<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="https://www.mysantacruzrealestate.com/blog/2015-11/rss/" rel="self" type="application/rss+xml" />
        <title>Santa Cruz Real Estate News &amp; Information</title>
        <link>https://www.mysantacruzrealestate.com/blog/2015-11/</link>
        <description>Lifestyle, community, day trips, restaurants, real estate, home improvements, and more. Discover what makes Santa Cruz County such a great place to live. Presented by My Santa Cruz Real Estate.</description>
<item>
    <guid>https://www.mysantacruzrealestate.com/blog/happy-thanksgiving.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/happy-thanksgiving.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>Happy Thanksgiving</title>
    <description> <![CDATA[ 

Thank-You Santa Cruz


Thank-you for choosing us as your real estate team in Santa Cruz. From our family to yours, the team at My Santa Cruz Real Estate wishes you a warm and wonderful Thanksgiving. We're sincerely grateful for all of the wonderful people we've connected with over the years and look forward to continuing to help residents of Santa Cruz find the perfect homes for them. 





If you're thinking about a new home, send us a message and we'll be happy to help you get started. 
 ]]> </description>
    <pubDate>Thu, 26 Nov 2015 14:15:00 -0800</pubDate>
</item>
<item>
    <guid>https://www.mysantacruzrealestate.com/blog/thinking-of-applying-for-a-second-mortgage-in-santa-cruz-heres-what-you-need-to-know.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/thinking-of-applying-for-a-second-mortgage-in-santa-cruz-heres-what-you-need-to-know.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>Thinking Of Applying For A Second Mortgage In Santa Cruz? Here’s What You Need To Know</title>
    <description> <![CDATA[ 
What Is A Second Mortgage &amp; Why Would You Need It?


A second mortgage is essentially an additional loan that’s taken out on your home or property that’s already mortgaged. Homeowners choose to do this for a variety of reasons, but is always comes down to needing a large sum of money to pay for something, be it home renovations or expensive fixes to the property. Since mortgage rates tend to have a lower interest rate than other forms of credit, like credit cards and car loans, some people choose to consolidate their debts by using a second mortgage to pay off everything else.


Homeowners with good credit and have at least 20 equity in their current home can often receive a home equity line of credit. These interest rates tend to be fairly low. Alternatively, homeowners with weaker credit can apply for a second mortgage through a private lender, but the interest rate is generally higher than that of a home equity line of credit.


What Risks Are Involved With Second Mortgages?


While taking out more debt is always risky for the consumer, it’s actually a higher risk factor for the lender. If the homeowner ever defaulted on their first mortgage payments and the home was repossessed, the lender of the first mortgage would be paid out first, whereas the second lender essentially gets whatever was left over to cover their loan.


Advantages Of A Second Mortgage




Debt Consolidation – Second mortgages, be it home equity lines of credit or from private lenders, often carry a substantially smaller interest rate than credit cards, unsecured line of credits, car loans, etc.


Cash — It’s a great way to pay for renovations or expensive fixes if you don’t have the cash on hand to fix them.


Buying More Property – Whether you’re looking to extend your property line or buy another home, these loans can help front the cash to do it.




Disadvantages Of A Second Mortgage


As mentioned above, creating more debt for yourself is always risky. Interest rates will be higher than your initial mortgage, largely because it’s more risky for the lender to give you a second mortgage. There could also be higher fees on the second mortgage than the first, like application costs and appraisal fees.


What Factors Are Considered If I Apply For A Second Mortgage?




Credit Score


Income


Equity &amp; Property


Current &amp; Projected Market Conditions




If you’re thinking of getting a second mortgage, always give it plenty of thought and ask for advice and second opinions as much as possible. Consider all of your options before committing and get the help of industry professionals whenever you can.


For all of your Santa Cruz home needs, from refinancing to selling or renting, I can help. Send me a message online or give me a call at 800.226.4717 and I’ll be happy to help.
 ]]> </description>
    <pubDate>Wed, 25 Nov 2015 13:23:00 -0800</pubDate>
</item>
<item>
    <guid>https://www.mysantacruzrealestate.com/blog/the-price-for-parking-how-garage-sizes-affect-can-impact-home-pricing.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/the-price-for-parking-how-garage-sizes-affect-can-impact-home-pricing.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>The Price For Parking: How Garage Sizes Can Impact Home Pricing</title>
    <description> <![CDATA[ 
Out of all the prerequisites that are typically on a homebuyers ‘must-have’ list, parking is almost always a big priority. 


