San Jose is over 100% List Price- for the first time since October 2022!


San Jose is over 100% List Price- for the first time since October 2022!

YES! the market is back - a little.

I've been telling people that we're seeing homes sell faster, and we've seen a lot of traffic pick up. Is it too late to get into the market?

Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676



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San Jose is over 100% List Price- for the first time since October 2022!
Good morning,. That was a really quick snapshot. Hey Wednesday, February 15th. Hope y'all had a great Valentine's Day. Little bit of great news. First time. Since October 1st time since October, we've seen prices on average sell over. A hundred percent list price to sales price ratio. This is exciting guys.


We're seeing the market come back. We're telling you over the last couple of months, this is the downtime. This is the time to buy. This is the time we're entering the market where it's the hot time of the year. Houses are selling, right? Houses never stopped. They didn't just. But let's talk about, let's talk about where we are and where the market's going right now, and I think it's pretty exciting, guys.

That's that. This is this week, right? First off, I wanna show you real estate. W T F for the week. This bad boy is right here. Look at that. Who would love to have an O S B kitchen? That's. If you have any of these, you see any of these coming around, send them over my way. I'd love to talk to you about 'em.

All right. 40 days on market, it's getting less. Look at these numbers guys. These numbers are getting less and less, right? You don't know the markets they're, if they don't sell they're gonna take it off the market. Yeah. For the most part, they'll take it and cancel it. But those numbers have dwindled to nothing.

Basically, these homes are being consumed, meaning they're being sold. They're being sold, which is good. , and the same thing with the 90 days on market. These numbers are coming down not tremendously, but from an all-time high of, a hundred and thirty, two hundred thirty. From when we started tracking this, we're down 50%.

The market's coming back, right? People are getting used to the rates. The rates are around six and a half unrooted. You can get it down below 6% right now, which is a nominal fee, right? Some people are like, I'm gonna wait until it gets two and a half again. Good luck. And what happens then is it gets down to two and a half, then we have a feeding fi, a firing frenzy again, and then you have to, 25 offers for every house that's listed.

This is a healthy market. This is the time when buyers get what they want. March, April, and May are the s selling season, and that's when buyers are gonna, a lot more buyers are gonna enter the market. Their rates will probably come down a little bit more. . But at the same time, when you have more buyers competing, you lose the advantage.

Leverage for buyer vs seller

The seller gets the advantage. Case in point, I sold my house, my listing yesterday. We had two offers on the table, and when you have two or more offers on the table, you use leverage to up, upgrade it up the mo, the final price, and we upped it $45,000, 40. 40, 45. $45,000 bank owns are coming down, right?

They're staying nominal. These are not atrocious numbers. You can hit this little QR code. It'll take you right here. If you want a free evaluation of your home. I won't bug you about it. It just does it automatically. It's just, it's free to do I do send it out manually to you once a year or twice a year.

I try to do that. When you're busy. So I don't have, I have daytime set aside, but sometimes that time gets sucked up by me going out and showing houses or selling houses. So if you want to get your house ready to sell, you can watch this video right here.

I have a little checklist that's available for you that'll allow you to start doing things to get your house ready to sell, and even if you're not ready to sell these things help get your house ready to look better if you're doing an appraisal for a refinance or what have you. Man, what is wrong with me?

Garage Makeovers

Architectural Digest garages, right? Guys? Love garages. But look at this. This isn't a garage. This is a is not a garage. I'm sorry.

No, it's not a garage. That's just, yeah. That's crazy. You could do that. You could, I haven't even looked at this thing. A garage is a storage place. It's a place for putting your rakes and your yard gear. It's a place for your cars, right? You want to have a shop and do tools. I know a guy down the street, he's got a complete world woodworking shop in his garage.

Those are awesome, right? These are cool, right? That, but that's just telling everybody that you're never gonna work inside your garage. That's fine. There's nothing wrong with it. So that's cool. All right. 255 homes for sale. Now, I wanted to show you really quickly that this is, that's just a baseline number, right?

