Whether you think the current housing crisis is a cause of a symptom of the economic meltdown in the United States and abroad, there’s no denying that there’s a great deal of uncertainty about how long this recession will last , how deep it will cut , and what this means for people looking to buy a house in Santa Cruz today. I’ve said it several times in various postings to this blog, but I think it bears repeating: I think home prices in Santa Cruz county will continue to drop for the foreseeable future – and by that, I mean the rest of this year, at least. … It’s not a new thing – as I mentioned a blog entry or two ago, this multiple-offer feeding-frenzy has been going on at least 18 months, I don’t see that it is more common today than it was a year or so ago – but perhaps it’s being talked about more in the media, as there is now more effort into talking up the economy rather than talking it down. … I had seen it when it had come up (I send myself e-mails from my automated system for every bank-owned home that hits the market), but at the moment, I had a number of deadlines I was working to meet so I didn’t look at the particulars to see that it was really an incredible deal. … Actually, when it started out, I don’t think it was a short sale – but as the months went by, the price was reduced until finally the owner owed more on it than the market would pay.
One biggie is that I am completely and utterly swamped with work, and while my blog is actually very important to me, it falls into the “important but not urgent” quadrant of McCovey’s “first things first.” Another reason I haven’t written anything is that I don’t know quite what to say! Every day, I read the newspapers and the blogs and e-zines and and I watch TV and listen to podcasts, absorbing all the real estate news that there is, and I try to make sense of it all, I try to wrap my head around it and come to some kind of conclusion that I feel certain enough about to write up a blog entry, sharing my thoughts with you all… … The optimists in the crowd will also point to months of falling inventory – this time last year, there were 989 single-family residences for sale in the county, and now we’re down to 803. … I think an important thing to consider in all of this is that the inventory is not shrinking so much because of the high sales volume, but rather it is shrinking also because many sellers are letting their listings expire, or just outright canceling them, taking their homes off the market.
I love it for many reasons – I won’t count all the ways I love it, suffice it to say that it’s a great public service as well as a prime way to drive traffic to one’s real-estate related web site. … There’s a rental scam going around on Craig’s List, where someone tries to rent out a house they do not own, one which they saw for sale on Craig’s List. … I have a sweet property listed for sale on Monterey Avenue in Soquel , and a couple of people contact me yesterday about this scam – they had been given the property address by the scammer, and they went and drove by the property, whereupon they saw my “for sale” sign and contacted me, asking if it was for rent or not. … The scammer asks the victims to proceed to a Western Union and send in the deposit money, and upon receipt of which he will make arrangements for you to get the keys.
For those of you who have been following my twitter feed, you may have noticed that I’ve been working or some time on getting my CRS (Certified Residential Specialist) Designation. At long last, I was awarded the CRS designation a couple of days ago, making me the newest CRS in town. A lot of my […]
I spent all day long yesterday in my first of 14 (fourteen!) classes to get my GRI Designation. A lot of Realtors you come across don’t seem to think much of the various and sundry Realtor designations – of course, those are mostly people who don’t actually have any. It was a pretty interesting class, […]
There’s something I’ve been meaning to write about for some time now: low-ball offers. Last year we didn’t see too many low-ball offers. The market was just too hot for sellers – properties were being snapped up in wild feeding frenzies, with just about everything going for over asking price in a matter of days. […]