47% OVER THE LIST PRICE! Silicon Valley Living Highest & Lowest SOLDS
🔴[LIVE] Tuesday Highs & Lows Tuesdays are fun because we get to see last week's Highs and Lows of Santa Clara Home Sales.
Let's take a look!
- Santa Clara County Hi's and Low's 🔴[LIVE] Tuesday Highs & Lows
- DON'T REFINANCE YOUR HOUSE
- What Does ‘Ready for Docs’ Mean? https://realtytimes.com/mortgage-advices/item/1047302-what-does-ready-for-docs-mean?rtmpage=
- Dryer Vent Cleaning And Some Mistakes You Should Never Do https://realtytimes.com/headlines/item/1047394-how-to-go-about-dryer-vent-cleaning-and-some-mistakes-you-should-never-do?rtmpage=null
Vito Scarnecchia Realtor®, Broker, Veteran, Dad DRE#: 01407676
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Welcome back. Welcome back. It's going to be a hot one today. I am already spitting. It's, hot. It's actually 65 degrees out there right now. I just got done with my leg workout and I am sweaty. Okay. So today we're talking about three things you need to know. Silicon Valley edition. Don't refinance your house.
What does ready for docs mean? And, Dryer cleaning just as a reminder and I want to bag on somebody a little bit But also we're going to talk about the silicon valley highs and lows and we actually had a house sell for I want to say 47 percent. That's not right. Is it right? I don't know maybe results 42.
7 percent. Holy moly crazy days, right? Let's get into it. All right This house right here Waverly Street sold for a hundred percent of its actually it was 998 and it sold for ten million and one dollar and one one thousand dollars. So a few thousand dollars over the list price This house
reminds me of my aunt's house back in Oakland when they lived in Oakland Very colonial, very classic, mansion-ish. Their house wasn't halfway as big as this. Everything about this says old money, right? Old world, old money, the granite, the travertine tile backsplash.
What I'm thinking is that this is a house that sold not because of... The way it looks and feels, but because of location, and this is where that really makes a huge difference, right? Palo Alto, the center of the VC world, they have all this stuff right here. Stanford's over here. I saw something someday a while ago saying that Stanford has almost a trillion dollars in its coffers.
Crazy, right? Is what it is. But this is where those that have a ribbon live. The lowest list price. The lowest sold house. Oh my God, I didn't even see this thing. Look at that thing. It's ready to fall over. It's got a little carport, crazy. One bedroom, one bath, 688 square feet. Still sold for 507, $570,000.
Guys, lemme reiterate that. $570,000 for that. Look where it is. LM rock and six 80.
I think I showed this house right here at one time. No, it wasn't this one.
I think it was down here, this house, right? Anyway. Yeah. 600. That's crazy. Runaway drive, right? This house is right here. Look at that picture. Can't account for anything. Again, sold in Palo Alto. Sold for 47% over the list price. Original list price 2, 000, 000. Sold for 2. 851, 000. 14 days on the market. Two bedrooms, one bath, 1, 000 square feet.
That's 2, 800 per square foot. Again, Palo Alto, right? That other house sold right over here.
Okay, the lowest list price to sales price ratio is this one in Shady Lane. On the market, 51 days. And again, this is where we talk about hubris and increases
in three bedrooms and three baths in Los Gatos. My house is worth X, where in fact, it wasn't its ego. And that's really bordering on San Jose cause that's Blossom Hill. I guess San Jose borders right here. So never mind, but it's up in the hills a little bit. Shady lane.
Blossom Valley is right there. Shannon Road 32. Look at this thing. It's a weird-looking house. The ranch style, farm style house. Nothing about it is updated and they wanted to sell it for 3, 000, 000. I can imagine the conversation we're having, right? My house is worth Zillow says it's worth. Your house is worth what a buyer is willing to pay for it.
Not what Zillow says, because that's automated. And it depends on location, which you have an awesome location. I can tell you that for sure, but also the condition of the house and market conditions, right? So you can't just bowl into this and say, Hey, my house is worth X. So this listing agent just took the offer, and then 20 days later They probably lowered the price and then they got an offer for 2.
1 Which again, it's probably the listing agent's fault, but it's not because that's ego All right
rates right now still hovering about seven percent gas is about four dollars and twenty cents a gallon Last week we had a bye. Have a good day
Last week we had 139, almost 140 closes, not bad because we're in the summer doldrums and we're, expected to have summer doldrums to slow down on the market. Let's see. I didn't get that number, but we had 791 Active homes for sale right now. Again, we're halfway where we need to be 60% of where we need to be.
DON'T REFINANCE YOUR HOUSE
Okay. This one is don't refinance your house. And I know my lot, my lenders are going to hate me for saying this. You should never refinance your house ever, You could take a key lockout. You can write. There are certain reasons why you should write. You get hurt. You need the money. You want to. If you want to keep your house you want to take a little bit of equity out and then put it towards a new house's historic lows You're you had a five percent Loan and it gets down to two percent.
You're like two percent. Why not? Absolutely, right but for the most part when it's a standard business, Or seven percent right now you buy a house right now and it's seven percent and it goes down to five percent In the next two years. Yeah, but after three years four years. You've already paid the majority of The interest in an amortized loan.
So it would actually behoove you to try to pay that house down. Now there are two schools of thought on that. And I'm not going to tell you which way to do it, right? This is just my feeling. I'm not saying this is right. I'm not saying this is wrong. This is just one school of thought. Pay your house down.
