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Supply side housing CRASHING US Inventory Watch
Supply-side housing CRASHING US Inventory Watch
Cinco De Mayo This weekend's Events https://www.facebook.com/events?source=46&action_history=null
BLOG New Listing http://blog.abitano.com/2023/05/Phyllis.html
Beautiful Day Oct 7 and 8
Buying Your First Home https://www.youtube.com/watch?v=hk00xxTrGLs
Good morning. Oh my goodness. Five o'clock came around pretty early and I didn't use an alarm today, which is weird cause I'm freaking exhausted.
Oh, the last couple of weeks have just been a whirlwind. Craziness and yeah, but we get, we're getting a lot of stuff done and you know what? I'm always grateful that I'm busy, so there's that. It's Thursday, May the fourth be with you. I already sent out my little Luke Skywalker thing. On Facebook, it's May 4th, tomorrow, a Big Day.
Single de Mayo. That goes to talking about what's going on with this weekend's events. We're also talking about a new listing that I have. We talked about it yesterday a little bit, and we also will talk about a beautiful day. Buying your first home and what you get for a million dollars in Santa Clara County.
But first, let's talk about inventory. That's the whole reason why you showed up, right? Let's, get to it. All right, here we go. San Jose. Now this number just changed. If you open this number up. You'll see that it's actually more Thursdays that happen to be day 275. See, that number went big. I know you can't really see it that well, but 275, I had it at 2 72.
Thursdays just happen to be the day that more listings go active. It's just one of those things. And I put my act, my listing active today, this morning at five 30. While I was in bed, I was on my phone. I knocked it out and already had it preloaded, ready to go last night before I went to bed. I. And when I woke up, I popped it up and within minutes I got a text saying, will you take a preemptive offer?
It's just, that's so crazy to me that this market is that hot after last year, which was definitely a reset, which that's the thing. It's actually good that we had that year. To reset. We contracted the market a little bit. Some of the sellers got a little antsy, a little like you're not doing your job, and not very unappreciative.
But at the end of the, at the end of the day, and I've been saying this for 10 years, we need a reset. Every once in a while. We need to reinvigorate the market. We need to bring buyers back in, and push investors out, so we. We can allow the American dream to happen, right? You are home buyers. You should buy a home and live in it, not have a corporation buy it and then rent it out, which is what's happening all over the United States.
So inventory's down dramatically down. Again, these numbers I'm pulling from realtor.com and all of these aggregation sites are not accurate. They're not as up-to-date. If you look at the actual active MLS for San Jose proper, it's 367, so you have to take these numbers with a grain of salt, but we use this as a baseline.
Here's what's dangerous. Active homes per square mile, we have 178 square miles of San Jose proper. We have 1.5 houses available for sale right now per square mile in San Jose. That's dangerously low and it's been dangerously low. That's why the prices are starting to go up. That's why 67% of the houses that are closing close over the list price, we don't have enough supply for the demand.
Vito the market's crashing, right? The market might crash, right? But today it doesn't matter. The market's back. Last year was a great time to buy, and I said it all last year. Now we're working with VA buyers right now, two or three of 'em, and. I said, look, the time where you can go and find a house that's just on the market and put it on the market or put an offer on and have somebody accept it as a VA off a VA loan, those have gone away because they're a little more intricate.
The seller has to pay for closing costs, not have to, but they can pay for closing costs, but they do have to do take care of section one and whatever the appraiser calls out. As far as required repairs, that has to be on the seller. That's a requirement of the VA loan. The buyer cannot touch anything of the house.
Cannot pay one penny for that. It has to be on the seller. That's the one negative thing. The positive thing is we can go up and we're pretty cool with the appraisals and we can massage it so that it works well for everybody. So everybody wins. But if you look at these numbers here all across the nation they're, not changing.
They're, hovering or going down just a little bit, the supply that we have across the nation is, hurting. And I've, I think I mentioned it a few times, we just had a median price come out. It actually went up first time since September, going from 360 3 to 3 75. That's a pretty big jump.
It's not next to the record where we had in April and March last year, what was four 16? I think it got adjusted down to four 13, whatever that number is. But at the same time, the numbers are coming back up. This is across the United States, so the time to get great deals, is not so much anymore. If you're a seller, you're back in the position.
You're back in the position. This is the seller's market again. This brings me to let's talk about weekend events first because I want to talk about, actually I have it over here, there downtown Campbell, this Saturn, no, May 20th. Why is it? It was this weekend. Any date this weekend? There we go.
