High and Low Homes Sales Santa Clara County

April 04, 2023

High and Low Homes Sales Santa Clara County

Highlights

RATES 6.44
GAS Lo $4.15
130 Homes Sold
Highest price: 12774 Leander Drive $6,300,000 97.00%
Lowest Price 614 Coyote Road $785,000 112.30%
Highest LP/SP RATIO 1038 Harker Avenue $3,700,000 123.50%
Lowest LP/SP RATIO1795 Foster Road $3,625,000 63.60%
Not my listings: ML81919038, ML81918519, ML81906951, ML81921698
Multiple offers are back.
53% of homes closed over list price
Supply is dangerously low
CALHFA is in full motion
Financial Intelligence -
Where's your money? Is it safe? Will it help you make money? or lose value?

Youtube https://www.youtube.com/watch?v=7lzz0muWRBA

Good morning. It's Tuesday, April 4th, almost tax day. Hope you're all ready to do that. Lots of stuff to get to today, and we're going to do it as quickly as possible. So let's jump in. Ready? 1, 2, 3. Mortgage rates are down by 10th of a point. Super exciting stuff, guys. And your jumbo is less than 6%.

RATES 6.44

Imagine. Really did. Who said that? Two months ago, three months ago. All right. Rates are down below 6%. I know my lenders are like, oh, veto. Stop talking about that. These are not quoted rates. These are quoted rates. But here's the thing, because the volume is so slow, some sellers will work with you on, contingencies.

They'll also work with you. Other things too. Like we asked for some extra money towards closing costs and down payment and points, and when you get points, you can bring that down and it's, happening all the time. So it's a normal thing that we're seeing this happen. So the lender, any lender that you work with, Hopefully, it's one of my guys because they're amazing.

They will have to charge you a little bit more in rate so that they get paid. That's just how that works, and you can go to a hundred different lenders. It's all the same thing. If you see something that's super, super low, ask to see closing costs. Okay. If you see something that's 4% or 5.1 0.1125%, send it to me and I'll send it to Hector and we can have them take a second look at the closing costs.

They need to see the tr that there's a disclosure statement on how many, how much they're charging you for everything.

GAS Lo $4.15

Okay. Gas is down to four 15 and I didn't find where that one is, so let's find out where it is really quick. Didn't find it. Anyway. Arco on Monterey is four 19. Go give them some love.

130 Homes Sold

Highs and lows. We had 130 closings this last week. Remember last week I messed up. These were only. They were only San Jose should have been Santa Clara. So my apologies, these numbers are a little bit off, but this one right here, sold at 6.3 million. And we're going to go take a look at that Coyote Road for 600 706 85.

Highest price: 12774 Leander Drive $6,300,000 97.00%

This one sold for 125 3% over the list price, and this one sold for 63.6. Let's go take a quick look at it. Leander Drive in Los Altos beautiful home. Let's take a look real quick. It's 4,600 square feet, has six bedrooms, and five and a half baths, and also has an A D U for 411 square feet on one acre. LA lot. 43560

That number is burned into my brain. That'll probably be my rosebud if you know what that means.

It was built in nine, 2004. Look at this gorgeous home, hopefully. Oh yeah, that's awesome. We're going slow today. So our internet's slow today and we're not going to go through the pictures, unfortunately. This is Coyote Road now this is where the Velodrome is. Hellier Park, it's a County park and it is right here on, it's not a major street.

Lowest Price 614 Coyote Road $785,000 112.30%

It's a filter street. When it's a road, it's a filter. $785,000. Let's take a look. Wow, these are great pictures. This is probably sold to an investor by an investor, and yeah, it says Valley Christian School. Valley Christian School is right here on this finger. And the reason why I know is that I used to live right here.

That was my first house. The more you know,

Okay, the next one is the highest ratio sales price ratio, which was 123.5% on the Harker app in Palo Alto. Again, so for 3.7 million. Three. Bedroom two bath, 1606, 1652 square feet, built in nineteen twenty-two hundred and one-year-old cottage. Look at that. How much did it sell for? 3.7 million. That's 2320 $200 per square foot.

It's RE-donculous, it's Palo Alto Living

original, everything. Okay. The appliances not so much, but

Highest LP/SP RATIO 1038 Harker Avenue $3,700,000 123.50%

$3.7 million. Crazy. All right. This one right here is the lowest sales price ratio, 63.6% off of the original list price. Why? Probably said, Hey, my house is worth $5.7 million.

On market for 170 days. Original list price. 5.7. They brought it down to four. They got one offer for six. 3.625. Yep. Beautiful house. Probably that list price is because of the views. Now you can see right there, you can see that the views are just amazing, right? Look at that house. I would love to live in a house like that.

Look at those views. But how hard is it to get there? Hello? Let's take a look.

