Sales are very brisk but we are not seeing as many multiple offer situations in the South County as there were prior to May . Typically May and June are somewhat slow due to the graduations , weddings , end of the school year and vacations . We usually see them pick-up towards the end of June and through July . We are noticing that our open houses are well attended and buyers are really assessing the needs of their family before making the offer . This gives the buyer an opportunity to see all the homes in their price range and make an informed decision . Although , we do still caution , if they take too long , the home may sell .

Prices are staying steady and homes are selling close to the listed price ; and some are still selling over the listed price . This market is more balanced for both the buyer and seller and making for a much more pleasant experience for the buyer .

It is very important the sellers take the extra time to repair anything that looks tired or needs replacing . Buyers typically estimate the cost to repair a lot higher than the actual cost and are most likely to buy the home that has all the repairs completed . In this market , you want your own home to stand out as the best home for the price when compared to other homes selling in the same price range . Overpricing your home in this market may result in your seeing your home sit on the market too long and / or your losing money when buyers come in with a much lower than listing price offer . In the last few months , the average days on the market has averaged from 30-35 days . If you want to sell your home quickly in this market and at a good price , you ’ ll want to list your home fairly and get it in tip top condition . This will garner more money and a faster close of escrow .

Barring any economic crisis , the housing market should continue to normalize . Here are five ways that the 2014 housing market will be different from 2013 : ( Source : Trulia Trends )

• Housing affordability worsens

• The home buying process gets less frenzied

• Repeat buyers take center stage

• How much prices slow matters less than why and where

• Rental action swings back toward urban apartments

Prices are rising steadily and interest rates are still low but may rise which makes now the right time to sell or buy for your lowest mortgage payment and property taxes .

Local Trends Single Family Residential in Morgan Hill & San Martin

Teri Nelson , Realtor Intero Real Estate Services

408.425.5200

BRE # 00858151