Monday Statistic Update!

Monday Statistics


Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:


Morgan Hill has 276 active listings and 56 sale pendings

Gilroy has 344 active listings and 154 sale pendings

San Martin has 44 active listings and 10 sale pendings

Area 1 (all of the above) has 642 active listings and 219 sale pendings


Inventory is going down (maybe for the holidays and hibernation time) but sales are actually holding steady and up a little. We’ll see what happens this winter. Traditionally we slow down but I’ll keep you posted.

Stay tuned for regular updates!

How to Get Rid of E-Waste

E-Waste Options

Where to drop off those electronic devices that no long serve us? Keep reading!

Cell Phones

· Best Buy and Office Depot in-store recycling kiosks
· Drop off old phones at AT&T, Verizon or T-Mobile stores
· Free mail-back programs: Motorola (www.racetorecycle.com), Sprint (www.sprint.com/recycle), Nokia (www.nokiausa.com/recycle), LG (us.lge.com/recycle)
· Wireless Foundation’s Call to Protect donation program (www.wirelessfoundation.org)
Computers and peripherals
· Dell recycling (www.dell.com/recycle), Hewlett-Packard recycling (www.hp.com)
· The National Cristina Foundation donation (www.cristina.org)

iPods and MP3 players

· Apple in-store recycling (iPods only)
· Susan G. Komen Breast Cancer Foundation donation program (www.cellphonetradeins.com, iPods only; cell phones also accepted)
· eBay Giving Works, donation to a variety of local charities (givingworks.ebay.com, all MP3 players)

TV, DVD players and stereos

· My Green Electronics, to find local electronics recyclers as well as a data base for environmentally friendly products (www.mygreenelectronics.org)
· Freecycle, to find a local reuse group (www.freecycle.org)
Besides e-waste, you can go to earth911.org and enter the type of “trash” as well as your zip code to find places nearby that either recycle the material or dispose of it safely.

The above information is thanks to an article in this week’s Morgan Hill Times. I thought it was good information and worth spreading the news. Maybe if we make it very easy to recycle, it can become a life style out of choice (while we still have a choice).

Chain Emails and Snopes.com

Chain Emails and Good Intentions!

The following information was sent to me by my good friend, Gretchen Merrick. I am often the recipient of chain emails and have looked for a gracious way to let folks know this isn’t something I want to participate in. Aside from the time element, I have never felt comfortable with the computer safety element in this day and age of computer viruses. So I was very happy to have the following information:

Advice from Snopes.com -

1) Any time you see an E-Mail that says forward this on to '10' of your friends, sign this petition, or you'll get bad luck, good luck, or whatever, it almost always has an E-Mail tracker program attached that tracks the cookies and E-Mails of those folks you forward to. The host sender is getting a copy each time it gets forwarded and then is able to get lists of 'active' E-Mails to use in SPAM E-Mails, or sell to other s pam mers.

2) Almost all E-Mails that ask you to add your name and forward on to others are similar to that mass letter years ago that asked people to send business cards to the little kid in Florida who wanted to break the Guinness Book of Records for the most cards. All it was, and all any of this type of E-Mail is, is a way to get names and 'cookie' tracking information for telemarketers and spam mers - - to validate active E-Mail accounts for their own profitable purposes.

You can do your friends and family members a GREAT favor by sending this information to them; you will be providing a service to your friends, and will be rewarded by not getting thousands of spam E-Mails in the future!

If you have been sending out (FORWARDING) the above kinds of E-Mail, now you know why you get so much SPAM! Do yourself a favor and STOP adding your name(s) to those types of listings regardless how inviting they might sound!You may think you are supporting a GREAT cause, but you are NOT in the long run. Instead, you will be getting tons of junk mail later! Plus, we are helping the spam mers get rich! Let's don't make it easy for them!

Also: E-Mail petitions are NOT acceptable to Congress or any other organization. To be acceptable, petitions must have a signed signature and full address of the person signing the petition. Read the full story here: http://www.snopes.com/inboxer/petition/internet.asp

Let me know if you appreciated this information and any comments you might have!

