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!

Needed Repairs vs. Short Sale

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”.