Home Buying in Aptos>Question Details

Carol Davis, Home Seller in Santa Cruz, CA

Have the home prices stabilized in Aptos or are they beginning to climb?

Asked by Carol Davis, Santa Cruz, CA Wed Jul 9, 2008

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5
Please update statistics to 2013!
1 vote Thank Flag Link Mon Feb 25, 2013
Hi Carol-
This is Erica Pittman-Gaynor with Keller Williams Santa Cruz. Prices are continuing to decline. With more and more foreclosures and short sales coming on everyday, it is driving prices down. There is a lot of inventory as well. Predictions are that the market will continue to decline through this year and even through next year before it starts to rise. We are really only in the middle of the downward slide. Because of this, if you are a seller and you cannot hold onto your home for the next 4-6 years, you really need to sell ASAP. In 6-12 months your house may be worth significantly less than it is now. We are also seeing many overpriced houses which causes them to sit on the market and lose even more value every day they sit. This is why it is extremely important to work with an agent who has a strategic marketing plan that will get your house sold in the quickest amount of time for the most this market will bring. Call or email me to discuss my marketing plan and/or to answer any further questions. Hope this helps. Have a great day:)
Erica Pittman-Gaynor
phone: 831 818-4123
email: Erica@EricaPittman.com
website: SantaCruzRealEstateByTheBay.com
1 vote Thank Flag Link Thu Jul 10, 2008
Hi Carol!
This market is so bifurcated it is challenging to make any pat statements. Some areas are clearly down
20% over a peak in 2005. Other markets have not been so hard hit... The trick is in the product you are selling. While I know it sounds cold to lable your beloved home a product ~ the truth is~ the day it goes on
the market it is a product. And like any product it needs to jump off the shelf and have tangible, believable reasons for it's value. Great location, sparkling maintenance, excellent landscaping, super neighborhood,
contemporary amenities? It must have something powerful going for it. Then you will find a buyer. If your
home is deteriorated, dated, poorly landscaped, in need of paint etc. Buyers will be less inclined to move on it, or will make low offers. You must be "best of class" to move into the SOLD column. If you must sell your home in this market, you need strong and competent advice. A timid Realtor will not tell you the truth you need to hear to get every dime you deserve! Terry Ballantyne broker~owner Indigo Beach Properties
0 votes Thank Flag Link Wed Oct 29, 2008
Carol, Curt Abramson with Bailey Properties here. Aptos, particularly in the high end, has remained relatively stable in pricing. It's probably not realistic to expect prices to be increasing for a while, though. There is still high inventory in most areas, and few buyers. In Aptos, there are currently 18 homes at or above $1.4 million available, and only 1 that has gone into contract in the past 30 days.

Keep in mind that these higher-end homes will only attract a small percentage of the home-buying public, so you must expect more time on the market. However, these buyers often have the means to pay for what they want, and are willing to, when it becomes available.

You should probably give some thought to how committed to a sale you are. Prices will remain flat, at best, for quite some time. If you have good reasons to make a change, such as moving, downsizing, upsizing, etc. then by all means do so. If you will also be a buyer, remember that your purchasing dollar will also go farther. If your motivation is to make a profit on a property you've owned for a short time, it is unlikely you will meet your goal. In that case, you should either defer your plans for a few years, or change your expectations.

I'm a long time Aptos resident who works often in the Aptos Hills area, so if I can give you any help, please contact me via my website, below.

Whatever your plans, good luck!
0 votes Thank Flag Link Thu Jul 10, 2008
Carol

I just checked out the database and if your house is the one I think it is, it's quite unique. Despite the doom story from Erica, there in fact are many micromarkets in Santa Cruz county and the Aptos area. Some houses are impacted by REO's (bank owned) some are not. Some properties sell in 2 weeks. Point of fact is in appreciating or declining markets, overpriced houses usually don't sell.
Instead of being psyched out by the overall market conditions the media likes to portray, focus on your property versus your immediate competition, and do it coldly and objectively.

Cheers,

John
0 votes Thank Flag Link Thu Jul 10, 2008
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