Our Veteran buyer had an approved short sale contract on a Hollister home. The bank’s approval limited the amount they had to net from the sale. There was NOT enough to cover all of the repairs from the termite company’s report.
The seller had no money. Our buyer could not pay for any of the repairs. The listing agent and I had already agreed to put up a portion of our commissions toward the cost. Yet there remained a list of repairs to do. At the close of escrow no more options were available. We were at a stalemate.
The seller offered to help to fix a couple of repairs with materials he already had. I took the remaining list of items and figured out a plan to get them done. I bought the necessary supplies, rounded up 3 others and on the Saturday before it was to close we spent 7 hours doing those repairs.
With Western Exterminator’s pre-set re inspection on Monday morning and e-mailed clearance to the lender that same day we funded on the very last day possible. IT CLOSED! The seller was freed up. My buyer bought a great home at a great price. The listing agent and I got a little bit for our 4 months of work. Everybody came out okay.
Winston Churchill’s famous, 5 word speech comes to mind: “Never, never, never give up”.
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)
