Santa Cruz Property Median Price Increase

Santa Cruz real estate statistics continued to improve through April with increases to median home values for the county. The median home sales price for April was $551,500 compared to a median price of 530,00 for March which represents a 4.1% increase month over month and a 22.8% increase year over year. The average sales price for homes in Santa Cruz County also rose year over year climbing 5.8% to $648,201. These numbers reflect a strong Santa Cruz real estate market. Now is a great time to buy as California Mortgage rates are very low.

Fed Holds Interest Rates For The 17th Month In A Row

The Federal Reserve Bank has voted to hold steady the Fed Funds Target rate at 0.00% to 0.25%. The Fed Funds target rate has been at 0.00% to 0.25% since December 16, 2008. The Federal Funds Rate is the interest rate at which private banks lend balances at the Federal Reserve to other banks, usually overnight. It is the effective interest rate banks charge each other for loans.

The Chairman of the Federal Reserve Ben Bernanke has supported the decision to leave rates unchanged at 0% for nearly 17 months in order to stimulate an economic recovery. The financial crisis of 2008 has resulted in unprecedented Federal Reserve intervention in an attempt to stave off a further financial meltdown.

This is good short term news for people buying property as it is likely to help keep home mortgage rates at near all time lows for a little longer.

Santa Cruz Named Among Top Places To Live

No surprise, Santa Cruz was named to the list of "America's Top 100 Places To Live." The list by RelocateAmerica.com named Santa Cruz to its list, which focuses on communities poised for economic recovery and future growth. According to the Web site, RelocateAmerica "discovered communities with strong local leadership, employment opportunities, thriving community commitment, improving real estate markets, growing green initiatives, plentiful recreational options and an overall high quality of life." It's good to hear that Santa Cruz Real Estate is recovering. This is the 13th year that RelocateAmerica has published the top 100 list. Cities were not given an individual rank as compared to the other cities named. Other California cities on the list were San Diego, Vacaville and Temecula.

Santa Cruz Property Sales Numbers Rise

The number of existing home sales climbed more than expected in March after three straight months of declines, as the home buyer tax credit incentives drew in real estate buyers and started a strong spring buying season.

The National Association of Realtors said Thursday that sales of previously occupied homes rose 6.8% to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December. February's sales figures were revised downward slightly to 5.01 million.

Sales are up 18% from their low in the beginning of 2009, yet are still down 26% from their peak in the fall of 2005. March results had been expected to rise about 5% to 5.28 million, according to economists.

Sales rose in every region, including Santa Cruz County homes, surging more than 7% in the Midwest and South, 6.6% in the West and 6% in the Northeast.

For several months, home buyers have not felt rushed after the extension of the deadline to qualify for home buyer tax incentives. The government is offering a $8,000 credit for first-time buyers and $6,500 for current homeowners willing to buy and move into another property.

But now time is running out. Buyers must sign contract offers by April 30 to qualify.

10 days Left For Santa Cruz Real Estate Tax Credit

The deadline is quickly approaching for Santa Cruz property buyers interested in receiving the $8,000 and $6,500 first and second-time homebuyer tax credit. Purchase agreements must be signed by April 30, 2010.

First and second-time home buyers have to sign their purchase agreement by April 30, 2010 and close the escrow by June 30, 2010 in order to qualify for the real estate tax credits. Home buyers will get up to an $8,000 check in the mail for first-time home buyers, $6,500 for repeat home buyers.

This is the second phase of this credit. It was extended in November 2009, but most experts agree it is not likely to be extended again.

Those who sign a purchase agreement and close on a house in time can amend their 2009 tax returns and get their tax credit now.

If you need a Santa Cruz Realtor to assist you with finding a home to take advantage of the homebuyer tax credit I can help.

Santa Cruz Mortgage Rates Decreased Last Week

Santa Cruz Home mortgage rates decreased last week, returning to levels seen two weeks ago, according to Freddie Mac's weekly survey of conforming rates, released on Thursday.

The 30-year fixed-rate mortgage averaged 5.07% for the week ended April 15, down from 5.21% last week. A year ago, the mortgage averaged 4.82%. The 15-year fixed-rate mortgage averaged 4.40%, down from 4.52% last week and 4.48% a year ago.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.08%, down from 4.25% last week and 4.88% a year ago. And the one-year Treasury-indexed ARM averaged 4.13%, down from 4.14% last week and 4.91% a year ago.

"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.

Most experts agree that California mortgage rates will likely increase, one of the factors is that the government has stopped purchasing mortgage backed securities.

If you need a free list of Santa Cruz properties or Santa Cruz homes for sale I can help. Visit my website for a free MLS search.

Home Buyer Confidence Is On The Rise

a new Gallup poll showing 72% of Americans think now is the time to buy a house, many expect house prices to begin to rise. This consumer confidence in home value was up from 53% two years ago.

People could be reading news reports, or hearing stories from people they know but their optimism could lead to an increase in home sales, which could help to bolster the weak economy.

Around the country real estate statistics in many important markets have indicated that the number of people buying real estate has been on the rise. Some seasoned professionals immediately attribute the increase to spring and more favorable weather but a new report out Thursday by MDA DataQuick indicates spring is not the only factor, with year-over-year home sale gains in much of our region.

Recent DataQuick analysis in other parts of the country showed glimmers of hope in home buying, although some of that can be attributed to people scooping up deals. One professional said, "There are more sellers who have just given up on waiting for prices to come back...Prices are soft and enticing some buyers."