Good Faith Estimates

Final RESPA Reform Rule -

The United States Department of Housing and Urban Development (HUD) has published its final RESPA reform rule. Included is a new standard Good Faith Estimate (GFE) that lenders and mortgage brokers will be required to provide to consumers. The purpose of the standard GFE is to provide homeowners with clear loan terms and costs from different lenders that can be easily understood and compared. HUD also has created a new page on the HUD-1 Settlement Statement to help homebuyers better understand what they are being charged at closing and how these charges compare to the GFE issued by their lender. Unfortunately, this will not go into effect until the beginning of 2010.

My 2 cents - I understand loan charges and I have often been mystified by some of the good faith estimates I have seen in the past. I like the idea of a uniform estimate so consumers can easily compare different lenders. Also, ask your realtor to work up an estimated net sheet of your own for all your closing costs. This will reinforce the information you are getting from your lender as well as put perspective on all the costs involved.

Mortgage Workout Programs!

The California Association of Realtors has created several new resources for homeowners seeking information on existing mortgage workout programs. The main lenders that CAR has general guidelines for are the following:

1) HOPE for Homeowners
2) Countrywide Financial (Bank of America)
3) Citigroup, CitiMortgage
4) JP Morgan Chase & Co
5) IndyMac Federal Bank, FDIC
6) Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, U.S. Dept. of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)

Consumer information sheets are available containing detailed information on specific programs. In general, the loan modification programs are intended for primary residences only.

It’s important to understand that mortgage loan modifications typically are handled on a case-by-case basis. Prior to calling a lender, homeowners should have the following information available:

1) Loan number
2) Income information and documentation
3) Most recent mortgage statement
4) Bank statements
5) Letter demonstrating financial hardship

If a lender is not listed above, homeowners may wish to contact their lender to determine if a workout program is available.

You may also want to contact a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor. For a list of HUD-approved counselors in California, visit the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA.

Hope this helps! I will continue to provide updated information as it comes my way. Also, feel free to contact me if you want any additional information concerning these programs.

More Statistics

Chicago Title Statistic Update –

There are currently 281 single family homes actively on the market in Morgan Hill. 58 homes are pending sale (currently in contract) equaling 17% of the market. Out of those totals, there are 54 Short Sale properties with 26 pending sales. REOs have an inventory of 33 listings with 17 pending sales.

Also, 3 transactions closed this past week in Morgan Hill. Out of those 3, 1 was a Short Sale and 1 was a REO.

There are currently 351 single family homes actively on the market in Gilroy. 145 homes are pending sale equaling 29% of the market. Out of those totals, there are 131 Short Sales with 62 pending sales. REOs have an inventory of 91 listings with 57 pending sales.

In Gilroy, 20 transactions closed this past week including 7 Short Sales and 8 REO properties.

Chicago Title has been my title company of choice for many years. They have provided me with the above statistics regarding the percentage of homes selling, including breaking it down amongst Short Sales (transactions where the loan amount is greater than the current value of a home) and REOs (bank owned property). These statistics are from this current week.

My 2 Cents once again – There really isn’t that much different in the numbers from a couple of weeks ago. Inventory is down a little but sales are up a little, at least in Morgan Hill. Traditionally, the market will slow down over the holidays.

I’ll keep you posted!

Monday Update!

Monday Statistics


Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:


Morgan Hill has 286 active listings and 58 sale pendings

Gilroy has 355 active listings and 139 sale pendings

San Martin has 45 active listings and 10 sale pendings

Area 1 (all of the above) has 664 active listings and 206 sale pendings


We are down a little in inventory but up a little in sales compared to last week.

Stay tuned for regular updates!

Bank Owned Property in San Martin

New on the Market in San Martin!



This ranchette has good square footage of 2605 with 5 Bedrooms and 2 1/2 Baths and is located on close to an acre in San Martin at 13985 Sycamore Avenue. It has hardwood floors and a newer roof, shared well and recently passed their septic inspection (according to their agent). As with most bank owned property, they are looking for an as-is sale. Has a bunch of out buildings and is near to 101 but priced at $744,900.

