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Would home prices in Gilroy, Morgan Hill, Dublin, and San Ramon fall even more or have they stabilized?

Especially the new homes being built in the area/
Thu Apr 17 2008, 13:42 - 95123 - Market Conditions - 2 answers
 
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Jo
Buyer & Seller
Jo, Buyer & Seller in
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Trisha Motter was FIRST TO ANSWER
I think the next 6 months will be a great place to start to gauge where we are in the process. I dont think stabilize would be a good word to use. The market is always going to be moving. I am reading different numbers and March was a pretty bad month, but i feel personally like business is picking up. Time will tell and there will always be the want to look into the future, but we have to be patient and watch attentively.

Good Luck

Thu Apr 17 2008, 22:57
Web Reference: http://www.sanjoserealtyexecutives.com
 
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FIRST ANSWER
Hello Jo,

It is hard to say. The recent statistics show that Santa Clara County's sales are down by 46% and home prices have declined by 9%. We have an overstock of inventory and it is harder for buyers to get qualified. There is more pending sales then we have seen this year. I do see more activity, but this is the prime time for real estate. If you look at it from a supply and demand view, we have plenty of supply but not nearly as much demand so it is possible that prices will fall. Regarding new homes they are offering great discounts and price reductions now, will they go lower? No one knows for sure.

I hope this helps.

Thu Apr 17 2008, 17:24
 
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