The dusty trail of the Santa Cruz Real Estate Market.

Posted by Michele Replogle on Wednesday, July 22nd, 2020 at 10:23am.

colorful house

The path to homeownership can be much like this photo brightly colored with hope and expectation but also can have a dark side of doubt and market volatility. In the past view weeks I have had the honor of representing buyers and sellers navigate this interesting market. So many ups and downs. Why would I talk about this, don't I just want to put you in the wagon and say giddee up and off we go into the home buying or selling landscape.

Yes I do but I want to prepare you. If you are a buyer certain areas of the market are white hot and the competition is stiff. I get calls every day from prospective buyers that tell me the market is going to correct and they are expecting to get a good price based on this coming financial downturn. While I understand the idea, we have mixed messages on Covid, we have a stock market that seems unfazed by the current events and home prices in this area are high. Unemployment and closures are increasing how is it that the market is still so busy. This would translate to lower prices. But at this moment this is not so. 

There are a lot of buyers in our market and there is just not the inventory to support the demand. And this buyer demand keeps the prices high and in some cases climbing. What does this mean for sellers can I just sell anything at any price. The honest answer is no. Buyers are okay with prices today and in some cases okay with paying a lot more than the asking price, but this does not mean they will not do their due diligence and inspect the property, the area and any other factors. Selling a home requires up front reports, disclosures and giving a lot of information to secure the right buyer and possibly a very good sales price. 

Bottom line is there is a bright future of home ownership or the promise of a new horizon after selling. It's not all rainbows or doom and gloom it just takes a bit of work to get to where you want to go. Contact me for happy trails. 

 

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