Looks Like Everyone in Santa Cruz is Selling

Have you noticed recently that there seems to be an increase in the amount of real estate for sales signs in your Santa Cruz County neighborhood? I thought I would share the reason for this.

Normally, there is a slight bump in the for sale inventory as soon as we feel that winter has passed. Given the horrid weather in Santa Cruz last weekend particularly in Capitola, along with the glorious days we have had recently I would expect to see a few more signs pop up.

The overall increase though has more to due with the economy. As more signs pop up fewer signs are coming down. The average days a property is for sale in Santa Cruz has doubled in the last two years.

This increase in days on the market, along with a one third increase in overall listings creates a glut on the market. There are a few different ways to analyze these local Santa Cruz real estate statics.

The first is to understand and acknowledge that a traditional real estate sale will take between 30 and 45 days to close escrow once the buyers and sellers have agreed to price and terms of the transaction. However, a short sale could take upwards of 9 months or more from start to finish. The very nature of this type of transaction adds months to the bottom line.

Currently the average days a property is on the market for sale is 138 days in Santa Cruz county. Some for a few as 7 days, others upwards of 2+ years. What does all this mean if you are considering the possibility of selling your home in Santa Cruz?

Take the time to meet and speak with at least three Santa Cruz Realtors. You should ask your friends and neighbors who they know and have worked with that they would recommend. Visit a few open houses that seem to be like yours in size, condition and location. Ask the Santa Cruz Realtor at the open house how long the property has been for sale, see if you can find out what the average number of days the Realtors your are interviewing take to sell a home.

The good news is that if you are buying a home in Santa Cruz, there are many options and opportunities for you. If you are selling, take a deep breath and relax. You need to trust that your Realtor is working diligently to market and expose your home to buyers looking to own a home in Santa Cruz you will know that is true based on your agents communication.

In short do your homework, there are a number of ways to prepare your Santa Cruz home for sale, but that is another blog.

Do you need help in deciding if now is the time to sell, feel free to email me at Contact Me and I will be happy to run the numbers for your home and area.