Pay it off. Be conservative. And then save up to buy another house. Or, slow down on paying for your house. Save up for a down payment for a second house. And then buy that house. The right key to this is you should sell your house or you pay off your house Always have that equity built into the house for toys.
Don't buy a Don't refinance your house to buy a boat or pay off bills or what have you that's just foolish I know my lenders are going to come at me and debate me on this But that's just their school of training right? There's their school of thought my school is conservative I'd rather not have a mortgage
Does it make sense for me to cash out, refinance, take a million dollars out of the equity in my house, and get it at two and a half percent? No, because I don't need that money. I don't need it for anything, right? I'd rather stay here and be comfortable than do that. Now, I've saved up money and I have money to buy other houses.
That's my school of thought. Once you refinance, it starts over again. So if you're at seven or eight or nine years, you've already paid the bank. A majority of your interest is because of the amortization scale. So it wouldn't make sense for you to refinance and go another 30 years because you're saving a percent or two So something to think about okay.
That was just my off-the-cuff op-ed. It's an opinion again You shouldn't listen to me You should listen to five different people come up with different strategies and figure out what's best for you For your strategy for your scenario where you're at right now in your life When I sold my house, I didn't want to sell my house, but we were broke.
My first house, right? We needed that money, the equity in that house to buy this house that we're in. We needed that or else we couldn't afford it. We were, you know broke broker Anyway, okay. Another thing here is what are docs? What does docs ready mean? Ready for docs means that you're in a purchase money contract Could be for refinance as well, but there are certain conditions, right?
Now you have to get into a contract. You have to lock in your loan. You have to make sure that the underwriter gets all the paperwork and everything that they need for them to say, yes, you're fully approved. Now there's a certain thing where, because of the lewd dog. Frank or whatever rules because of 2008 and 2009.
What Does ‘Ready for Docs’ Mean? https://realtytimes.com/mortgage-advices/item/1047302-what-does-ready-for-docs-mean?rtmpage=
There's something called a CD that comes to you, which is a disclosure stating this is everything that we told you. Yes, we told you all this told you this, but this is the truth in lending. This is how much the loan is going to cost. This is how much your daily interest is going to cost.
This is how much your monthly or annual APR is going to cost. This is how much your monthly bills are going to cut you monthly. Principle of interest and how much your taxes and your assurance everything in one document. You have three days to see that And then once you have that and sign that you saw it, then you're ready for docs.
That means the underwriter can push a button and send the documentation, the loan to escrow so they can set up a time for you as the buyer to sign off on the loan docs and the transfer deed, and any other disclosures that they need to have happen. So that's basically what ready for docs is.
It's part of the milestone of, purchasing. It's one of the final milestones of purchasing. That's when the stress goes out. The buyer knows that they're qualified. They're ready to go. The seller knows they're starting to pack up. They're starting to get everything ready to go. Their orders are sending utilities, and everything's going on.
Ready for Docs just means it's the milestone ready to close on that house or refinance that house, whatever it is. Now you could be refinancing or getting a second loan or a HELOC or what have you. So that's what Ready for Docs means. If you want to learn more about it, there's a link down below for it.
Dryer Vent Cleaning And Some Mistakes You Should Never Do https://realtytimes.com/headlines/item/1047394-how-to-go-about-dryer-vent-cleaning-and-some-mistakes-you-should-never-do?rtmpage=null
Now I apologize up front for this. The way this is formatted, I almost feel like this was done by AI. So chat GPT or Bard or what have you, they came in and just said, I just want to write something. Why you should write why you should change your dryer vents. Okay. So outside of electrical fires, vent fires, dryer vent fires is the number one cause of houses burning down across the United States and probably the world.
We as Americans are pretty lazy about doing that. You should check your dryer vent. every six months, really three months. But at the outset, every three months you should clean out your dryer vent, not the little lint picker upper in your dryer, but the thing, that little coily thing in the back, you should clean that out every three to six months.
Right now, if you read this, you'll read it like they're like a machine wrote it, not unplug the driver dryer. That's an improper sentence. Okay. So you don't have to unplug the dryer. Because you're not touching anything electrical, but because you're pulling the dryer back, you probably want to unplug the dryer just to be safe, right?
And get that cord out of your way. Not using the right equipment. It's a little 3 3-8-inch bolt to take off the little strap, take it out, and then gotta get a brush. That's the equipment that you need, right? Cleaning a very long vent without help. Okay, so let's say that your dryer is upstairs in the middle of the house and you have a ten to twelve-foot Thing vent that goes out to the outside.
What you should be doing is grabbing your air blow, your leaf blower, as long as it's electric, sticking it in there and just, and then reaming it out with a drill and an extended thing. And you can do it yourself. There's no reason why you need to have two people do that. Bending the duct a little way too much.
I'm sorry. That's important. That's just wrong grammar Okay, like anything if you bend it too far, it'll break the period not cleaning off every three to six months We did that. Okay, so There you go. That's the three things you need to know today. It was mostly like Three things you need to Know About Owning a House.
Homeowner's edition. Don't refinance your house unless you absolutely have to. Unless it makes strategic sense for you in the long run, right? In the 10-15-year run, not right away. If you need the money right away and you're panicking because you're, broke or you lost your job, I understand. I'm not saying that's, why you should do that, right?
And then clean your ducks every three to six months. I'm Vito with Avatano. We'll see you tomorrow. We'll see you out there.
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