Before you get the store credit cards, watch this video

Black Friday is the best day to talk about the dreaded “B” word… Budget

By Terri Woods, Selling real estate in Santa Cruz, Aptos, Capitola, La Selva Beach, Watsonville, Pajaro Dunes, and North Monterey County

I know Black Friday officially begins tomorrow. Some stores are opening on Thanksgiving to get that jump ahead of the competition.

The temptation is to take advantage of all those great deals. BUT BEWARE. 

Did you know that the average household has a credit card debt of over $7000?

Did you know that nearly half of Americans have more credit card debt than they have in savings?

Did you know that over half of all Americans are accumulating debt faster than they are saving for retirement?  And this time is year is when many families increase that amount.

For those wanting to buy a home, an increase in debt may make the difference in your ability to buy and home in the future.

There are many Budget Calculators available online.  One that I greatly endorse is Dave Ramsey’s Christmas Budget Tool which will help you keep you on track while looking for those deals.

ONE MORE THING… When you do buy something, and approach the register, you may be offered to save 10%, 15% or even 20%+ if you open a store credit card. 

Though you might save up front, just know that in most cases, store credit cards are not good ideas.

I hope you had a Happy Thanksgiving and I wish you WISE SPENDING.

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Fixer-Uppers in Santa Cruz County... Is this really what you want to do?

Fixer-Uppers in Santa Cruz County

By Terri Woods – Selling Real Estate in Santa Cruz, Aptos, Capitola, Watsonville, La Selva Beach and North Monterey County

So you want to buy a fixer upper in Santa Cruz County.  

My first response is… WHY?

My experience has shown that there are really two type of Fixer-Upper buyers: Those that know what they are doing and First Time Home buyers. 

If you are a first time homeowner, I really really advise against it. Many first time homeowners think it is an easy way to build equity.  Though that may be true, it is also an easy way to divide the family. And sometimes, the split actually costs more than the improvements on the house.

If I had a nickel… (Well, maybe a $100 bill) every time I heard a First Time Home buyer mention that their “cousin” (or another family member) is an electrician (or plumber, or contractor)… I would be rich (kind of). Yes that is a bit of an exaggeration, but I have heard those comments regularly. I want to ask, “Has your cousin agreed to help you?” “Is the help free, or is he expecting $$?” “Is this going to be an evening or weekend project?”

In all homes, there are improvements that the new homeowner will want to make. Sometimes the simple things like painting, refinishing the floors, changing out light fixtures and door handles and faucets, can make a huge difference in the appearance and value of the home. 

BUT, if you still want to buy a real Fixer-Upper, there are a few things to consider.

#1 – The cost to fix it up. What is the cost to fix it up? What is the purchase price you will pay?  Would the cost to fix it PLUS the cost to purchase it be what other similar homes (that are not fixers) are selling for. It is not always wise to be the best home on the block. And you really don’t want to over-improve for the area. Make sure you figure in the permits, city codes, etc. and stay close to what the market price is for similar homes.

MY ADVICE: Get a couple of estimates of someone doing all the work for you. Then figure out what you realistically can do and what you want someone else to do. Hire pros. You can clean up, save up, but let the sheetrock pro do the sheetrock.

 #2 – Have an inspection or get a contractor to look at the entire house. In any remodel or new construction, there are always surprises. Be prepared for those surprises.  Foundation issues, roof problems. If you have young children, please make sure there is NO LEAD in the paint.

MY ADVICE: Figure 20% over what you think it will cost. Even if you cut corners, there are always surprises. Test the paint. Get a MOLD test too. Don’t skimp on the inspections.

 #3 – Be prepared to be displaced for a while. Projects almost always take longer than originally planned.

MY ADVICE: Unless you are going to do this project full-time, a suggestion would be to have one part of the house that is livable PRIOR to starting the remodel. If that is an impossibility, consider borrowing a fifth wheel or small travel trailer and have it in your driveway so at the end of the day, you have a place to relax.

#4 – Make sure you have all your financing in order. Many fixer-uppers are never completed and end up… well, you don’t want to go there!  Talk to your lender about the FHA 203(K) Program which is a long designed to help homeowners finance a Fixer-Upper. Depending on the age of the house, you might be able to get grants. Another thing is there are rebates for putting in energy efficient windows, solar panels, and other things. You might check into that as well.

