Trends At a Glance Dec 2009 Previous Month Year-over Year
Median Price $560,000 $550,000 (+1.8%) $450,000 (+24.4%)
Average Price $607,159 $626,278 (-3.1%) $527,657 (+15.1%)
No. of Sales 144 141 (+2.1%) 117 (+23.1%)
Pending Properties 221 286 (-22.7%) 154 (+43.5%)
Active 467 553 (-15.6%) 974 (-52.1%)
Sale vs. List Price 98.1% 97.4% (+0.7%) 96.3% (+1.9%)
Days on Market 78 83 (-6.0%) 74 (+4.6%)
 
Median Home Price Ends Year at Highest Level Since August 2008
The median price of single-family, re-sale homes in Santa Cruz County reached $560,000 in December, a gain of 24.4% compared to December 2008.

Home sales were up 23.1% year-over-year.

We expect sales to be strong through the Spring selling season because of the…

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If you’re thinking about buying a Santa Cruz condo, it’s imperative that you know what you’re getting into, and how the past year has changed things. The rules and regulations for condominium mortgages have changed a lot in 2009…

In April, the two government-run mortgage companies, Fannie Mae and Freddie Mac, tightened their guidelines for those looking to own a Santa Cruz condo or any multi-family home. The restrictions make it harder for potential buyers to get financed through Fannie Mae and Freddie Mac, which makes a mortgage more expensive.

The April policy requires that the condominium association and operations be evaluated, as well as your credit qualifications. The new requirements touch on subjects such as:
 
• The association’s insurance
…

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Once again, the clock is ticking for first-time home buyers to get a home for sale in Santa Cruz before the tax credit runs out. Extended in November, 2009, the first-time buyers’ tax credit is set to expire in April, 2010, and there are no plans for another extension.

What does this mean for you? If you’re a home seller, it’s time to look over your home for sale in Santa Cruz, make sure all your t’s are crossed, i’s are dotted and that you’ve done everything you can to put your home at the front of the buying line. If you’re a first-time or repeat buyer hoping to take advantage of the credit, it’s time to start looking for your new home; the binding sales contract has to be signed by April 30, 2010.

Making the Buying Process Easier

Many times, the…

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When you first start talking about buying Santa Cruz homes for sale, you’ll hear “Oh, you should get pre-qualified first,” or “you should get pre-approved first.” So who’s right? What’s the difference between the two?  Is there any difference at all?

Pre-qualified Loans

Before shopping for Santa Cruz homes for sale, you want to look at lenders. Not all mortgage lenders are created equal. Especially now, with the rocky economic times, you have to be especially careful who you get your mortgage through.  When you find a lender you’re comfortable with, you have two choices: start shopping for houses or get pre-qualified for a loan.

Pre-qualification for a loan is based on the best estimate of the loan officer, not “set-in-stone,” verified facts. The…

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When home values started dropping in 2007, a lot of homeowners panicked and immediately began putting their houses on the national and Santa Cruz real estate markets. The supply of homes for sale rose to a staggering amount and prices dropped lower, fueling more homeowners to “get out while they still could.”  However, as 2009 rolled to a close, a new trend that may mean a calming of the panicked markets began.

Meet the Nesters

During the real estate boom, house flippers popped up from everywhere. In fact, flipping houses became such a big industry that cable channel A&E began producing “Flip This House” for those who wanted to try it themselves. Houses had become financial investments, a way to build equity or even immediate cash. However, as prices…

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Few things sound better than paying off a thirty-year Santa Cruz real estate mortgage early.  Not only will you be free of mortgage payments, you could also save thousands of dollars in interest payments over the life of the loan.  Here are four ideas to help you pay off your mortgage early:

1. Apply any windfall monies you receive to your mortgage balance.  Be sure to indicate that this is an extra payment and should be applied exclusively to your principle. 

2. Make bi-weekly mortgage payments.  Making exactly one-half payment every two weeks will add up to a total of twenty-six half payments per year.  Or, thirteen whole payments each year instead of twelve.  That’s the secret to paying off a Santa Cruz real estate mortgage early with bi-weekly…

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We’re all looking for ways to cut costs in our Santa Cruz homes.  One of the most efficient ways to save money is to insulate.  There are two simple ways to insulate your home that you may not have thought of before.  Here is the low down on each of them:

Add Weatherstripping

You may be familiar with weatherstripping on your car, but have you ever thought about weather-stripping your house?  It comes in many different sizes, so you can easily choose the right kind for your Santa Cruz homes.  Pre-weather stripped doors are now sold in many home improvement stores. 

When choosing which weather stripping to buy, consider the amount of friction that it will need to stand up to.  It would be better to use vinyl weatherstripping in high traffic areas. You…

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Getting rid of clutter in your Santa Cruz homes can be a challenge for anyone.  We are overwhelmed with junk mail, paper from our children’s school, bills, magazines, trinkets, toys and clothes.  It can be difficult to sort through the mess to determine what we really need.  Even when the clutter is all sorted, new clutter seems to replace it overnight. 

There are several ways that you can get rid of the mess in your home.

• Start in one room and finish it.  It can be overwhelming to try to organize a whole house.  Start in one room and go through it.  Discard things that you have not used in the last six months.  If you have not worn it or used it in that time, then you don’t need it.  Discard all broken or stained items.  You aren’t going to fix them,…

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If you’ve recently applied for credit to finance a Santa Cruz real estate purchase, and were declined, you might be wondering why a lender would deny you credit.  Most lenders have a checklist of qualifications necessary to get approval for a home loan, and some don’t have anything to do with what your credit score is. 

Here are the basic reasons a lender may deny a mortgage loan:

• Little or no credit.  You may be under the mistaken impression that no credit is better than bad credit, but you’d be wrong.  A blank credit history is not something a mortgage lender wants to see.  A lender needs some idea of how you make payments.  You can build your credit history by getting a department store credit card, and only using thirty percent of your available…

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Chances are you’ll have to work with electricity in your Santa Cruz home at least once.  You might have to replace a broken ceiling fan or install a garbage disposal. 

Always keep these things in mind when with working with electricity:

• Turn off the power at the main panel box.  If you only flip off the switch, you’re in danger of receiving an electrical shock that could prove fatal.

• Use a voltmeter to test the wires after you shut off the power.

• Thoroughly read all the instructions, including the safety information, that come with the item you’re going to install.
• Wear protective equipment like goggles and use only materials intended specifically for that purpose.

• Have an inspector out to look at your work.  It’s better to err on the…

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