🔴[LIVE] Three Things You Need to KnowSales Prices are INCREASING. 10 Bay Area Counties


🔴[LIVE] Three Things You Need to KnowSales Prices are INCREASING. 10 Bay Area Counties

We're getting closer to last year's Average Sales Prices. 
Take a look at the numbers. 
Should I Sell My House Now or Wait? 
The Biggest Car Market Crash Of Our Lifetime - 
Take action for your life, emotional, professional, fitness, relationship, 

 Good morning. Happy Monday. I can't believe we're already on July 24th, the 30th week of the year. We're past the halfway point of the year. Isn't that crazy? It's just flying by. And it's funny I'm trying to slow my business down, but I just keep getting more and more business Which I'm not complaining about I'm not I'm grateful just sometimes you just need to take a break and yeah, so anyway today we're talking about the 10 counties report and Everybody's doing really well, including Contra Costa.

It's crazy. Let's, take a quick look. We also have three things where we're going to talk about, which is, should I sell my house now? The biggest car market crash of history and Take action for yourself, the little bit of mind set that I'm going through of sharing it with you as part of my journey.

We're getting closer to last year's Average Sales Prices. 

All right, let's get started. All right. So real quick shows you here. . Last week we closed 743 houses, single family, all across 10, 10 counties. Crazy, right? Santa Clara did 157. They did the majority of it. Isn't that crazy? And Alameda too.
It's just, it's amazing. We're, all you hear is these salacious things about the market crashing and this, and yeah, absolutely. The market could crash. The economy could crash. I don't see it. Especially here. There are, other places that are probably seeing a decrease, but every place I track and I'm tracking like 20 or 25 different cities, townships, metropolitan areas across the United States, and all of them are doing really, well.

In the middle of the summer. It's crazy and it's mostly because Demand has not waned or it's waned a little bit but supply ha

s plummeted That's the problem and that's really why we're seeing that now look going back over here Year to date 1700 houses in san mateo year to date almost 4 000 houses 4 000 houses in 30 weeks crazy Average or the volume is 500 million by 500 million compared to San Mateo, which is, Oh wait, 8 billion compared to San Mateo is 4 billion, right?
And the average sales price is about 2 million in Santa Clara. Those are just the average prices, right? Average of the average. So if I went back and took a look and saw what the actual average prices are maybe going over here, These are the number of units. It's actually a great graph to look at.

We're getting closer to last year's Average Sales Prices. 

So the number of units that are being sold, Contra Costa is just racing out ahead. I told you guys, Contra Costa is one of the best places to buy a house right now. Contra Costa and Sonoma County and Napa County are the part places. If you're looking to buy and you don't need to buy inside Santa Clara County, those are the places to go.

 Average, year-to-date, use,

San Mateo, Marin, Santa Clara, and San Francisco are equal, right? By a thousand. That's great. And then let's see the medians because everybody wants to see medians, but I'm not a big median guy.

That is the median. Pretty much the same thing, right? Marin and Santa Clara, San Francisco. Okay. So there you go. Numbers are doing really great guys. I, don't know what to tell you. We're at 30 billion, almost 31 billion in sales volume year to date. It's a far cry from where we need to be. I don't know.

We're past that. So here's where. This all comes in, right? The average per-week volume is

1.4 billion across the 10 counties, right? That was for 2022. In 2023 we're at 1.26. We're $400,000 off. $4 million, $400 million off, 71% of where we're supposed to be from last year, but it's not going to be like last year. There's just not enough supply. It just, it's just not, there's not enough supply. So that's why everybody's saying that the market's crashing.

That's why boom right there. And I can tell you prices are still remaining strong. Remember last year is where we peaked and now we're coming back down when we went down and then we're coming back up. So we're still staying strong as far as pricing is concerned. I'm almost. Going to tell you that by the end of the year, you'll see another couple of these popping over 100 on the average side here this one right here is messed up because they went for two months of Wrong numbers reporting and I haven't gone back to fix that. Okay, let's talk about whether should you sell your house now? Guys, don't sell your house unless you absolutely have to veto you're a sales guy. Yes, I get Paid by selling houses, but I also tell people that if you don't have to sell your house if you have to move think about Not selling your house and renting it out.

Should I Sell My House Now or Wait? 

