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 🔴[LIVE] Tuesday Highs & Lows

Tuesdays are fun because we get to see last week's Highs and Lows of Santa Clara Home Sales. Downsizing Quiz Buying a Property with Tenants

Tuesdays are fun because we get to see last week's Highs and Lows of Santa Clara Home Sales. Let's take a look! Vito Scarnecchia Realtor®, Broker, Veteran, Dad DRE#: 01407676 Links
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Tuesdays are fun because we get to see last week's Highs and Lows of Santa Clara Home Sales.
 Hey, welcome to Tuesday. Three things you need to know today. We have the amazing, the brilliant, the handsome Hector Rivera's Hector. Welcome morning. How are we doing? I'm doing great. Yeah, I'm trying to, I'm trying to play with this thing. So hang on a second. There we go. There we go. Yeah. How are kicks? How's life? How's love? Everything is going great. Actually enjoying the summer, trying to stay cool. Keep busy working with clients and having fun, right? Doing the best we can really try to, as always bring the best advice and information to clients and to the industry. Yeah good, So has business picked up for you, even though rates are still high? Things, are tight, right? Like when we look at just like if you look at business month over month and year over year. The fact of the matter is there are just not as many listings. There are not as many listings coming to market. And As a result, we're seeing home appreciation rise, right? The value of homes is going up, which is awesome if you have a home. But it does put a significant strain on consumers, right? On buyers. And we're seeing this I think Redfin came out with an article just, yesterday on 100% word. I wrote it down somewhere. Their sales-to-listing ratios are above 100%, meaning that homes are closing over asking again, right? And there had been some time since we had been over 100%. So it just speaks to the fact that people have realized that the earth isn't going to fall off. Rates are not going to crash. The market's not going to crash. It's, really if it makes sense, really it's important to move forward, and whether it's your home search or planning to sell your home or whatever the case may be to just make those put a plan together and make that happen. I gotta say over 60, 65% of the houses that are closing today are over the list price. Now it could be anywhere from 1, like 1 10th of a percent to 35% over list price, but anywhere in between. If you're processing the price correctly. There's so much demand. There's so much competition. People know what your house is worth, right? And you can't say, my worth is, my house is worth 10 million and they expect it to sell. You have to figure out what the values are based on square footage conditions and market conditions. And put it on the market just a little bit low, then you'll get, you'll attract the right amount of buyers. Sure. Strategies, strategies important more than ever, regardless of who you dealt with, that they understand the local market and that they can really help position your home to sell quickly and, for the highest, of course. That's, the point, right? And you as a seller don't determine the value of the market. It's always been the buyers. It's always the buyers. And we could, it's proof today. This last, the last nine, 10 months, when we peaked at April of 2022, and all of a sudden the market started to contract, a lot of sellers didn't believe the agents saying the market's contracting. And we saw it, we felt it because we live and breathe it every day. We had the house, I had the house sold, I sold in Morgan Hill. And we got it to where we wanted it, but we didn't get the traffic though. We didn't get the amount of offers and I really had to struggle I actually had a lot higher and then a buyer freaked out and left. And then I wound up having to put another deal together to make it work. That was the pinnacle of the market. That was the peak of the market. And then we started crashing down and it only lasts recessions like this only lasts like six to eight months. And that's what happened. And now the market's back. People forget that 2% was awesome. 2% is still awesome. But today the reality is it's 7%. Exactly. We never know that we've hit bottom until guess what? We're going back up, right? And that's why timing markets even for someone like yourself who has been in this business forever is nearly impossible. Thanks. That's, I think you're, bagging on my age, right? Hey, experience is important. Experience. Yes. It's, funny because I, talked to all these people from all walks of life and I just tell them the same thing over and over again. And 75, 80% of them get it. And then one or once or twice, there are ones that like no, that's not how it is. My house was worth 1. 8 million last month. That was last month. Today is a different day, right? When they were more difficult obstacles as a listing agent, just managing client expectations. Yeah. I always keep my story straight and. Whether they listen to me or not, it's not really they should listen to me because I'm supposed to be their guide, their Sherpa. I'm supposed to be the expert and if they don't listen to me and they get frustrated and then their expectations don't come to truth and to light and then all of a sudden I look like the bad guy, right? You can only do what you can do, right? I have a listing coming up in Antioch, of all places, an hour and something away. It just fell into my lap. And we'll see I'm documenting and trying to make this into a story as to what the reality is of where the market is and what the expectations are of the sellers. And if they meet with it and I'm going to chronicle it and videotape it. Yeah, videotape it. Product of the 80s right here. Video record it. Get your camcorder out. I still have a camcorder and it works great. Old family memories everyone's got it somewhere. Yeah, yeah