Santa Cruz home prices..good for some…not so bad for others
July 2008
Santa Cruz is a pretty area that has a natural draw to many. It has mountains, surf, vineyards, farms, horse properties and everything in between. It also has a diverse economy, with intellectual, business tourism, agricultural and educational roots. It is no surprise that the area has not been as badly hit as some of the areas of the state or country in it’s declining of real estate.Santa Cruz home prices, generally speaking are off by about 10-20% depending on what type of property you are buying.
The Watsonville area homes have slid in value in some areas as much as 40-50% and there are now multiple offers on many of the bank owned homes. Investors have gotten to word and are swooping in. Many homeowners forced to the sidelines before are not starting to venture forward.
Just recently I have been involved in 2 multiple offers on the west side of Santa Cruz. Real estate is viewed as a home and an investment. In a recent article of USA Today the areas strengths are discussed. I think many people are starting to realize, now is a great time to buy. People react so much to media, good and bad and it is disappointing to see someone get beat out of a home they really wanted because they were afraid to buy earlier. This is really herd mentality. There are still some great deals to be had, but I think the ones with great locations or unique features will garner more than one offer in cases.
The problem that many local lenders are facing is the daily changing of loan program criteria. It is critically important to have experienced local lenders like Woodward-O’Connor Mortgage (831) 479-3303 who will know local market conditions and issues that lenders are likely to have with an area. With so many banks going bust, running scared for past stupid decisions, and downgrading areas, experience is what counts. Even then it is a very difficult lending climate for mortgage brokers and realtors. Go for experience as your getting your home and your loan should not be left to inexperienced loan officers or realtors.
Since experience does not cost more, ask question of whom you want to represent you in your next purchase. Experience is priceless, don’t let inexperience cost you.
To see what homes are currently on the market, visit my site at www.propertyinsantacruz.com Take heart, Santa Cruz is a great place to invest in. Remember real estate is a 5-10 year investment, so there will always be ups and downs. You cannot live under a stock certificate, so be glad you are living in the Santa Cruz area.