🔴🎧 San Jose is back! Last weeks' Sales were better than Last year same week!
🔴🎧 San Jose is back! Last week's Sales were better than Last year's same week!
THREE THINGS YOU NEED TO KNOW Wednesday 40DOM. 🦅 🌎 ⚓️
San Jose is back! Last week's Sales were better than Last year's same week!
https://sanjosespotlight.com/san-jose-officials-stay-in-homeless-shelter-exposes-reality/
Why bother buying a home in San Jose?
San Jose home sales are slumping.
Financial Intelligence https://bit.ly/AbitanoHomeValuation
NAR.Realtor Stats. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
Good morning. Good morning. Happy July 5th. Today is Wednesday, July 5th, the day after the 4th of July. And yes, I did get up early, not getting up as early as I used to. I used to get up around five 30, and I just naturally get up early, mostly because I'm older. Talked about a whole bunch of that yesterday.
Had a great day. We went to the community pool and hung out. I did a couple dives, which is why I am a little stiff in the back right now. But had a good time. Got to go swimming a little bit and enjoyed some family time, which is good. Some friends, some fun, and some food hit way too much. And then we went up to Salina and saw a bunch of fireworks.
Pretty cool. Good time. All right, let's get into it. Three things you need to know. First and first. San Jose is back, and we'll talk about that a little bit more, but over the last year. Remember last year, we peaked in April of 22, and then we started seeing the market kind of contract. Now we're seeing the effects.
So if we look at the numbers, which we'll go through in a minute, you'll see that we're a little bit inverse. Now, the values are still below, on average, where they were last year, but we saw houses take longer to sell. We saw What else? In the days on the market, we saw the list price come down a little bit. We saw that happening in March of last year, but now we're actually seeing the effects of the market coming back, and that's a lot of what we're going to talk about too.
One thing I want to show you are to share with you is a nice little article. San Jose officials staying in homeless shelters expose reality now, good or bad, right? These are tiny homes. They're met for the homeless shelters. They're temporary shelters for people to come in, get grounded, get their foundation back, get their feet back underneath them, and understand it.
It's definitely not luxury, but you know what? It's better than living in the jungle on a creek. Over the weekend, I was driving from church to Costco to grab some meat for the barbecue yesterday, and right at the two 80 and 1 0 1 E exchange, there was a massive fire. And it's just a constant thing with the homeless shelter, the homeless encampments.
We see a lot of fires all over the place. I heard something where somebody told me that the San Jose's, 60% of San Jose's fires calls are for homeless encampments, which is sad. Whether you're forward against it, you want to help 'em do whatever we're doing, what we can. It's just too much of a problem.
I think it's a good thing. I think, look, this is a reality here, right? This isn't the best environment for a lot of people, but it's a whole lot better than living in the dirt. In a tent. I don't think this is a great solution. I think it's a solution, a start to a solution, but it is what it is, right?
All right, so the second thing that we're going to talk about is why buyers bother buying a home. And I talked about this a little bit last week, but really, here's the thing. I understand it's impossible. It is so fricking impossible, especially right now, with inventory being so low and the rates being so high if you're making a poultry amount.
Of money. It's hard for you to do it. It's hard for you to buy a house. I understand there are different ways to do it, and if you can afford the payments, you should absolutely consider buying a house. But sometimes renting is a better option, right? Because of the cost of buying a house, then you have to maintain it, then you have to pay taxes, you have to pay insurance, you have to pay all this other stuff.
It's hard for you to understand if you're making. A hundred, $150,000, which is anywhere else in the world. It's a lot of money Here. It's not a lot of money because most people make 2 50, 300, or families make that much, and that's just starting out to be at a place where you can afford it
right here. Plus, you need $200,000 for a down payment. You don't necessarily, but. You can get a 3% conventional loan. You can get a U S D A loan and buy a house in Hollister. Most of the houses in Hollister are in England or U S D A zone, where you can buy a house with 0% down, or you buy a VA loan. Right now, if you're making a lot of money and you have a lot of taxes, you might make smart choices.
I'm not saying either way; it's up to you to educate yourself if it's time for you to buy a house. I always think so because I'm in sales, and that's my job, but at the same time, it is beyond me not having a house or owning a house because you don't get the write-offs. And if you're paying more than 10% of your money towards taxes, you could buy a house, and you can get offsets, right?
There are a lot of different ways to do it, right? I'm not a tax guy. There are a lot of different things you can do about it, but at the same time, I understand it's hard, right? And where you're low and middle income, it doesn't mean that you can't buy a house. You just have to give up some of your must-haves.
I need to have a dog, and I need to have a backyard, and I need to have a pool. You know what? Maybe your first house should be a condo, a two-bedroom condo. Start early. And I know people that are my age, and they still rent. And I'm not saying it's a bad thing. The bad thing about renting is your landlord could evict you tomorrow, or they can raise their rent.
