Santa Cruz Shelter in Place 2020: Day 118
On Day 118 of the Shelter in Place Order here in Santa Cruz, Danny brought me coffee in bed…twice! He’s so generous and kind. And after getting caffeinated, we went out for a family surf session before going to work. Later on, Ellia, our little chef, cooked us dinner! She made some steak with green beans she grew, sage, and garlic. I love that she enjoys cooking for us. Do your kids make dinner for the family?
Santa Cruz Shelter in Place 2020: Day 119
Day 119 of the Shelter in Place here in Santa Cruz was a really exciting day! First off, Ellia and I got to deliver the keys, and the closing gifts, to some clients who just closed on their home! And I absolutely love the day when I get to hand over the keys to my clients. Later on, Ellia, her friend, and I went over to my other client’s home and farm, Zayante Hollow Ranch. The girls and I had so much fun playing with the chickens, goats, horse, and donkey! And it was nice to see all the produce that Karen and Bill are growing. So thanks, Karen and Bill for letting us come hangout with you!
I hope you are all doing well during this time! Stay tuned for Day 120 of the Shelter in Place here in Santa Cruz!
Real Estate Update Time:
We’ve seen quite a few new listings come on the market this week, more and more each week. We are about 2.7 months of absorption rate. Which means that it would take 2.7 months for all of the inventory that’s on the market right now, to sell. So, that’s still considered a seller’s market. But despite all that, my client who owns 4300 Soquel Drive #226 is wanting to sell now! And we’ve reduced that property to $379,000, which is a really good deal. It’s in Alimur Park, which is a resident owned park, and the home is absolutely stunning with high ceilings, and it’s light and bright. Check out the Queen Bee Home Tour video of this home, which was entirely my daughter’s idea.
According to Javier Vivas, director of economic research for Realtor.com, “Real estate activity in the U.S. has regained its strength and continues on an upward trajectory as we enter the middle of the summer. However, a sustained seller comeback still hinges on back-to-school plans and extended lockdowns. The housing market will need to remain above pre-COVID levels for at least another 10 weeks to make up for the lost activity in the second quarter of the year.”
And it appears that some home shoppers, wary of densely populated environments, are turning their attention to remote or mountain towns for peace and peace of mind. Chief economist at Realtor.com, Daniel Hale said, “With remote work more common and accepted, it seems that people are looking to locate farther from the office either to enjoy more space at a better price, or get closer to nature in the mountains or at the beach.” Which is exactly what we are seeing in the Santa Cruz real estate market.
As mortgage rates and housing inventory continue to historical lows, potential homebuyers face an increasingly competitive environment. For the third consecutive month, Redfin said that more than half of its home offers faced competition in the month of July. Price-wise, homes between $400,000 and $500,000 were most likely to be in a bidding war, as 56% of these priced homes had competition. Meanwhile, just 46% of offers for homes listed above $1.5 million received multiple bids in July.
If you are currently wondering what the Santa Cruz Housing Market is doing during the Coronavirus Pandemic, feel free to reach out to me. I’d be happy to answer any questions that you may have. But on March 28th, President Trump updated the essential business list and added Residential Real Estate. Meaning, that Realtors are allowed to continue working, while exercising extreme precautions, as mandated by the CDC.
With that being said, if you are currently looking to Buy a Santa Cruz Home, during the Shelter in Place, I would love to assist you in your Santa Cruz Home Search. There is not the usual amount of inventory as we normally see at this time, but mortgage rates are historically low. Now may be a great time to buy, as long as you’re willing to be patient for your dream home to come onto the market.
If you are currently thinking about Selling Your Santa Cruz Home during this Shelter in Place, now may be a great time to put your home on the market. With inventory being low, the demand increases. Meaning, that some homes are seeing multiple offers and bid wars. I’d love to schedule a complimentary and confidential consultation with you to see how Fox Realty Group INC. can creatively market your home!
Santa Cruz Realtor
David Lyng Real Estate