The distressed homes in your neighborhood has affected your neighborhood as well as the entire south county.
There are still bank owned homes in your neighborhood unsold asking for a song so to speak. One concern of a new neighborhood such as yours is close proximity to the freeway. I have showed your neighborhood to regular and bargain hunters. They like a more established neighborhood with larger lot away from highway traffic.
The bright side is homes in MH in general have not dropped as much as San Jose or south of you. It still has the price/appreciation level as Q3 2004. RE like stocks are meant for long term haul. Interestingly enough your street is named after the founder of Morgan Hill. He applied for a land patent and owned 7000 acres and built an adobe on Hale/Murphy. He did not hold on to it long enough to strike it rich. It was later owners like Martin Murphy who split the lots.
Get on my website and there are several distressed properties listed and you will get a bigger picture. I live close to you.
It looks like your home is relatively young, built in 2005, and has four bedrooms/three bathrooms on a nice lot. Foreclosed sales have driven the value down in your neighborhood. While a new home on St. John Ct. sold for $1,057,000 recently -- it took over a year to sell. Another brand new home sold for $805,000 on St. John as well.
Unfortunately, two bank owned home recently sold for $435K (16420 San Ramon) and $493K (645 San Gabriel). Those don't appear to be as large or as beautiful as your home, but drag down the values just the same. You can drive by and see how close your home would appear in comparison to these homes. A buyer is going to look at all the numbers and pay what he/she feels is a fair market value.
Two homes not as close to yours but similar age/square footage/bed/bath combo include 404 Denali for $780K (9 years old) and 2735 Cantor for $849K.
Because there are more than 40 homes on the market with four bedrooms, three baths and between 2000 and 3000 square feet of living space in Morgan Hill -- you would want to price on the lower end of the range of active homes to sell it with the least amount of stress (if you want to sell). A list price that might get you some good attention would be in the $735K to $750K range. So even if you could argue the appraisal or 'worth' of the home is in the $800K to $850K range -- you might not be able to find a buyer to buy for that price right now.
To give you an accurate picture of where your home would stand against all of the various data, one would need to go inside the home and measure more accurately against comparative sales
Erica Nelson Estates/Connect Realty
I specialize in Morgan Hill properties and I know your neighborhood well. I would be happy to give you a market analysis of your property, but it is difficult without knowing more about it. Please contact me directly and I will respond to your request.
Intero Real Estate Services
Morgan Hill, CA 95037