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APTOS LIFE – REAL ESTATE UPDATE – 2018

November 29 2018
November 29 2018

RECAP – 2018 sales volume is flat compared to 2017. 1668 homes sold in Santa Cruz County at anAverage Price of $833,869. In Aptos, 263 homes sold at an Average Price of $1,199,047 and MedianPrice of $1,003,000; much higher than the County but same as 2017. Up until September, Average Dayson Market (DOM) were low; homes = 38, condos = 17, townhomes = 23. It was a “Seller’s Market”. Highbeach property sale is $5.5M for 1106 Via Malibu, non-beach high sale is $2,450,000 for 951 Old FarmLane, I sold 444 Pebble Beach for $1,150,000 (right at the medium) and low sale is 757 Cathedral (2/1.5)at $451,500. 34 Townhomes sold. High sale is $966,000 for 1075 Via Tornasol, low sale is 3003 Cabrillo(2/2) at $480,000. 24 condos sold. High sale is 260 RDM Blvd #24 at $1,278,000, low sale is 2601Willowbrook #6 (2/1) at $492,500. So, you can still buy a house, a condo, or a townhome in Aptos forunder $500,000, but rarely.ACTIVE LISTINGS – CURRENT MARKET – There are 64 homes for sale in Aptos ranging from $680,000 for3516 Redwood Drive to $5.5M for 198 Shoreview. Median List Price is $1,250,000 (too high) and DOM is75 (too long). There are 13 Active townhomes from $541,000-$937,000. There are 16 condos from$495,000-$1.3M. The market has slowed down; it is more of a “Buyer’s Market” right now. Some of thisis seasonal, some of this is interest rates, and some of this is unclear. I project that it is a good time to bea buyer through February 2019. I do think inventory will grow in March and April of next year, the besttime for a Seller to list.SELLERS - As prices rise, so have buyer expectations. A Seller must do much more up front these days.Completing a Home and a Pest inspection ahead of time is a must-do, and completing some repairs is aplus. Professional photography and visual tours are standard. I just implemented “Virtual Staging” forthe first time for one of my listings where I took my vacant house photos and had furniture placed intothe photos to show the buyer the ‘potential’ look of the new home. 3-D tours and drone photographyare readily available. Speak with your agent about what would work best for your property.INTEREST RATES - The Feds raised the rates three times in 2018, and it is expected that they will raiserates at least two more times in 2019. In December 2017, bankrate.com quoted 4.09% for the 30-yearfixed. As of 11/28/18, their national quote is 4.86%, and many loans now are breaking 5.0%. Both Zillowand Realtor.com predict rates at 5.8% by year end. A $500K/30-year loan @ 5% = $2684/Mth, @ 5.8% =$2934/Mth; $250 more per month. 2019 increases will affect buyer’s ability to buy but I do not think itwill impact housing prices here.LOAN LIMITS –For most of the country, $484,350 is the new 2019 limit. For high-cost areas (which weare) the new limit is $726,525. With FHA financing, you can purchase a home for as little as 3.5% downand there are many new loans that work with 5% down, so as long as you can qualify to make thepayment, you do not have to have a whopping 20% down to buy a home. Contact a local lender formore details.I am happy to announce that I will be moving to my new Sereno Aptos ‘digs’ on Parade Way in AptosVillage, hopefully before the end of the year. I will be able to walk to work! The one constant I know isthat Aptos is a very special place to live! Happy Holidays to All!


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lupeniwa

December 08, 2018 2:53 AM

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