we'll see what happens. I'll chronicle the whole thing and the conversations and we'll see what happens. So cool. Very cool. Yeah. What else? So tell me any, great wins that you want to talk about, and how you helped. Yeah, this past week we had a couple of actually great wins actually. For one something that I'm not super familiar with is, doing an FHA spot approval. So this is really cool. Like FHAs approval. A program that allows the lowest down payment really of any loan on the market, right? It's really common with first-time home buyers. Very forgiving with debt allows a fair, much lower credit score than any other product. And the only one of the drawbacks to FHA is that if you're buying in a community, it has to be approved by FHA, right? And so in the past, we have a website or portal that we can check, and if it wasn't approved we, really didn't have we're screwed for a better word, lack better words, right? FHA and HUD have a there's a. There's ability now to approve single units, right? Called a pretty much an FHA spot approval, right? And so we went through that process. We had someone that got in a contract, it worked conforming, it worked much better for them going FHA and what we did was we. Got him in the contract and talked it through the fact that, Hey, if it doesn't work, we're going to have to stick with, a conforming loan, but we were able to get the community approved and it was just a tremendous win for our clients. So, when you said a single unit, are you saying you got a single unit within the condo? Within the complex. Exactly. So the community at one point had been approved by FHA. There are FHA units within that complex or community, right? But currently, it wasn't up to date, right? And so we were able to provide the work with HOA, get the right information, and then be able to go back to the investor and to HUD and get that updated. So that was a really cool thing. And something to something to keep in mind for other prospective buyers. That I, always wrote off a whole complex. So right. Yeah. Are there certain conditions that you have to be aware of? They, do have some of the same stuff that with, any time you're buying a condo, right? Like lenders want to make sure that HOAs are properly managed, right? Properly managed so that they have enough assets. That they want to see a good balance between homeowners and renters. And with f h a, they don't, they want a particular concentration of f h a, so not over a certain percentage. And so that was one of the most important things. Everything else is just like almost any other loan, as I just mentioned. We just want the h HOA to be properly managed, right? We don't want you as a buyer to buy a property in a community. And then have issues down the road, right? Where they're increasing maybe increasing their fees or just five specials. We don't want any red flags, right? We don't want any red flags. So lender looks out for their behalf and also for buyers just to make sure that, Hey, we're buying within a community that is going to allow sellable. Should you decide to sell it down the road? So, in this situation, if we were working with a FHA buyer. And I said, Hey, there's this condo that we want to look at and we write an offer on it. Obviously, we wouldn't write on an offer, write on a condo that just has five offers on it already because, but we know that it's not FHA certified. So let's say we go into it 15, 20 days and we say, look, we need to make sure that this is FHA approved. We're going to make that a contingency, right? You could. Yeah. Yeah. Or is it just something that you could take a quick look at and say this? It's just not going to go through the loan. We can take a quick look at it and see if it's approved. Now, if it's not approved, and we do have some of those HOA documents, we can make a quick assessment and give you. You know an idea of the probability right? Some we're not going to really know till we go through that process so one thing that would be important is what I did on this previous client, right? I got them to approve using convention like a conventional loan conforming loan, right? Which does not require this approval, right? So we were able to compete and write a great offer but once getting in the contract we have that as a plan b now and we really push to get the FHA approved because it gave the client just it was much easier for them to approve, right? And their monthly payment was lower. The mortgage insurance is lower. Their interest rate was lower. So it just made a lot of sense, right? And so in this case, and with most cases, you'll find the most qualified lenders. We're going to Really have a plan B in most cases, right? If we're sure, even you for writing an offer. Technically, we typically are going to have another investor, another loan option, another option, just if something does happen, we can still close on that loan, right? And if you want like Chase or B of A, they probably do. Won't have those backups and there'll be a little bit more stringent with you as a first time, probably a little bit more limited just for the fact that the culture of a bank is going to be very rigid. And it's typically Hey, either it works or it doesn't. Us in the mortgage direct lender and broker world are going to be more The app to say let's find a way to get it to work, right? Rather let's just deny it and be done with it. We, want to obviously help every client. We want to help every deal happen. So we're looking for ways for it to work rather than not work. No, totally understand. It's a totally different world out there, right? When I first started when I got out of the military, I got, I wanted to buy a house and they looked at me and Oh, you're a young kid. You don't have any money. You don't have any down payment. You don't have any credit and got no cash. Yeah. And you're changing careers. So denied and if I, if I knew what I knew today back then I