The reality of Zillow and

Has nothing to do with the real numbers, cuz realistically it's 327 and it goes to show when you're looking at these tertiary. The secondary market,, Zillow, whatever, Redfin, they're not gonna be a hundred percent accurate, and that just proves it, right? 255 homes, all of San Jose, all the same things.

If you look over here, it's actually 327. So what are you missing when you do that? You're missing the insides of what's going on, what coming, soon, et cetera. So that's why you want to work with an agent, right? We know what's going on in the. 255 is really 300 and what did I say? 327 missing a hundred homes, active homes per square mile is 1.4.

That's been crazy low. And then tomorrow, when we talk about that, we analyze why that's important. Let's get back to this. This last week we had 29 homes for, or homes close the week. Last year we had 80. That was the beginning of the end of the feeding frenzy. Let's see, how many transactions are down 35?

That doesn't make sense. The average sales price is 1.36. Last year's average was 1.7. It's a difference of 402 on average since the beginning of the year. We've come down $150,000. Increased a hundred, yeah. Or no? That's a negative number. That 2022 was $150,000 more than last than this year.

By the numbers

The medium price is 1.37. Let's price a sales-price ratio. Guys, this is what I'm talking about. This is the beginning of the market. We're seeing this, I've seen it in open houses, I've seen it showing homes, I've seen it showing new homes. If you want to help, if you wanna look at MO model homes, I have a program in there that helps you make sure that we do everything right for you.

Cuz sometimes when you have a listing, Sell you the house, then they're not really caring about you. They're caring about getting the most for yours, their seller. So I'm, I helped somebody get into a house down in Gilroy last week in a new home. Actually, it was this week. Yeah, cuz we saw it last week.

Got 'em into contract this week. The High was 117, and yesterday we went through all the highs and lows. But this is just a continuation. This is just San Jose. This is all of Santa Clara's days on market. We're averaging 28. It's come down quite a bit. It's come down quite a bit. Days on market. Last year was eight, on average 14 versus average since the beginning of the year.

This number skewed us down big time. See what it was last year. Last what? Okay. 30. Pending. 60. 60 new contracts were written this week, or accepted contracts this week. We haven't seen that since. Oh,

September last. , right? Is it a blip? It could be a blip in the market, right? It could be like this, a little blip, but I'm telling you that the market's feeling healthy again, right? They don't care about the stock market. They don't care about anything else. The market's down enough where the interest rates are enough, and if it's priced right if your house is priced right based on condition, location, and marketing conditions, your house is gonna sell, right?

I've been telling people this for the longest time. When houses don't sell, it's because, in the brain of somebody, they're saying, my house is worth X. And it's, I can't say it's worth x until we see what the market shows. We have programmed into where we can help you spend a little bit of money and make a lot more money.

But sometimes people don't want to do that. We've had 64 cumulative. Sell. But if you look back here, we were like eighty-five, eighty-seven, a hundred and two, a hundred twenty-five. So these numbers are coming down big time, back on market. And yes, this was the holiday season. We expected this to happen and we expected it to be a slow-mo January.

But the numbers are coming back guys. We've only had 17 cancellations in the last 17 days or seven days, and only 21 homes are back on market. So bottom line is that the market is seeing healthy strides toward coming back. Is it still a touchy market? Yes. Is it still a. Buyer. It's not a buyer's market.

It's still a seller's market because it's less than six months. But buyers have been able to take advantage because when a house sits on the market because it's overpriced or the condition or whatever, buyers can come in and take advantage of that situation, which is good because it makes it down to reality.

It makes it down to cons, a con, and a consumable. , right? I'm not saying it's great for the seller, but at the same time, sellers only dictate the list price. They don't dictate the final price. The buyers dictate what the final price is. So when you say, I need to have X amount of money, all you're doing is putting yourself into a mindset of lack versus a mindset of abundance and problems will.

That's my story. Next week or tomorrow, we're talking about the whole inventory across us. I'm starting to talk to agents, so maybe we can have some guest talk speakers come in and talk to me for five, or 10 minutes about what's going on in their neck of the woods to see what's going on. All right.

I'm Vitos Garia with the AANA group. We'll see you out there.