My ADVICE: I am a “Pay as much as I can in cash” person. The things you can save on would be buying light fixtures and door handles when you see them on sale. When you must finance, find a great lender and see what other programs are available.

NOW, for those who know what they are doing, and have the resources and crew to complete the task, a Fixer-Upper can be a great buy. There will not be as much competition and the price is generally lower that homes in the same area. And… the instant equity feels good.

Here are a few “Fixer-Uppers” in Santa Cruz County. For a more complete list, contact me at terriwoods@kw.com. Happy Thanksgiving!

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'Dream homes' vary by generation - MSN Real Estate

'Dream homes' vary by generation - MSN Real Estate

This is a very interesting article.

Bed and Breakfast Inns in Santa Cruz, Aptos, La Selva Beach, Capitola - perfect for the winter vacation!

Bed and Breakfast Inns in Santa Cruz, Aptos, La Selva Beach, Capitola–perfect for that winter vacation!

Do you remember the hotel room you stayed in 3 years ago? Most people don’t!  But people who stay at Bed and Breakfast Inns do… because staying at a Bed and Breakfast creates memories.

The history of Bed and Breakfast Inns dates back to Colonial America. There were few hotels available so people would open their homes and provide a bed for the night to travelers.  After the advent of the railroad and automobile, hotels in towns became more prominent.

During the Great Depression, families rented rooms to travelers for the night in order to generate the much needed income. However, the big boom for Bed and Breakfast Inns began in the 1980s as families began restoring historic mansions with luxurious décor. Then another big push came in the 1990s with the commonplace of the internet, allowing online advertisement and reservations.

Winter Vacation at the BEACH

If you are looking for a relaxing weekend, or a quick vacation on the beach in Santa Cruz County and Monterey County, you might consider staying at a B&B.  Below is a list of local Bed and Breakfast Inns in Santa Cruz, Aptos, La Selva Beach and Capitola.

The Darling House

www.darlinghouse.com

314 W Cliff Dr., Santa Cruz, CA (831) 458-1958

Flora Vista Inn

www.floravistainn.com

1258 San Andreas Rd, La Selva Beach, CA (831) 724-8663

Sand Rock Farm Bed and Breakfast

www.sandrockfarm.com

6901 Freedom Blvd, Aptos, CA (831) 688-8005

The Adobe on Green Street Bed & Breakfast

www.adobeongreen.com

103 Green St, Santa Cruz, CA (831) 469-9866

Bayview Hotel Bed & Breakfast

www.bayviewhotel.com

8041 Soquel Dr., Aptos, CA (831) 688-8654

West Cliff Inn

www.westcliffinn.com

174 W Cliff Dr., Santa Cruz, CA (831) 457-2200

Monarch Cove Inn

www.monarch-cove-inn.com

620 El Salto Dr., Capitola, CA (831) 464-1295

If your vacation was a 10+ and you are considering buying a home in the area, call me. I will save you time, money and stress.

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HOME PRICES IN WATSONVILLE CA for November 2013 (including La Selva Beach, Corralitos, Royal Oaks, Mt. Madonna, and Pajaro Dunes)

HOME PRICES IN WATSONVILLE CA for November 2013 (including La Selva Beach, Corralitos, Royal Oaks, Mt. Madonna, and Pajaro Dunes)

We have seen several months of price increases on SOLD HOME PRICES in Watsonville (95076) and the surrounding area.  If you are considering buying a home, you can still find deals, but having a good real estate agent who understands the market is a must.  Don’t stay on the fence too long. As you can see in the graph, listings are not selling for their asking price.

To make sure you don’t overpay for your home, you want an agent who knows the market and has the statistics to support an “offer” price. A reminder to all buyers is that a low inventory is one indicator that prices should continue to rise. Now is the time to buy. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers.

WATSONVILLE CA HOME PRICES

The number of active listings in Watsonville (95076) dropped by 7.8% from the previous month.  The median number of days active properties have been listed is 92. The number of sales in September dropped by 90.9% from the previous month. The percent of owner occupied properties in Watsonville (95076) is 16.44% below the national average.  The percent of rental properties in Watsonville (95076) is 26.7% above the national average which is typical for urban areas.

