Market update
Spring is in the air and inventory is picking up. Since Jan. 1, 203 homes have come on the market across the county and 41 homes have been listed in Aptos. The highest new listing is 383 Beach Drive at $5,200,000. The lowest new listing is 1260 Trout Gulch Road at $599,000. The market snapshot as of March 9 shows 39 Active Listings in Aptos (34 SFR, 3 TH, 2 Condo).
Thirty-six homes have sold in Aptos since Jan. 1. High sale is 161 Saint Andrews – 3 bed, 3.5 bath, 2687 Sq. Ft. with an ocean view – 81 days on market (DOM) – closed for $1,796,000. High non-beach property is 163 Ridge View – 4 bed, 3.5 bath, 3658 Sq. Ft. on 2.3 acres – 153 DOM – closed for $1,625,000. Low sale is 430 Day Valley – 2 bed, 1 bath, 695 Sq. Ft. – closed for $539,300 after 2 DOM. The Average Sales price so far this year is $940,314 and the Median Sales price is $845,000. Bankrate.com quotes 30-year interest rates from 4.25-4.75 percent, and these rates are slowly inching up.
Downsizing?
Downsizing can be a smart idea with lasting benefits, but the task may seem daunting. Here are some tips from CAR:
1. Start Early — Allow at least three months to downsize, sort through all your possessions and manage the details of a move.
2. Take Inventory — Honestly assess your belongings, what really matters? Outlived items tend to be in the attic or garage, so start your decluttering process there.
3. Make a Plan — As you sort, think about “keep,” then what goes to family, friends, charity? You can consider selling items online as well.
4. Innovate — In your new smaller space you can “live larger” by hanging mirrors, and using tall bookcases and double-duty furniture like futons to maximize space. Downsizing can be a big change, but it can be fun!
Buying?
Yup — it is really tough out there. Here are some things you can do right. DO have your Pre-Qual letter from a LOCAL lender ready to go. DO be sure you understand the due date and any paperwork required to be submitted with the offer (often signed disclosures are part of the offer package). DO have your agent check in with the list agent just before the offer deadline to get a number of offers already in hand or expected; your offer depends on how many others are making offers. DO reduce your 17-day Physical Contingency period if you can. DON’T talk trash about the property you are interested in at the Open House; the list agent will remember you.
Also, think outside the box. Purchase your home with a partner or co-signer. Get a roommate; the monthly income can definitely help with the mortgage payment. Get a “gift” for the down payment (many rules apply here, consult your Local Lender).
Happy spring to all!