Lowest LP/SP RATIO1795 Foster Road $3,625,000 63.60%

Foster Road.

There it is. Oh, you're not so far up. It's still going to take you 15 minutes to get to downtown Santa Cruz or downtown Los Gatos crossover at Main Street and then back up here. It's going to take you about 15 minutes to get there, but you're on the end of a cul-de-sac, and you have an amazing view of downtown Los Gatos.

Guys, you can't beat that. That's. Look at this house. Look at that view. Can't beat that. Oh,

gorgeous. Look at that. That's done with the drone, obviously. Right?

Not my listings: ML81919038, ML81918519, ML81906951, ML81921698

Multiple offers are back.
53% of homes closed over list price

All right, so let's talk about this. Three things you need to do. Multiple offers are back. 53% of the houses sold in Santa Clara County this last week were over this price. What does that mean? That means multiple offers are back. That means that when you price it low, you're going to have more than one offer.

Supply is dangerously low

And when you have more than one offer, the seller has leverage. We're hearing that means you can't ask for contingencies, and you can't ask for down payment assistance. You can't ask for all that other stuff means it has to be as is higher than a list price, et cetera. And sometimes, like this one right here, Foster Roads sold for sorry, hacker Ave.

Sold for 123% or 23% over the list price. It's. A no-brainer. It's because you price it lower. You bring in the attraction, you bring in the buzz, you bring in the buyers, and you're, going to get 1, 2, 3, or 4 offers. If you're, as long as you have over two offers, you have more leverage on top of that supply is dangerously low.

I've sent out an email or a thing yesterday on this, right? We need to know about this and Ryan Lundquist, who is an appraiser in San, in Sacramento, mentioned where I got this, idea to do this now these are all the April's over the last few years, and we're dangerously low.

We're lower than we expected to be. This is April. Now again, it's just starting, so that number's low. We, maybe it's going to, it'll turn around. But look at March. We're lower than it has been for a very long time. Even 22. It was lower than normal, right? 22. This is 22, I believe. Yeah, this, line right here is 22, so we're not above or below.

Last year, We were above last year, but still, right now, we crossed over the threshold again this isn't the full month, so this is just the last few days. So don't, go crazy about it, but we're hoping that we see the numbers go up. We hope and pray, because if not, then you're going to see the firestorm action again pretty soon.

CALHFA is in full motion

CalHFA is in full motion. Folks, if you're looking at it. Buying a house and you need help with down payment assistance. This is still out there. There are still a lot of homes that are selling under the list price. That means those are homes that you can get when you have down payment assistance, you have to have certain criteria.

You have to have inspections done like a va, U S D A F H a need to have specific repairs done. Those are the homes. I'm not saying that all of these houses are going to sell under the list price or over the list price of 53. There's another 47% that are selling under list at or under list Price.

Cache gives you 20% down, and yes, it is an equity share program with the state of California. If you or a million dollars, they give you $200,000. And they get 20% of any equity you build over time until you refi or sell. After all, that's done, so just understand what you're getting into. Is it a good deal?

It depends on your needs. If you're struggling with the down payment, this is a good thing because it actually helps lower your payment. It helps get you into a house and lowers your down payment by 20% or your, monthly payment by 20%. All right. Lastly, financial intelligence. We're doing this thing here pretty quick.

Financial Intelligence -

We'll have a date in the next couple of weeks. Financial intelligence is where we talk to other professional services, financial advisors, insurance agents, trust lawyers, accountants, and tax people, and get their input on questions people don't even know that they should be asking and that it's important because, When you're faced with a trust issue or a probate issue, or you're dealing with health insurance, you don't know what you're supposed to ask.

You don't know where you're just being told by the company saying, this is how it is. This is how you need to pay a hundred thousand dollars for this operation, or whatever it is. That's not really the truth. So we're, we'll bring somebody named Scott who does his job. He sells health insurance to companies so that you as an employee can have health insurance, right?

And the whole idea is to bring him in so you can ask questions or we can ask questions and get that conversation going so you understand that you have somebody to help you get through these problems, through these issues, through these times. You don't know where to go, or where to turn, right? For when, if your parents die and they don't have a trust, Holding that property.

Where's your money? Is it safe? Will it help you make money? or lose value?

How do you, sell that off? How do you get rid of the property or your estate or the other things? How do you, settle out a probate estate? There are a lot of things that come in at you in waves, and that's what we want to do is be able to give you that intelligence to ask those questions so that you are at least at a higher level and you're prepared to be able to take those questions and run.

So if you're interested in learning more about that, let me know. All right. We'll see you tomorrow. Same time, Wednesday the fifth. I'm Vito. I messed up. I messed up my name. First time ever. I'm Vito Scarnecchia with Abitano. We'll see you out there.

Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676

Website: abitano.com

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