If you’re one of the many people dealing with Santa Cruz foreclosures, you will probably be moving to a smaller, more affordable place.  When it’s time to move you don’t want to leave the important things behind, but you may not have room for everything, either.  Here’s a checklist to help you get the important stuff taken care of within the last month:

1. Change of address – With the rate Santa Cruz foreclosures happen, you want to make sure your change of address is one of the first things you do.
2. Find a moving and packing company.
3. Clean out your safe deposit box and transfer it to the new area.
4. Get your family’s medical records, school records and other important papers.
5. Change your insurance policies for your home.
6. Get a fire resistant safe

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Are you looking to buy new construction?  Many people are, but just as many aren’t aware that their newly built Santa Cruz real estate comes with options and add-ons.  In addition, they see a handsome price on new construction and think they’ve stepped into an unbelievable deal, not understanding that the price they’re looking at is for “bare bones.” 

Here are just a few of the options and upgrades you might want to have your real estate agent talk about with your chosen builder:

• Flooring – The “standard” for flooring is cheap carpet and thin padding.  If you’re going for hardwood floors, you also may not get what you envision.  An important thing to keep in mind is that most builders make their money on the upgrades and options.  While they may…

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Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1.  The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better.  “The recovery is broad-based across many parts of the country.  Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax…

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Sep. 4, 2009 -- Mortgage rates ended summer on a softer note, drifting back to late-spring levels. A pause (at least) in stock markets after a strong summer run saw some investors shift cash from equities into less-risky investments to lock in gains, driving influential Treasury yields lower.

The overall average rate for 30-year fixed-rate mortgages revealed in HSH's Fixed-Rate Mortgage Indicator (FRMI) nudged downward, slipping seven basis points (.07%) to close the first week of September at 5.56%. The overall average for 5/1 Hybrid ARMs lost five basis points to landing at 4.87%. Conforming 30-year FRMs finished the period at 5.25%, a level last seen in late May.

Construction Spending fell by 0.2% in July, while outlays for commercial properties…

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Housing affordability inched downward throughout the state during the second quarter of 2009 as a result of incremental price increases and increased demand sparked by the state new-homebuyer tax credit, the California Building Industry Association said today.

The quarterly National Association of Home Builders/Wells Fargo Housing Opportunity Index found that homes were less affordable in 16 of the state’s 28 metro areas included in the report.

On a statewide basis, the HOI found that a median-income family could have afforded 62.7% of the new and existing homes that were sold during the second quarter, down from 64.4% in the first quarter.

Robert Rivinius, CBIA’s President and CEO, said the decrease in affordability could signal the bottom of the…

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Trends At a Glance

Aug 2009 Previous Month Year-over Year
Median Price $500,000 $540,391 (-7.5%) $577,150 (-13.4%)
Average Price $534,600 $545,152 (-1.9%) $659,537 (-18.9%)
No. of Sales 162 178 (-9.0%) 157 (+3.2%)
Pending Properties 365 278 (+31.3%) 182 (+100.5%)
Active 723 746 (-3.1%) 1,271 (-43.1%)
Sale vs. List Price 98.5% 97.3% (+1.3%) 97.3% (+1.2%)
Days on Market 85 71 (+20.4%) 71 (+19.7%)
 

Inventory Declines, While Pending Sales Continue to Rise

Inventory of single-family, re-sale homes fell for the thirteenth month in a row in August, and it is now down 43.1% year-over-year.

Pending sales, meanwhile, climbed 31.3% from July, and were up 100.5% compared to August 2008.

The median price for single-family,…

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If you have a piece of Santa Cruz real estate and you’re trying to figure out whether to sell it or rent it, here are a few things to think about before doing either:

1.  How much rent can you charge?  Your rent will need to cover the costs, including mortgage, taxes and insurance.  In addition, you’ll need liability insurance, as well as an additional 5 to 10 percent for unexpected maintenance.  If your area’s typical rent amounts won’t cover your costs, you probably don’t want to rent.

2.  Do you have other ways to cover a down payment?  If you’re moving to another piece of property, but relying on the equity in your current Santa Cruz real estate for the down payment, you don’t want to rent.

3.  Do you have the time?  Becoming a landlord means…

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As most Santa Cruz real estate agents will tell you, remodeling, decorating or repairing your home can go a long way towards getting it sold.  For that matter, it can add value to your property in case you want to sell later – that is, if you don’t choose the wrong places to buy cheap:

• Windows – Never buy a window based on which one is cheapest.  You want windows that look good, and, as most Santa Cruz real estate agents will recommend, you want energy-efficient windows.  During 2009 and 2010, you may be eligible for a Federal Tax Credit for Energy Efficiency of up to $1500 when you purchase Energy Star windows.

• Paint – Paint is one of the biggest places people skimp when it comes to cost, and a big no-no.  Cheap paint may take several coats to look…

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If you watch the Santa Cruz real estate market, you probably know it’s finally showing a little bit of upswing, with national home sales going up by 2.4% in May.  While lower mortgage rates and more affordable home prices, along with an $8,000 tax credit for first time buyers, has made selling a home easier, you may still end up holding on to that house for quite awhile.  Instead of selling straight out, consider renting to own. 

Called a “rent-to-own” or “lease-option,” these deals normally require paying around 5% of the overall purchase price in up-front fees.  In addition, buyers are usually required to pay extra rent each month.  This is a win-win situation for both the buyer and the seller.

For you as the seller, you have regular rent that goes…

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If you’re a do-it-yourself kind of person who really likes getting your hands dirty, now is a great opportunity to find a piece of Santa Cruz real estate you can enjoy.  As an occasional DIYer myself, I know how hard it can be to find that perfect piece of fixer-upper real estate, but here are a few tips on what to look for:

1.  More ground than house – Almost every do-it-yourselfer I’ve ever met enjoyed puttering in a garden and beautifying a yard.  Not only can it be relaxing, but done right it can also up the value of the place if you decide to sell later.  Having a beautified yard increase the value of the property is much easier to do if you have a large amount of ground to work with.

2.  Expansion possibilities – If it’s a small house (or even a…

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