Morgan Hill Seller’s Market?
Date: Wednesday March 3, 2010Posted in: real estate, Morgan Hill, seller's market
What a difference a year makes! A year ago many residences sat languishing on the market while buyers were waiting on the sidelines. Fast forward to the present day: large numbers of well-qualified, motivated buyers are combing the sparse south Santa Clara County real estate inventory and now sellers are sitting on the sidelines! With the low real estate inventory in Morgan Hill and the rest of south Santa Clara County, is it a seller’s market? Let’s look at the data:
The first graph shows the number of residences for sale in Morgan Hill. As can be seen clearly, the number in the past few months has been quite low relative to the past two years. This data is backed up by the second graph which shows the months of inventory for active residential listings on the Morgan Hill real estate market. The months of inventory is the number of months it would take to sell all of the inventory currently on the market using current number of sales per month to determine this number.
With these two graphs in mind, sellers should feel confident in listing their homes in this current market. However, as with any market, pricing is the number one factor in whether your home will sell and how quickly it will sell.
The third graph shows the average sale price for single family residences in Morgan Hill over the past two years. Although it does look like prices have inched up over the past few months, sellers should beware asking exhorbitant prices for their homes - if they are serious about selling their home.
Inventory will gradually increase over the next months in Morgan Hill. But for those sellers currently on the market with a well-priced listing — enjoy your opportunity to choose from the multiple offers you are quickly receiving!
buyers homes listings months of inventory Morgan Hill prices pricing real estate residences sales Santa Clara County sellers sellers market
Should We Sell or Buy First?
Date: Tuesday July 22, 2008Posted in: multiple offers, home, buyer's market, housing market, seller's market
I often have clients ask, “Should we find the house we want to buy prior to listing our house on the market?” And the answer depends on what the real estate market is doing. For example, we currently have a buyer’s market with a large number of homes listed. So, instead of jumping into a purchase that is contingent on the sale of the buyer’s home, it is much better to sell the home first. This is because it could take many months and possible price reductions until the home is sold. Not only will there still be a good supply of homes available for sale when the home is sold, but the person who has already sold their home has much more leverage in the negotiation process in their next purchase.
Now consider the seller’s market we had a few years ago. There were few homes available for purchase and those that came on the market were often sold very quickly with multiple offers. In that kind of market, it’s advisable to find a desirable, affordable house and put in an offer that gives you time to attract a good offer on your current house.
Also keep in mind that if you’re selling high, you’re probably buying high and if you’re selling low, you’re buying low. Don’t try too hard to time the market when you are buying and selling in the same type of real estate market.
