Should I buy a home in Gilroy right now (late 2011)? I currently already have a home that I would be putting up for rent..

Asked by Laurie, 95020 Thu Sep 15, 2011

I am afraid that the price of the homes in Gilroy would drop even more in the coming months... would even more foreclosures enter the market? Also, how is the rental market for Morgan Hill? I am afraid that the home I will be putting up for rent will not be taken for many months (the home is in a very nice location and I want to charge around $2400/month for 4 beds/3 baths). Would it be a smart move to do this? Also, how long would it take for a home in a nice part of Gilroy (Eagle Ridge, for example) to go back up to the "normal" prices? What is the normal price for a home in Eagle Ridge? For example, if I purchased a new home by Shapell for $700,000, how long would it take for the home to go to the $900,000s? 7 years? 15 years? 20? What is a good website to gauge the rental market?

Thanks in advance!

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