REAL ESTATE UP 9.25% Month over Month! 🔴[LIVE]

April 03, 2023

REAL ESTATE UP 9.25% Month over Month! 🔴[LIVE]

HIGHLIGHTS

REAL ESTATE UP 9.25% Month over Month! 🔴[LIVE]
HOMEBOT
https://hmbt.co/bT7qRJ
Types of Valuation for your property
Pricing Strategy is imperative.
Realtors leaving the business.

Cal HFA

Good morning. Happy Monday, April 3rd. I'm going to, I just wanted to get this real quick. Hang on. Let me get this screen set for you. There it is. And then

there. All right. Good morning. So just like you read Houses real estate is up. Almost 10% month over month. Again it doesn't matter what those numbers are, but I thought I'd get your attention with that because let's take a little quick look real quick, look real quick. That really makes a lot of sense.

REAL ESTATE UP 9.25% Month over Month! 🔴[LIVE]

Vito, month over month, we had a really poor February. That's Mo. That's January's 30-day closing. December and January, we had a pretty big slowdown over December, and January and February showed the results and now we're back up. February came back and blasted out. Here we are at $2 million and if you do the math, it's 9.25% month over month.

Now we're down from last year and April 2022 was. Was the pinnacle, was the top of the market. Just like I've been telling people that's the top of our market for right now. We could see it explode out again, or we could see it continuing to go down. I don't think it's going to go down. I think with the rates stabilizing as high as they are, people.

Understand that's normal. People still have to move. People still have to sell. People decide that they're going to exit the market and sell their house, or people are decided they're going to move into a house because they know that there's no traffic, that they know that they have no competition.

And yeah, rates suck right now. But you know what? Later on, prices might come down. Rates might come down, and that's when people will refinance. Great. Move it on, right?

So far, we've had this last week we had 768 homes sell. Those are single-family homes, not condos, townhouses, mobile homes, or land, single-family homes across the 10 counties of the Bay Area. Santa Clara had the mo. Actually, Contra Costa had the most, and I'll show you why. You can see why because the average cost of a home there is great value compared to Santa Clara, which is almost twice as much.

Santa Cruz and Napa. We only had 15 and 20 ho houses close to San Francisco's down. Crazy amount, 31 houses in San Francisco County. Now that's a small county granted, right? Let's take a look. It's a small county, but still, there was a little bit of volume, a little bit more volume back then.

Solana County is still the best buy. Why cost? Look 500, $600,000 for a. On average, right? Is that high or low? That's, typically what goes on in Solano County. So great value compared to, say, San Mateo. Of course, they only had 70 homes closes last month, but San Mateo is the pinnacle of the epicenter of the market.

Palo Alto is actually the epicenter of the real estate market. This is where all the VC and capital are. Money is all the high-tech firms. So yeah, those houses are going to be a lot more people that live out here to support right.

Cal HFA

All right. Cal. F h an h f, Akel, H f a. If you're struggling to find a house or to come up with a down payment, this program right here is an equity share program, and Hector can tell you all about it. Love for you to learn a little bit more about it. If you're struggling with a down payment, these guys will give you, or the state will give you up to 20% of your down payment.

And here are your maxes for your income, and here is your Ma Max purchase price, which is why I'm pointing out these areas over here. Open up your eyes, open up your mind, and you'll find yourself able to afford a house.

Okay? Okay. So am I saying you should do this? It's up to you. You should absolutely learn about it. If you've been struggling with a down payment, if you're struggling with before and during the firestorm, if you had to write 17, 18, or 20 offers and didn't get the house that you wanted, this might be a program that's available for you.

Call Hector four oh eight eight four one six six. Okay. Realtors are leaving the business. We talked about this a while back, but we've lost 75,000 realtors over the last five months. That's crazy. California. We saw a pretty big dip. It's about 11,000, 12,000. Oh, almost 13,000. A total number of agents leave the market.

Realtors leaving the business.

Leave the business because it's a difficult business to do. It just is. I understand. I understand the pain. Lots of things are happening. Lots of things are changing. Okay. Valuation of your property price. Again, pricing strategy is super important I can sit here all day and tell you that your house is worth 1.8 million.

So let's go to this one right here. This is a great example, right back here, back in April, may, the house said it was worth this much money. , these are all lagging indicators, right? Just like the numbers that I show you here, these are all lagging indicators. These are closed 30 days ago on average, right?

Some are 15, some are 35, and some are 45 days ago. On average, it's 30 days leading indicator. These are the averages, right? So you're seeing prices come down over time, and if you look year over year, we're down a huge amount in an eighth of a percent. Or 15% looks so why am I telling you about these numbers?

HOMEBOT
https://hmbt.co/bT7qRJ

So, Home Bot is an automated valuation service. We use it. If you sign up here, I'm happy to do this for you. It goes out once a week or once a month, depending on how you do it. And once a year I send out a full-on. Like this. Now home bought is just like Trulia or Zillow or Redfin or realtor.com, where they give you a stab in the dark.

Types of Valuation for your property

They say, based on all the sales and all the refinances and all the, everything that's gone on in your market, this is what we think your house is worth. But that's not a true focus. Appraisal of your house. Now, I send out once-a-month or once a year, I send out CMA. And the CMA is a comparative market analysis.

