Do you know how closing costs actually work? Or, how you’d use CMAs (comparative market analysis) to evaluate Santa Cruz real estate? And, can you decipher all of the abbreviations and acronyms, such as FDR, lo dues and MLS.

Purchasing a home is frustrating enough without having to go through the frustration of decoding all the complicated speak and legalese. If you brush up with a real estate dictionary before your home-buying search, you’ll gain valuable knowledge and save yourself a lot of time and headaches in the long run.

Basic lingo every Santa Cruz real estate buyer or seller should know …

• ARM – This stands for Adjustable-Rate Mortgage, which is a type of mortgage where the interest rate periodically adjusts.

• Closing costs – These are…

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If you’re like me and other real estate agents, home sellers, homebuyers and homeowners, you’re always looking for a great resource for information on the Santa Cruz real estate market. You have questions and you want answers.

• What are the mortgages like in this area?
• What are the current selling prices for homes?
• What’s a specific neighborhood like?
• Is there anything besides the economy affecting the Santa Cruz real estate market?

For instance, you want to know current market trends. Are they stabilizing? Are things still sliding down hill? Is there a buying trend sellers can take advantage of to market their homes? While a professional real estate agent will help you sell or find a home, it doesn’t hurt for you to do some research on your own…

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Nothing makes a Santa Cruz home for sale look better than a new coat of paint.  Many people are intimidated by the thought of painting the exterior of their home, and hire someone else to do it.  But, you can do it yourself, with these easy steps:
 
Getting Your House Ready to Paint
The first thing that you’ll need to do is inspect the house.  Look at all the walls, under the eaves and around the doorframe and windows.  Check for peeling paint, mildew and rough surfaces.
You’ll need to gather a few tools before getting to the repairs and putting your Santa Cruz home up for sale:

• Power-washer
• 2-3” inch putty knife
• 2-3” inch pull scraper
• Wire brush
• Sander 
• Chlorine bleach

Preparing the Surface
Power-wash the walls so you'll have a clean surface.  You…

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 The national real estate market, state markets and city markets all seemed to be wrapped up in a nifty bundle that effect whether your Santa Cruz home for sale will have a buyer. With the news reports over the last two years about the pop of the housing bubble, homeowners everywhere essentially lost their minds.

Here are a few examples:

• Some homeowners panicked and immediately put their houses up for sale
• Some homeowners chose to walk away from it all, leaving their homes vacant and mortgages in default
• Some homeowners went into a flurry of home renovations, with the idea of selling
• National and Santa Cruz home for sale listings shot through the roof

The amazing thing isn’t that the real estate market seems to be stabilizing – that’s not the…

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A Seller’s Market? Hard to believe, but many homes drawing multiple offers again as listing shortages continue

My how things have changed in just one year! A year ago at this time, many homes were languishing on the market as buyers stayed on the sidelines, worrying about their jobs, the sharp decline in their 401k accounts, and whether housing prices would ever rise again. Today, many of those buyers have swallowed their fears and are out in force once again, spurred by an improving economy, a solid recovery in the financial markets, and federal home buyer tax credits that will expire this spring.

While no one claims the housing market is out of the woods yet, an unusual dynamic is occurring in many communities around the Bay Area:  Despite the choppy…

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 Trends At a Glance Dec 2009 Previous Month Year-over Year
Median Price $560,000 $550,000 (+1.8%) $450,000 (+24.4%)
Average Price $607,159 $626,278 (-3.1%) $527,657 (+15.1%)
No. of Sales 144 141 (+2.1%) 117 (+23.1%)
Pending Properties 221 286 (-22.7%) 154 (+43.5%)
Active 467 553 (-15.6%) 974 (-52.1%)
Sale vs. List Price 98.1% 97.4% (+0.7%) 96.3% (+1.9%)
Days on Market 78 83 (-6.0%) 74 (+4.6%)
 
Median Home Price Ends Year at Highest Level Since August 2008
The median price of single-family, re-sale homes in Santa Cruz County reached $560,000 in December, a gain of 24.4% compared to December 2008.

Home sales were up 23.1% year-over-year.

We expect sales to be strong through the Spring selling season because of the…

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From national and Santa Cruz real estate to the U.S. economy, the predictions for 2010 are in.  Like any predictions, they vary from somewhat bright and cheery to doom and gloom:

CNBC’s Realty Check predicts:
• the beginning of a housing market recovery mid-year
• higher foreclosure inventory
• rising mortgage rates, probably leveling off around six percent.
• suffering commercial real estate

The National Association of REALTORS®’ (NAR) chief economist is projecting:
• A sustainable recovery.  The tax credit expansion will help to relieve extra housing supply through mid-2010.
• A rise in existing home sales.  The NAR is expecting existing home sales to rise as high as 5.69 million, even with continuing unemployment issues.  That's a 13.6 percent increase.

…

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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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