Morgan Hill Home Sale Changes

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?

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School Registration and Regular Sales

Amazingly there is only 7 or 8 weeks before school starts again.  I know, all the parents are screaming: “WHAT?!!  It can’t be!!”  Still it is true.

If you are planning to move and will need to get the kids registered in the new school, take heart – you still have time. 

While “REO” (foreclosed homes) take 6 to 8 weeks to close, “Short Sales” could take 2 to 4 months to close!  However, a ‘Regular’ sale: where the owner themselves are selling the property, could close within 4-6 weeks.   In fact, when your lender approves your loan you could start the enrolling process with confidence.  You will even have an address within the school boundaries.  Loan approval is often issued 2 to 3 weeks into the escrow.

When looking on-line therefore, you may want to include on you ‘dream list’ of features the absence of: “Short Sale”, “Bank Owned”, or “REO” in the description of the home.  Chances are, the homes without one of those discriptions will be a ‘regular’ sale. 

As an added reason to be alert to such a home – they are more often in better condition than those homes sitting vacant.

Feel free to shop in the actual MLS through the “Client Portfolio” button above this post.  There, you can access the actual MLS, in real time.  Or, you can e-mail me and I will do the search for you.

Happy Summer!