The housing market is softening, not just in Santa Cruz County but across the country.
Every year Buyers are less active during the holiday season, but in 2018 the local market started to slow down earlier and more dramatically than recent years.
Hopefully we all know well enough not to believe everything we read or hear about on the news. Before I get too deep into things, let me set one thing straight: the market has not turned into a buyers’ market. What it has done is slowly start to shift into a lower gear and move more towards equilibrium.
The Bay Area is one of the priciest housing markets in the country and for good reason. Have you seen what an amazing place this is to live?
With a current median sales price of $865,000 homes in diverse Santa Cruz County are more than double the national price, though a relative basement bargain compared to neighboring counties in the Bay Area.
The time may have finally come. After what has felt like an eternity for many would-be home buyers, the crazy seller’s market we’ve grown so accustomed to seems to be cooling off…but it comes with a catch: rising interest rates.
It has been relatively smooth sailing for sellers over the last few years. Demand for housing has risen in conjunction with the improving economy and builders have struggled to keep pace with demand. This has resulted in a shortage of housing inventory that allowed sellers sit back, kick their heels up and let buyers quickly bid up the price of their homes.
There are a million things you’d rather be doing than packing right now. Basically, anything else. But when you sell your home, moving is no longer a matter of if but when, so it’s time to face the music.
According to the National Association of Realtors, homes only stayed on the market an average of 3 weeks in 2017. A deal can close in as quickly as 2 weeks if you get an offer from a cash buyer. And if you price your home right, it will sell fast, says Carrie Buckett, a military relocation specialist and top agent in northern Illinois and southern Wisconsin.
Two things can be true, simultaneously. It can be true that you really want to sell your home and will do whatever it takes to elicit a higher volume of legitimate offers, and at the same time be true that you don’t want to sink thousands more dollars into a property you’re about to vacate. An open house is your home’s time to shine, and it’s worth taking the time to prep for. Here’s how you can do it effectively, but also inexpensively.
Getting a mortgage may seem easy, but the truth is that there are a number of hoops to jump through and hurdles to cross before a mortgage lender will issue you a loan. Here are five essential steps that many buyers don’t realize are needed for a mortgage.
Is the real estate market really moving towards a Buyer’s market in Santa Cruz County?
What goes up (and up and up) must eventually come down, at least a smidge, right? SpaceX landed the first stage of the Falcon 9 near Vandenberg in a historic first in early October so surely a dip in the market isn’t out of the question.
As interest rates continue to rise and inventory creeps up, the tide may be starting to turn in favor of homebuyers.
It is hard to argue against the Bay Area having some of the most notable, yet strangely unique homes in all of the nation. If you don’t believe us, take a drive through Santa Cruz County (certainly the mountains) and take pictures of the homes that stand out to you. If you do this correctly, you should have an album that accurately reflects the diverse values of the area. The homes highlighted in this article are more than eye-catching; they each have a unique story that makes them iconic to the Santa Cruz area.
When you have mobility concerns, the last thing you want is to feel at risk in your own home. Even if it can seem like your options are limited, there are more ways than ever to improve accessibility in your residence. You can enjoy more comfort and better independence by embracing smart accessibility concepts.
Santa Cruz County packs a lot into its 607 square miles: history, culture, entertainment, natural beauty, community and great food, just to name a few. In fact, the county is so rich with stories that no one can know them all, not even those who have lived in the county their entire lives. So, here are a few interesting facts that many of you may not know about Santa Cruz County.
We are always thinking outside the box about how to expose our clients’ listings to as many qualified buyers and their Realtors as possible. Our caffeinated marketing guru and one of our team leads, Liz, helped two of our clients’ listings get featured in the last week on InstaMansions various Instagram accounts.
Where most Realtors today still list a home on the Multiple Listing Service (MLS) and hope someone sees it, our team is putting our clients’ homes where today’s consumers are instead of waiting to be found.
Is The Housing Market Normalizing?
The housing market data may not indicate a big and obvious shift yet, but ask experienced Realtors® in the Santa Cruz County market and the overwhelming consensus will be that change is afoot.
Strong demand and limited supply of homes for sale in recent years has created a market that overwhelmingly favors sellers.