If you're on my list, if you're in here, you're going to get one once a year where I send it out. And then monthly updates. And it's not to say, I want you to sell your house. If you do wanna sell your house, I want you to call me, but I want you to be informed as to what the lead-lagging indicators are.

All of these are 30 days behind. You look at Trulia, you look at Zillow, they're all 30 days behind, and we all know that a house is only worth what a buyer is willing to pay. If you put a house up on a market, it's, and you think it's one point. Oh, like right here, 1.848, and I'm like, Vito, my house is worth 1.8.

I'm not going to sell for a dollar less. And I come to you and say, the Marcus kind of contracting, we have to talk about this. We have to understand that Marcus ebbs and flows. They go up and they go down. And when rates go up, prices come down because it makes it less, and there's less demand. That's an argument that I have to hit every day. This value point is again, something that Hector does with us, and it's a free service, and all you have to do is ask me. I'm happy to send you this link, and then you fill out the information and it will be done by a full-on appraiser. A licensed appraiser, they'll actually, they'll do a desktop appraisal.

They'll say, if you look in here, it says, we don't know what your condition is. Assuming that our condition is similar to the sale, we may fall close to it. And I can tell you that this house is in fairly original condition. It needs a new roof and doesn't have air conditioning. So the values are going to come down quite a bit on these.

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

Just, that's just the way it is. So when it says it's worth 2.2 to 2.6 you put it on the market, and you see what happens. But my suggestion was we're going to list it a little bit l lower and see what the market com comes in at right now. If the subject has superior upgrades, there is room to range up to two million.

See how tight that range is. That's because they're looking at all the previous sales compared to the location of the house. They're not even going over here. Cause I can tell you for a fact, some houses have sold. I know because I did my own CMA on these. Lemme see if I can do that real quick.

There it is. See, I did that. Now if you took, a look at all of them, you're going to see that some sold for a lot more, and I only, I have a very tight very, tight.

The screen of this. So what I do is a one-mile radius, let me go back to this. I do a one-mile radius. I do a 10% variance and a 10-year age difference. So he's very close. He or she, whoever did it, is very close. So a 10% variance on the square footage, right? Even that I think is a little bit over. So if you look at this one, I also go out 90 days on standard, but sometimes I have to go out to 180 days or six months to figure out how to do that.

Now, why do I do that? Just so you can see, we can create a straight-line valuation of where the market is 30 days behind. And if I tell you, I can tell you that the market goes is going to start slowing down because rates are going up and I'm in the business. I read all the news indicators, and I read all the news reports, and all the data reports.

I understand what's going on in the market. And if you tell you that the market's coming down, the market's coming down, right? So if you say my house is worth 1.8 back in April, may, I can tell you that, with pretty good certainty. If I sold that house back here, it would probably have sold for 1.6 to 1.7 just because that's the way the market is, right?

Yes. I would've listed it at 1.6 and taken whatever I got.

Okay. So again, this is a licensed appraiser. I'm not a licensed appraiser. I'm a broker, which is a step up above an agent. I can run my own business if I wanted to. I've been doing this for almost 20 years. I know the data points. I understand how to work with data points, and when it's an automated valuation, you have to understand that those numbers come back.

30 days back. So back in 2018, it was worth 1.2. I swore up and down everybody on my block. I said the minute my house is worth over a million dollars, I'm selling I'm still here. All right. I think that's it. That that, yeah. And right now is a great time to sell. You're not going to get it.

April 22. Here's here. I can tell you right here, April, 2.3. That was the top of the market. Look, you can look at those numbers. Whoa. There you go. Yeah, see, let's see if I can expand that out. That's the top of the market right there. April 23 was the top of the market for the last five years.

Pricing Strategy is imperative.

So top of the market for a very long time. If you're thinking about selling, now is a good time to sell. If you're thinking about moving, up, moving out of town, moving into town, what have you, now is a great time because it's, going to cost you less. You have less competition. Yes, you're not going to get that ego price of what we had last year, but it doesn't matter.

Because one, it's going to cost you less to sell it. It's going to cost you less to buy it. You don't have to compete and spend 150 to $400,000 over a list price because you get caught up in a bidding situation. This is a great time to sell if you're moving, if you're trying to move or trying to get out, yes, you missed the market.

But at the same time, we have very low I It's dangerously low, and yet we're still selling houses at a fairly decent clip. Now, last year, the year before, it was probably like 300 a month or 200 a month a week, right? So just take that with a grain of salt. All right? I think I've hammered this one enough.

Sorry, I keep going back to my, laptop. I'm on a monitor right here so I can see what I'm doing, but right here I'm looking at it. That's where my controls are for the streaming software. So I hope that's helpful. If you want to know other information or you need to see other things like you, you're like I, don't understand it.

Explain a little bit more why this is important to me. Gimme a. Or text me or what have you. All right. I'm Vito Scarnecchia with Abitano. We'll see you out there.

Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676

Website: abitano.com

update your home value: https://hmbt.co/bT7qRJ

RELOCATION@ABITANO.COM

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