How to Buy your first Santa Cruz home the easy way!

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Avoid10 common potentially devastating mistakes 1st time home buyers make…

Buying a home can be a “hair-raising” experience. It can be a roller coaster of emotions… finding the right place… securing the loan… moving in. And, if you’re like most of us, your home will be your largest investment.

Many home buyers do very little research before “diving in” and investing their hard-earned money. Before doing that, doesn’t it make sense to be as informed as possible? That’s what this report is all about. It’s designed to help you avoid 10 common, critical mistakes many home buyers make. If you follow these 10 suggestions, with the help of the right real estate professional, you’ll make a good sound business decision that you’ll be happy and proud of for years to come.

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January Home Sales Slow in Santa Cruz, Ca

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As you may remember from my post in December, the year in Santa Cruz County rounded out with an increase in unit sales of 17.7% from the previous month and an increase of 6.2% from 2010.

Fast forward to January 2012 and what a different picture. Unit sales declined 54% from the previous monthand 6.5% from the previous year. Despite high unemployment, slow economic growth and other problems plaguing the economy, most American households believe that now is a good time to buy a home.

Negative home-selling sentiment is strongly related to difficulty in finding buyers at desired sales prices, as well as the large overhang of mortgages past due or on foreclosure. But with only 6 months of inventory, most sellers should be excited over the turnaround.

Let us help you. If there is a specific area in Santa Cruz you are interested in, please give me a call at (831) 457-5510 to provide you the information you need. Have a great day!

 

How to Guarantee you Get Your Santa Cruz Home Sold…for the highest price!

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So, you’re ready to sell your home and you’re wondering: “what am I going to do?”

The most important thing you can do right now is begin educating yourself about the process of selling your home. If you’re considering listing with a real estate agent make absolutely sure they have the “skill set” it takes to market your home effectively.

You see, marketing a home takes more than just sticking a sign in your yard and putting your property up on the MLS (Multiple Listing Service)… any agent can do that! It takes aggressive, innovative marketing to sell your home in today’s market place!

What do I mean? Continue reading →

End of 2011 Real Estate Stats for Santa Cruz County

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December rounded out the year in Santa Cruz County with an increase in unit sales of 17.7% from the previous month and an increase of 6.2% from 2010.

The average sale price for single family homes ended up 5.5% below 2010 at $544,226 but the overall total volume was only down 1.6%.

Despite high unemployment, slow economic growth and other problems plaguing the economy, most American households believe that now is a good time to buy a home. I have seen an increase in the number of interested buyers and just had a listing go under contract in 5 days.

Negative home-selling sentiment is strongly related to difficulty in finding buyers at desired sales prices, as well as the large overhang of mortgages past due or on foreclosure. But with only 5 months of inventory, most sellers should be excited over the turnaround.

Remember the most important real estate market is the street where you live or want to buy. If you are curious about a particular area, please give me a call at (831) 457-5510 so I can give you the numbers that are specific to you.

2010 year end real estate market statistics for Santa Cruz County

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December rounded out the year in Santa Cruz County with an increase in unit sales of 17.7% from the previous month and an increase of 6.2% from 2010.
 
The average sale price for single family homes ended 5.5% below 2010 at $544,226 but the overall total volume was only down 1.6%.
 
Despite high unemployment, slow economic growth and other problems plaguing the economy, most American households believe that now is a good time to buy a home. I have seen an increase in the number of interested buyers and just had a listing go under contract in 5 days.
 
Negative home-selling sentiment is strongly related to difficulty in finding buyers at desired sales prices, as well as the large overhang of mortgages past due or in foreclosure. And with only 5 months of inventory, most sellers should be excited over the turnaround.
 
Remember the most important real estate market is the street where you live or want to buy. If you are curious about a particular area, please give me a call at (831) 457-5510 so I can give you the numbers that are specific to you. 

Housing issues in 2012

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So what does 2012 hold for real estate? As always, the story will be local. Remember the most important real estate market is the street where you live or want to buy.

While many housing markets rose together during the boom and fell together during the bust, they’re exiting the downturn at different speeds, and so it’s not very useful to talk about a “national” housing market.

In Santa Cruz, the issues will be unemployment, jobs, inventory, lending requirements and of course price. The unemployment rate has been higher in Santa Cruz County than in the State of California. Jobs are very hard to find as there are no major employers other than UCSC and the County which have both experienced cutbacks.

The inventory has declined 19.5% since the same period last year. Overall average selling prices on single family homes has declined 5.5% in 2011 as compared to 2010.

For complete statistical information on the real estate market in Santa Cruz, contact me at (831) 457-5510.

Are you ready to buy a home in Santa Cruz?

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These questions may be ones you are asking yourself about whether you are ready to buy:
1. How long do you expect to live there?
2. What can you afford to pay eachmonth for housing expenses?
3. What costs are included in home ownership? Mortgage, taxes, insurance, utilities, maintenance, fees, other?
4. Will the interest rate increase over time? Interest only?
5. What other costs are requires to complete a purchase? Closing, moving, repairs?
6. Are local market conditions favorable to buying now or should you wait?
7. Are there any assistance programs available to me that can help reduce the costs?
8. If you are currently renting, how does renting vs buying compare?
9. What are your employment expectations for the future?
10. What are your long term financial goals with regards to housing?

To preview some Santa Cruz “Best Buys” or for any other questions and to schedule a confidential buyers consultation, contact me.

 

Claiming the $500K tax break after the death of a spouse

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According to the Internal Revenue Service, you may qualify to exclude up to $500,000 of gain, if you meet all of the following requirements:

    • the sale took place after 2008;
    • you sell the house within two years after the date your spouse died;
    • you have not remarried;
    • you and your spouse met the ownership and use test at the time of death (this means that you both owned and lived in the house for two out of the previous five years prior to sale); and
    • neither you nor your spouse excluded gain from the sale of another house during the last two years before the date of death.

You can get more information from IRS Publication 523, entitled “Selling Your Home,” for use in preparing your 2010 federal tax return.

10 Ways to Make Your Santa Cruz House More Saleable

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1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage.
2. Wash your windows and screens to let more light into the interior.
3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors.
5. Put higher wattage bulbs in light sockets to make rooms seem brighter.
6. Make minor repairs that can create a bad impression. Small problems such as sticky doors.
7. Tidy your yard. Cut the grass
8. Patch holes in your driveway and reapply sealant
9. Clean your gutters.
10. Polish your front doorknob and door numbers.

For additional information on selling your home in Santa Cruz or anywhere in California.

Santa Cruz Median Price drops to record levels

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With sales up over 21% year over year in November, the median price fell to $410,000 for single family residences in Santa Cruz County. This is the lowest it has been since March of 2009.

Despite historically low mortgage rates, traditional lenders remain reluctant to provide mortgages to anyone with less than stellar credit.  And, in certain markets, lenders are requiring down payments of more than 20 percent of the home’s purchase price.

This is creating a buying frenzy at the low end where 67% of the sales in November were under $500,000. Sales of high end homes or those over $1m fell to only 4% of the market.

Inventory is also at an all time low dropping 22% from last year and almost 10% from last month. For complete Santa Cruz real estate market statistics, contact us to get the most recent information on the street where you live or are looking to buy.