The Santa Cruz real estate market is still a buyer’s market which means, as a buyer, you can get a good price on a home. However, if you know what to look for, there are properties on which you can get a great price.
Here are three areas of the Santa Cruz real estate market that generally offer the best prices:
1. Homes that have been on the market for several weeks (or months!) - Have your real estate agent send you homes that have been on the market for several weeks or months. These property owners are more motivated to sell than the owners of newly listed homes. They’re more willing to negotiate for lower prices or even give you extras such as home warranties or paying a portion of your closing costs.
2. Bank owned properties. Bank owned properties (also known as Real Estate Owned or REOs) are homes that go back to the mortgage company after an unsuccessful foreclosure auction. Like foreclosures, these properties can take longer to close, but the savings can be well worth the extra time. Your Santa Cruz real estate agent can help you understand the pro's and con's with this type of purchase.
3. “As is" properties. A property listed “as is” means the seller is not willing to fix anything and will not negotiate a price reduction based on needed repairs. However, if you’re willing to put some money and elbow grease into the property, this could be your opportunity to get more home, in a better location and at a price you can afford. Renovations can be done over time. The lower mortgage payment could save you more over the years than the renovations will cost. Your Santa Cruz real estate agent can help you indentify the renovations that will have the best return for your investment.
If you’d like help finding the best buys in today’s Santa Cruz real estate market, give me a call today at 831-662-6522 or email me at Lauren@LaurenSpencer.com.
For more information, please visit my website at www.MySantaCruzRealEstate.com.