serving you.
We like to keep our blog updated with a mix of new Santa Barbara properties for sale, as well as tips and recommendations for all Buyers and Sellers of real estate. Click on the link at the top of our page to follow our Blog or contact me direct by email (Daniel@ZiaGroup.com) or by phone (805-637-7148) and stay up-to-date with Santa Barbara real estate.
Santa Barbara Mortgage Market Update: Changes to Maximum High Loan Balance
Santa Barbara Real Estate Mortgage Update
It is expected that Congress will be allowing legislation to expire on temporary higher loan limits, reverting loan limits to lower permanent high balance levels as opposed to extending these high loan limits. As the Government segments have yet to publicize the specific lowering strategies they will put into effect, the total impact of these projected actions is still undetermined.
Conventional—Fannie Mae and Freddie Mac:
- A reduction in the maximum high balance loan amount from $729,750 to $625,500 in high-cost markets;
- High balance loan limits continue to be based on county or MSA median sale price, with only the highest cost markets being allowed the maximum loan amount of $625,500;
- Loans already in the pipeline will have a mandatory funding date of September 30, 2011.
Government—FHA and VA:
- HUD has indicated the new maximum loan limits will revert to $625,500, pending notification;
- VA new maximum loan limit allowances are still in discussion;
- MSA median housing costs will continue to drive high balance loan limits on government programs;
- Government loans in pipeline will also have a mandatory funding date of September 30, 2011.
The Zia Group can connect you with the best mortgage officers at the most competitive banks based on the experiences of our clients. Contact Daniel Zia, your Santa Barbara Real Estate Agent today for more information. Or visit our website at http://www.theziagroup.com.
Top 5 Santa Barbara Real Estate Blog Posts of 2010
Daniel Zia
At the end of the year WordPress sent us these interesting statistics summarizing the overall activity on the Santa Barbara Real Estate Blog and we thought it would be fun to pass this info along to our readers. Thanks again to everyone for following us in 2010, and we look forward to providing you with the latest Santa Barbara Real Estate news and information in the upcoming year.
-The Zia Group (Your Santa Barbara Real Estate Resource)
The stats helper monkeys at WordPress.com mulled over how this blog did in 2010, and here’s a high level summary of its overall blog health:
The Blog-Health-o-Meter™ reads Wow.
Crunchy numbers
A Boeing 747-400 passenger jet can hold 416 passengers. This blog was viewed about 5,600 times in 2010. That’s about 13 full 747s.
In 2010, there were 101 new posts, growing the total archive of this blog to 160 posts. There were 180 pictures uploaded.
The most popular post of the year was Stunning 3 Bedroom for $749,990 Just Listed at 1411 Clearview | Open House This Saturday 2-4pm.
Attractions in 2010
These are the posts and pages that got the most views in 2010.
Stunning 3 Bedroom for $749,990 Just Listed at 1411 Clearview | Open House This Saturday 2-4pm May 2010
3 comments
Unbelievable Santa Barbara Spanish home w/ Ocean views & Pool for $490k May 2010
3 comments
Upcoming Santa Barbara REO under $400k March 2010
2 comments
Santa Barbara REO Alert! 4/2 (2,465 SF) Spanish-Style Ranch on 7.5 acres for Under $1 Million! April 2010
1 comment
Newer Construction Downtown Santa Barbara Townhome Condo for $499k March 2010
If you have any additional questions about the Santa Barbara Real Estate market, please contact Santa Barbara Realtor Daniel Zia (805-637-7148, daniel@theziagroup.com). Daniel and the rest of the Zia Group team are ready to assist you in Santa Barbara home search. You may also visit our website www.theziagroup.com for detailed information on Santa Barbara Neighborhoods as well as many helpful resources such as Automatic Email Home Finder. Thanks for visiting the Santa Barbara Real Estate Blog.
