What a difference a year makes in the housing business!
The ‘Great’ News for Morgan Hill is that only 9% of the sales were Short Sales or REOs in 1Q13. That means that the length of time on the market dropped dramatically while the prices jumped. Owners are starting to notice the change.
The Bad News (for buyers) is that there has been a 56% drop in the number Morgan Hill sales from 1Q12 to 1Q13. Prices are climbing at a healthy rate.
Actually, that is great news for homeowners because their values are rising. “Staying” and “refinancing” are the bywords this year (so far). Those few homeowners who want to sell typically see multiple offers soon after they list their home for sale and end up with prices higher than what they listed for.
Since Morgan Hill home values are still lower than the ’05 peak and with interest rates down around 4% it is a great time for those who want to buy a home in our awesome little community.
Where do you think it’s all going?