Our Two on Tuesday featured blogs showcase 2 homes that currently for sale for about the same price, but our located in different Silicon Valley cities. The idea is pretty simple, show what that days specified value would buy in each of the two cities. For today’s Two on Tuesday, we’ve chosen a home for sale in Morgan Hill and a home for sale in Santa Clara, each with a list price of approximately $800,000.
You’ll hear over and over again in real estate, it’s all about LOCATION!
That’s why a small shack on the beach will sell for over a million dollars, and a huge home in the Central Valley will sell for less than half that. So why do prices vary so greatly between cities as close as Morgan Hill and Santa Clara? Same answer…LOCATION! Even within the same city you will have nicer and more desirable areas than others. You’ll also usually come across a more desirable school or school district, and homes in that school’s boundaries will likely sell for a higher price.
This is why when most homebuyers start the home buying process, the location or area is one of the first things they decide on. For example, there are many families who decide they are going to live in the Saratoga School District so their kids can go to these prominent schools. They then start looking exclusively at homes in the Saratoga School District boundaries. Over the last few years many homebuyers, especially those in the south San Jose areas, have realized the lower home prices available in Morgan Hill. For many of these buyers, the increased commute time was less important than the cheaper home prices or large home they could afford by moving a few miles south to Morgan Hill.
As you can see in the two homes we have today, the one in Morgan Hill is much bigger and much newer than the Santa Clara home, and its lot size is more the two times bigger than the Santa Clara home. Does that mean the Santa Clara home is overpriced? No. It may be overpriced, but it doesn’t have anything to do with the Morgan Hill home. What a home is worth is whatever a willing and able buyer will pay for it.
If you’d like to compare houses in one city or multiple cities in Silicon Valley, or have a question about one of the featured homes below, give us a call here at Superior Realty Partners and experience superior service and superior results.
If either of the listings are not displayed below, they have either sold or been taken off the market.
We're sorry, but we couldn't find MLS # 81145598 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
We're sorry, but we couldn't find MLS # 81139531 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
