Media Contact: Jenny Werwa / 202-383-1193 / Email

WASHINGTON (May 15, 2015) — Officials from the U.S. Department of Veterans Affairs encouraged Realtors® to help debunk misconceptions regarding the VA Home Loan Guaranty Program yesterday at an agency briefing held during the REALTORS® Legislative Meetings & Trade Expo.

The VA home loan guaranty is a military benefit that helps service members, veterans and eligible surviving spouses become homeowners. Since the program was enacted in 1944, as part of the G.I. Bill, the VA has guaranteed more than 21 million home loans.

John Bell, assistant director of loan policy and valuation, thanked Realtors® for their role in the home buying process. “I have been so impressed with being able to work with the National Association of Realtors® and its members on improving our outreach to the community,” he said. “You are the front line of defense when it comes to helping veterans understand this program; without Realtors®, veterans will not come.”

Seth Task, 2015 chair of NAR’s Federal Financing and Housing Policy Committee, said Realtors® are working hard to educate other agents, lenders, and those who served the country about the advantages of the program and how veterans can use them. “Realtors® are proud to help all eligible homebuyers use their VA benefits to meet their housing needs,” he said.

Because VA loans are a benefit for veterans and their families, protections are built into the homebuying process to ensure that any property purchased will be safe, sound and sanitary for occupants. The program’s special conditions mean that closing requirements for VA loans are different from other conventional loans. Realtors® are concerned that the differences may deter sellers from accepting veterans’ offers, especially during bidding wars when a VA loan may seem inconvenient.

“We think every veteran should be able to use a VA loan, and it is frustrating for us when there are confusions or other roadblocks that prevent veterans from getting the home they want,” said Task.

Bell said further education needs to be done. “There are misconceptions in the marketplace about VA loans. People worry they are challenging to close or difficult to underwrite, and that the appraisal process drags on too long, yet the facts show that appraisal and closing times are on par with the rest of the industry,” he said.

Realtors® can also remind lenders to request an appraisal early in the process to make sure a VA certified appraiser is able to value the property in advance of the closing date. If agents feel that a shortage of certified appraisers is slowing down the process, they can call the local VA loan center and request a review of appraiser capacity.

NAR is committed to working with Congress and the VA to provide more flexibility to veteran borrowers when purchasing a home.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.

Year to Date Sales for January 1 to March 31, 2015 vs. 2014
Santa Ynez Valley

 January 1st through March 31st
Sold Inventory


           Number            Median             Average            Average 
           Sold                 Sales Price       Sales Price       Days on Market

2015     44                    $677,000           $897,122           140
2014     45                    $746,055           $746,056           142


Statistical Comparison for 2015 vs. 2014

Number of Sales                         +2%
Median Sales Price                       -9%
Average Sales Price                     -2%
Average Days on Market           +20%


2015 Sales:                     2014 Sales:

2 Bank Owned   0%         2 Bank Owned
1 Short Sales   -80%        5 Short Sales

*Includes Santa Ynez, Los Olivos, Solvang, Ballard, Buellton and Los Alamos.

LOS ANGELES (July 16) – Lower interest rates and stabilizing home prices combined to boost home sales in June, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.  However, diminished home affordability remains a challenge for buyers, particularly in high cost areas of the state.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 394,930 units in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  June marked the eighth straight month that sales were below the 400,000 level and the eleventh straight decline on a year-over-year basis.  Sales in June increased 1.5 percent from a revised 389,060 in May but were down 4.8 percent from a revised 414,830 in June 2013.  The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the June pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

“While June home sales rose at the statewide level, the market is still constrained by tight supply and low housing affordability in areas of high demand, where job growth is robust and international buyers have a strong presence,” said C.A.R. President Kevin Brown.  “Overall, however, with inventory improving and home sales slowly moving back up, the market is more balanced, and we could see further market normalization in the upcoming months as interest rates remain at the lowest levels we’ve seen so far this year.”  

The statewide median price of an existing, single-family detached home slipped 2 percent from May’s median price of $466,320 to $457,160 but was up 6.6 percent from the revised $428,700 recorded in June 2013.  The statewide median home price has increased year over year for the previous 28 months, marking more than two full years of consecutive year-over-year price increases. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

“Home prices are finally increasing at a healthier pace, and the smallest year-over-year price gain in more than two years suggests that prices are stabilizing,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “Last year’s frenzied market of multiple offers, which drove sales prices above listing prices, has tapered off as the sales-to-list price ratio has dropped to a more normal level at nearly 99 percent, which signals a return to a more balanced market.”