Oh, I don't want to be a landlord totally understand. We actually have Property management services that we offer It's not something that we really talk about because it's just more of a convenience thing because we do sales Typically what we see is people say, yes, I thought about it. I don't want to do it.
I told him, and look, I understand, but the value of selling your house now versus holding onto it for another 20 years, there's a whole plethora of reasons why one, you have capital gains, right now. Look, I understand if you have surpassed your 500, 000 capital gains. Might be smart to hold onto it for a few years or turn it into a rental.

And then after two years of renting it out successfully or unsuccessfully converting or selling it, and then buying another house with that, right? There are all sorts of different things. There are legal ways to do it. Ethically legal ways to do it, that we have. And we want to make sure you do the right thing, right?

We don't want to make tell you to give you the wrong advice. So we always bring in our team. We have tax accountants and tax lawyers and lawyers that give you advice unless you already have them. And then we go through a process of decision-making. And. I understand that now also if you can't afford, let's say you, you have a brand new baby and you need to buy a house by a bigger house and you're living in a condo and you just don't want to be a landlord or you need that equity in that house to buy that house.
I under the new house. I understand. That's what we did. We had a baby. We need that equity out of the house 20 years later. I wish I kept that other house that was a townhouse. I wish I kept it. Cause it would have been paid down or paid off and I would have had another hunk of equities just sitting there, but we didn't have the cash.

We were broke. Totally understand it. Also, don't do the easy-to-sell. Hey, we'll sell you, we'll buy your house in 15 days or less. Those guys are wholesalers and they're going to buy your house for 60 cents on the dollar. And if you're into the convenience thing and you don't care about the money, go right ahead.

But there's. Ads are all over the place and people are offering to buy your house at 60 cents on the dollar Just don't fall for that, right? We have a program Let me see if I can pick it up real quick.

Yeah, I'll have to give it to you next week where you give a choice of different commissions it depends on how much service you need or want And then you decide I'm not here to sell you on anything. You hire me to be your salesperson and a negotiator Right and really depends if you want just to put it on the market We'll put it on the market and it won't cost you as much If you need me to come in and do a lot of repairs and bring in my team It's going to cost you a little bit more because I have to pay them right just it is what it is and another reason is your house will increase exponentially over time My first house was is probably worth seven hundred eight hundred thousand dollars.

Now. I should actually do that For next week I'll do that next week It would have paid off. We bought it at two hundred twenty-five thousand dollars We sold it for four twenty-five and now it's worth seven eight hundred thousand dollars It would have been paid off by now. That was 20 years ago, right?

so Just understand what your options are My job is to show you what the options are, and sometimes it's don't sell the house. Sometimes it's rented out. Sometimes it's just let it sit, right? If you sell, somebody else will pay down your mortgage. That's beautiful. That's, there's nothing wrong with that. It's extra retirement.
You can actually rent it out once it's paid off. That's extra income in your pocket. You also leave a legacy for your kids because it's a rental, you don't get the Proposition 19 benefit, but also they can decide what they want to do with it when it transfers over, there are a bunch of different reasons why you want to, they'll decide if they want to keep it or not.

And that's up to them when you die, morbid thought, but here's the thing, when you die, your cost basis goes up to the day you die. So if you bought it. Let's say this house right now is worth 1. 5, 1 point, whatever today, we bought it at 690 and our cost basis is 690 plus the acquisition cost plus, plus repairs, plus selling costs.

And that would be I would say 900, 000. Let's say that it's worth 2 million. So 900 plus 500, because you get the 500, 000 capital gains, then you also get that's 1. 4 million. Now I have to pay capital gains tax on 600, 000. Now, if I hold onto this house, rent it out, and have an income from it.

Say five, 6, 000 a month. That's nice until I die and my kids take over. Once I die the cost basis goes up to what it's worth, three or 4 million. And then they decided to sell it, split it, and be done with it. It's the same thing with that, that first house that I could have bought, should have bought, kept.

I just didn't because we were broke at that time. We just didn't have the money. So look at the options, right? I'm not here to slam you into the listing and make sure you and I want to make sure we have these discussions and go through this entire process of what your options are and get to it. We'll go into this next time.