A recent study by Realtor.com recently discovered just how much people are paying for each additional parking space on average across the country, and the numbers are quite surprising. It also greatly depends on what kind of parking is being included, whether it be above ground, sheltered, built-in garage, on-street, or otherwise. Across the United States, most homes include two parking spaces, but can range anywhere upwards of that, for a premium. 


The study compared single-family homes for sale between January 1 and October 31 to get a sense of the average cost for each parking spot. What’s surprising was the 11.45 price jump between homes with a single-car garage compared to those with a three-car garage. Homes with a seven-car garage had a 31.42 increase from one-car homes. The costs continue to rise with each added parking space available. Here’s an example of what these percentages look like when applied to a standard house for sale across the country.






Garage Size


Cost


Percent Increase




Single Car:


$250,000


0 Increase




Three Car:


$278,625


11.45 Increase




Seven Car:


$328,550


30.45 Increase






Broaden Your Search If More Parking Is A Must


So it’s fairly safe to say that the cost of a home tends to increase with the more parking spaces it has. However, developers don’t build homes based on the parking spots, they add parking spots based on the lifestyle of their target homebuyer. Homes with five or more parking spots typically belong to a luxury or ultraluxury residence. If you’re not in the market for a luxury home but need a little extra space, houses on the outskirts of town in the suburbs and rural communities tend to have larger lot sizes that could accommodate more cars, and there could be an opportunity to build an attached or detached shop on the property if need be. 


Find Homes In Santa Cruz With Parking


Need a home with a little extra space for a garage or more parking? With over 29 years of experience helping people buy and sell homes in Santa Cruz I can help you find the best home for your needs. Get in touch with me today to discuss your options, and I'll be happy to set up a showing for you to view the homes for yourself. Send us a message or call us at (800)-226-4717.
 ]]> </description>
    <pubDate>Wed, 18 Nov 2015 08:36:00 -0800</pubDate>
</item>
<item>
    <guid>https://www.mysantacruzrealestate.com/blog/closing-costs-explained-a-resource-for-first-time-buyers.html</guid>
    <link>https://www.mysantacruzrealestate.com/blog/closing-costs-explained-a-resource-for-first-time-buyers.html</link>
        <author>lauren@laurenspencer.com (Lauren Spencer)</author>
        <title>Closing Costs Explained: A Resource For First-Time Buyers</title>
    <description> <![CDATA[ 

So, you’ve found the perfect homes for sale in Santa Cruz and have already been approved for a mortgage. All that’s left is for you to finalize the deal and the home is yours Sounds pretty straight forward, right? But closing costs have a tendency to sneak up on buyers (especially first-timers) that get so caught up in the excitement of house shopping that they completely forget about them, that is until they want to seal the deal. 


What Are Closing Costs?


Whenever you buy a home, there are quite often a number of additional costs to cover the cost of third-party and lender fees. These fees are called the ‘closing costs’, and include all of the costs that are incurred along the way, like lawyers, appraisers, documentation, and so on. Closing costs are little different from home to home, and lender to lender, so we can't actually provide you with a dollar figure. However, you can ask your lender for more information when you inquire about the loan. 


What Types Of Fees Are Included In Closing Costs


There are roughly seven different types of fees you can anticipate to be included in your closing costs.




Lender


Points


Appraisals


Credit Fees


Insurance Fees


Taxes


Title &amp; Escrow Fees




For more information about the different types of closing costs and a detailed explanation of each, refer to our past blog post about Santa Cruz Closing Costs.


What Can I Do To Prepare For Closing Costs?


Unfortunately, there’s really no way to get around closing costs, but you can prepare for them. Be sure to ask your lender for a “Good Faith Estimate” when you inquire about a mortgage. Although it’s an estimate, it’ll give you a decent idea of how much you can expect things will cost and help you determine if you can factor that into your mortgage or down payment.


Luckily in Santa Cruz, it's customary to split the closing costs 50/50 between the buyer and the seller, so you won’t necessarily be on the hook for all of the costs. However, if someone is extremely eager to sell they could offer to credit you for all of the closing costs. 


The best way to prevent these kinds of fees from sneaking up on you is to hire a great real estate agent. Honestly, it’s their job to help you find the home of your dreams and support you throughout the journey, from the first consultation until you sign on the dotted line. I’ve spend 29 years helping people in Santa Cruz buy and sell their homes, many of whom have become personal and professional friends along the way. If you’d like more information about closing costs or would like to start searching for your dream home, send me a message online or call me at 831-662-6522.
 ]]> </description>
    <pubDate>Thu, 05 Nov 2015 14:06:00 -0800</pubDate>
</item>
    </channel>
</rss>