Rates, Short Sales, Stats, and Appraisal News

Despite previous economic predictions, long term interest rates have fallen to their all time lows - 30 year fixed rate loans are available starting at 4.375%. Combine that with the fact that lenders are becoming more proficient in handling their short sales, I'm wondering if we might look back on this as one of the best buyers markets. My first short sale took so long, the buyer conceived and delivered a baby before it closed after 50 weeks. My most recent short sale got approval within +/-50 days.

First quarter statistics:

First quarter statistics in the San Lorenzo Valley:

Felton - 19 homes sold, average/median selling prices between $408,657 & 410,000. Properties sold for 97.67% of asking price.

Boulder Creek - 22 homes sold with average and median $318,250 & $324,477; 96.7%.

Ben Lomond - 5 sold, average/median $365,000 & $390,000. Properties sold for 105.8% of asking price.

Call or e-mail me to get updates for your specific region.


Call or e-mail me to get updates for your specific region.

Lately, appraisals have sometimes come in lower than expected, creating another hurdle to closing escrow. I spoke with an appraiser yesterday: the good news is that Santa Cruz County is largely considered a stable market. Sometimes, there are challenges getting recent sales comparables for higher end homes, because portions of the market are still dominated by lower priced, distressed properties. This tends to be more pronounced in rural areas of the County.