WATSONVILLE CA REAL ESTATE REPORT SUMMARY (95076 – Including La Selva Beach, Corralitos, Royal Oaks, Mt. Madonna, and Pajaro Dunes)

The median list price in November for single family homes in Watsonville CA is $604,280. The number of active listings in Watsonville CA is 142 and the Median Days on Market is 92.  6.3% are Distressed Listings (Foreclosures and Short Sales).

FIND HOMES FOR SALE IN WATSONVILLE and surrounding cities  Visit my website to SEARCH FOR HOMES IN WATSONVILLE CA or be notified when new homes come on the market.

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Thank you for reading about Home Prices in Watsonville CA (95076) for November 2013. 

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The Dumbest Mistakes... Smart People Make When Buying a Home in Santa Cruz County and Monterey County

THE DUMBEST MISTAKES…

SMART PEOPLE MAKE WHEN BUYING A HOME

When buying a home in Santa Cruz County and Monterey County, you  need to become the VERY BEST BUYER possible. The benefits include more negotiating power, a smoother transaction, peace of mind and more.  Here are some mistakes that SMART BUYERS have made when purchasing a home.

Mistake #1 

Not knowing how much they can afford before they make an offer.

The easiest way to avoid this mistake is to get pre-approved for a mortgage, so you know in advance exactly how much you can afford.

Mistake #2 

Not realizing in advance whom the real estate agent represents.

When you call the agent on the sign in the yard, that agent most likely is working for the seller.  So beware that any information you give that agent may be used against you in negotiations with the seller.  The best way to avoid this conflict is to find an agent willing to work with you as a Buyer’s Agent.  Ask about my special BUYER'S VIP agreement.

Mistake #3 

Not discovering hidden defects before they buy a home.

One of the most expensive mistakes is also one of the easiest to avoid, by having a professional do a whole home inspection before buying the home.  Even if the home is new, we recommend full home inspections to avoid any problems in the future.

Mistake #4 

Giving a Social Security Number out to several different mortgage companies while shopping for rates.

Before you give out your personal information, decide which lender you would like to work with.  Credit inquiries may affect your credit rating and have a negative impact on loan amount, interest rate, etc.  There is a two week window in which you can shop for loans.   Check with your lender concerning this matter.

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What is the difference in a Condo and a Townhome/Townhouse 

Many times, the terms condominium and townhome/townhouse are coupled together in the Multiple Listing Service and other real estate search engines.  Why is that… because they are different, aren’t they?

Santa Cruz County and Monterey County Condominiums and Townhomes

YES! A condominium and a townhome/townhouse are different.

A condominium (condo) is part of a bigger complex. The owner of the condo owns inside the walls, from carpet to ceiling and shares a common wall/floor/ceiling with other condo units. PLUS the “common areas” (i.e. pools, halls, entry, etc.) are jointly owned with other condo owners.

A townhome/townhouse is essentially a home attached to other homes through a shared wall.  The owners owns the unit, including the lot (yard, deck). Typically, there will be a row of townhomes in a development.

With both the condo and the townhome, normally there are a type of Home Owners Associations (HOA). Owners will make a monthly payment to the HOA to maintain the grounds, building, etc. per the agreement.

PROS of buying a condo or townhome vs. renting an apartment

Condos/townhomes are typically less expensive than a single-family residence. Ownership vs. Renting allows for tax deductions, and building equity.

The HOA takes care of maintenance – allowing you to have a life outside of yard work. Usually, the condo/townhome will have certain amenities that most single-family residences do not – like tennis courts, gyms, pools.

Condo/townhome living is not for everyone. But for those who like the idea of “community,” a condo/townhome is something to consider.

Below are statistics regarding condominiums and townhomes in Santa Cruz County, Monterey County and surrounding areas.

If you are interested in buying or selling a condo/townhome, call me today.

Aptos Condo/Townhomes

Santa Cruz Condo/Townhomes

Rio Del Mar Condo/Townhomes

La Selva Beach Condo/Townhomes

Pajaro Condo/Townhomes

Watsonville Condo/Townhomes

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