Buyers acted in their financial interest remarkably well between 2020 and 2022, evidenced by the type of financing buyers used to purchase homes during that period. The average 30-year mortgage rate reached record lows in the third quarter of 2020, dipping below 3% for the first time ever. The super-low cost to borrow priced more potential buyers into the market because of the massive increase in affordability.
Read MoreExisting single family home sales dipped slightly in Santa Cruz County in February, yet were up year over year for the fifth consecutive month.
Existing single family home sales totaled 114, a 9% decrease from January. Sales in total climbed year-over-year, up 22% from a year ago (89 in February 2020).
Read MoreUntil a few weeks ago the historically little inventory, healthy economy and low mortgage rates had the Santa Cruz County housing market humming along. Much of that hasn’t changed all too dramatically, yet.
Read MoreWaiting for a good time to get in on the housing market? Experts forecast that it’s likely to be another banner year in 2020.
The magnolia trees around Santa Cruz County know what’s up. The real estate market is off to a great start in the new year with many headlines and industry experts proclaiming that “Spring Starts Now!”
This means that the buying season is starting earlier this year. With interest rates still at all-time lows and prices expected to climb in the coming months the competition for the very few homes available is so high that many buyers are jumping in earlier than usual this year.
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