This year inventory has finally started to free up, albeit slowly while prices have remained at all-time highs with interest rates continuing to climb.
The day will come — and it will be a wonderful, joyous, do-a-happy-dance day — when you receive an offer, or multiple offers, for your home.
And on that day, you’re going to face a question you may not have previously considered: How do you know if an offer is the best one for you?
Your listing agent will be a big help here. They will understand and help you suss out the merits and faults of an offer because — believe it or not — it’s not always about price.
It’s a big decision with a lot of factors, but don’t worry — you have backup.
Everything has value. Especially your home.
And when it comes to selling your home, assigning a price to that value is complicated. You made memories there. You’ve got a major financial interest in the place, too.
"Geronimo!" said the housing market as median prices plunged in July for the third time in the last four months.
When it comes to housing, the conversation in recent years has been dominated by mind-boggling prices and limited supply - but, under the radar, there has been a gradual slowing of appreciation and rise in inventory this year.
The Santa Cruz County real estate market appears to be shifting.
The Santa Cruz County housing market has been a bit of a roller coaster lately. After trending down slightly in April and May the market did an about-face and headed back in the direction it has been going predominantly. That would be up, up, up in case any of you are wondering.
Fed up is what many people are as a result. Frustration with Santa Cruz County’s housing market surged in 2018. The ongoing housing shortage has impacted nearly everyone, from fast-food workers to tech employees, all across the Bay Area.
Let’s face it, selling a home without a real estate agent is just plain risky. FSBOs jeopardize time, money, and most importantly, an advantageous outcome.
But, despite research that shows that shows that FSBO listings sell for about 5.5 percent less than comparable properties sold through the MLS, some sellers still want to go the do-it-yourself route, forgoing the cost of commission and the aid of an agent.
Oh, let’s just admit it, shall we? Browsing for homes online is a window shopper’s Shangri-La. The elegantly decorated rooms, the sculpted gardens, the colorful front doors that just pop with those “come hither” hues.
Browser beware, though: Those listings may be seductive, but they might not be giving you the complete picture.
As summer officially kicks off in Santa Cruz County, we say goodbye to the wild flowers and hello to warmer temperatures. But even though it might be heating up outside, there are still foggy days and plenty of cooling off opportunities...surfing, hanging out at the San Lorenzo River or enjoying a cold beer at one of our local breweries.
As we analyze the real estate statistics from May, it would seem that the market has found ways to keep cool too.
It is exciting to go to open houses and dream of the possibilities a new home brings. Going to open houses is crucial to finding the right home. The next time you take a tour of a home, keep these tips in mind to ensure it is a positive and useful experience.
From finding an inspector to dealing with surprises — this is your guide to getting a house checked out.
The first thing you need to know about home inspection: You’ll feel all the feels.
There’s the excitement — the inspection could be the longest time you’re in the house, after the showing or the open house.
Many homes and condominiums built before 1978 have lead-based paint. Paint that has chipped or is deteriorating, or on surfaces that rub together such as windows and doors, creates lead dust which can pose serious health hazards to occupants and visitors. Homebuyers and renters have important rights to know about whether lead is present -- before signing contracts or leases.
What is actually required of homeowners in these instances?
Its all about views in this round up of gorgeous homes that sold in Santa Cruz County in the first quarter of 2018. Ocean views certainly take the cake, even the majority of homes nestled in the Santa Cruz Mountains feature mesmerizing views of the Monterey Bay. But hey, we wouldn't complain about expansive vistas of the redwoods either.
This time of year typically brings a busy home-buying and -selling season but its not shaping up to be as robust as many initially thought. We're pointing our fingers at rising mortgage rates, a new tax law, growing affordability problems among first-time buyers and - you guessed it - inventory constraints.
When you own your home, things are going to break and, unless you want to spend your money on visits from a neighborhood handyman, you’re going to need to fix them yourself. Luckily, you don’t need an arsenal of tools to handle most home maintenance fixes. These five tools will cover most of your basic projects.
The following are easy ways and ideas to improve your home’s appearance and help you prepare to sell it faster.
Throughout the House
1. Open the draperies, pull up the shades or better yet, flatten them, and let the most sunlight in that you can.