Market Update
Week of April 28 to May 4, 2008
Status	Address	City	Type	Asking Price	Original Price
New	1853 Lewis St	Solvang	SF Res	$789,000	$789,000
New	315 La Lata Dr #104	Buellton	Townhome	$411,990	$411,990
New	613 Central Ave #2	Buellton	Condo	$419,000	$419,000
New	315 La Lata Dr #106	Buellton	Condo	$480,990	$480,990
New	330 Matthew Way #101	Buellton	Townhome	$499,990	$499,990
New	340 Riverview Dr	Buellton	SF Res	$619,000	$619,000
New	491 Meadow View Dr	Buellton	SF Res	$689,000	$689,000
New	2440 Lucca Ave	Los Olivos	SF Res	$835,000	$835,000
New	2920 Bramadero	Los Olivos	SF Res	$1,799,000	$1,799,000
New	1158 Tyndall St	Santa Ynez	SF Res	$669,000	$669,000
New	3247 Glengary Rd	Santa Ynez	SF Res	$1,399,000	$1,399,000
New	236 White Oak Rd	Santa Ynez	SF Res	$2,585,000	$2,585,000
New	98 Sierra Vista	Solvang	SF Res	$175,000	$175,000
New	724 Hillside Dr	Solvang	SF Res	$585,000	$585,000
New	1240 Dove Meadow Rd	Solvang	SF Res	$2,675,000	$2,675,000
New	90 W Highway 246	Buellton	Retail	$1,300,000	$1,300,000
Reduced	165 W Highway 246	Buellton	Comm	$495,000	$695,000
Reduced	1975 Still Meadow Rd	Ballard	SF Res	$2,395,000	$2,795,000
Reduced	150 2nd St	Buellton	SF Res	$389,900	$409,900
Reduced	206 Menlo Dr	Buellton	SF Res	$579,000	$619,000
Reduced	475 Dairy Way	Buellton	SF Res	$639,000	$659,000
Reduced	474 Pheasant Cyn Ct	Buellton	SF Res	$675,000	$699,000
Reduced	585 Bobcat Springs Rd	Buellton	Manuf	$895,000	$995,000
Reduced	2716 Stow St	Los Olivos	SF Res	$939,000	$959,000
Reduced	3011 W Hwy 154 Hwy	Los Olivos	SF Res	$1,595,000	$1,699,000
Reduced	1472 Country Way	Santa Ynez	SF Res	$719,000	$785,000
Reduced	1337 Highland Rd	Santa Ynez	SF Res	$1,998,000	$2,295,000
Reduced	2989 Woodstock Rd	Santa Ynez	SF Res	$2,395,000	$2,595,000
Reduced	3249 Short Rd	Santa Ynez	SF Res	$2,975,000	$3,200,000
Reduced	930 Hornbeck Pl	Solvang	SF Res	$895,000	$965,000
Reduced	2765 Mission Dr	Solvang	SF Res	$1,050,000	$1,175,000
Reduced	1760 Viborg Road	Solvang	SF Res	$1,150,000	$1,395,000
Reduced	2831 Quail Valley Rd	Solvang	SF Res	$1,795,000	$1,895,000
Contingent	2647 San Marcos Ave	Los Olivos	SF Res	$849,000	$849,000
Contingent	355 Freya Dr	Solvang	SF Res	$835,000	$925,000
Contingent	1705 Ballard Cyn Rd	Solvang	SF Res	$1,100,000	$1,200,000
Contingent	410 Central Ave	Buellton	Multi-Fam	$799,000	$799,000
Sold	2089 Village Lane	Solvang	Condo	$477,500	$559,000

As mentioned in Friday's email on rates the "Agency Conforming" fixed rates (for loan amounts from $417,001 to $ 727,750) have decrease today.  Please take note that not only is the lower interest rate an advantage to the customer but also the underwriting guidelines are a bit easier than a jumbo.

Also take notice to the lower rates on the Jumbo Hybrid ARM's (for loan amounts over $417,000) ... maybe investors of mortgage backed securities have come back to Wall Street??? Whatever the reason let's hope that these rates hold for awhile!

One more note - the Fed's decide on Wednesday on whether to reduce the Fed Fund Rate again, keep it the same ... or raise it (statistically speaking this is very unlikely).  The Bond Market (thus the influence on mortgage rates) is already betting on a 25 basis point cut - thus priced into today's mortgage rates.  What will go down if the Fed's do cut are the interest rates on Home Equity Lines of Credit ... and eventually Adjustable Rate Mortgage tied to the 12-MTA and the 11th District Cost of Funds ... as will your savings rates (CD's, money market, etc). If you've been putting off getting a Certificate of Deposit or other term investment/savings account the rates will be .25% less on Wednesday if the rate cut happens.

Check out the rates at 1pt ... in many cases it's a better deal than at 0pts.

30-year Fixed Rates Conforming    6.125% @0pt    5.875% @1pt    5.625% @2pt
5/1 Interest Only Conforming           6.125% @0pt    5.25% @1pt      4.875% @2pt
7/1 Interest Only Conforming           6.125% @0pt    5.625% @1pt    5.25% @2pt
10/1 Interest Only Conforming                                      6.125% @1pt    5.625% @2pt

30-year Fixed Rates "Agency Conforming" ($417,001 to $ 727,750)
6.625% @0pt      6.25% @1pt      5.875% @2pt
30-year Fixed Rates Jumbo     7.125% @0pt     6.75% @1pt     6.375% @2pt
5/1 Interest Only Jumbo            6.125% @0pt    5.875% @1pt    5.50% @2pt
7/1 Interest Only Jumbo            6.875% @0pt    6.625% @1pt    6.375% @2pt
10/1 Interest Only Jumbo          7.125% @0pt    6.875% @1pt    6.625% @2pt

 Rates quoted are for purchase, owner occupied, SFR, 80% Loan-to-Value, credit score >740.  Rates may vary depending on owner vs investor purchase, property type, LTV (a lower LTV may have a lower interest rate), credit score and verifiable income.  Please call me to customize rates for your customers situation.

HAPPY HOME SELLING!