Interest Rates Come Down, SV Market Stays Hot

October 4, 2013 –  The Scotts Valley real estate market this past week remained steady and mostly unchanged from last week. As of today, stats show:

  • 52 Single family home in ACTIVE status – Not yet sold – Up 1 from last week
  • 30 Single family home in PENDING status – Accepted offer but not yet closed – Up 3 from last week

The percentage of homes that are pending is 37% versus 36% of last week. Not much change, but at least is in a positive direction, which has been the trend for weeks now.

The average days on the market are 76 before getting an accepted offer. Most of the Active single-family homes are in the $600-800,000 price range and the average list price for Pending sales in Scotts Valley is $908,018.

In the condo and townhouse sector, there are:

  • 5 Condos and townhouses in ACTIVE status – Up 1 from last week
  • 1 Condo and townhouse in PENDING status – Same as last week

The condo and townhouse market is actually still really solid and will continue to be solid due to the affordability factor and supply and demand. As I reported last week, this stat is deceiving because there were many pending sales that were condos and townhouses that recently closed escrow.

Interest Rates Continue to Fall
Mortgage rates continue their downward trend again this week as we saw the average rate come down from 4.28% to 4.25% for a 30 year fixed rate loan. The 15 year fixed rate mortgage came down also from 3.34% to a 3.32% average from the previous week. It was not much of a change, but a change for the better. These figures are according to Bankrate.com and are National averages, but they are in line with what is happening on a local level. Depending on your credit and loan amount, you may qualify for a lower rate.

Home Buyer and Seller Tips
We are in October, just a few weeks from the beginning of the Holiday Season. If you are buying a home, there will be some well priced homes on the market but don’t look for any “steals” as they are tough to find in this area that is in such high demand.

If you are selling, it is possible and probable that you will sell AND buy so the timing really will not matter much as you will be making a lateral move. Meaning, if the market is soft for home sellers, it will be a strong homebuyer market. If it is strong for home sellers, you will pay top dollar for the home you are moving up to. The key here is getting in on great rates.

I recently made a couple of 10 minutes videos for home sellers and homebuyers that I think you should watch.

The home seller video outlines the top clauses that you should have in your contract when you sell your home. These are MUST HAVE clauses that many agents do not implement and it ends up coming back to bite them and their sellers. Watch the following video:

The homebuyer video is a video that outlines the major reasons why buyers don’t get their offers accepted. Time and time again, when I represent home sellers, I see agents and their buyers make the mistakes in this video. Watch the following video:

That’s your Scotts Valley Weekly Housing Market Report!

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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.

Robert Aldana
REALTOR® since 1986
BRE # 00921165
Bailey Properties
4788 Scotts Valley Road
Scotts Valley, CA. 95066
800-882-7896 ext. 800

[email protected]
www.RobertAldana.com

 

Robert Aldana is a long-term resident and homeowner in Scotts Valley, is the founder of myScottsValley.com and a licensed [email protected] with Bailey Properties in Scotts Valley.

Robert is also a nationally syndicated real estate journalist and his articles and interviews can be read atRobertAldana.comDeadlineNews.comRealtyTimes.comForbes.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

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