There were 2 recent sales of San Martin homes on about an acre selling. 14005 Harding had less square feet (1802) but better location and sold for $642,000. 1965 Gwinn Avenue also had less square feet but closer (2224) but did not show great and sold for $700,000.


My 2 cents - Could be there is some wiggle room in the price for this ranchette but still it is priced in its range.

The Real Estate Report

Santa Clara County Home Sales Up Fourth Month in a Row

The following information is from a group that publishes local market trends and is a good overall view of our market:

Sales of single-family, re-sale homes in Santa Clara County were up 44.7% in October compared to last year. Month-over-month, sales fell 8%. Sales continue to be concentrated in the lower-priced cities such as San Jose where the year-over-year sales were up 99.6% and Gilroy where sales were up 372.7%.

Home prices continue to be affected by the bank-owned property that has flooded the market.

The median price continued to slide, down 7.8% from Septemer, and off 35.8% year-over-year.

Inventory continues to decline, falling 8.1% from September, and down 12.1% compared to October 2007.

Condo sales tumbled 10.7% from September, and were down 19% year-over-year. The median price for condos, on the other hand, rose 5.3% month-to-month, but was off 28% compared to last October.

If you are in escrow with one of the new high-limit,conforming loans or you expect to buy a home before the end of th eyear, remember, the new, higher conforming loan limit of $729,750 expires at the end of the year. You must have your loan funded by then. Starting January 1st, the conforming loan limit will be $625,500.

The real estate market is very hard to generalize. It is a market made up many micro markets. For complete information on a particular neighborhood or property, feel free to contact me.

Poppy Jasper Film Festival V

Tonight is the opening for the Poppy Jasper Film Festival!

The Poppy Jasper Film Festival will be celebrating it's fifth year of giving exposure to young cinema artists and showcasing up and coming talent. The films will be shorts in various genres that are 30 minutes or less in length. The festival not only shows a selection of high quality short films, it also provides workshops on screenwriting and short film making that are open to the public. Also included is a "Women in Film" panel that will include prominent female filmmakers as well as various workshops and filmmaker receptions. You can find the films at the Cinelux Theater at 750 Tennant Avenue and also the Community Playhouse (next to the Morgan Hill Community and Cultural Center) at 17000 Monterey Street. You can go to http://www.poppyjasperfilmfest.org/ for more information. Come and take advantage of this wonderful cultural opportunity right here in Morgan Hill!

Update on the San Martin Incorporation Struggle

San Martin the City?


I love San Martin. There is a certain charm unique to this area where you constantly encounter surprises such as a field of sunflowers, a growth of beautiful wild roses entwined over a fence, pygmy horses, alpacas or even llamas amidst the constant contrast of new construction and old farm homes. There is a lot of charm and personality to be found here in San Martin. But more than the charm, there are a lot of people who live in San Martin who want to be in charge of their own destiny and turn San Martin into its own city.


According to a recent article in the Morgan Hill Times, San Martin cannot incorporate because it is not financially self-sustaining. The county won’t consider paying for its road maintenance or allowing its independence to further drain county coffers as it seeks cityhood. LAFCO, which stands for the Santa County Local Agency Formation Commission, has been discussing San Martin’s plans to being a city since February 2007. If incorporated, the majority of its revenue would come from property taxes and transient occupancy taxes (hotel taxes) as well as vehicle license fees, sales taxes and a proposed utility user’s tax. Not surprisingly, the issue seems to revolve mostly around money. The county’s general fund could stand to lose $870,000 per year if San Martin incorporates. However, there is a strong contingent in the form of the San Martin Neighborhood Alliance who feels strongly that the people of San Martin will do a better job of preserving the real character of the town than the county will.


The latest update from the Morgan Hill Times reports LAFCO voted 4 to 1 to stop all work on the incorporation process at a public hearing last Friday as well as to prepare a resolution to deny the incorporation based on the proponents failure to pay staff fees. However, supporters of the incorporation are not giving up. You can learn more about what they have to say by going to http://www.smneighbor.org/ and hearing their side of the story.