New Year’s Resolution: Purchase a Profitable Rental Property
It’s that time of year where many Americans begin to chart a course for 2011. If you are planning your financial and investment goals for 2011, consider the possibility of a Santa Barbara rental property. Whether it would be your first or you’ve built an established portfolio, the Zia Group is available as a resource to answer your questions as you navigate Santa Barbara investment opportunities. We can assist you with single family or multi-family customized searches and recommend good areas and tips to minimize vacancy. Here are some features you should look for as you begin your search:
1. Area Information – Location, location, location. Where you purchase determines both your short term and long term rental value. Do you want to purchase a duplex in college-centric locations (SBCC, UCSB/Isla Vista areas) where demand is high, but so is maintenance? Do you prefer single family with less turnover? Goleta versus downtown Santa Barbara? These are some questions you should begin to consider. The Zia Group will begin featuring detailed blog updates beginning in January for 15 of Santa Barbara’s top neighborhoods, so check back for monthly updates or subscribe to the RSS, Twitter, or Facebook feeds.
2. Financing Situation – Non-owner occupied rates are higher than owner-occupied, and most lenders require a larger down payment, resulting in a lower loan-to-value ratio. Run the numbers, including your monthly principal and interest, property taxes, and other expenses (or reserves). Talk to your mortgage broker or ask the Zia Group for a recommendation before you spend too much time on your search. This will allow you to zero-in on a price range where you can make a successful offer.
3. Monitor Local Rents – The rental market is always in flux. While you don’t need to be an expert, you should review Craigslist and property management rental listing sheets (printed daily) to see where comparable properties are listed. Check out Santa Barbara Luxury Rentals for the upper end of the market, The Towbes Group properties for the upper-middle of the market, and Craigslist, Medidian, and Bartlein for a general spread of all property types.
4. Stay Updated Automatically – Contact Daniel (805-637-7148 or Daniel@ZiaGroup.com) to get set up on a customized search with email updates daily, twice a week, or once a week. Additionally, Daniel can alert you to “pocket listings,” or properties that are coming on the market but are not yet available to the public. 15% of properties sell this way each month in Santa Barbara. Why don’t you give it a try by emailing Daniel today? Here’s a sample of 16 Santa Barbara multi-family properties on currently on the market (12/30/10) from Carpinteria to Goleta between $600k-$1.2 million: http://www.flexmls.com/link.html?ror3xethdxo,1,1
Santa Barbara 4-Plex - $975,000
On behalf of the entire Zia Group team, we wish you a great new year in 2011, and we look forward to serving you as your Santa Barbara real estate resource. Visit our Santa Barbara real estate website for more information on everything Santa Barbara and thank you for visiting the Santa Barbara Real Estate Blog.
Santa Barbara Riviera Market Update – Photos & Full Listing Details
The Santa Barbara Riviera is one of the most desirable Santa Barbara home locations for prospective buyers and the top choice of our blog readers poll for the “top neighborhood” that locals wanted us to highlight with routine market updates. Homeowners on the Riviera experience the breathtaking views of the city and Pacific Ocean and residents can catch a stunning vistas of the water as they drive along APS (a locals abbreviation shorted from the street’s name Alameda Padre Serra), as well as mountain views north from Foothill Road to Sycamore Canyon Road while driving through the backside of the Riviera. The majority of the Riviera is fairly steep, which provides the foundation for hundreds of mostly two and three-story custom homes tucked into the sloped landscape. While these homes command higher than average real estate prices, there have been some excellent values in 2010. Some of these excellent values were featured in the Santa Barbara Real Estate Blog.
For prospective Santa Barbara buyers, here is a summary of and links to June-November 2010 market activity for the coveted Santa Barbara Riviera*.
Santa Barbara Riviera Sales: Eight Riviera properties have sold since July 1, ranging in final price from $720,000 to $3,100,000. View photos and details for each Santa Barbara home here.
Active Santa Barbara Riviera Listings: 15 Riviera properties ranging from $699,000 to $2,995,000 are on the market as of November 30th. View photos and details for these current listings here.