The Gallup poll found American's exuding some confidence that home prices may be stabilizing, with 77% predicting they will stay the same or rise. Santa Cruz properties were hit less hard than some other areas in California and Santa Cruz real estate is looking stronger than it has in years.

If you would like more information or property listings please contact me.

Santa Cruz Real Estate Median Price Increase

Santa Cruz Properties- The median price for a single-family home in Santa Cruz County climbed from $500,000 in February to $519,000 in March with an increase in the percentage of sales over $1 million, As reported by The Santa Cruz Sentinel.

The median, the mid-point of sales, is up dramatically from the market bottom a year ago, when it was $399,000, but down dramatically from the boom two years ago when it was $650,000.

Last month, 12 percent of the sales were for more than $1 million, compared to 5 percent in February. It was the first time since September that high-end sales were in the double digits.

If you are considering purchasing Santa Cruz Real Estate I can help.

Santa Cruz Property Buyers Tax Credit Ending

Attention home buyers: You have less than a month left before the home buyer tax credit expires.

First-time home buyers may qualify for up to $8,000, while those who are trading up could get as much as $6,500. But either way, home buyers have to sign the sales agreement by the end of April and close before July 1 to get the refund. Don't wait, thinking the credit will be extended for a third time as it is very unlikely.

Who's eligible for the home buyer tax credit?

Not every buyer qualifies for the credit. Here are some guidelines:

* Home buyers who have not owned a home for the past three years may earn up to $8,000 or 10% of the purchase price, whichever is lower.
* Buyers who have owned a home for five consecutive years of the past eight qualify for up to $6,500 in credits.
* There are income limits of $125,000 for single taxpayers and $225,000 for couples.
* Anyone paying more than $800,000 for the home cannot claim the credit.

There's a prohibition on claiming the first-time home buyer credit if either member of a couple owned a home within the three-year period. They can claim the existing home buyer credit.

Home buyers who are under 18 or are listed as dependents on the tax returns of others don't qualify. The home must be kept at least three years.

The credit may be claimed on 2009 taxes, even if the return was already filed. Just submit an amended return.

Note that buyers get the full amount of the credit they're due even if that exceeds the amount of taxes they owe. If you're a first-time buyer and your total tax bill for the year is $6,000, you get all that back plus another $2,000.

If you are looking for Santa Cruz homes for sale or advice on purchasing a home I can help.

Santa Cruz Homes For Sale In High Demand

Santa Cruz Real Estate - Nearly two-thirds of Americans would still prefer to own a home, The recent housing market turmoil and uncertain economic times have made potential buyers of Santa Cruz properties a little more cautious about how and when they will buy a home, according to a survey released Tuesday.

A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.

But the survey also suggests that potential home buyers have become more cautious in the years since the housing bubble burst, giving rise to a wave of foreclosures and a severe recession.

"Consumers are still committed to owning a home, but are showing increased cautiousness," said Doug Duncan, chief economist at Fannie Mae.

He said the downturn in the housing market has led to a "rebalancing" of consumer attitudes towards home ownership. Americans are adopting a more realistic approach and are now less willing to take risks, he said.

The survey showed that home buyers are growing more concerned with longer- term priorities, as opposed to the house "flipping" mentality that characterized the market during the boom years.

Over 40% said personal safety was their main consideration when buying a home, while a third indicated that the quality of local schools was the dominant factor.

If you need to know more about Santa Cruz County School Districts or are considering buying one of the many Santa Cruz Homes for sale and are looking for a no pressure Santa Cruz Real Estate Agent, I can help.

Santa Cruz Home Mortgage Rates On The Rise

Santa Cruz home mortgage rates for 30-year home loans rose this week to the highest level in eight months perhaps because of the improving economy and the end of a government push to keep mortgage rates low.

The average rate was 5.21% this week, according to Freddie Mac's weekly survey of conforming mortgage rates, released Thursday. The mortgage averaged 5.08% last week and 4.87% a year ago. Mortgage rates have not been higher since the week ending Aug. 13, when it averaged 5.29%.

Mortgage Rates had dropped to a record low of 4.71% in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended last week, but the Fed left the door open to reviving the program if the economy weakens.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often tracking the interest rate paid on long-term Treasury bonds.

Treasury yields have climbed steadily in recent weeks because of weak demand. The government has had to offer a better interest rate to sell its bonds as investors shift toward stocks and riskier corporate debt.

"Once again, mortgage rates followed bond yields higher amid a positive March employment report," said Frank Nothaft, Freddie Mac vice president and chief economist, in a press release.

The 15-year fixed-rate mortgage averaged 4.52% for the week ending April 8, up from 4.39% last week; the mortgage averaged 4.54% a year ago. This week marks the highest weekly average for the mortgage since Dec. 31, when it also averaged 4.54%.

Mr. Nothaft said that the home-buyer tax credit is showing some impact on housing-market activity, and many first-time home buyers are using government-insured mortgages to make their purchases.

"Compared to the week ending Dec. 4, 2009, which was the first week after the original expiration date [of the first-time home-buyer tax credit], mortgage applications for home purchases are up 17% for the first week in April of this year for government-insured loans, compared to an 11% decline in conventional loans, according to the Mortgage Bankers Association," he said.

If you are trying to purchase property in Santa Cruz, rising mortgage rates may be an incentive to act quickly. If you need a Santa Cruz Realtor with a low pressure approach, please call me.