Near Or Far, ALWAYS Use A Local Realtor

How Micro-Markets add to the dynamic of home pricing.

Our nation has trends as a whole, and trends within geographic locations. California certainly has micro-markets.
But our local markets also have sub markets; some even within the very same development.

Why does this matter to you?
Well whether you’re buying in Brentwood, Moragn Hill, or Timbuktu, you could lose a fortune if your agent doesn’t have intimate knowledge of the market that you’re buying or selling in. I strongly recommend doing your homework and finding a Realtor you trust with local area expertise.

Home prices are a function of the following variables:

•Demand or number of buyers with the ability and willingness to buy.
•The supply of properties on the market, including homes that our builders are selling prior to completed construction
•Interest rates – If a buyer can afford $2,000/mo….@ 3.5% interest, he/she may be able to purchase a home for $375k,
but if interest rates go up to 5.5% the purchase price would have to drop to $290k or so.
•Speculated future values of specific properties and real estate in general
•Consumer Confidence Level
•Other less impacting factors

Let’s compare two properties:
They are both in Brentwood, Both +/- 3,800 square feet, both 4 bedrooms, built in the mid 2000′s. Lot sizes are within 20% of each other. Both WERE in highly sought after areas, but one area “held on” better than the other, for very real reasons. An agent looking at these two properties might think that the discrepancy is not valid. That misinformation can and will cost you…one way or another.

Looking at two properties, you’ll see the same thing.
Similar homes, but the one with only two bedrooms is listed $90,000 higher than the 3 bedroom? In this area, and in virtually all areas throughout the world, this is common. These local market tendencies and trends will often differentiate home values for something as seeminly benign as being on opposite sides of the same street!

Using a local area expert that you can depend on is your best bet, whether you’re looking to buy or sell.
Contact DeVonna Meyer, your local Morgan Hill/Gilroy area expert, by calling (408) 981-4079 today!