Any comments?

More Gilroy Bank Owned Properties and Update!

Here are the more to follow -

9155 Desiderio Way (near Church Street) is a beautiful 3 year old 5 bedroom 3 bath home with 2783 Square Feet on a 5662 Square Foot lot. Most bank owned property sales are "as-is" which means you can still (and should) inspect the property and do your due diligence but the Seller will not be responsible for any repairs (which is basically the price of a good deal these days).

The property on the right is on 860 West 8th Street (near Orchard Drive) and is a 5 bedroom, 2 bath home with 2014 Square Feet on a 6930 Square Foot lot (and is 33 years old). Neither one of these homes jumped out at me as 'screaming deal' but we'll see how long they stay on the market.

Update from Chicago Title this week says Gilroy has 356 active single family homes on the market with 136 currently pending sale. There are 132 short sale properties with 54 in contract and 90 bank owned properties with 54 in contract. I think the following is more significant - 20 transactions closed this past week with 4 of them being short sales and 8 being bank owned properties.

The reason I think this is more significant is although the number of sales has increased throughout the year, the percentage of transactions actually closing is much less than those going in contract to begin with. I will publish those figures on a monthly basis and feel free to comment or contact me if you have any questions.

New Bank Owned Properties in Gilroy

New Bank Owned Properties on the Market

These 2 properties just came on the market this week. The one on the left is located at 8741 Church Street (near Ronan Ave) and is only 10 years old with 4 bedrooms, 2 1/2 baths and 1829 Square Feet on a 3920 Square Foot lot. This home is in good condition and has high ceilings and hardwood floors and is listed for $397,500 - worth checking out. The property on the right is located at 515 Ronan Avenue (near Wren Avenue) and is 14 years old with 3 bedrooms and 2 baths, 1380 Square Feet on a 5662 Square Foot lot for only $319,900. The home is a single sotry in good condition with a nice side and rear yard with patio - seems priced well.

There were a few more new listings that popped up this week that are also bank owned to follow.

Changing Loan Limits

Did you see the article by Sue McAllister in the Mercury News regarding loan limits?

A little history – For a long time, loan amounts have been broken down into conforming and jumbo loans. Right now, a conforming loan amount is under $417,000 and usually gets a better interest rate. And yes, you guessed it, jumbo loan amounts are larger than $417,000. Earlier this year, as part of the economic stimulus bill that was put into effect around February of 2008, a conforming jumbo loan amount was created for loans from $417,000 to $729,000 which gave a better rate than jumbo loans but not as good as conforming but provided more opportunities for Buyers.

The conforming jumbo loans will expire December 31st. In Santa Clara County, the maximum for loans backed by Fannie and Freddie will drop to $625,500 as of January 1st, 2009. The new limits are affecting Buyers even earlier than January because many lenders won’t accept applications for conforming jumbo loans unless they can be closed by mid-December. Lois Jones of Bank of America here in Morgan Hill, says if you are depending upon a conforming jumbo loan, you should close your transaction by December 10th of 2008 at the latest.

Feel free to comment or contact me for additional information.

Wake up with Monday Morning Statistics for South County!

Monday Statistics


Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:


Morgan Hill has 287 active listings and 56 sale pendings

Gilroy has 357 active listings and 139 sale pendings

San Martin has 48 active listings and 9 sale pendings

Area 1 (all of the above) has 669 active listings and 203 sale pendings


We are up a little in inventory and a down a little in sales compared to last week. Last year at this time there were 726 properties on the market in Area 1 with only 67 sale pendings (and only 33 closed sales for the month of November).

Stay tuned for regular updates!

What Buyers Want!

Survey of California First Time Home Buyers


California Association of Realtors conducted 500 telephone surveys with California consumers who purchased a home within the past six months. What I found interesting about the survey was the Buyers’ perception of their real estate agents and what they really wanted from an agent.