Santa Barbara Riviera - Deck View
Do you have specific questions about the Riviera market? Contact Daniel Zia and the Zia Group team by email, phone, or on Facebook with your questions or to set up a viewing appointment. Our team can search the Santa Barbara MLS and set a customize email-based home search for you to track Riviera and other Santa Barbara properties at your leisure. Thank you for visiting the Santa Barbara real estate blog and we look forward to serving you and your real estate needs.
*Includes Upper and Lower Riviera
Santa Barbara Home Sales Report for October 2010
Since 2005, recognized as the peak of the Santa Barbara market, the Santa Barbara home sales data for the month of October has seen significant variability each year. While generally sales and home prices have been dropping slightly, the last year-and-a-half by many indicators besides this month-over-month comparison has appeared to be very flat. While we like to provide these month-over-month comparisons, we highly recommend NOT drawing conclusions for them, as longer periods of comparison (i.e year over year) are better indicators of market shifts and changes. Given the smaller number of sales in a shorter time period (one month) the data is less consistent as a longer term analysis. Stay tuned for a more in-depth market analysis with conclusions on market trends, which will be posted at the end of the year.
The following Santa Barbara home sales charts below have been provided courtesy of First American Title which details the data by area.
If you have any additional questions about the Santa Barbara Real Estate market, please contact Santa Barbara Realtor Daniel Zia (805-637-7148, daniel@theziagroup.com). Daniel and the rest of the Zia Group team are ready to assist you in Santa Barbara home search. You may also visit our website www.theziagroup.com for detailed information on Santa Barbara Neighborhoods as well as many helpful resources such as Automatic Email Home Finder. Thanks for visiting the Santa Barbara Real Estate Blog.
Santa Barbara Neighborhood Updates: Vote for the Neighborhood You Want to Hear About
Santa Barbara Neighborhood Updates
Over the coming weeks, the Zia Group team will begin providing updates for the most popular Santa Barbara area neighborhoods to keep you informed on recent sales activity in particular areas, as well as new inventory recently listed in the Santa Barbara MLS. With direct access to both MLS information and county tax records sales (for the 15% of the market that sells without ever coming on the market), you will be able to stay informed on all of the activity surrounding your neighborhood. If you prefer even more detail or would like to select specific streets of interest, you can set up your customized email search any time through our real estate website or contact us for assistance.
This will be another resource for our clients and blog readers to stay in tune with the many micro markets of Santa Barbara with full access to sales information and new listings for the month. Up-to-date information can be difficult to locate on many real estate websites, especially for the Santa Barbara area (South Santa Barbara county from Carpinteria to Goleta), so our hope is that you can have a trusted local source of current information on the neighborhoods you live in or would like to one day move to.
The Santa Barbara area neighborhoods we will be highlighting routinely may include Carpinteria, Summerland, Mesa, Riviera (including upper and lower Riviera), Mission Canyon, San Roque (including San Roque above Foothill), Eucalyptus Hill, Bel Air Knolls, Samarkand, Westside, Upper Eastside, Lower Eastside, Hope Ranch, Goleta (North and South), and Isla Vista. The luxury community of Montecito will continue to be highlighted exclusively on our dedicated Montecito Real Estate Blog. VOTE for your top THREE picks here and pass the poll along by clicking the “share” link.
We’re looking forward to your feedback and to providing you with another service for Santa Barbara real estate market information. If we missed an area you’re interested in, post it as a comment. Daniel and the Zia Group team are here as your Santa Barbara real estate resource. Contact Daniel today by email with any questions you have about your Santa Barbara real estate search (Daniel@ZiaGroup.com).
Santa Barbara Real Estate Q & A with Daniel Zia
Q: If I can afford to buy a property in Santa Barbara up to $600,000 should I focus on a house or a condo?
Daniel Zia
My recommendation to clients is to not rule anything out when you are first starting your search. It’s important to start broad and really get a feel of what your money will buy in different areas. Buying real estate in Santa Barbara is usually a series of trade-offs between location, lot size, home size, condition, amenities, etc. Comparing single family homes versus Condos/Townhomes or even PUD’s (Planned unit development) is just one aspect of the equation.
