Michael Whiting

GOOD BYE TAX CREDIT ...

Time is running out to get your free money from the Feds. To qualify for the Home Buyer Tax Credit you must be in escrow by April 30, 2010 and complete the purchase no later than June 30, 2010. Potential Buyer's can still receive up to a $8,000 if they act fast.

By the way, it's not just for First Time Buyers anymore. The actual amount of the credit you qualify for is based on a carefully crafted formula that you'll need your tax advisor to interpret for you.

So far, there's no sign they'll be extending this deadline in spite of efforts by some in Washington.

Additionally, mortgage interest rates are expected to rise, likely in the last half of 2010.

When you combine this information with the knowledge that housing prices have bottomed out, it's not hard to see the opportunity in this market.

Be sure to pass this information along to anyone you know that could benefit from this knowledge.

My goal is to be a Real Estate resource to all Homeowners, Home Buyers and Home Sellers in Santa Cruz County. I have over 23 years experience locally and regarded as an expert in all aspects of Residential Real Estate.

If you or someone you know would benefit from my services, contact me at Santa Cruz Homes For Sale. You can email me at Mike@SellingSantaCruz.com or simply call at 831-818-5111.

Best regards,

MICHAEL WHITING

David Lyng Real Estate

Santa Cruz Homes - 2009 Annual Report

Well ... the data is in. We can now create a 2009 Annual Report on the state of Santa Cruz Homes sales.

There are a number of positive indicators to report.

• For starters, the number of sales in 2009 was up 23.1% over the number of sales in 2008.

• The median price of a single family home in Santa Cruz County reached $560,000 in December. This was up 24.4% over December the year before.

• The year ended with the lowest amount of active inventory since March of 2005.

• Accordingly, the Days On Market indicator is at 97 days. This is the lowest it's been since 2004 when it was a strong Seller's Market.

The chart below illustrates a relationship between Median and Average Sales prices as compared to the number of actual Single Family sales.

Signs remain positive for the coming year. The housing recovery is expected to continue, in part, do to continued government incentives.

The Obama administration extended the First Time Home Buyer Tax Credit through April of this year. Qualifying homebuyers are eligible for a credit of up to $8,000. In addition, they expanded the program to include move-up Buyers. An eligible move-up Buyer could qualify for a tax credit of up to $6,500.

Short Sales and Foreclosures are expected to stay with us and represent a significant portion of Santa Cruz Home Sales through 2010.

Interest rates have been at historical lows and are expected to stay competitive, at least for the time being. Lender underwriting requirements have become increasingly difficult but not insurmountable. "Full Documentation" is the name of the game in today's lending world.

A government attempt to enhance the integrity of the home appraisal process was adopted in May 2009has come under significant fire, being called a failure by some. This program, known as the Home Valuation Code of Conduct (HVCC), came with an unexpected consequence. The program allows out of area, and sometimes unqualified appraisers the opportunity to appraise homes in areas they're not familiar with. As a result, many appraisals have been coming in under value.

In conclusion ... as it applies to Real Estate, the best thing about 2009 is that it's over! We're looking forward to 2010 to be a great year.

My goal is to be a Real Estate resource to all Homeowners, Home Buyers and Home Sellers in Santa Cruz County. I have over 23 years experience locally and regarded as an expert in all aspects of Residential Real Estate.

If you or someone you know would benefit from my services, contact me at Santa Cruz Homes For Sale. You can email me at Mike@SellingSantaCruz.com or simply call at 831-818-5111.

Best regards,

MICHAEL WHITING

David Lyng Real Estate

What's So Special About Santa Cruz Homes For Sale ..?

Plenty ... Santa Cruz has long been a place where everyone wants to own a home. Whether it's a principal residence, vacation home or a rental property; Santa Cruz has been a great place to invest for decades. Search Santa Cruz Homes for Sale to find some great values.

Santa Cruz, located on the beautiful Monterey Bay, is a place that offers something for everyone. It's a vibrant coastal community that enjoys great year round weather, fantastic recreational activities, an array of attractions and events and a strong economic base comprised principally of tourism, agriculture and technology.

Facts About Santa Cruz County

• CLIMATE Santa Cruz enjoys a Mediterranean climate with mild summer temperatures in the mid 70's and winter temperatures in the mid 50's. On average, the sun shines 300 days a year and typical rainfall is approximately 31 inches.

• LOCATION Situated at the northern tip of the Monterey Bay, Santa Cruz is located just 65 miles south of San Francisco, 35 miles north of Monterey and San Jose is 30 miles to the east.

• ATTRACTIONS Santa Cruz's many attractions include the renowned Beach Boardwalk, the world famous surfing destination ... Steamer's Lane, 29 miles of pristine beaches, the Santa Cruz Municipal Wharf, the Santa Cruz Harbor, 6 state parks and 6 state beaches, UC Santa Cruz, Roaring Camp Railroad, the Mystery Spot and 7 golf courses ... to name just a few.

• POPULATION

o Santa Cruz County 268,637

o Santa Cruz City 58,982

o Scotts Valley 11,764

o Capitola 10, 073

o Watsonville 51,882

In conclusion, What IS So Special About Santa Cruz Homes For Sale ...? In the opinion of this writer ... homes in Santa Cruz are very special. Values have not been this good and opportunity as great in many years. The real estate market is at the threshold of a recovery after a 3 year downturn. Combine this with interest rates at historical lows and you have the perfect recipe for opportunity.

