Let's look into the crystal ball, here are your 2018 Market Predictions for the Santa Cruz Real Estate Market courtesy of Brian Dean of Opes Advisers:
Pay attention to these 2018 market predictions:
* Faster sales and higher prices are coming. Inventory shortages are not going away, so price creep is going to continue. It’s not going to slow sales though, as there is buyer pressure in almost all markets. Santa Cruz and it's surrounding communities are hot.
* Higher home prices coupled with a rise in interest rates likely moving up .375% to .50% will mean higher mortgage payments and smaller homes for some buyers – still remarkably low compared to historic averages.
*Don’t worry about a bubble though. Sales-to-list ratios are at 100% in many markets. With a those who are buying for every listed home, there’s no concern for a bubble, as buyers and sellers are on the same page when it comes to prices. We know what it means to live in Santa Cruz County!
*Younger buyers are changing the landscape! Millennials want urban amenities, walking distance shopping and nearby employment, new developments with upscale condos in transitional urban areas will answer the call. A good local example is the new development in Aptos Village. Shopping, affordable housing and access to Nicene marks, all right out your front door.
*Roommate households still rising. The decision to include a roommate when purchasing will continue to trend. If you are thinking about buying a home but are a a touch shy of qualifying to purchase what you really want, consider partnering up with a friend or family member! This non-traditional way of thinking could be a benefit to both parties!
It’s going to be an interesting year! Let's work together to make it a good one!!
Looking to sell a home in Santa Cruz, Aptos, Soquel, Felton or Capitola? Call for a free home evaluation. Want to Buy a home? Let's get started today! 831-515-2281