The Biggest Car Market Crash Of Our Lifetime - 

All right. What's the next one? Biggest car market crash of our lifetime. Again, that's probably

Yeah. So the luxury car market is definitely slowing down the Standard car market is oversupplied, right? And all things being equal, people still have to buy houses, buy cars, right? They total them new car buyer, new car driver, 16 year old gets a new car or used car. Somebody decides that they're going to sell their house, whatever.
They have a surplus of cars. When there's a surplus of inventory and demand stays constant or dwindles economics 101 means that prices will come down. Will it crash? That's salacious. Could. Very much very possible. That's a factory probably in Kentucky. Luxury markets drying up though.

It's been dry for quite a while. So anyway, I don't know if that's, a thing, but if, it does, if the car market does crash, it will be global and it'll affect us. It'll affect jobs. It'll affect everything because we're all intertwined. It'll affect the real estate business. It'll affect finance.

It'll affect healthcare. It'll affect all the different industries that affect our GTP. So keep that in mind, keep an eye on the car market. Will it affect vintage cars? Probably not because that's a scarce scarcity inventory. But these new cars are sitting on the lots waiting to get sold. And I don't know.

We'll see. I think this is the tipping point. I've been talking about this for the last 10 years since actually since 2008 that I think the car market will be the tipping point. Also the main reason why is the, I keep coming to it is because people are overbuying or overpaying for these, and all of a sudden they're instantly upside down.
Unless you have gap insurance, if you wreck it or something goes wrong with it, they're just giving it back. People are just giving it back because it's super expensive. They're paying 700 to 1, 000 for a truck or a car and then they ding it and they don't have enough gap insurance. So they just take it back to the dealer and say, take it.

And that's happening over and over again. So people are overbuying cars or overpaying for cars. And that's a dangerous part of this business. Okay. Take action for your life. Oh, I'm going through a lot of stuff right now. A lot emotionally, et cetera. But I look at that and I talked to somebody yesterday about this and it was more about.

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

Balancing life. And I look at it as spinning plates, right? If you try to get in there and spin 10 plates right away, you're going to crash all the plates. And that's how life is. If you start with one thing and you start spinning it and you go back and forth and spin it and spin it and then you can, once you get the hang of that, then you can take on a second one.

You can start spinning two plates at the same time. And then the same thing with three and then four. The next thing you can get to your because you learn, you understand the rhythm, the punctuality. The differences, the muscle memory, differences in plate weights, and all that other stuff.

So you learn how to spin the plates. It's the same thing with life, with your physical, with your mental, with your emotional and professional. And I tell people this all the time. I have a business that helps other realtors get into the mindset of doing video marketing. Which is what I'm doing right now.

And it's about spinning plates and living a balanced life and living a balanced life financially, at home, at work, at fitness, at spirituality, all these different things have to be in balance or else you're going off. And I am not at balance right now. I can tell you that right now. I'm not perfectly balanced, but how many people are right?

So just keep that in mind when it gets tough when life gets tough. That means the universe is coming at you and saying, you can handle this, right? If you fall down, pick yourself back up and dust yourself off. I remember one of my drill instructors telling me that we're going to be throwing you into the pit of despair, we're going to be yelling at you and screaming at you and trying to break you and that's what they do.

They break you, then break you down, and then mold you into a Marine. And I always took that as that's my challenge, right? And when somebody says I can't do something, then I prove them wrong. Life will come at you. Things will throw you down on the ground, get you dirty, filthy, dirty. Take the time to realize that you have a challenge in front of you and that you can manage it.

But also take the time to slow down. And once you're handling something, you get that plate spinning. Take the time also to back away and enjoy life. And this Saturday I went again to the beach. I'm enjoying going to the beach because it's just, that's my outlet, right? That's where I just regrounded myself, went there with my dogs, and went for the Carmel two-mile walk or however long it is.

And I felt a whole lot better. So take time to. To take action for yourself and for your life and balance your life and take if you have to back up a few steps That's okay too. All right, that's it. We have, what else? We have Homebot and Homebuyer Workshop. Take the time to go do the Homebuyer Workshop. If you're looking at buying a house, it's really nice to have.

If you want to look at these videos again or look at my library, I have the blog here. And then if you want to look at houses, we have this one right here, which I just started doing. All right. 18 minutes. I'm Vito with Abitano. We'll see you out there.


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