Santa Maria homes Archives | Page 5 of 6

The Las Brisas Community in Orcutt CA

Although not a gated community, Las Brisas offers a private setting for those who desire relative seclusion. There are two entrances into Las Brisas and the streets curve into an artful collection of cul-de-sacs and private parks. Importantly, there are no thoroughfares so traffic cannot cut through the community. The location of the community is convenient for those who are commuting as you are only a short skip to Highway 101's Santa Maria Way exit/onramp. One story and two story plans between 1100 square feet and 1800 square feet are offered with concrete tile roofs and two car garages. The lots are smaller with some exception here and there; but you definitely have enough room to keep Fido happy without having to spend your entire Saturday on yard work.

Central Coast Investor Tip — 20% Down Payment Required

March 22, 2009
Vandenberg AFB Homes
Buyer Info, Central Coast Real Estate, Lompoc / Vandenberg Village, Santa Maria

For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again.

The Santa Maria Real Estate Market is Hot!

I know the media is saying that the real estate market is in the dumps. And I guess if you were hoping to get housing boom level prices for your home, it is. But if you are a Santa Maria or Ocutt home owner who needs to sell your home, you should know that the Santa Maria real estate market is hot! Why do I say that? Because homes that are priced in line with today's market that are not short sales, sell in less than a week. I feel as if this is a hidden secret of today's market place. Everyone believes that it is hard to sell your home right now, but even short sales that are well priced are receiving multile offers right now.

Buyer Tip — Use a Local Lender when Buying Central Coast Property

In the past couple of weeks, I have had two clients shop for mortgages online after securing a contract on a home. Both came back with inaccurate information. My advice to both was to use a local lender. It is natural and good practice to want to shop around. Online shopping is very convenient because you can do it at your convenience. But, I highly advise my clients to shop their loan with local lenders for several reasons inspired by experience:

Trader Joe’s Set to Open in Santa Maria CA

It may seem like small news, but in Santa Maria it is big news that we got a Trader Joe's. For those of us who have been making the treck up to Arroyo Grande for years -- the arrival of Trader Joe's in Santa Maria is a real treat. I can't wait to zip up the street for the fresh organic produce and meats. It is conveniently located in south Santa Maria near Costco, right off the 101 Stowell exit. Since Santa Maria is now the largest city in Santa Barbara county -- it is about time! Welcome Trader Joe's! They are set to open on March 16th.

Can I Buy A Home for $25,000 in Santa Maria, CA?

You would be surprised how many times I am asked this question with amounts varying from as little as $5000 to $50,000. And my answer to that is an easy no. I even had someone ask me about an $81,000 home in Foxenwood Estates! When I ask these potential buyers where they are getting this type of information, they point to the various foreclosure related websites. After sampling a few, for properties that are in pre-foreclosure (i.e. a Notice of Default has been filed) the amount of the payments that are in arrears, or the amount of the second loan owing on the property shows up as the list price, when in fact the home may not even be listed with a broker.

Can I find 100% Financing in the Central Coast market?

I get this question all the time forom buyers looking to jump into the market. For the most part, the answer to that is no. There is a program through the USDA that provides 100% financing for rural properties. I'm told by a local lender that this applies to some areas of Guadalupe, and also some areas of Nipomo, but I haven't been able to verify it. There is also the Veterans Affairs (VA) Loan Program which offers 100% financing to qualifying veterans. But unless you have some military service under your belt, you are not eligible. Other than that, right now I don't know of any 100% financing program available to buyers.

Buying Central Coast Foreclosures: Pre-Qualification Blues

March 3, 2009
Vandenberg AFB Homes
Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info

Home buyers focusing on central coast foreclosure properties are running up against lender pre-qualification requirements when bidding for bank owned properties. Many of the bank owned (REO) property listings require that potential buyers get pre-qualified with their company in order to place a bid on the property. Countrywide, Wells Fargo and Fannie Mae (Express Path) listings frequently have this requirement.

Santa Barbara County Property Tax Informal Assessment Review Requests Due March 15, 2009

For those who wish to request an informal property tax review from the Santa Barbara County Assessors office, the deadline to apply is March 15, 2009. It appears that the dealine for an informal review has moved up two months, as the previous year's form had May 15th as the deadline to apply for informal review. By applying, you can submit comparative sales to help the Assessor's office come up with a reasonable value for your property for tax assessment purposes.

Buying Central Coast Foreclosed Properties at Auction

I attended a foreclosed home property auction hosted by Hudson & Marshall in Ventura last evening. Fortunately, my client was successful in his bid so it was worth the trip down for both of us. He was also able to save about $80,000 off the list price of the property. It was an exciting event and we were both still on a high while we waited with the other winners to sign contracts. All the winning bids are subject to investor/bank approval which will take about 5-7 days to obtain, so we will know if the deal will stick in about a week.