Best Bay Area County to buy a house TODAY!!! $8.7 BN in Sales Volume reported YTD!
Best Bay Area County to buy a house TODAY!!!
$8.7 BN in Sales Volume reported YTD!
Good morning, April. I'm sorry, Mar, I'm already in April. Can you believe how quick this year is going? I feel like when you get older, time goes by faster, but that's not really what we're talking about today. Today we're talking about the highs and lows at Silicon Valley. Highest and lowest sold homes in Santa Clara County.
Actually, let me check this out. I think maybe I didn't do Santa Clara because I think these are all San Jose, but that's okay. We're going to have fun with it. We're also going to talk about the rates. Gas prices are pricing imperative. This is one of the three things you need to know is pricing imperative.Robert Schuler says, don't buy a home next in the next six months. And then number three, talk about financial intelligence. All right, lots to get through. So let's get moving.
I dropped this thing, so my big noggins over here today, rates are at a measly 6.54. They actually did go. They've gone down just a LA bit, the last little bit, or since last week. But I think we're going to stay here for a little bit until we see the economy start shaking up a bit, and then they're going to have to do some kind of thing to slow it, to slow down the trench downfall of the.
Now other things are going on other than real estate, but this is all real estate focus. So that's the whole reason why we're doing this, is looking at the little things that micro ideas are why we're doing it. And we do it across five different days, four different days. So you can get an idea of what's going on this last year.This last week we had 80 homes. Again, it might be just, I think it was Santa Clara County, but these were all in San Jose, so maybe it's just San Jose, but we had 80 sales and the first, the top one was 1483 Kenner Ave. Now, this one right here is a beautiful home in Willow Glen. Let's say it's Willow Glen.
Well, Glen, it's comp only. But here's the thing. This was on market last year for 63 days, way overpriced. So keep a mental note. When I talk, we talk about why pricing is imperative. This was listed 4 million, $400,000 more than what it sold for. Now, probably what happened was that the seller said, my house is.
5 million and the agent probably said not. We can try it, but I don't think so. Here's what I think, because these are the numbers and this is what people are willing to buy. Again, you make the list, and price buyers will tell you what they're willing to pay. And again, when you have an ego in hubris tied up in 5 million, it's hard.
Can confirm with somebody. Convince somebody that maybe the market's slowing down.
Nonetheless, this is a gorgeous home, beautiful. Everything about it, right? Lemme look at, see again, granite, all the higher-end homes still have. Not a big fan of the quarts. I have quarts in my house. I'm okay with it. Look at that. That's called the coffered ceiling. I had a friend one day tell me, you have a coffered ceiling?
And I go, no. It's a trace ceiling. What's the difference? The difference is a trace ceiling is just one big, huge. , a softbox that goes up. Just if my entire room with this on a conference ceiling is this beautiful home, right? Worth what people are willing to pay for it. 3.4 million. Now, if I told you, and I showed you it was listed at 3.9 and I went down slowly, after 63 days, they took it off the market and then this guy comes in and sells it off the market.
He goes, I have a buyer for you. Shady whatever. It is what it is. That's the market. Let's go to this guy. I have to go back to this, okay? This is the lowest-sold home as far as price is concerned, right? Almost $800,000. It is 1901. 122 years. It's the history of these. Some of these homes are amazing, right?
So look, it was updated and upgraded and made to look pretty. And see, that's the thing. When you have key architectural features like that, you never want to change those. If you can't, if you have to, these are probably the original windows. If not, they've been broken and replaced, but they're not dual pain.
These are sash windows. That's the oil lamp or oil heater. , but these homes they're probably not the largest house in the world, but it's downtown San Jose. Beautiful home. Probably won't with something on sale with the. Oh, no dishwasher. Yep. Could have put a dishwasher right there. They needed.
They opted for. Storage, which could have been done there, could have been put downstairs or in another room in an A D U or in the garage and made into your breakfast nook. But what do I know? I just sell houses for a living. So these houses have a different style than what is in a modern-day home where you have a living area.And then off to the side or home or room. So in the living room, we'll be an attachment to a room, and then maybe by the dining room, we'll be an attachment to another room. And then the kitchen, there'll be an attachment to another room. This is a two-one, so it's really small. 856. So the price per square foot is almost a thousand dollars per square foot.
Pretty good deal. And I wanna, can you open it up? Can you open up, please? Hello? This doesn't want to pop open for me. Have a bigger look as to where this is real? Yeah. So this is downtown, San Jose State is right here, I think. Yeah. This is all San Jose State. That city hall right here. So the house is just right to the right, right through the area right there.
Okay? So enough of that's the lowest-priced home in San Jose today. This one right here is the highest price over the list price. Now, last week I mentioned the fact that some homes are listed low just to get 'em sold quickly. I can assure you that this one was. Exactly that because what I did was I took a look and listed a 1.150 sold for 1.5, only nine days.
My guess was it was worth about one or four. One four and a half. Maybe you should have listed 1 4, 1 4 and a half and you would've still got it sold, but not as quickly. Let's take a look at it. Carpet. Original painted cabinets, the kitchen took out the refrigerator. People take out the refrigerator because one, it's old.