The three top reasons for selecting their agent had to do with competence (no surprise) – the real estate agent seemed like they would be the most aggressive on their behalf, the agent seemed like they would obtain the lowest price and they were the best prepared. The areas most Buyers needed the most help from their agent was price negotiation, determining what comparable homes were selling for, finding the right home to purchase and negotiating the terms of the sale.


When asked one thing the Buyer would like to change about their home buying experience, most Buyers wanted a better understanding on where the market is going, have their agent negotiate better on their behalf and have escrow close on time. The three top reasons Buyers were happy with their agent were that the agent worked hard on their behalf, was always quick to respond and listened to what they needed.


This is interesting – Advice to Give to Real Estate Agents to Improve their Service:

1) Improve the quality of your communications
2) Provide references for lenders who will perform
3) Provide Buyer references
4) Show how you can negotiate aggressively for the Buyer
5) Provide references for lenders who will recommend the best product for them
6) Improve the speed of communications
7) Listen to their needs better
8) Provide quality information on where the market is going and why
9) Find out about listings before they do
10) Pre-qualify homes before showing them
11) Provide information on where interest rates are going


I’d love to hear your experiences or advice – feel free to comment!

More Statistics (Current & Local)

Chicago Title Statistic Update –

There are currently 288 single family homes actively on the market in Morgan Hill. 57 homes are pending sale (currently in contract) equaling 17% of the market. Out of those totals, there are 54 Short Sale properties with 25 pending sales. REOs have an inventory of 36 listings with 16 pending sales.

Also (and I think this is very important to note), 14 transactions closed this past week in Morgan Hill. Out of those 14, 3 were Short Sales and 7 were REOs.


There are currently 358 single family homes actively on the market in Gilroy. 148 homes are pending sale equaling 29% of the market. Out of those totals, there are 131 Short Sales with 59 pending sales. REOs have an inventory of 87 listings with 55 pending sales.

In Gilroy, 32 transactions closed including 8 Short Sales and 16 REO properties.


Chicago Title has been my title company of choice for many years. They have provided me with the above statistics regarding the percentage of homes selling, including breaking it down amongst Short Sales (transactions where the loan amount is greater than the current value of a home) and REOs (bank owned property). These statistics are from this current week.


My 2 Cents once again – I think it is important to note that although there has been a healthier proportion of homes going into contract, there is a smaller percentage that are actually closing. I have been monitoring these numbers for several years and was struck by the discrepancy. I was mostly reporting them to my clients on a monthly basis but it’s interesting to see it on a weekly basis as I’ve shown here.

Bank Owned Property New on the Market!

Interesting Bank Owned Property in Morgan Hill

This looks like an interesting piece of property. Located on a 12,632 square foot lot which according to the listing agent is zoned for more than one unit. There is a very small home currently on the property (and when I say small, I'm talking 725 square feet with 2 bedrooms and 1 bath) and a garage currently being used as a studio. And the price is right - this property came on the market at $259,9000. It's located over on Edmundson Avenue near the newer Safeway and movie complex. This could be a good investment property or perfect for a contractor owner.

More from Leslie (and my 2 cents)

Facts & Forecast!


In looking over the numerous notes from Leslie Appleton-Young’s update (what else would you expect from an economist?), the main factors driving sales up in 2008 were:

Declining prices equaling improved affordability
Bargains equaling great deals and distressed sales
Favorable rates for qualified buyers such as found with FHA and VA loans (we saw a substantial increase in these types of loans this year)
First time buyers getting younger
Declining inventory in 2nd half of the year
More investors showing up
International buyers showing up

She also gave numbers for the sub-prime arm resets in 2008 and estimated for 2009 and 2010. I think this is where it gets interesting because this is a big factor in pulling down home values (resulting in numerous short sales and foreclosures). The average % to reset in 2008 was estimated at 44% but will go down to 17% in 2009 and 7% in 2010. I think this is very good news although it will need other factors in the economy to cooperate. However, it is a good sign.

