Bay Area HOME Sales continue to slow. Prices holding steady πŸ”΄[LIVE] More Agents leaving


 πŸ”΄[LIVE] Bay Area Reports HOME Sales continue to slow. Prices holding steady


  • Prices of New Houses Drop Below Prices of “Used” Houses for First Time since 2005.
  • Sales Languish, Inventories Sky-High https://wolfstreet.com/2023/07/26/prices-of-new-houses-drop-below-prices-of-used-houses-for-first-time-since-2005-sales-languish-inventories-sky-high/
  • Housing market institutional freeze: Invitation homes—the largest owner of U.S. homes—was a net seller for the third straight quarter https://calculatedrisk.substack.com/p/lawler-invitation-homes-net-seller
  • Take action for your life, emotional, professional, fitness, relationship,
  • http://blog.abitano.com/2023/07/bay-area-home-sales-continue-to-slow.html
  • HOMEBOT https://hmbt.co/bT7qRJ
  • Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg
  • http://blog.abitano.com/
  • https://www.onereal.com/vito-scarnecchia-1



Pod https://podcasters.spotify.com/pod/show/siliconvalleyliving/episodes/Bay-Area-HOME-Sales-continue-to-slow--Prices-holding-steady-LIVE-More-Agents-leaving-e27j3th

Prices of New Houses Drop Below Prices of “Used” Houses for First Time since 2005. Sales Languish, Inventories Sky-High https://wolfstreet.com/2023/07/26/prices-of-new-houses-drop-below-prices-of-used-houses-for-first-time-since-2005-sales-languish-inventories-sky-high/

Housing market institutional freeze: Invitation homes—the largest owner of U.S. homes—was a net seller for the third straight quarter https://calculatedrisk.substack.com/p/lawler-invitation-homes-net-seller
Take action for your life, emotional, professional, fitness, relationship,

HOMEBOT https://hmbt.co/bT7qRJ

Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg

http://blog.abitano.com/

https://www.onereal.com/vito-scarnecchia-1




Prices of New Houses Drop Below Prices of “Used” Houses for First Time since 2005.

Sales Languish, Inventories Sky-High https://wolfstreet.com/2023/07/26/prices-of-new-houses-drop-below-prices-of-used-houses-for-first-time-since-2005-sales-languish-inventories-sky-high/

Housing market institutional freeze: Invitation homes—the largest owner of U.S. homes—was a net seller for the third straight quarter https://calculatedrisk.substack.com/p/lawler-invitation-homes-net-seller
Take action for your life, emotional, professional, fitness, relationship, 
HOMEBOT https://hmbt.co/bT7qRJ
Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg
http://blog.abitano.com/
https://www.onereal.com/vito-scarnecchia-1

 Happy Monday. Hey Vito with Abitano. Thanks for stopping by today. Three things you need to know over the weekend. Went hiking, talked to you about that in a second. Prices of new houses actually dropped below old houses or used resale houses. What we call housing market. Hang on a second. There it is.

Institutional freeze invitation homes the largest owner of us homes. Remember we're talking about corporate They're actually a net seller right now talk about what that means and then take action in your homes, but also existing home inventory versus total realtors. We're having a net decrease in real estate agents.

About that too. Let's get going. Quickly, Oh, and by the way, we have to talk to you about the really fun stuff. The numbers. We had 707 closings last week in all the 10 counties. The best buy again is still Contra Costa. 95%, but Santa Cruz had a really tough week. Santa Cruz only had 28 sales last week.
Crazy. Santa Cruz County, that's down here. We don't even go down that far, as far as this map. I was there, I go there twice a week now because I'm just enjoying going down and hiking down there. Because it's beautiful. 28 homes. Napa only had 17 homes sold this last week. Guys, if you're looking for a deal, go there, right?

If you want to buy a house that's going to appreciate, you're going to have to pay a little bit more. 70% of houses list sell for over list price. 65 to 70 percent of houses sell for over list price and by far we have the volume we have the sales volume we have the average price and the number of closing.
That's all rapid fire Next is contra costa, which is right over here high volume sales and they're coming back up to market So if you're looking at let me see if I can increase this for you there. Let's see make that bigger for you real quick There. See? That's much better, Vito. Why didn't you do that in the beginning?

