September 2018 Market Update - Santa Cruz Area

Dated: 09/04/2018

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September Market Update

 

The median single-family home prices have fallen 4.4% in the last month, this is not a “collapse of the real estate market”. It is the stabilization of a rapidly expanding market.  This month, Inventory has gone up for 496 to 540. Even with increased inventory and a bad month, the average year to year value increase of single home value is still at 11%.

With higher interest rates and new laws imposed on foreign investors; a few of the factors contributing to this surge have been reigned in.  

Price reductions have been seen all over the county, but homes that were priced effectively sold quickly. Many prices have been inflated due to this extremely hot market through the beginning of the year.

Many of these homes have been priced to expect the market to continue skyrocketing up. Now that the market is stabilizing, the homes that where overpriced will be reduced. As this happens we will see inventory start to fall. It is possible there are many unrealistic sellers out there right now to, who believed their home was worth more.

Homes that have been priced effectively have been selling quickly. These homes have received immensely more attention and offers, giving the seller leverage. Not inflating the price in expectation for a surging price allows you to attract as many potential buyers to your home and allows you to pick and chose from there offers.

The stabilizing of the market is still a great time to sell. Reap the rewards of the market's appreciation, contact me today to see how much your home has appreciated!

 

 

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Ted Mendoza

Thank you for visiting my website. I’ve been helping clients buy and sell real estate full time since 1969. Together with my knowledge and team of professionals we can make your real estate experien....

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