Remember when we were on a road trip with the kids in the car? What was the question they always got around to? “Are we there yet?”
Nearly every day people ask me the same question relative to home values: “Are housing values at the bottom yet?” The answer varies depending the area you are asking about.
In this article Forbes provides mixed answers: homeowners in the San Francisco Bay Area may “be there”. Other places in CA and around the country, however, may have a ways to go yet before their house-value-slide ends.
San Jose was specifically listed as one of the few metro area where values seem to have leveled. This continues to be good news for Morgan Hill, Gilroy and Hollister home values. With the majority of South County residents commuting up into the Bay Area, home values in these three cities will continue to follow San Jose’s lead.
So, Johnny, we’re there – but we won’t be returning to increased values for some time to come.
1291 Bonnie View Drive, Hollister: A completely remodeled, 4 bed. & 2 bath home on a 16,500 sq. ft. lot!
Watch the VIDEO Tour of this nice home. You’ll note that nearly everything, even the plumbing, has been redone. Have you heard the term: “turn key“? This home is it. Just put in the key and move right in. There is virtually nothing left to do.
The wide side yard access to the huge back yard provides endless possibilities: A large garage/workshop, toy barn, pool etc. could easily fit into this back yard. In the VIDEO you can see what the neighbor did with his same sized lot.
From this home you are less than a quarter mile from Hwy 25’s extension for an easy drive to Gilroy’s Premium Outlet Center and CalTrain for a convenient commute. Schools, shopping and medical facilities are within walking distance. Veteran’s Memorial Park with its 5 baseball diamonds, skate park and picnic area is also just a short walk.
As close as this home is to everything, Bonnie View Rd. is not a through street so there is little traffic. It is a quiet neighborhood.
This is NOT a short sale or bank owned sale. You will deal with the actual seller and can expect to close in a matter of weeks.
For your own personal tour of 1291 Bonnie View Rd. just call/text or e-mail me and I will arrange it for you.
For Sale: 411 6th St. It is a 9 year ‘young‘ home in “The City of History”, San Juan Bautista.
This 4 bedroom, 2 1/2 bath, 2,005 sq. ft. home is just a few blocks from all of the boutique shops and restaurants in San Juan’s village. Everything here; the Mission itself, the grocery store, the school – are all within walking distance.
Since this home is only 3 miles from Hwy. 101 you can be on the beach in 20 minutes, Gilroy’s Outlet Center and, CalTrain in 15 minutes, and in downtown San Jose in 45 minutes. Hollister is just 10 minutes away. It’s an easy commute from here to Monterey or San Jose.
Take a couple of minutes and watch this VIDEO Tour then, let me know what you think.
Here is yet another article which 
demonstrates that Bay Area home values have bottomed out and have continued a steady climb from there.
With little land left few homes are being built. Therefore, the varied employment opportunities which provide a fairly consistent demand for housing, are tipping the supply/demand scale in favor of firm-to-increasing values.
Natural migration for affordable housing therefore, continues to be South of the Bay Area, namely: Morgan Hill, Gilroy and Hollister. Many families are investing a slightly longer commute in order to have a desirable place for their family to enjoy.
Here is a good indicator of value: “Price per square foot“. When you look at a home’s cost/sq. ft. it quickly becomes clear - your housing dollar goes much further in our “South County” areas:
A 3 bedroom, 2 bath, 1,700 sq. ft., on a 7,000 sq. ft. lot costs:
- San Jose $303.87/sq. ft.
- Morgan Hill $247.10/sq. ft.
- Gilory $206.48/sq. ft.
- Hollister $146.71/sq. ft.
If you have been waiting to make your next housing move, I wouldn’t wait any longer. Home prices, in our area, are rising. The home loan rates are still extradordinarily low – FOR THE MOMENT. You will be disappointed if you stay with an abritary “wait for 6 months to a year” idea.
BTW: The “City Tours” tab above will provide you with video tours of each of our communities. Enjoy.
If you have wanted to refinance, you should send me an e-mail with your address. I will be happy to provide you an updated market value. Your home’s value may be high enough now to take advantage of these low rates.
(data source: MLS Listings)
Location, location, location. Here is a ‘turnkey’ home nestled on 5, oak tree studded, acres in the San Juan Bautista foothills.
This bright and sunny home is only 40 min. from San Jose, 13 miles from Gilroy’s Outlets and CalTrains; 4 miles from San Juan’s village and schools, 20 min. to the beach and a little further to Monterey.
As you watch the VIDEO Tour (above) of this great home look for all of the natural light, large oak trees, and the home’s quality. 860 Merrill Rd is located at the end of the lane, about a mile up from Hwy 101.
You can also click on the “City Tours” tab above to see a VIDEO Tour of San Juan Bautista as well.
