How long have we been hearing that the Santa Cruz real estate market is either stagnant or in decline? Well, many economic experts are predicting that things might be looking up this year and we may see an increase in both home prices and sales.
These changes will affect both buyers and sellers in the months to come. It is essential that both parties are aware of how they may be affected. We’ve outlined some of the ramifications below.
• Interest rates could remain low. Interest rates are lower now than they have been in years, which can make purchasing a home more affordable.
• More buyers will be competing for homes. More buyers looking for property could mean bidding wars on homes with more than one interested party. Be sure to take this into consideration before making your offer.
• Housing remains affordable. Although home prices are rising, the cost of Santa Cruz real estate is well below what it was ten years ago.
• Marketing is vital. Working with a skilled property professional is imperative to ensure the best advertising for your listing. They have access to the MLS listing service, which is where all REALTORS look for properties for the buyers they represent.
• Contract negotiations will be more prevalent. Multiple offers will become more commonplace. So do your research on how to best handle contract negotiations.
• Make sure you get the most for your home. Know what other properties are selling for in your neighborhood, and consider hiring a designer to stage your home for showing.
With the Santa Cruz real estate market shifting, both buyers and sellers need to be aware of how the changes could affect them.
Whether you’re looking for your dream house or wanting to get the highest return on your home for sale, I’d be happy to help. Please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.
For additional real estate information, please visit my website at www.MySantaCruzRealEstate.com.