Continued, “Firming” Trend

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 Tourstab 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)

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