Just How Far Did South County Home Prices Fall?
Date: Tuesday November 18, 2008Posted in: price, real estate, short sale, foreclosures, Santa Clara County, Morgan Hill, South Santa Clara County, Gilroy, MLS, statistics, housing market, pricing, average price, home selling, Morgan Hill Real Estate, Gilroy real estate
I’ve had several clients and friends recently ask me just what, exactly, have home prices been doing in south Santa Clara County since they peaked. And, by the way, just when did they peak? To answer that question, I turned to MLSListings Pro where Realtors go to look at the Multiple Listing Service.
Here’s what I found for Morgan Hill: Morgan Hill’s average home sale price peaked in September, 2006 at $1,091,144. The average sale price for the year of 2006 was $945,240. The average sold home price in 2007 didn’t dip too drastically, but did fall 5% to $901,582. Our most recent data for 2008 through the third quarter shows an average sale price of $767,900.
For Morgan Hill, that is a total drop in average home sale prices from the year of 2006 to the end of the third quarter in 2008 of 19%.
And for Gilroy, the statistics look a little gloomier: Gilroy’s average home sale price peaked in the year 2006 with an overall average sale price for single family homes of $800,620 for that year. The average sale price for a Gilroy home in 2007 barely moved from the previous year and was $796,676. But through the third quarter of this year, the average sale price for 2008 is $565,278.
For Gilroy, that is a total drop in average home sale prices from the year of 2006 to the end of the third quarter in 2008 of 30%.
Gilroy has been particularly hard hit with foreclosures and short sales and those “distressed” listings seem to be what is selling there, so of course, that will drag down the average sale price for the city. If you live in Gilroy and you want to know how much your home may be worth now, don’t just automatically take 30% off what you think your house was worth in 2006. Each house is still valued individually and there are many factors that make up its worth. Call me for a thorough, in-depth market analysis if you are considering selling your home.
What to Leave for the Buyers
Date: Saturday November 8, 2008Posted in: real estate, Realtor, real estate buyers, buying a home, homeownership, close of escrow, home selling
When I represent sellers in a transaction, they often ask me what they need to leave with the house. Unless negotiated otherwise, all fixtures attached to the house must remain, as according to contract. Most Realtors have a story about the dining room chandelier “accidentally” disappearing or the $1000 custom copper kitchen faucet that is replaced with a shiny new stainless steel faucet from Home Depot just before close of escrow. Obvious no-nos.
Beyond this, I always hope that the sellers and buyers can briefly meet at the property shortly before close of escrow. I have attended many of these meetings with my clients and it is very advantageous for the buyers to hear all of the seller’s tips regarding the care of the home and the property. Sellers like these meetings also because if they have a prize rose bush, for example, that needs special care, this is an opportunity to give the special instructions to the buyers. Then I recommend that the sellers never return to the property just in case that rose bush is replaced with a built-on barbecue….
I always give my buyers the necessary utility and media numbers they need to get everything up and running right away. But in addition to this it’s nice if the sellers can leave the following for the buyers of their property:
- Owner’s manuals and warranties for appliances left in the house.
- Garage door opener.
- All sets of house and mailbox keys.
- Code to the security alarm and phone number of the monitoring service if not discontinued.
- Any personal property that the seller and buyer agree on such as paint, spare tiles, etc. that the buyer may need in the future.