There's a Rib Cookoff in San Juan Batista. Hey, who wants to go to a rib? I can't, unfortunately. I have to work. Chocolate and wine crew in San Francisco. That sounds fun. I always love my chocolate and Cinco de Mayo at the flea market. Oh man, that would be awesome. Maybe I'll sneak over there and watch a couple things Downtown Hollister Wine and Beer stroll to Hollister's.
Such a cool place to go down to and just hang out. All right, so that's enough. If you wanna look more, there's a link down in the comments below.
There you go. We're changing, my thing. New listing. Here we go. There it is. Beautiful new home. Look at that thing. It's a standard home. This is a ConvertI garage, not actually a family room. It was an office, and then that's where the laundry and the storage and everything is, and then the dining room, et cetera.
It's a pretty home. Pretty amazing. I spent a lot of time here catching up with my friend. And hadn't seen her in 20, 30 years, probably 30 years. But this is the home she grew up in. Everything's original except for the pa, the dual pan windows. But it's a fantastic home. There's nothing wrong with it.
There's a little termite damage. But you know what? In California, every house has, Cal has damage. Every house has termites. There's the storage room, there's the office. But what I would suggest and what I'm telling people is to tear that sucker out and make it into a garage again, because that's what they need.
That needs to be a garage and a nice covered patio. And so it faces north. And the cool thing about this is you have a ton of trees back there that keep the house cool during the hot summer months. And then you also have this patio that you can hang out in and I think this bathtub. It's going to convey. But if you don't want, if anybody wants a claw tooth, oh, shoot.
What did I do, Vito? If anybody wants a claw foot bathtub, come and get it. Here's the house, Cupertino the hills
Oh, this is back here. That's why you can't see it. That's looking downward. That's me flying it right there. You probably can't see me, but it had to do with this, shot twice because the started raining. So there you go. Cupertino Schools, it's a really awesome house, great people selling it. We have a Dollhouse floor plan.
There's a map of it where it is right off of Saratoga, Sunnyvale. I sold a friend's house just a couple years back right here, and there's a list of things that we put there for you. So there you go. All right. Beautiful day. Again I'm part of the community, right? I love giving back to the community.
We do bikes, bike build, we do barbecues and park cleanups. I just got put on one of the projects. Let's see if I can find it for fun. Sure. Browse, the projects, we have 21 projects now.
Oh, I don't know. Whatever. Show all. There we go. Oh, I guess it's not there. So anyway, I grew up in Campbell and moved to Cupertino and then I settled here in South San Jose. I went to LaMer Elementary and there's a project, I don't even know what it is, but I saw LaMer and I said, Hey, I went there as a kid, I'm going to go do it.
And whatever it is, we're going to have some fun. And the beautiful thing about this is you don't have to have any skillset. You I know that kid. I know these kids right there. Look at that. It's a great way to give back to the community. You help out your work with a shovel or a paintbrush.
You don't have to be skilled. We have some other higher-end projects where we're building stuff and it's just a fun way to connect with other people, get together, and help others. And that's really what it's all about. And that's what I get the, my enjoyment out of. All right. What do you get for a million dollars in Santa Clara County?
Yeah. This is Santa Clara County. Now I want to, have a little rant here real quick.
See these right here with the little crosses? These are, this is what we call coming soon. I don't know why the MLS calls it members only because it's baloney. Everybody gets to see it. If you're a buyer, I can send these to you. So I don't know why it says members only. It's coming soon. And when you have a cross across it, it says, do not show.
So all you're doing is pre-marketing this thing. And the reason why I don't like it is I'm not a fan of it. Preemptive offers. I'm not a fan of off-market deals. I'm not a fan of all that. Simply because when you hire me as the listing agent, my job is a fiduciary duty to protect you and make sure I get the best deal for you, period.
And how do you know if you're, if you're, if you've put it out like this, and then two days later it goes pending, or like you put it on the market and then right away you have an offer. It's a little suspicious. It's very suspect. Let me get on my little rant here. My soapbox. It's a little suspect because you're marketing it, you're pre-marketing it, and you're saying not officially that you're taking offers.
As they come and before it goes on the market, you might have two or three offers in hand, which that's not fair. It's not fair to the seller, it's not fair to other buyers. It's not fair to the market, and it's not fair to the name real estate agent or the realtor. And the reason why I don't like it is because you truly do not know what the market will bear for that house.