Let's see how that works. Okay, so you can actually see that a little bit better now, right? You're looking for a deal. Contra Costa is the place to be. Napa is the place to be. Overall, Napa is a great place to live. My country. Damn I might have to go up there. Okay, So like the next thing that we're talking about Sales.
Yes, sales are down. We're down 70% as far as Volume of sales are concerned. The average weekly volume is one point 0. 031 billion dollars versus one point four 436 or 1. 44 from last year. That was the average week volume, 1. 4 billion per week versus 1 million or 1 billion this week. So when you say, Hey, 4.
61 million, yeah, that's the number of sales. We're expected. We were on track to do about six and a half million. Back in 22, 2021, 22, we're seeing 6 million. Right now, probably not going to get that close, right? This is, these are June numbers. Inventory is 3. 1 months. We're at 0. 7 months here in Santa Clara County.
There we go. Much bigger, much better. Median sales price across the United States is 400, 000. In Santa Clara County, I think it's the average is Santa Clara is 2. 6. Let's see what it is here real quick sales number of 1.
7 million dollars the median price for Santa Clara County is 1. 7 million dollars crazy, right? Literally, it's four times what it is across the United States. We have a whole talk about affordability coming up So just stand by invitation homes. We talked about this net seller for the last three quarters What does that mean?


Housing market institutional freeze: Invitation homes—the largest owner of U.S. homes—was a net seller for the third straight quarter https://calculatedrisk.substack.com/p/lawler-invitation-homes-net-seller

It means that they were buying inventory, buying in for 85 to 86, almost 87, 000 homes across the United States. That's crazy.

Now they're selling off. They're probably finding some that are just Really horrible buys and they're just getting rid of it since this is the time to sell it because the market's doing really well and whatever I think they're going to continue to keep on buying right this doesn't really mean anything for us long term other than they're just getting rid of some non performing assets saying.

Get rid of those. Let's buy some other ones. You'll see that happen. That's just my guess 



Prices of New Houses Drop Below Prices of “Used” Houses for First Time since 2005.

Prices of new houses drop below the prices of resale houses for the first time since 2005. It's hard to see here But three-month averages, we're seeing the prices of homes, new homes actually go below. Why is that?
It's the net house, the net sales price, right? So there's, if we're selling you a house for 500, 000 and your resale would be like 475, what's happening is you come into the new housing market or the new housing office and you get a concessions, you get by rate buy down, you get a upgrades, you get all these other stuff that goes.
The value actually goes below, but the net sales price is still 500, 000. So that's really what's happening here. That's why you want to go in with the sales, an agent like me, that knows what you can get away with, what you can ask for and how to really sweeten the deal if you're going to buy a new house, there you go.

This also does not include cancellations. So when times get tough, those numbers don't really go down because of the cancellations people can get out. No problem Sometimes when the market's super hot like it was two years ago you put an offer down They can cancel the contract on you without any retribution.

Sales Languish, Inventories Sky-High https://wolfstreet.com/2023/07/26/prices-of-new-houses-drop-below-prices-of-used-houses-for-first-time-since-2005-sales-languish-inventories-sky-high/


But if you cancel a contract on them, you lose your deposit That's how new homes are. They're pretty cut and dry. There's not as many protections in there for you. 


Take action for your life, emotional, professional, fitness, and relationship

So there you go All right, that's that we talked about prices of the new home housing market yes, I've been hiking. I'm not talking, I'm not saying this to brag.

I'm saying it's mostly because I'm doing videos on them. You see me struggling to go up there. And I think that the point that I want to make is that every time you try something new, this is new to me again, because I haven't done it in so long. I've been hiking with a bunch of retired guys that's all they do.

They go out and hike and they go out and golf or play basketball. They're just cardio all the time. And they run up this mountain like gazelles and I'm just struggling where my mind is something I could have done back even two years ago, three years ago. And mostly it's because of the shutdown, right?

When the shutdown happened, we couldn't go outside. We had to go into, we couldn't go to the gym. So I started going, and made my own little gym up in my garage, but I didn't really hike anymore. I'm just stuck. Doing that mostly because my older dog is getting older can't really take her on hikes and my younger dog has a problem with her Foot so I can't really take her on hikes We took it to take him to the park what I was realizing I wasn't working on my stamina and life is about spinning plates so you have to have mind-body spiritual soul Family all this other stuff going on So you have to be able to spin everything.

And you know what? I'm not perfect. I drop plates all the time, but you got to get that 1% improvement every time you can. And that's what I'm doing with this hiking. I'm trying to get out there and hike two, three times a week, just to get the sweat on, lose some weight, and get my, cardio stamina back up again.

So you'll see videos coming here and there. Please do comment. You got this or you can make fun of me or whatever you want, but that's it. Be on the lookout for that. All right, that's it. Three things you need to know. Silicon Valley style. I'm Vito. We'll see out there.


HOMEBOT https://hmbt.co/bT7qRJ
Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg
http://blog.abitano.com/
https://www.onereal.com/vito-scarnecchia-1


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