Her forecast for 2009 includes a weak GDP through the second quarter of 2009 and an improved outlook in the second half of the year. She sees a weak job picture with the unemployment rate going up. Inflation will be a concern (duh!) but in check and we are likely to see a stimulus package in early 2009. Her critical concern is how soon will financial systems stabilize and enable economic activity to return to normal.

My 2 cents – It’s hard for me to separate my own joy at Obama being elected president but perhaps the folks who backed the republican way of thinking are feeling cautious about whether they will be getting the support they want (and are used to) from this upcoming administration. We are still in a wait and see situation until we all have a feel for how we will “play together”.

Leslie Appleton-Young speaks to Intero!

Market Info Update!

Most homeowners want to understand how the current housing situation affects them and the value of their home. Recently, Leslie Appleton-Young (the Chief Economist for the California Association of Realtors) spoke at an all company meeting for Intero. I’m not going to review everything she said (which was substantial) but some of the highlights which might be helpful to put your own property in perspective.

First of all, we all know that home sales in California were a record high in 2004 and hit bottom in 2007 but have recovered somewhat in 2008. The median price of a home in California decreased in value by 44% between 2004 and 2007. No surprise here, consumer confidence has also greatly decreased during those years. However, sales of existing detached homes are up 12% over 2007. We see the biggest changes in sales in the price range under $500,000 (which actually has a 72% share of the current market)) and from $500,000 to $999,000, which has decreased in sales significantly (a little over 20% of the current market). The change in home prices over $1,000,000 is not as dramatic (consists of less than 10% of the market). The median price of existing detached homes is down 40.9% as of September 2008 and new housing permits are down 45.1% year to date.

The median price of existing detached homes in the Bay Area as of September 2008 is $554,730, down 29.2% year to date. The median time on the Bay Area market is 53.0 days with an unsold inventory index of 6.3 months. The median price of existing detached homes in Santa Clara County alone is down 29.0% year to date.

Closer to home, the median home sales price in Morgan Hill dropped 20.7% between August 2007 and August 2008 and in Gilroy dropped 37.4%.

I’ll have more tomorrow on the highlights of her housing market survey and predictions for the coming year.

Yes We Can!

Obama is the next president of the United States!

I probably can't separate my political leanings from my excitement and pride towards my country. It was only four decades ago that we were spilling blood over civil rights. We made history last night when we elected our first black president. I was impressed listening to both McCain and Obama and heard their call for us to work together as a country. I could feel my hope grow as I listened to the words of Obama calling us to action and they brought back the words of Kennedy - "Ask what you can do for your country". I am so proud of us and hopeful for our future!

Get Out There and Vote!

Don't Forget to Vote!

I imagine it would be hard to forget to vote today but just in case, today is the day! Go cast your votes and participate in our election process.

My husband and I stumbled upon an old tape of West Wing shows which we've been watching again. It used to be one of our favorite shows. It brings back to me that sometimes, we are a group of people agreeing to disagree and that's OK. Maybe that is more than OK. Maybe that is a lot of what we as Americans are about.

So let's all of us (not just the folks who agree with me) get out there and make a difference (and believe that you can)!

Weekly Statistic Update!

Monday Statistics

Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:


Morgan Hill has 287 active listings and 59 sale pendings

Gilroy has 353 active listings and 153 sale pendings

San Martin has 43 active listings and 9 sale pendings

Area 1 (all of the above) has 662 active listings and 220 sale pendings


We are down a little in inventory and sales compared to last week. For the month of October, there were 24 closed sales in Morgan Hill, 52 in Gilroy, 1 in San Martin and a total of 75 closed sales in South County.

Stay tuned for regular updates!

Low Priced Bank Owned Property in Morgan Hill

Cute little home - bank owned!

This 3 Bedroom/1 Bath Home is bank owned and at a really low price of $321,900. The lot is small at 3510 Square Feet and the property is located on a busy street but close to downtown and within walking distance to businesses. Home has an undated roof and dual pane windows and worth checking out.

Let me know what you think. I'll have more on good deals in Gilroy and San Martin soon!