What is the sales market in Boulder Creek right now? Is it worthwhile to sell?

Asked by Michele, Boulder Creek, CA Sat Apr 19, 2008

My husband and I have a home in Boulder Creek, and are possibly thinking of selling to cut our expenses (we have a condo in San Jose too). The house is 3bed/3ba on 1 acre and we are wondering what the approx. current market value is and whether or not it is a good time to sell given the current drop in housing prices. Do you see the prices rising anytime soon? Or is it just a bad time to sell period?

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M.C. Dwyer, Agent, Boulder Creek, CA
Sat Apr 19, 2008
Hi Michele,
Here's what the Boulder Creek market looks like right now. There are about 60 homes listed on the MLS for sale in the Boulder Creek area; with another 15 or so homes pending sale. Of those pending homes (in escrow right now), 2 are distressed sales (REO, foreclosures and the like). So far this year, about 17 homes listed on the MLS have sold; about 4 of those were distress sales. Sales prices for 3 bedroom homes on large lots range between $350,000 and $880,000 so far this year. Depending on location, appeal and quality, some homes this year have sold for anywhere between a 10% discount off initial asking price to just over asking price.

Whether or not it is worthwhile to sell now is so dependent on your individual circumstances, that I don't have enough information to give you advice. You mentioned you own homes in both Boulder Creek and San Jose, but you didn't mention where you are living now, whether either home is bringing in rental income, or if you must cut expenses quickly due to personal financial distress.

As much as the internet is a wonderful tool, internet-generated market value estimates can be far off the mark. So much of a property's value depends on factors that must be seen and experienced first hand, that all I can say based on the information you provided is that your property could be worth anywhere between $400,000 and a million dollars. Giving you a market value based on just what you've written would be like a tax person telling you how much taxes you owe based only on household income. I'd recommend inviting a couple of local REALTORs to your property to get a better sense of your property's market value. At the same time, you can ask them how they feel about prices; my opinion is at best a leveling off in prices, for this year at least. This is one time when I'd like to be wrong! Even in this market, there is buyer demand for value priced properties that are more appealing than their similarly priced competition.
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