The Real Estate Market Today in Scotts Valley
As we roll into the Holiday Season, we continue to see a really strong real estate market in Scotts Valley as activity is on par with the past couple of months in regards to the percentage of homes that are pending sales versus active listings. Pending sales are properties that have received acceptable offers and are currently in escrow. I have been reporting anywhere from 33-36% of listings being pending for several weeks and right now we are at 32% of the homes on the market that are currently pending. Not too bad. In reality, 5 of the homes on the market and 3 of the pending sales are the new homes in the Woodside Development on Scotts Valley Drive. If you were to take those homes off the list, you would have a 31% of homes that are pending sales. Still within range of where we have been for some time.
But a stat to keep your eye on and one that really jumps out at me is the steady decline in “days on the market” before a property sells over the past 3 months. We have seen the average days on the market change as follows:
- September = 76 days
- October = 53 days
- November = 48 days
That is a pretty dramatic drop in days on the market, which tells me that buyers are snatching up homes at a pretty impressive rate, with a home selling every other day in Scotts Valley on average.
The difference between days on market in September versus this month, November, so far is a whopping 28 less days on the market. That is a drop of about 37% in terms of how long homes are taking to sell versus just a couple of months ago. This is significant and a sign that the Scotts Valley real estate market continues to be in high demand. See stat above.
Another thing to consider is the fact that last month (October, 2013), the amount of closed sales (24) surpassed the amount of new listings (22) for only the second time this year. The last time we saw a stat like this was February of this year. See stat above.
Interest Rates Are Coming Down, Still Some Great Deals Out There
As expected, interest rates are dropping a bit and I expect them to drop a little more throughout the Holiday season. There are some great rates right now on 30 year and 15 year fixed mortgages and you can in fact get some good deals right now if you look hard enough and are ready to act on a good opportunity.
In fact, I just went into contract with a home buyer who was motivated and was ready to act on a property that just went on the market and I was able to “convince” the other agent to present our offer and I do believe that my buyers ended up paying $15-20,000 less for the property then if the agent had waited and held out for other offers. In this instance, I was representing the buyers and it is my duty to get my buyers the best deal possible, in a fair and ethical manner. We were able to sell the other agent on how great my buyers were and how we could make things so much easier for him and his clients by working with us, and they agreed to accept our great offer just like that. Click here to watch a video on how I helped another family buy a home and not have to over-pay, and actually save $50,000.
The fact is, it’s not always what you say, but how you say it.
There are some nice homes out there and you really do not need to overpay for a home. The Holiday season is also a great time for home buyers as there is less competition right now as many buyers are out buying gifts instead of homes. If you are thinking of buying, or selling and buying a home, contact me and let’s talk about how we can make your dream of homeownership a reality or how we can get you to that move-up home in record time and at a price and interest rate that will be the best present you receive this season.
The Importance of Maximum Exposure for Home Sellers Cannot be Over-stated
A couple of weeks ago, I received an email from a home seller in the Redding area of California asking me about open houses and if they really were important in today’s market as he had his home on the market for quite some time and it was not selling. He also felt his agent was not doing enough to sell his home.
After replying to him with some advice for him to share with his agent, he and his agent took my advice and in less than one week he sold his home. It is true, Maximum Exposure will always get you Maximum Dollars. Click here to read an article I wrote on the “Let’s Talk Real Estate Q&A”.
If you are thinking of selling your home, consider reading my Home Seller Mega-Pack that goes over reports and strategies to get top dollar for your home. Selling your home for top dollar is not just putting your home on MLS, there is a strategy that ALL home sellers should implement. You can get my free Home Seller Mega-Pack by clicking here.
That’s your Latest Scotts Valley Housing Market Report!
If you are thinking of buying or selling a home, please think of me. I have been licensed since 1986 and I have helped hundreds, if not thousands of families buy and sell their home. I am local and am always a phone call or email away, and I am always at your service.
REALTOR® since 1986
BRE # 00921165
4788 Scotts Valley Road
Scotts Valley, CA. 95066
800-882-7896 ext. 800
Robert Aldana is a long-term resident and homeowner in Scotts Valley, is the founder of myScottsValley.com and a licensed REALTOR@ with Bailey Properties in Scotts Valley.
Robert is also a nationally syndicated real estate journalist and his articles and interviews can be read atRobertAldana.com, DeadlineNews.com, RealtyTimes.com, Forbes.com, and many other real estate and finance news sites and publications. For more information and links to his articles including his appearances on HGTV and NBC, visit RobertAldana.com