Or, they can be horrible landlords and not fix your water heater or air conditioning, especially last week. It's just you're not in control of your own destiny when you don't own a house. I understand it's hard to do it, but there are ways to do it. If you get in the mindset that I'm going to buy a house or a condo or a townhouse, or whatever, there's a way to do it.
And if you're interested in learning, I have a home-buying seminar that's on the links down below. You're allowed to jump on that any time I don't follow up with you. If you have questions, you're allowed to call me. But I'm not a sales kind of guy now. Again, this, I, this is salacious. I don't even want to go here.
Really? Yeah, I do. Yeah. Home sales are slumping. It's because inventory sucks. Inventory is down to 60% of what it should be or where it was last year, and we're down 38% of where we're supposed to be on average. So yeah, home sales are slumping. Sales are going to be slower. You're not going to have as many houses to sell, so you're going to have a slump.
I don't see that as a bad thing. I think that, plus you look at the numbers, prices are holding steady right now. Look, remember I sold you San Jose's back last week. Sales were better, not by then, not by the average sales price. Cause last week's average sales price was 1.58. The last week before was 1.6.
The same thing happened last week before. Over the last few weeks, we've seen prices getting back to normal but look at this list. Price to sales price ratio from this week to last week. Last week. Last year was 102. This week is 106. So you see, prices are coming back. Last year, the days on the market were 17 because the market was contracting.
Remember, could we go back into it? Everybody's calling for a recession, right? Every econ economist, every government, every news report's calling for a recession. It could affect the housing market. I don't know if it will or not. That's asking me to tell the future. I can't tell you that or not. Pendings are up from the last couple of weeks, which is weird because we're supposed to be in summer, and yet overall, we're pretty much average.
We haven't really seen a slowdown in spending. Closes we've seen come down, closes, went down to 56 last week. That's because May was just a kind of difficult month. On average, we're at 58, so even though we had a couple. A good month, a couple, a good month, really just a month. We think we're going to see this as being the norm.
Now here's the thing, right? We need to have 800 900 units for sale at any given time for a healthy balance market that's not a buyer's market or a seller's market. That's a good healthy market for San Jose. Right now, we're 342, right? And yeah, I did check it. So I know it's a double duplication over here, but it's the same number; guys, we just don't have the numbers, right?
And if you're thinking, oh, we'll just wait for an r e o good luck, oh, where is it?
Why did I put that there? 184 property type less than 2 million. 2 28. Oh yeah, eos. These are eos in Santa, in the Bay Area. Just in the Bay Area are only 30. The Bay area has 10 counties all the way down to Monterey. So it's actually 11 or 12 counties, R e O, all of California's 228. I took a quick look at the map of this for Res.
I wanna share this with you real quick. 228, and they're all over Los Angeles. Lakeport, Groveland, Martinez, Oakland. Let's take a look at the map. There are a few here in San Jose. 1, 2, 3, 4. Oh, I didn't even see that. Oh, that's in; oh, I can buy that now.
This is the new condos right by. River Oaks, or whatever it's called Village Oaks, is right on the other side. This is an r e l. It's a million-dollar condo town condo. The HOA is $662 a month. So I know it's not affordable. It's brand span new. But look, you get a brand new house. Basically, it's three years old, four years old, four bedrooms, three baths, 1,728 square feet.
That's a million dollars, guys. That's what you get for a million dollars these days. Let's take a look at this one here at the Villages. Yep. It's in the villages. Now the villages are more expensive to live in because there are a lot of Amen amenities, right? It's a thousand dollars a month for a condo, but you have access to their golf course.
You have access to all their clubs. The. There, the, there's a restaurant, there's a couple, there's a restaurant in a cafe there, pickleball. They have tennis. They have golf, they have horseback riding, and they have a wood shop. They have all sorts of fun things, and it's a gated community. So safety of safety's paramount for you.
This is a great place to live. And look, it's on the market for 66 days, $799. It's It looks like an end unit, and it looks like it's in pretty original condition, carpet, single story. Looks like this one is a bottom unit. Yeah, these are pretty standard for what you're looking at here, right? This one's a little bit larger, and the nice thing is it's an end unit.
I've been in this model before. So it's a good unit.
Let's take a quick look. One thing about this area right here is there's no gas. They did not port gas here, so everything is electric, the water heater, the stove, the dryer, everything is electric, so you have to pay for electricity. For your own utilities. So if it's something you're interested in looking at, I'm sure we can get this one out steel.
They had this one originally listed at 8 79, and they just reduced it oh half a month ago, 20 days ago. So if you're interested in it, it's good right here. Okay. That's it. Let's Seeley.
Yeah, that's it. All right. 13 minutes. I got through it pretty quick today. Hope you had a great 4th of July. I'm Vito Sacchi with Abano. We'll see you out there.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
DRE#: 01407676
https://www.onereal.com/vito-scarnecchia-1
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