Santa Cruz Real Estate Blog - January, 2025

Is 2025 the Right Time to Buy Your Dream Home

Inside this Article:

• What to Expect From the 2025 Housing Market in Santa Cruz County
• Is 2025 the Right Time to Buy a Home?

As we begin 2025, it was just a while ago that the Federal Reserve made its third consecutive interest rate cut of the year. On December 18, 2024, the Fed reduced the federal funds rate by 0.25 percentage points, bringing it back down to a range of 4.25-4.5%, a level not seen since late 2022 and early 2023. While inflation has cooled somewhat over the past two years, home prices have remained stubbornly high, especially in desirable areas like Santa Cruz. With the presidential election now behind us, history suggests that home sales typically get a small boost in the wake of an election, regardless of…

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Unlocking ADU's: SB 1211

Unlocking ADU's: How SB 1211 Transforms Homeowners' Building Experience

Finding affordable housing is a challenge for many homeowners. However, thanks to the passing of Senate Bill 1211 (SB 1211), homeowners now have a transformational solution: Accessory Dwelling Units (ADUs). ADUs offer homeowners the opportunity to create additional living spaces on their existing property, allowing them to supplement their income or provide housing for family members.

Inside this Article:

• Understanding SB 1211 and its Impact on Homeowners
• Benefits of Building an ADU
• Key Provisions of SB 1211
• How SB 1211 Simplifies the ADU Building Process
• Steps to Take When Planning an ADU Under SB 1211
• Financing Options for ADU Construction
• Design…

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Homeowners throughout California assist families displaced by the recent wildfires in Los Angeles

Resources for Californians Impacted by Los Angeles Fires

Homeowners throughout California are offering, renting and selling their residences to assist families and individuals displaced by the recent wildfires in Los Angeles. Thousands of families are currently in urgent need of temporary housing.

Officials project that roughly 10,000 structures have been ravaged by the fires. As a result, many displaced persons will be in search of new accommodations, a challenging endeavor in Los Angeles given the existing scarcity of available properties in the county. The victims affected by the fires in Los Angeles are unlikely to return to their communities in the foreseeable future, as it typically requires at least two years to rebuild.

Earlier this week,…

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LA fires could drastically drive up insurance premiums — and test California’s new market rules

BY LEVI SUMAGAYSAY, CalMatters, JANUARY 9, 2025

IN SUMMARY
The state’s plan to fix the insurance crisis had barely rolled out when the Los Angeles fires began. Can the market recover and stabilize?

This story was originally published by CalMatters. Reprinted with permission.

The deadly and destructive fires in Los Angeles — which some say could be the costliest in the state’s history — will further strain the insurance market and worsen the financial position of California’s insurer of last resort.

Data about Pacific Palisades, the devastated LA neighborhood whose residents include movie stars and directors, help illustrate the insurance problems plaguing the state. An estimated 1 in 5 homes in the upscale neighborhood were covered by the…

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Starting Fresh: Launching a Home-Based Business While Relocating

Image: Freepik

Starting a home-based business while relocating presents a unique set of challenges and opportunities. This dual endeavor requires careful planning and a proactive approach to ensure both your business and personal life thrive. By focusing on strategic planning and leveraging available resources, you can transform this period of transition into a foundation for future success. Embracing the change with a clear vision and adaptable mindset will allow you to build a business that not only survives but flourishes in its new environment.

Inside this Article:

• Write a Detailed Business Plan
• Create a Balanced Schedule for Moving and Running Your Business
• Earn a Degree to Enhance Your Business
• Optimize Your Home Office…

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Home, Heart, and Harmony: Secrets to Multigenerational Living

Image via Freepik

Living in a multigenerational home with grandparents, parents, and children can be enriching and rewarding. However, it also requires careful planning and consideration to ensure a harmonious environment. By fostering collaboration, respecting privacy, and encouraging intergenerational bonding, you can create a home where everyone thrives. Here are some tips to get you started!

Inside this Article:

• Foster Collaboration in Household Management
• Tap into Online Learning Opportunities
• Establish a Privacy Protocol
• Encourage Intergenerational Bonding
• Cultivate a Shared Purpose and Family Identity
• Integrate Technology to Bridge Generational Gaps

Foster Collaboration in Household Management

…

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What is a Good Credit Score When Buying a Home?

“Homes for sale in cities within California,” “Santa Cruz homes for sale with a low credit score,” or “Best homes for sale in Soquel, CA"—sound familiar? If you're residing in California, you'll often come across these targeted ads, making the home-buying process seem like a breeze. Finding your dream home in Santa Cruz can be more challenging than it seems, especially without expert guidance. Finding the ideal house is only part of the process; you must also grasp credit ratings, mortgage regulations, and real estate lingo, among other things. To handle these complications, you must seek appropriate guidance. While tempting loan and home advertisements might promise financing for buyers with poor credit, the truth is that navigating the Santa Cruz…

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Balancing Debt and Home-Buying Dreams

Image by Freepik

The journey to homeownership is a path laden with financial considerations, especially for those balancing existing debts. As you prepare for this significant milestone in the coming 6-12 months, strategic planning and disciplined financial management are key. Navigating this landscape requires a blend of expert advice, meticulous budgeting, and innovative income strategies.

Inside this Article:

• Eliminate Extraneous Spending
• Optimize Business Structures
• Harness Additional Income Sources
• Navigate 'As Is' Home Purchases Wisely
• Pursue Higher Income Opportunities
• Establish a Robust Emergency Fund

Eliminate Extraneous Spending

A crucial step in preparing for a home purchase is scrutinizing…

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7 Winning Offer Tips When Buying a Home

If you've been closely watching the Santa Cruz homes for sale arena lately, you’ll agree that while it's largely exciting, it is also a bit tricky. Families love this area for its energetic community and fantastic ocean scenery. With solid infrastructure and great amenities, like top-notch schools and healthcare facilities, it’s no wonder many people want to settle here. Plus, being just a hop away from Silicon Valley means plenty of job opportunities in the tech industry. Whether you’re looking for a place to raise a family or just want to enjoy the beautiful surroundings, Santa Cruz has so much to offer!

But this high demand means there are often bidding wars, and homes for sale go off the market quickly. To ensure you get your dream home in this…

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