Santa Cruz Real Estate Blog - January, 2025

7 Steps to Take if You're Having Trouble with Your Mortgage

It’s no secret that the cost of housing has soared in recent years, and Santa Cruz is no exception. With the median home price in the area consistently among the highest in the country, more and more homeowners are finding it increasingly tough to keep up with their mortgage payments.

In fact, the financial strain that many Americans are facing is not just a national issue—it's something that many in our own community are dealing with.

Inside this Article:

• National Trends Reflect the Pressure to Afford Housing Payments:
• 1. Why is it important to contact your mortgage lender right away?
• 2. What does forbearance mean in terms of mortgage payments?
• 3. How can refinancing help change your interest rate terms?s
• 4. In what ways…

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Smart Moves for Empty Nesters Relocating Near Their Kids

Image: Freepik

Moving closer to family as an empty nester is a transformative journey that offers the promise of enriched relationships and new experiences. This decision, while filled with excitement, demands careful planning to ensure a seamless transition. By focusing on these strategies, you can create a supportive and fulfilling lifestyle that enhances your connection with loved ones.

Inside this Article:

• Adapt to New Climate
• How can vertical storage enhance the functionality of your new home?
• What benefits does a warranty provide for protecting your new home?
• How can you effectively connect with your new community after moving in?
• What steps should you take to research senior living options for future care needs?
…

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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

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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:

• How can families effectively foster collaboration in household management to ensure that all members feel responsible and invested in their shared living space?
• In what ways can online learning opportunities be utilized to enhance family skills or knowledge, and what are some examples of topics that could be beneficial…

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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

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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:

• How can you identify and eliminate extraneous spending without compromising their operational effectiveness?
• In what ways can optimizing business structures lead to increased efficiency and profitability in a competitive market?
• What innovative strategies can individuals and businesses employ to harness additional…

302 Views, 0 Comments