Two, it takes up space. And three, it makes it look larger when you take it out. I. A big old mulberry. A lot of maintenance issues that you can just see just in the pictures. There you go. So let's take a look. I actually gave you the, and did some,, work ahead of time while I was waiting for this to start.
This is the one that sold 1.150, and it sold for 50.
The other ones, are Emerson and Car Charm. Moran Car Moran sounds like a Pikachu. Both sold in six days, and both were less than square footage. This one listed at 1.55, sold for 1.59. This one sold for 1.2, just $50,000 more, $49,000 more, and so for 1.4. So they're taking a big. Hoping that people would see, Hey, look, this one's a little bit larger.
It's a little bit older, and a little bit more dated, but let's get it sold in nine days. This one right here, we talked about it last week. I'll go to it real quick. Union.
This one was sold three or four,, together. The original sales price was 4.89 or 4.9 million for three or four houses together, sold together. So what they did was they, if I had done it, I would've done it completely differently. I would've just listed it at 1.1. I let the markets take each individual once selling it at the same time because you would've gotten a better deal and sold it faster because it took them 56 days to sell it this way.
But that's not here nor there. I'm not here to judge anybody. Sometimes it's the whims of the seller, right? So the original list price is 1.2. And so for 1.11 if I was smart, I would've sold them separately or listed 'em separately. Okay? So that's why this one is the highest. It's not because of the market, it's not because the agent did anything special, it's just they just dropped the price down and got it sold.
Just the way it is. Right? And then the lowest, one is Kenwood Drive. Let's take a quick look at Kenwood. 78% of the list price. Again, this had to be
I don't want to, I don't wanna say it's the agent or the seller, but that's probably what it is, you get a number stuck in your head. And it sits on the market for three months. You're like, what the hell's wrong? Why aren't you selling my house agent? It's all your fault. It's not because sometimes the list price is not reasonable to what the buyers are looking at right now.
And when you say, this house, I know a house just this sold two years ago. Look at it. It needs a little bit of love. Would you pay 1.8 million for this? What other people. Yeah, back when there was a fire,, it was a firestorm right back when people were buying houses at two and a half percent, not six and a half percent.
Here you go. Okay. So tell you, pricing is imperative. It's, super important, especially now that we're seeing the market slow down. Houses are still selling. We talked about that yesterday. But houses are selling as long as it's priced right for the condition in the market and the location period.
Robert Schiller who has Scher reports says, don't buy a home for the next six months. , I
You can take that advice. Absolutely. We've talked about this multiple times. If you don't buy now, and yes, if you buy now, you're going to see the price go down and then you don't capture the market or you don't take advantage of the market being as low as it is, but you don't have as much competition now.
So if you have less of a down payment or bad credit, or poor credit, or you need financial assistance like the F Cal H HFA loan, now is the time to do it because once the market starts crashing, more people will enter the. We've talked about this hundreds of times. This is, I go again, this is going back to the original concept.
Pricing is imperative because the longer it is on market, the less desirable it is, right? So where, like right here, there's less competition once the market slides, even if it slides down just a little bit. There's more competition that will enter the market. When you have competition, you have two or more offers on the table, and you have an F HHA loan, or a VA loan, or a Cal H f A loan, or you have whatever kind of loan and a low down payment, or you need repairs or you're asking for credit, you're probably not going to get it.
All right, so should you buy it now?
It really depends on you, really depends on what your risk tolerance is, and how long you plan on keeping or staying in that house. is it the time to buy? I'm looking right now, right? I'm looking at a lot of different prop properties all over the place. I have a couple different buy boxes that I look at with,, my investment mentor.
I've written offers. I haven't had any. that's just because that's where we are right now. I'm actively looking, but I'm also on the investment side where I have this house and I have extra money to invest. If you're a first-time buyer and you can afford the payment, it makes sense to do it. Do it.
, okay. Financial intelligence, people are talking about the market crashing, the economy crashing, and hyperinflation. You should buy gold depending on who you talk to. We're creating a fund where we're buying property. We're looking at buying a larger property, whether it's land.
Storage units, apartments, and we're going to be building a fund to do this. Now this will be, this will pay a lot better than the other guys that are experienced doing this because this is something that I've been toiling in for the last 15 years, but I haven't really presented it as a product to sell.
So if it's something that you're interested in learning more about and you want to invest in real,. As the market comes down, I can show you how this is going to make you a little bit of money. We also have a program called Financial Intelligence, which we're opening outside of our veteran community, and it's talking about understanding the value of money, creating a budget, saving up for the future, living underneath your budget, and investing under.
Stocks, bonds, and all that stuff, but also understanding healthcare, and how to work with it. , we have tax people that come through. We have to trust people that come through and we talk about all these different things that are super important to create that financial intelligence that we're not taught about in school.
And unless you have an amazing set of parents, you're not taught at home. So we're bringing together, a cohort of people that can actively be your team or you can pick and pull fro
m them as you need. And that's the whole purpose of what financial intelligence is about. If you wanna learn more about that, ping me down below.
That's it. I've been talking for 16 minutes on Vito Scarnecchia with Abitano. We'll see you out there.
Realtor®, Broker, Veteran, Dad
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