As to whether one will appreciate in value more quickly or more significantly than the other, if you look closely at our LOCAL market statistics, interestingly enough in most cases it is a “wash” as they both tend to appreciate around the same levels and pace given the limited real estate options that buyers sometimes have in these under $1 million price ranges. Given how the market has adjusted since the peak in August, 2005, buyers now have fairly good selection in this price range, which actually has made it probably the most active price range (as far as number of sales) than any price range available. If you are focused on the ability to resell the property, the often quoted “location, location, location” is a better criteria to focus on than whether or not the home is technically a condo or a single family home.
Here are a selection of 30 homes, PUD’s and condos currently available in the greater Santa Barbara area: http://www.flexmls.com/link.html?rnmc687cx8e,1,1 . Hopefully, that gives you a fairly good idea of what your money can buy. I would be happy to talk to you further about the pros and cons of different types of properties, as well as neighborhoods, school information, and a host of other criteria often important in your search. Here are some good resources as well:
My website with great information on schools, neighborhood prices, up-to-date market statistics, etc: http://www.TheZiaGroup.com
My blog that I update usually several days a week with the best deals on the market that may sell quickly, market updates, bank-owned foreclosures, and some answers to questions like these: http://blog.theziagroup.com/
If you know anyone interested in learning more of the luxury real estate market in Santa Barbara and Montecito, you can have them look at my luxury blog as well:http://montecitorealestateblog.theziagroup.com/
If you have any further questions about the Santa Barbara Real Estate Market please feel free to give me a call at (805-637-7148) or you can send me an email at daniel@theziagroup.com. Thanks for visiting the Santa Barbara Real Estate Blog.
Prudential California Realty Voted #1 Real Estate Firm by Independent’s “BEST OF 2010″ Readers’ Poll
Prudential California Realty
The Zia Group is proud to be a part of Prudential California Realty’s Santa Barbara office who was recently voted #1 Real Estate Firm by the Santa Barbara Independents BEST OF 2010 Readers’ Poll. This is the second consecutive year that the Santa Barbara Prudential office has been voted #1 by the Readers’ Poll. Here’s an excerpt from the Independent:
“We are very ecstatic about winning,” said Prudential district manager Kyle Kemp, who insists that it’s the service rendered that makes his realty company popular even in straightened times. “There’s a dedication to the customer that we have here,” he said, explaining that the 140 Prudential agents in three offices are all full-timers. An estimated 1 in 52 Californians has a real estate license, “but nowhere near that many make a living at it. It makes a big difference that these are full-time people. I’m very selective about who I let join and this is a very good group.”
The Independent’s Poll is in addition to Prudential being awarded the J.D. Power & Associates award for “Highest Overall Satisfaction for Home Sellers Among National Real Estate Firms.” Watch the video here. As a full-service professional real estate group, the Zia Group (of Prudential California Realty) provides the following services and more when assisting in the sale of your home or investment:
- Santa Barbara CMA (Comparative Market Analysis)
- Announce listing to Santa Barbara’s top real estate agents
- Putting your Santa Barbara property into the Santa Barbara MLS
- Inspections & Disclosures
- Staging
- Photographing & Virtual Tour
- Custom Advertising for Your Home
- Open Houses & Showing Your Home
- Negotiating
Prudential California Realty is also #1 once again in total number of sales and Santa Barbara real estate market share with the fewest number of agents of any major Santa Barbara real estate office (as of Nov. 8, 2010). Congratulations to all of the Prudential Santa Barbara agents.
If you are interested in more information about any or all of these seller services, contact Daniel directly at 805-637-7148 or by email (Daniel@ZiaGroup.com). For potential buyers looking at Santa Barbara real estate, visit our real estate website for a list of services we provide to our buyers here. We are eager to serve your real estate needs and show you why others have selected Daniel Zia as their Santa Barbara Realtor.
