Santa Cruz County Homes Become More Affordable

Posted by Lauren Spencer on Monday, November 15th, 2010 at 11:01pm.

Don’t you just love it when the evening news finally shares some good news?  I do too!  So, I want to do my part and share some good news with you today:  Santa Cruz County homes and homes nationwide are becoming more affordable.   In fact, according to the National Association of REALTORS®, housing affordability is close to reaching an all-time high. 

Big Benefit to Buyers

Exactly how does this benefit the buyers of Santa Cruz County homes?  A typical buyer can pay much less in mortgage costs for the same home, or buy a better home without increasing their monthly payment.

Reasons for Improvement

There are several reasons housing affordability is improving:

1. Lower mortgage rates.  The primary reason Santa Cruz County homes are now more affordable is that we have the lowest mortgage rates in history.

2. Declining house prices.  As with all things real estate, local markets dictate housing prices, but, overall, prices of homes have dropped across the nation.  Some markets encountered only minimal price declines while others experienced major declines.

3. Higher wages.  You probably don’t feel like there’s been an increase in wages, but there has been a small one.  In 2009, the average wage rate rose 3 percent and is up an additional 1.2 percent so far this year.

The Bottom Line

If you’d like to buy a home, have good credit and a steady job, the real estate market has never looked more favorable.

Ready to buy a home?  Let me help you find the home of your dreams and get it at a great price.  Call me today at 831.662.6522 or email me at Lauren@LaurenSpencer.com or visit my website at www.MySantaCruzRealEstate.com.

Links:

National Association of REALTORS®

Higher wages

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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