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.
The term: “Manufactured home“ includes two types of homes: Mobile Home and a Modular Home.
Mobile homes are delivered to the sight on their own axles and wheels and generally have the wheels remain in tact. It is not real property and you pay the DMV vehicle taxes on it.
Modular homes are pre-built homes which are delivered to the lot on flatbed trucks, hoisted onto a permanent foundation and bolted down. Therefore the Modular home becomes ‘real property’ because it is affixed to the land. You pay regular property taxes on a Modular home, according to Prop. 13, as you would on regular, or, “stick-built” homes.
The value of the Mobile home is generally less than that of a Modular home. Financing of such a home is not nearly as attractive as that of a Modular home. There tends to be fewer lenders wiling to lend on a Modular home than a traditional “stick-built” home. However, those that do, typically offer comparable rates and fees to that of traditional homes.
We (under my “Community West Mortgage hat”) are one of those lenders who lend on Modular homes. Why not call or e-mail me for more details?
And the winner of the highest appreciation of home values in the United States is: San Jose, CA!
Of course, Morgan Hill, Gilroy and Hollister home values followed in the same direction, as they always do.
The GOOD NEWS in this article is believable when you see the actual single family home value appreciation from 2009 to 2010:
San Jose’s average single family home value ROSE 11.5%.
Morgan Hill’s average value INCREASED 4.5%.
Gilroy homes saw the values RISE 6.8%.
Homes in Hollister enjoyed a healthy JUMP of 11.3% in values!
So, those of you who have been waiting to buy a home may want to take advantage of the incrediblely low interest rates and go buy a home. Their values have come off the bottom of value slide and are beginning to increase.
You homeowners who have been waiting for values to come back so you can refinance should e-mail or call me. I will research your home’s current value for you.
2011 is going to be an exciting year – IN OUR AWESOME AREA! What do you think?
(data source: MLSListings)
If you have moved since the last election you need to re-register to be able to vote. Even if you only moved across the street you still need to re- register before you can vote. Obviously, if you have not registered before in order to vote on 11/2/2010 you will need to register.
In California, the dead line for registering is 10/18/2010.
It is easy to register. Simply go here and register on line. Or, you can go to the Registrar of Voters office in your city or county and register there. You may also be able to register at your nearest DMV – good luck on anything happening quickly in there however.
This mid-term election is probably the most important one we’ll see in a long time. Please make sure to register. Then, study the issues and candidates, encourage your family, friends and neighbors to do the same. Don’t forget to vote.
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)
Here’s a “High 5” for Gilroy City Council and Police Chief Denise Turner! Gilroy has a ’dangerous dog’ ordinance with some new “teeth” in its consequences.
Those who parade their dangerous dog like a warning sign will be responsible for their pet’s conduct: they now have strict liabilities for the costs of insurance, spay/neutering, microchipping and fines. I just wish such an ordinance was on the books earlier…
The appraiser for one of our sales was attacked by the occupant’s dog even when the dog’s owner was right there with the appraiser. I was in another part of the home and heard the commotion. Unless you have experienced it yourself you cannot know the horror such an attack can have. Not only is the event itself bone-chilling but the vivid memory of the attack lives long in the mind of the innocent person who was assaulted. To the appraiser’s credit the value of the home was not negatively affected.
A friend of ours little girl was playing with her neighbor friends when their dog attacked her. The top half of her ear was torn off and she had teeth punctures in her forehead. The medical treatment included a rabies regimine. While she recovered physically that girl had emotional problems for many years after.
What do you think? Do you think Gilroy’s toughened animal control ordinance went too far, not far enough? If you think Gilroy, like San Francisco and Santa Monica over reacted to dangerous dogs I have one question for you: have you personally been involved in or know intimately of, a dog attack?
Click here for the details of Gilroy’s new ordinance.
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?”
