Eagle Ridge Market Update
Eagle Ridge Golf Course Community in Gilroy is definitely a very desirable place to live. The proof is there: homes listed for sale in Eagle Ridge are selling quickly. In the last 6 days 4 homes went under contract ranging in price from $605,900 to $834,900 (another Eagle Ridge Realty listing) and ranging in size from 2808 to 4095 square feet.
Currently there are 18 homes under contract and 13 active listings ranging from $525,000 to $1,099,000.
If you would like to live in this very desirable community contact us for a showing or free Market Analysis of your current home.
First Time Home Buyers Beware - You are running out of time.
Prices are down, sales are up and many first time home buyers are back and ready to purchase their first home. If you are a first time home buyer you don't want to wait too much longer because the deadline for the $8,000 first time home buyers tax credit is approaching soon. This tax incentive is expiring on November 30th at 12 midnight. First time home buyers will have to complete the purchase of the property under contract before this deadline.
That means that first time home buyers will have to find a property AND be under contract before the end of September 2009. It takes 2 months on average to close a sale; mortgage approvals take longer, appraisals are also delayed under the new HVCC regulations that took affect on May 1, 2009 and properties for sale receive multiple offers often close to or more than list price.
First time home buyers: don't delay and wait until time is running out. Now is the time to look for your first home.
If I can help you find property or you need more information on this or other subjects please feel free to contact me.
Perfect Photo Opportunity at Carmel Beach
The beach in Carmel is just a short drive away from Gilroy, California but the difference in temperature can be very great. Gilroy was steaming with temperatures in the 90's this weekend but Carmel was breezy and a bit cool. Perfect to escape the heat.
Our dog is so much part of our family that we pick Carmel as our favorite beach because she can have as much fun as we do. She hates the pool but loves the beach and will play with the waves and the us until it is time to go home. Most of the time we end a perfect day at Carmel beach with a dinner in Carmel. Carmel has some great restaurants which cater to your pet too. Carmel is very dog friendly and many stores and restaurants offer a bowl of water and treats for your four legged friend.
This dog got some shades on and was the perfect model for many visitors who stopped by to shoot her picture. Of course she could go anywhere.
You think you have a cute dog? What about this one?
This Golden loves the water but hates the pool.
Real Estate market Trends - prices and sales are increasing After one year of falling prices and home sales the market is hotter than ever. This spring the increase in sales activity was higher than we normally see in the spring. In Santa Clara County sales are up 29% but prices are down 26% compared to the same period last year. I had the pleasure of attending one of the very fine seminars at the Santa Clara County Association of Realtors yesterday and listen to NAR's Chief Economist Lawrence Yun, Ph.D. as he talked about current Real Estate markets, his interpretations of the statistics reflecting both past and present trends and where he predicts it will head in the near and far future. In the last few years real estate prices dropped so fast and so steep that buyers got out of the market and cautiously followed the implosion from the side lines. Now thanks to government incentives such as the $8,000 first time homebuyer credit and $10,000 new construction purchase credit, and other factors such as low prices and plenty of inventory, has brought the buyers and inventors back to the real estate market and they are ready to purchase. As a matter of fact sales numbers are higher this spring than the same period in 2008. Currently a large portion of the inventory is distressed properties such as bank owned (and thus foreclosed) and short sale properties. There is still a fair amount of "conventional" sales (not distressed). It takes longer to close distressed properties and there are a few good reasons for them. Short sales need approval from lenders and we all know how long that can take the government has put new regulations in place such as the HVCC (Home Valuation Code of Conduct). Currently only Fannie Mae and Freddie Mac have adopted this code. Many appraisals are now done by appraisers appointed by the lenders who may not be familiar with the geographical area and appraise properties much lower than the actual value is; the fees paid for appraisals by the homebuyers are up but appraisers receive less for their services. NAR (National Association of Realtors) is working hard to get the HVCC code suspended. Dr. Yun noted: that it is interesting to know that the real estate markets in most parts in the country didn't experience the “burst bubble” effect because there was no real estate bubble. Only the markets in California, Nevada, Arizona, Florida (basically desert states) and other states on the East Coast who experienced a real estate bubble are now feeling the effects of the “burst bubble” What are the trends in your market? Do you agree with this statement?
Eagle Ridge Market Update - Eagle Ridge homes for sale.
The inventory is similar to last month here in Eagle Ridge. Buyers are out and we have more visitors to our open house showings. In addition we are seeing multiple offers on listed properties. Our most recent closing last month received one of the highest sale price of any resale home here in Eagle Ridge in the last year. We were able to negotiate top dollar for your seller.
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I am a proud member of the professional team at Signature Homes and Estates, a boutique full service brokerage. With Eagle Ridge Realty I specialize in the Eagle Ridge Golf Course Community.
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