Other key facts from C.A.R.’s June 2014 resale housing report include:

• Housing inventory edged slightly higher in June, with the available supply of existing, single-family detached homes for sale increasing from 3.6 months in May to 3.7 months in June. The index was 2.9 months in June 2013.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered typical in a normal market.
• The median number of days it took to sell a single-family home also rose in June, up from 31.6 days in May to 33.9 days in June and up from 27.8 days in June 2013. 
• Mortgage rates dipped in June, with the 30-year, fixed-mortgage interest rate averaging 4.16 percent, down from 4.19 percent in May but up from 4.07 percent in June 2013, according to Freddie Mac.  Adjustable-mortgage interest rates in June averaged 2.40 percent, down from 2.43 percent in May and down from 2.60 percent in June 2013.

Graphics (click links to open):
• Unsold Inventory by price range. 
• Change in sales by price range.
• Share of sales by price range.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only.  County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  Due to the low sales volume in some areas, median price changes June exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

LOS ANGELES (June 26) – Reflecting the proliferating use of social media in today’s society, more home buyers are turning to social media in the home-buying process than ever, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2014 Survey of California Home Buyers.”

More than three-fourths of home buyers used social media in their home search, up from 52 percent who used it in 2011.  Buyers said they primarily used social media to obtain buying tips and suggestions from friends (44 percent), neighborhood information (44 percent), and to view their agents’ Facebook pages (42 percent).

Mobile technology and the Internet continued to be important tools in the home-buying process, with 91 percent saying they used a mobile device to access the Internet during the course of their home purchase.  Buyers used their mobile devices to look for comparable home prices (78 percent), search for homes (45 percent), and take photos of neighborhoods, homes, and amenities (43 percent).  Conversely, with the increased use of social media, fewer buyers “Googled” their agent (50 percent in 2014, down from 68 percent in 2013), turning to agents’ Facebook pages instead.

In another sign of recent market competitiveness, more than nine in 10 buyers (91 percent) made one or more other offer, with an average of 3.6 offers in 2014, up from three offers in 2013.  Additionally, buyers viewed a median of 20 homes in 2014, up from 10 last year.  Given the limited supply of homes available for sale, fewer buyers were satisfied with their home purchase than last year.  Only about half of the buyers were satisfied with their purchase in 2014, down from two-thirds (66 percent) in 2013.  Nearly half (46 percent) of buyers felt they “settled” on their home purchase in 2014, up from 34 percent.

Additional findings from C.A.R.’s “2014 Survey of California Home Buyers” include:

• Buyers cited price decreases (54 percent), receiving a promotion or raise (34 percent), low interest rates (29 percent), and favorable prices/financing (17 percent) as the top reasons for purchasing a home.
• Echoing a recovering housing market over recent years, buyer optimism of home prices also continued to improve, with the vast majority of buyers (81 percent) believing that home prices will rise in five years and 60 percent believing that prices will rise in one year. This is an improvement since 2009, when only 35 percent of buyers believed that prices would rise in five years, and only 8 percent who believed prices would rise in one year.

• Higher down payments are still the norm in this market, with buyers putting an average of 28 percent down on their purchases.  The average down payment has been higher than the traditional 20 percent since 2009.
• More than nine in 10 buyers (92 percent) obtained a fixed-rate loan, a 23 percent increase from 2009, when only 69 percent obtained a fixed-rate loan, reflecting low rates and the desire for certainty as the market gets back to basics.
• Nearly all surveyed buyers (88 percent) used a real estate agent in 2014, down slightly from 91 percent in 2013. Reflecting a growing use of the Internet, nearly two-thirds (65 percent) of those who used an agent found their agent online, compared to only 38 percent who found their agent online in 2003.

Survey of California Home Buyers Slides (click links to open):

• Buyers’ use of social media
• Increase in number of offers made
• Higher down payments
• Fixed-rate loans still popular
• How buyers found their agent

The 2014 Survey of California Home Buyers was conducted by telephone to 1,400 people statewide to measure their perceptions of the home-buying process.  All eligible respondents closed escrow on their homes within the six months prior to February 2014.  Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/buyer/ and view the webinar presentation here:http://www.car.org/marketdata/videos.

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Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.