There are a few things buyers need to be aware of in our luxury market.
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The beautiful weather in Santa Cruz attracts a ton of luxury and second home buyers to the area. As a result, coastal properties, estates, etc. are all in high demand here. While much of the country is experiencing low inventory, Santa Cruz County experiences it regularly, especially when it comes to the high-end home market.
One challenge we’ve faced repeatedly is educating our clients who aren’t from the area about how truly unique this competitive market is. Sellers in this market know that they have more control in the transaction because there is such high demand for their properties and such low supply. Negotiating repairs, inspections, and so on are commonplace, and some buyers aren’t aware of how much control sellers have. If you’re not from the area, it can be a shock because it’s not like other luxury markets where there is a lot of supply and not a lot of buyers.
There are a variety of unique factors when it comes to purchasing a home in Santa Cruz county. That’s one reason why it’s important to set the right expectations if you’re thinking about buying in this market. In the higher price ranges, sellers don’t need to sell, and there’s usually another buyer ready to step in if you won’t pay their price or meet their terms.
If you are thinking about buying a home here in Santa Cruz County, we’d love to talk with you and make sure you know what you’re getting into. We have years of experience in this market and can show you what you need to purchase a property in the area. If you have any other real estate-related questions, we’d be happy to answer those as well. Give us a call or send an email today.