Now is the time to make your dream of owning a second home in Santa Cruz come true. Whether you want it for income property or as a vacation home, you may never encounter a more perfect time to get a great deal on your dream home.
Here are five reasons why now is the time to buy a second home in Santa Cruz:
1. The housing market is stabilizing. Home prices are stabilizing and are not predicted to drop much past their present point. This means homes will once again gain equity making them a good long term investment.
2. Inventory is high. There are homes available in all price ranges and neighborhoods so finding that perfect second home is well within reach.
3. You get more for your money. With all the homes currently on the market, many sellers are adding upgrades to help their homes stand out from the competition. Additionally, home prices are at their lowest point since the Great Depression. This adds up to you getting much more for your money.
4. Interest rates are at an all-time low. Experts predict interest rates will increase in the very near future adding thousands of dollars to the cost of purchasing a home. This might make buying a second home more difficult or even impossible. Although no one can predict exactly when this might happen, one thing is certain: interest rates are not going to drop any lower.
5. Lending requirements are getting stricter. The lending requirements are changing and mortgages are becoming much harder to qualify for. The days of zero down payments are a thing of the past and the amount of down payment required is expected to increase, along with interest rates. Right now, you can still find home loans that allow a 3% down payment, but they are becoming harder to find and harder to qualify for. In addition, in order to qualify for a loan, credit scores must be higher than just a year ago.
If you’re ready to buy a second home in Santa Cruz, I can help. Call me today at (831) 662-6522 or send me an email at Lauren@LaurenSpencer.com.
For more information, please visit my website at www.MySantaCruzRealEstate.com.