And if a house, if the seller comes to you, say, Vito, I don't comes to me and says, Vito, I don't really want people tracing through my house, I just want it sold. I understand. But you're not getting the top, top dollar. And that's why I have a problem with these coming Soons and I'll I, tell you, I showed it before where you see houses that go.
Right in, they go onto market and they go into pending right away, or they go under contract is what we call it pending, and that is suspect because. What the listing agent's trying to do is find a buyer and double end it, and it's selfish, it's greedy and not presenting correctly as giving the fiduciary duty to your seller.
Who hired you to do that? I'm not saying that happens all the time. I'm just saying a suspect. I'm not saying that it's the right thing. I'm just saying it's suspect. And I don't think it's the right thing to do, so I don't like looking at these s So let's just really quickly take those out so we can look and see what you get for a million dollars.
Now that I'm off my high horse, let me go back to this. Here you go. So I am getting rid of the do not show and show members Only Cause that's crap. And we went from 33 down to 25. So these are truly homes that are on the market.
Right, add a million dollars. So if you look, it's nine 50 to 10-50 or 1,000,050. So I have a small range. It's 25 houses that are available out of all the houses that are available, which are 372 in San Jose, this is all Santa Clara. But let's just take a couple quick looks. Fifth Street. Nice craftsman.
Looks like it was updated. What was that? Look at that column. Yikes. I like that color. That's like green-gray. That's awesome. That's an awesome color that really works. I'm not a big fan of those curtains whatever. Wow.
It's funny because you think everybody wants to go grab and dreary white and what have you, but this, room really pops now this is the the dining room. The dining room is proper. And this room traditionally was where you would have a carriage back a hundred years ago before we had cars, or cars were a normal thing.
You would have a carriage room and you would enter and exit the carriage right there. And these lines right here, they're actually, they actually serve a purpose. You would actually hang photos and mirrors from them.
All right. That's nice. Looks like some Ikea going on there. Wow. That's a pretty kitchen. See, look, I know a million dollars is a lot of money, right? It, we were just joking about it. My other, my sellers, the up in Nevada City, which you get for $2 million is like this 6,000 square foot gargantuan home with a five-car garage and four acres, and it's the difference right here in Silicon Valley.
You are paying a premium because there's a lot less real estate to go around, and we already talked about supply being a problem, but look at this house for a million bucks downtown. It's a beautiful house. Very well done. Wow. I'm glad I came upon that one. Okay, pony trail. Let's look at Los Gatos. What Los Gatos will get you for a million bucks?
Okay, so this is Los Gatos. Mountains, right? The redwood estate is right here, but so you, that's Los Gatos proper. And then you have to come up here quite a bit and this has been on the market for 48 days. But you can li this is septic and propane, but these houses are really amazing, and living out in the country.
I sold one earlier this year. It's just beautiful, quiet, dark. You hear things from miles away,
so nicely done. Let's take another quick look. I know you're like, Beto, gotta go. Oh, let's see what's here. Ooh. 9 99 single family home from 9 99 in Cambrin
Don't well away. So it's not a busy street. It looks like it's original everything. Wow. Okay. So water damage right there. I dunno if you can tell, but right away I can tell you that's water damage. Yeah, look at that. Oh yeah. And a little-known factoid, that's not really difficult to replace. Mean, it's cost you money, but two-inch slat oak is still readily available.
And your floor guy, because that house has to be redone. You pull that pole in that paneling, get rid of that air conditioning, and replace all the windows. Look at that. Paneling is galore. Kids came in there, and broke it, right? It must have been rented. Oh my goodness. There's gotta be some mildew issues there.
Look at all that lowered ceiling. This thing had to be vacant for years, so this is a total gut job for a million bucks. Crazy, right? What's even crazier is that they're getting this all right. Enough of that today. We talked about events. Happy Single de Mayo. Happy May 4th today. Be careful this weekend.
Don't go crazy. Don't drink and drive. If you're at a place where you don't feel safe, give me a call. I will do what I can to come and get you seriously.
Got the new listing. We'll see you on Saturday. On Sunday. I'm flying out to Florida. A conference, a really quick conference to talk about video marketing, and then what else? Beautiful day and buying your first home. Lastly, there you go. All right. I'm Vitos Scar with the aba. With aba. Let's see you out there.