The national and Santa Cruz real estate markets are constantly fluctuating, falling somewhere between more inventory and lower prices and less inventory and higher prices. People are often frightened when the home inventory rises, but a declining real estate market may just be the perfect time to find your next home.
Here are 4 reasons why you should consider buying Santa Cruz real estate in a down market.
1. Inventory. When the market is down, more homes are for sale. This means you have more homes to choose from, which makes it easier to find a home in your dream neighborhood or closer to work or school.
2. Negotiation. There’s a reason down markets are called “buyers’ markets.” Sellers want to sell their homes, and they are often willing to do whatever it takes. This means you have the advantage and can buy a home for a great price. You can also ask the seller for other incentives like paying all or a portion of your closing costs.
3. Mortgage Rates. When the real estate market begins falling, interest rates get cut. This can mean considerable savings for you over the course of your mortgage. You can even buy a larger home within your price range than you can when the market is booming.
4. Investment. Even though doom and gloom is forecasted in a down market, your home will still most likely go up in value or at least retain its value. Keep in mind that your home is your most personal investment. It’s a place where you will create memories and maybe even raise a family.
If you’re considering buying a home, let me help you find a wonderful home at a great price. Call me today at 831.662.6522 or email me at Lauren@LaurenSpencer.com or for additional information visit my website at www.MySantaCruzRealEstate.com.