housing market

Consumer Protection: Right of Senior Citizens to Cancel Contracts Expanded

Extends, from three to five business days, the right to cancel certain consumer contracts for persons 65 years of age or older, including the right to cancel a PACE lien contract.

The major provisions of this law include:

1) Defines a senior citizen as an individual who is 65 years of age or older.

2) Extends the buyer's right to cancel a home improvement contract to five business days if the buyer is a senior citizen. Prescribes the form and content of a notice of this right to cancel.

senior_citizens_553) Extends the buyer's right to cancel a service and repair contract to five business days if the buyer is a senior citizen, unless specied emergency conditions exist. Prescribes the form and content of a notice of this right to cancel.

4) Extends the buyer's right to cancel a home solicitation contract to midnight of the fifth business day after the contract or oer is signed if the buyer is a senior citizen. Prescribes the form and content of a notice of this right to cancel.

5) Extends the buyer's right to cancel a seminar sales solicitation contract or offer to midnight of the fifth business day after the contract or oer is signed if the buyer is a senior citizen. Prescribes...

Law that Authorizes Common Interest Developments (CID) to Impose Rental Restrictions

Common Interest Developments:
Law on Common Interest Development (CID)Requires common interest developments (CIDs) to allow at least 25% of owners to rent or lease out their units starting January 1, 2021, regardless of whether the HOA has formally amended their governing documents.

This law:

1) Authorizes a CID to impose reasonable rental restrictions that have the effect of limiting the total number of rentals to 25% or higher of the individual dwelling units in the CID. Provides that ADUs and junior accessory dwelling units (JADUs) must not be counted toward this cap. Provides that such a cap must not change the right of an individual owner who was renting their unit out prior to the effective date of this law, to continue renting out their unit.

2) Requires CIDs to follow the requirements of this law on January 1, 2021 and requires amendments of governing documents to be completed by CIDs by December 31, 2021. Requires CIDs to comply with this law regardless of whether the governing documents have been amended.

3) Provides that a CID that violates the provisions of this law must be liable for a civil penalty of up to $1,000.

Assembly Bill 3182 is codified as Civil Code Sections 4740 and 4741, and Government Code Sections 65852.2.

Effective January 1, 2021.

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November 2020 vs November 2019 Real Estate Market Data for Single Family Homes

High demand with low inventory plus low interest rates, the real estate market stays hot amidst the pandemic.

In Santa Cruz county, the median Single Family home costing $1,050,000 was sold in just 8 days. (mlslistings.com)

single_family_homes_year_over_year_november_2020_vs_november_2019

More Market Data:

October 2020 vs September 2020

Market Data October 2020 vs October 2019

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Single Family Homes Market Data Current Month vs Prior Month October 2020 vs September 2020

In Santa Cruz County, the median single family home cost $1,055,500 and sold in 10 days for 102% of the list price based on 182 sales in October 2020.

Single Family Homes Market Data Current Month vs Prior Month October 2020 vs September 2020

More market data

Market Data Santa Cruz County - Increased Median Price September, 2020

Santa Cruz County Market Median Price Update

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Market Data for Single Family Homes Year-over-Year - July 2020 vs. July 2019

High Demand for Housing Continues Despite COVID. In Santa Cruz county, inventory was down -7% from June, and down -35% from July 2019 with 390 homes available, compared to 603 homes last year. Number of new listings for the month of July increased 5% over June, and decreased -11% from July of last year.

In Monterey county, inventory was down -7% from June, and down -24% from July 2019 with 668 homes available, compared to 880 homes last year.

- MLSlistings

Market Data for Single Family Homes Year-over-Year - July 2020 vs. July 2019

More market data reports below:

Market Data Single Family Homes July 2020 vs. June 2020

Market Info Q2 2020 National Economic Overview

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Market Data Single Family Homes July 2020 vs. June 2020

Despite the coronavirus pandemic, the real estate market continued to exhibit strength during July. Median prices again rose across all five MLSListings counties compared to July 2019; the lowest gain was 7% in Santa Clara County, and the highest increase in median price was 19% in San Benito County. 

In Santa Cruz County, the median Single Family home cost $1,000,000 and sold in 15 days for 100% of the list price based on 223 sales in July 2020.

 MLSListingsMarket data single family homes July 2020 vs. June 2020

More Market Data here

May 2020 vs May 2019 Real Estate Market Data for Single Family Homes

Market Data Condo, Townhomes May 2020 vs April 2020

June 2020 vs. June 2019 Market Data for Single Family Homes

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Market Info Q2 2020 National Economic Overview

Q@ economy market data covidQ2 2020 National Economic Overview After a strong start to the year, the US economy was put into a coma in mid-March to prevent the novel coronavirus from potentially killing millions. Were it not for the massively stimulative policies emanating from Washington, DC, another Great Depression would have been a distinct possibility. Fortunately, the worst was avoided and the shortest recession in US history probably ended in April, if not May. As for the recovery, it is likely to be check mark shaped, meaning a steep decline followed by a slow steady recovery, such by late 2022, GDP has recovered to where it was before the onset of the pandemic. That said, there is the possibility of a dreaded W-shape recovery if the virus forcefully returns in fall 2020. As for unemployment, it will probably end the year above 10%, but well down from its peak of almost 20% in April. Regarding the November elections, markets are beginning to realize that presumptive Democratic nominee Joe Biden’s chances of unseating President Trump are currently well above 50%.

