Santa Cruz Shelter in Place 2020: Day 123 & Day 124
On Day 123 of the Shelter in Place it was my first time being on an airplane in a really long time. And with the Coronavirus pandemic, my daughter asked me to wear goggles both in the airport and in the plane! People looked at me like I was crazy! But anyway, I flew to Utah in order to attend a real estate conference with other Realtors around the country.
My friend, Amber, is a Utah native and got to show us around a little bit in between workshops. She showed me a beautiful place called Temple Square, the Reflection Pond, and Powder Mountain in Eden Utah. And at the top of Powder Mountain there was a gorgeous Yurt, which made me feel at home, since I was born in a Yurt in Ukiah.
And once we got back to our room for the night, a ton of wasps were swarming us. It turns out there was a wasp nest under my chair! So I decided to throw the chair over to get the nest off, but the chair broke!
Santa Cruz Shelter in Place 2020: Day 125 & Day 126
On Days 125 and 126 of the Shelter in Place, I was in Utah at a real estate conference. Between workshops we were able to go explore Utah and do some hiking and yoga. But with all the learning, collaboration, and exercise, my friend, Latrice fell asleep on the couch in the early afternoon! It was definitely an exhausting experience but I always love learning how to serve my clients better through collaboration with other Realtors across the country!
I hope that you, and yours, are staying happy and healthy during this time! Let me know if you need anything, I am here to help!
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.
This past week Santa Cruz County has been battling the CZU Lightning Complex Fires. These fires are devastating our Santa Cruz community; 78,000 acres of land have burned, 163 buildings have been destroyed, and the fire is only 13% contained. If you have been displaced from your home, and are in need of help, please reach out to me.
Some good news! July home sales are showing that the recovery of the housing market is sticking in August. “The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” says NAR Chief Economist Lawrence Yun. “With the sizable shift in remote work, current homeowners are looking for larger homes—and this will lead to a secondary level of demand, even into 2021.” Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors.
However, the nation-wide shortage of housing inventory drove the median price of a home sold in July up 8.5% annually to $304,100. This is a record high nominal price but also the highest price when adjusted for inflation.
The 30-year fixed-rate mortgage averaged 2.99% this week after hitting an all-time low of 2.88% at the beginning of the month, Freddie Mac reports. “Home buyer demand continues to accelerate and is providing support to an otherwise stagnant economy“, says Sam Khater, Freddie Mac’s chief economist. Further, a surge in home sales has led to a rapid increase in demand for remodeling and home furnishings as consumers look to renovate during the COVID-19 pandemic.
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!
“Don’t worry about darkness, for that is when the stars shine brightest.”
—Napoleon Hill, American self-help author
Santa Cruz Realtor
David Lyng Real Estate