My goal is to be a Real Estate resource to all Homeowners, Home Buyers and Home Sellers in Santa Cruz County. I have over 23 years experience locally and regarded as an expert in all aspects of Residential Real Estate.

If you or someone you know would benefit from my services, contact me at Santa Cruz Homes For Sale. You can email me at Mike@SellingSantaCruz.com or simply call at 831-818-5111.

Best regards,

MICHAEL WHITING

David Lyng Real Estate

Santa Cruz CA Homeowners Can Avoid Foreclosure

One way you can avoid becoming a Santa Cruz Foreclosure.

HAMP ... the Home Affordable Modification Program was created by the Obama administration to help as many as 4 million homeowners avoid Foreclosure. This number represents those homeowners that could be eligible to benefit from the program.

Simply stated, this is a Loan Modification program that will attempt to provide clear and concise guidelines to be adopted by all participating lenders. Up until now, Lenders were all over the map when it came to eligibility requirements, let alone finding any consistency in these requirements from lender to lender.

Do you qualify? A Borrower's eligibility is based on certain criteria that includes the following:

• Borrower must be delinquent on their mortgage payments.
• The property must be the Borrower's principal residence. Investment properties would not qualify.
• The Borrower's loan must have been made prior to January 1, 2009.
• The loan balance can not exceed $729,750.

If eligible ... what can you expect?

• The lender's goal will be to adjust the mortgage payments to an amount equal to 31% of the Borrower's monthly, pre-tax income.

In order to achieve this, the lender has a number of options; reduce the interest rate to as low as 2%, extend your loan term to a total of 40 years or they could defer a portion of the loan's principal until it is paid off without charging interest on the deferred amount.

If you think you qualify, call your lender to determine if they're participating in the HAMP program. Bear in mind, many lenders were already dabbling in this arena before the government got involved. Earlier I alluded to the problem borrower's were experiencing prior to HAMP. Lenders seemed to be developing policy on the fly ... and there was no consistency in policy or performance from one lender to the next.

Today's article highlights just one of the ways you can avoid becoming a Santa Cruz Foreclosure statistic. There are a number of other options available to Borrowers today. Don't hesitate to contact me to discuss your specific issue.

My goal is to be a Real Estate resource to all Homeowners, Home Buyers and Home Sellers in Santa Cruz County. I have over 23 years experience locally and regarded as an expert in all aspects of Residential Real Estate.

If you or someone you know would benefit from my services contact me at Santa Cruz Homes For Sale. I can also be reached at Mike@SellingSantaCruz.com or simply call at 831-818-5111.

Best regards,

MICHAEL WHITING
David Lyng Real Estate
www.SellingSantaCruz.com

Santa Cruz CA Real Estate Statistics

Santa Cruz CA Real Estate continues it's recovery ... The Median Home Price for single family homes was up for the third month in a row, 25.9% over the same period last year and November was up 6.2% over October.

Sales of Single Family Home units was up an astonishing 43.9 % over November of last year and so far, year to date sales have averaged out to be 17.6% over the same period last year.

Inventory of Single Family Homes has continued to drop for the 16th month in a row. The Days of Inventory indicator is down to 114 days. In other words, it would take 114 days to sell all the current inventory at the current rate of sales. A Balanced Market is said to be between 5-6 months of inventory. Above that is considered a Buyers' Market and at the current level of just under 4 months of inventory we find ourselves comfortably in Sellers' Market territory. The graph to below reveals that we haven't seen a Sellers' Market since the first half of 2007.

Additionally, the days of inventory for Condo Sales currently stands at 171 days, down 34.9% over the same period last year. This figure is just below the 6 month mark, indicating a balanced market. November Condo sales were up 8.3%% over October and up a modest 2.7% this year over last.

If these statistics aren't specific enough, you can search an individual community within Santa Cruz County to determine specific trends in your own back yard. Santa Cruz, Scotts Valley, Live Oak, Aptos, Capitola, Soquel, La Selva Beach, Larkin Valley, Watsonville all have their own unique qualities and sales activity can vary greatly. Go to Search Santa Cruz Real Estate, then click on the Sales Statistics or Newsletter links to start your search.

In summary, what does this all mean to the consumer ..? In short, it's good news ... but you need to remember, the real estate market is very hard to generalize. It's made up of many micro markets. We are clearly seeing strong signs of a recovery in Santa Cruz County prompted by a number of factors. Interest rates continue to be very attractive. The government has extended it's $8,000 tax credit for first time home buyers and even created a modified version for repeat buyers. Consumer confidence is on the increase, bringing growing numbers of buyers into the market. And certainly, the age old adageof "supply and demand" applies here. With decreased inventories of available listings and increased buyer activity, a recovery should come as no surprise.

This is not to say there will not be some bumps in the road along the way. There are still record numbers of Foreclosures expected to hit the market. If lenders release these to fast, flooding the marketplace, this could have an adverse affect, particular on values.

For more information on Santa Cruz CA Real Estate Statistics or other Real Estate related topics, feel free to contact me though my website at Santa Cruz Real Estate. I can also be reached by email at mike@mikewhiting.com or at 831-818-5111.

Best regards,

MICHAEL WHITING

David Lyng Real Estate