In the housing market, through mid-March sales were very strong but then began to quickly weaken and bottomed out in early April, with Y-o-Y sales activity down about 30%. Since the end of nationwide lockdowns, sales have staged a furious recovery, with first time mortgage applications having not only made up all lost ground but up Y-o-Y over 20%. There are several reasons for the strong recovery,...

Market Data Condo, Townhomes May 2020 vs April 2020

In Santa Cruz County, the median Residential Common Interest home cost $616,500 and sold in 19 days for 98% of the list price based on 26 sales in May 2020.

• Inventory was up 14% from April and up 20% from May 2019 with 130 homes available, compared to 108 homes last year.

• Average days on market (DOM) increased by 22 days from 26 to 48 days or 85%; median DOM went up by 8 days from the month before.

• Number of new listings for the month of May increased 61% over April and is up by 8% from May of last year.

• Closed sales increased 8% from April from 24 to 26, but was down -35% from May 2019.

In Monterey County, the median Residential Common Interest home cost $476,000 and sold in 37 days for 98% of the list price based on 12 sales in May 2020. Read More

market data condo_townhomes May 2020 vs April 2020

More Market Data Analysis Reports

May 2020 vs May 2019 Real Estate Market Data for Single Family Homes

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May 2020 vs April 2020 Real Estate Market Data for Single Family Homes

Real Estate Market Data Pricing for Single Family Homes from April 2020 to May 2020.

In Monterey County, the median Single Family home cost $650,000 and sold in 18 days for 98% of the list price based on 90 sales in May 2020.

• Inventory rose 12% from April, but down -18% from May 2019 with 697 homes available, compared to 845 homes last year.

• The market slowed down - Average days on market (DOM) rose 12 days from 42 to 54 or 29%; median DOM increased by 7 days from the month before.

• Number of new listings for the month of May increased 64% over April and down -18% from May of last year.

• Closed sales dropped -32% from April from 132 to 90 and down -63% from May 2019.

real estate market data May 2020 - April 2020

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Compare:

Feb.-March 2020 Market Data

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Real Estate Returns VS. Stock Market Returns

real estate returnTruth be told, comparing historical stock market returns with real estate returns is an apple to oranges affair but it is still possible to get a general idea of how each one fared over a specific time-period through Exchange Traded Funds (ETFs) and their historical returns in asset value.

First, let us define what an ETF is:

An ETF is a security that holds and tracks a collection or group of securities (i.e., stocks). ETFs are listed on an exchange just like a stock and therefore trade just like stocks.

For this particular example, the following ETFs will be compared as they give a good indication of the overall results of the U.S. Stock Market and U.S. Real Estate over a 10-year period. :

  • S&P 500 ETF Total Return (SPY)
  • Vanguard Real Estate ETF Total Return (VNQ)

At the time of this writing, the 10-year average return for SPY was 11.39% while the average return during the same period for VNQ was 8.68%.

This, of course, does not include the dividend yield or even rent paid to the investor during the given period.

Again, measuring stock market returns to real estate investment returns does not give a clear indication of which one offers the investor a better absolute return but it does help to show that both their asset values do increase at a decent rate over time.

If there were a way that rental income could be averaged and factored in alongside real estate asset values during a given time frame, there would more than likely...

The Differences Between Real Estate and Stocks

So what differentiates stock investing from buying real estate?

buying investing real estate property in santa cruz

For one thing, stocks are usually the more popular investment because people with large or small budgets can invest in them.

On the other hand, investing in real estate requires a larger upfront payment, which most small-time investors do not have.

Some of the fundamental aspects of real estate investing are as follows:

  • Entails the purchase of physical land or property.
  • Rent can be collected for a steady income stream.
  • Investors can make money through property appreciation as well.
  • Purchased property can be leveraged to acquire more holdings.

The general particulars of stock investing are as follows:

  • Buying a stock of a company is buying a piece of that company.
  • Investors make money when the value of the stock increases.
  • Investors make money when companies pay out dividends (not all companies pay dividends).
  • Dividends may be reinvested to purchase more stock of a company and thus grow the initial investment further.

Even though stock investing has traditionally been the more popular investment vehicle when an investor purchases a piece of real estate they own a tangible asset. In other words, they own something concrete and not a piece of paper stating that they own part of a business they will most likely never have any...

Current Homes for Sale
Santa Cruz County
City # Price Range
Aptos Homes 61 $399k - $6.0m
Capitola Homes 32 $220k - $3.3m
Rio Del Mar / Seascape Homes 37 $399k - $4.3m
Santa Cruz Events 168 $155k - $30.0m
Santa Cruz Homes 168 $155k - $30.0m
Santa Cruz Real Estate 168 $155k - $30.0m
Monterey County
City # Price Range
$0-$300000 194 $28k - $28.5m
Alta Mesa-Monterey 194 $28k - $28.5m
Big Sur Homes 5 $2.8m - $35.0m
Carmel Homes 121 $250k - $40.0m
Fishermans Flats 194 $28k - $28.5m
Glenwood Circle Monterey 194 $28k - $28.5m
Monterey Homes For Sale 194 $28k - $28.5m
Oak Grove Monterey 194 $28k - $28.5m
Old Town Monterey 194 $28k - $28.5m
Pebble Beach Homes 35 $1.1m - $33.5m
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