🔴[LIVE] Thursday US INVENTORY WATCH

February 16, 2023

🔴[LIVE] Thursday US INVENTORY WATCH | Special look Idaho

US INVENTORY WATCH

https://youtube.com/live/eYSphTOauPo

https://anchor.fm/siliconvalleyliving/episodes/LIVE-Thursday-US-INVENTORY-WATCH--Special-look-Idaho-e1v2qud/a-a9bjgim

https://www.tiktok.com/@abitanoliving/video/7200830188043898158?is_from_webapp=1&sender_device=pc&web_id=7156979562362439210

Nothing really crazy to report this week. Looks like the market is stabilizing. Lots of reports that inflation is not great and rates are going up again

See transcript below

US INVENTORY WATCH Nothing really crazy to report this week. Looks like the market is stabilizing. Lots of reports that inflation is not great rates

@abitanoliving
US INVENTORY WATCH Nothing really crazy to report this week. Looks like the market is stabilizing. Lots of reports that inflation is not great rates are going up again
♬ original sound - AbitanoLiving

🔴[LIVE] Thursday US INVENTORY WATCH | Special look Idaho #siliconvalley #real #Relo #newjob ♬ original sound - AbitanoLiving

Idaho land for sale https://imls.paragonrels.com/CollabLink/?id=4a121c72-2d6d-4668-b1b4-9f3815892b76&from=publink&forMlsId=IMLS&fbclid=IwAR0oibh3Xqjgfkl1HYa8mqCEOdelwHLqT316cmT3rnRgv3tv10Oh39LkmpM

US INVENTORY WATCH Nothing really crazy to report this week. Looks like the market is stabilizing. Lots of reports that inflation is not great and rates are going up again

All right. Lots of, lots and lots of ing up to do. You may have noticed that I did this once before. I apologize, my mic didn't work. , thanks for telling me. Was watching there, and I know one person was watching. Nobody told me what was going on. Hopefully, this still works. Today we're talking about the inventory watch across the United States. And I'm not going to go into the specific numbers, that's not the real point of this. The real point is I wanna make sure that we understand where the market's going, and understand the trends, right? And right now these are what we're seeing, right? These are the numbers. And I can tell you. A hundred per, with a hundred percent certainty that these are not exact numbers. The numbers that I show you here are what I get from realtor.com or Zillow or wherever. There's not, that's not the exact interpretation of the market, right? So for example, it says 269, whatever that number is. I can tell you that there are 355 active homes in San Jose. That's because we have coming soon off the market, this and that.

A lot of different things go into this funnel, and unless you know what you're doing, those numbers might have ones that are in contract already. So be sure when you're looking@realtor.com or Zillow or whatever, you make sure you know what you're looking at. It's always better to work with a realtor, somebody that gives you direct feed access from the MLS, from their local MLS. Okay? All right. That's not the point of why we're talking today. The black numbers mean that prices are going or inventory's going up. The red ones mean that inventory is going down and as we've seen, inventory has slowly come down across the United States, these are the six-month averages, right? So it's 1380 in a change in its 1100 and change for Tampa and. You gotta put my eyeballs on you. 20 502,000. You know the average in Chicago is 2,500. What's going on? I thought the market was selling. Yeah. The market is selling. The market's shrinking. There's natural consumption of every house out there, right? Every house has a natural point of consumption, and that typically boils down to price, condition, and market conditions. , right? Location, I understand that part. But at the o end of the day, it's price, condition, and market. And when the market's kind of down here, then prices have to contract. If demand doesn't meet the supply, there are always going to be outliers. We talk about that on Mondays. Yeah, we talk about that on Mondays and also on Wednesdays about what the outliers mean, the 40 days, the 90 days that the bank owns. What that means, to you personally. Not just the numbers. These numbers right here, what they're telling me is that we're in. A holding period for the selling season. Now, I don't know the market in Idaho. I don't know the market in Tampa. I don't know the mark market in Austin or Dallas or Knoxville. I don't know when the selling season is, but it's a short three months here in SA, San Jose Silicon Valley. Silicon Valley living. I'm an expert in Silicon Valley. I can tell you that traditionally the selling season is March or April. , right? If you come to me and say, I wanna sell my house now, great. There is going to be demand for your house. Just not the same demand as you see, in March, April, and May. Right now it's good because rates are going up, and fewer buyers are in the market. And it's not typically the selling season. When it's the selling season. You have 4, 5 20 buyers for every house. Right now, there's one or two, or maybe three, if you're lucky, which gives buyers more command of pricing, which means it's not a buyer's market, it's a seller's market still, because that means it's six months. I haven't seen any place here that's. That's a buyer's market. I do want to mention one thing. I have a friend that lives in Idaho. They have some property available for sale, and if you're thinking about moving to Idaho, let me know. I'll hook you up with a righteous. Agent out there. I don't typically like you to double-end it with the same agent. You can call up Arrow and find out more about it, but there's some property it's available for you to buy and build your nice, big, huge McMansion on it if you want to do that. There it is again. That's what the property looks like. Pretty nice. I went to high school with these. And I caught up with them last year at a reunion. It was pretty amazing. But look at that. Isn't that gorgeous? All right, let's see. Rates are up by 6.75. What? Vito? It was four points or 6.4 yesterday. Yeah, absolutely. Inflation's going up, right? They haven't really curtailed the inflation. The stock market's going. Wiley. My lenders are freaking out a little bit. I'm not because houses are going to sell guys. It doesn't matter and I tell you this over and over again. If your house is worth X today and tomorrow is worth X minus 5%, that's good because the house that you want to buy is worth X minus 5%. There are fewer buyers in the market. You have more command. You know what? The house is going to be priced. So you can take that pricing concept over to the next house. What happens if that house goes into a contract? Look, there are other houses, but I need to have that house then pay this pr, pay the premium, what they're asking for it, right? Take that house, that money out of the house, and put it into the next one. When you do it, when it's a low market, you're paying less money, you're paying less, you're paying me less. You're paying property tax less. You're paying all sorts of stuff less. Same thing there. When you're in the heat of battle and you're seeing the market go crazy, you have to pay me more. But that's okay because you know I negotiate more anyway and then you have to pay more to buy that next house. So right now it's a great time for you to sell and move if you need to do that. Okay. Is there anything else? That's it. . Everywhere around, we're seeing the market. Ups and downs, but it's not like major hockey stick up and down. It's just the way it is. All right. That's it from me. Have a great weekend. I'm working. We'll see you out there. Okay.

That's why we saw record crazy prices on homes and on cars and eggs,, right? So the whole idea here is how do we get you into a house understanding what the market is and understanding, Hey, look, Mr. Seller, the market isn't what it was. I know you thought the house was worth 2 million, but. Today we're seeing houses sell for 1.6.

Okay? It's not my fault, it's not your fault. It's just timing. That's just what it is. I

Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676

Website: abitano.com

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