In addition to the 4 large bedrooms, 3 full baths, over sized 3 car garage and 3,149 sq. ft., the energy efficiency, privacy and great location of this home will make you glad you found it.
860 Merrill will be going on the market in a few weeks. Call or e-mail me for your own, personal tour of this wonder country home.
I welcome your comments here.
If you have been waiting to buy a home, NOW is the time.
If you have been waiting to refinance your current home today is the day.
Neither these rates nor the sale prices will remain down here much longer. Some day soon the bills for “CHANGE” will come due and we’ll see the rates begin to rise.
Look at this AP article for more details.
Gilroy home values have already bounced off the bottom. Likewise, Morgan Hill and Hollister homes have seen a balance in demand and supply.
Time for your co-workers, friends and family to make their move.
What do you think?
We all know home values have dropped over the last 3 years. Will that slide continue?
Single family home values in Hollister dropped by 41.6% from 2007 to 2008. In 2009 they fell another 17.4% . Townhomes values have likewise dropped: 54.3% from 2007 to 2008 and 25.5% from 2008 to 2009.
The average sales price of Hollister homes in 2007 was $548,562. In 2008 it was $320,419, and $264,601 the average sales price for 2009.
Townhome sales show a similar pattern: their average sales price was $339,780 in 2007, $155,354 in 2008, and $115,725 in 2009.
However, it appears that the value slide has hit bottom. A closer look at 2009 average values suggests that we may have bottomed out in 9/09 and are beginning to see a rebound in both single family residence and townhome values.
Morgan Hill & Gilroy home and townhomes reflect a similar trend in values although the downward adjustments in value are more dramatic as you go south to Hollister.
(Data: MLSListings)
We have all watched the sales prices of homes drop over the last 3 years. The question is: Will that slide continue?
Single family home values in Gilroy dropped by 35.5% from 2007 to 2008. In 2009 they fell another 18.4% . Townhomes values have likewise dropped: 38.5% from 2007 to 2008 and 29.5% from 2008 to 2009.
The average sales price of Gilroy homes in 2007 was $796,676. In 2008 it was $513,913, and $419,228 was the average sales price for 2009.
Townhome sales show a similar pattern: their average sales price was $426,627 in 2007, $262,566 in 2008, and $185,070 in 2009.
However, it appears that the value slide has hit bottom. A closer look at 2009 average values suggests that we may have bottomed out in 9/09 and are beginning to see a rebound in both single family residence and townhome values.
Morgan Hill & Hollister home and townhomes reflect a similar trend in values although the downward adjustments in value are more dramatic as you go south to Hollister.
(Data: MLSListings)
Everyone knows home values have dropped over the last 3 years. Will
that slide continue?
Single family home values in Morgan Hill dropped by 17.6% from 2007 to 2008. In 2009 they fell another 18.2% . Townhomes values have likewise dropped: 26.4% from 2007 to 2008 and 18.3% from 2008 to 2009.
The average sales price of Morgan Hill homes in 2007 was $901,582. In 2008 it was $743,303, and $606,986 was the average sales price for 2009.
Townhome sales show a similar pattern: their average sales price was $493,158 in 2007, $362,976 in 2008, and $296,721 in 2009.
However, it appears that the value slide has hit bottom. A closer look at 2009 average values suggests that we may have bottomed out in 9/09 and are beginning to see a rebound in both single family residence and townhome values.
Gilroy and Hollister homes and townhomes reflect a similar trend in values although the downward adjustment is more dramatic the further south you go toward Hollister.
(Data: MLSListings)
‘Houston…the Eagle has landed’. I enjoyed recently the celebration of the Lunar landing. Let’s change the wording to fit our times: “Buyers, we’ve landed, and are now lifting off”.
Home values in San Jose, Morgan Hill, Gilroy, Hollister and San Juan Bautista “have landed” at the bottom of their value slide and are beginning to “lift off” that bottom. We are not going to see these prices again for a very, very long time, if ever again.
Here’s the affect of waiting to buy a home: A home listed today for $350,000 and goes up 5.0% in value will then be worth $367,500. A buyer who waited and then buys this home will need $985 MORE CASH and $268/mth MORE INCOME to qualify for this same home.
If the interest rate is at 6.0% (vs. the 5.0% used above) when the buyer decides to purchase this increased-value-home, their income will need to be $843/mth. HIGHER to qualify!
Some prospective home buyers may be calling out: “Houston, we’ve got a problem“. The erosion of their purchasing power may make them permanent renters.
My crystal ball recommends that those who want to buy a home climb on board NOW while they can. What does yours forcast?
Remember when we were on a road trip with the kids in the car? What was the question they always got around to? “Are we there yet?”