would have been like, I'm going to go to four different people and have good conversations. And what I would have wound up with is a good broker like you to educate me, help me walk through the entire process, and understand what I can and can't do. Yeah, that's not a bad idea. We always want to work with someone we're comfortable with, right? Someone that gives us good answers and can communicate well. Because at the end of the day, this is one of the biggest transactions you'll do. Whether you do it once or ten times, whether you're buying or selling. Every time that we go through a transaction, things are different, right? Things are different. Where the market is, where the economy is, where with this particular property, whatever side you're on. So it is always important to seek out very good advice and if someone's giving you that, then obviously stick with them. Which is why I'm going to use this as part of my financial intelligence. They were going to cut this whole thing and drop it into financial intelligence. So that's before Oh, come on now. I love razzing you, man. Good. You said there were two stories that you wanted to talk about. Yeah, another, tremendous win really over the last probably couple weeks is there's a client of mine that I worked with a long time they decided to work with another lender he's actually a veteran it's a guy who he, served with. I totally understood that. They end up getting into a contract the way the lender structured it. He had one of their in-laws as part of the deal. And unfortunately, through this transaction, one of the in-laws passed away. Really unfortunate circumstance, right? And so here they are, 12 days out of closing and the structure that they had set forth just doesn't work any longer. And so-called me as the last job effort. I think I was in Utah traveling for baseball and we were able to quickly completely turn around their transaction and close. We're actually going to close tomorrow, actually on Thursday, excuse me, on Thursday. So, we required a third three-day extension, but we literally received this less than two weeks ago. And we're able to do like a bridge loan, basically like a cross-collateralization loan, which was one of the strategies I had talked to them about in the past, right? Where basically they own a home here in San Jose, excuse me, in Campbell, buying a home in the Willow Glen area. And they were basically able to, follow through and buy this home on their own, right? Without any additional co-borrowers and then they can turn around. Their goal is to turn around and then sell their existing, right? So like, a bridge loan thing exactly, And a bridge loan is just exactly that way. We're helping someone bridge from one home to the next, right? Without necessarily having to sell first, which as we know is really hard in this market. So we were able to quickly turn this around, talk to the agents, talk to everyone involved give them a game plan and. Yeah, just literally flip it around. And so that was really good because the family's grieving going through a really difficult time and we tried to really make it as simple as possible and allow them to close on their new home. So that's really positive. As I said, everything's done. We are literally closing in the next 48 hours, which is really cool. And then this other lender that you were talking about like they just couldn't do, they couldn't manage the, yeah, I guess not. I didn't get it because time was so important. And just it's a difficult time for, the borrower. I guess he didn't have an alternative. I had briefly heard the scenario that they did have. And I wasn't even sure how that one was going to work. But nonetheless, they obviously checked with him to see what he could do. They came over with me. I quickly put together a quote for him and laid out a plan, and I'm just happy to be able to help him obviously. going through something so, difficult. The last thing you want to be doing is just dealing with a home purchase, to be honest, right? As exciting as it is. But so yeah, it was just a really good feel-good story to be able to help them out in a difficult time. Good. I'm glad that happened for you and I'm glad you can jump in and help out that other, the VA. Loan, right? Because that's what it was. Did you? Yeah, I guess it would be a loan. It was interesting because and I'm going to do a little more research on that because when we do a bridge loan, keep in mind that there's always a strategy down the road, right? Once they sell their other home, we'll likely restructure their loan or refinance them right into maybe something a little longer term, a little better rate. And so we'll quickly start to once, once we close this loan this week, we'll, Okay. quickly start to put together a game plan for them. And there is a possibility we can go to VA. But we'll just look once the dust settles, we'll look at what are some of the best options for them and present those. Very good. Very good. Cool. I have one last question because this is about financial intelligence. Sure. What's a question you wish people would ask but they just don't know to ask? Maybe what should you do or not do? When you're preparing to buy a home, I think that would probably be one of the best questions. I'll tell you before I even get in, I'll tell you what, one of my pet peeves is that Come on, you're so evenly keeled. You don't have peeves. One of my pet peeves is that borrowers never really wait till almost like they wait till the very end to do financing. So like they they come to the realization they want to buy a home. They start looking at homes and then often they work backward and have to scramble to do financing. I think that's one of the biggest I don't know, like it ties into what you asked me, right? One of the most important things is to sit down and talk to a mortgage lender. To sit down. Look, it's no obligation. No lender will ever charge you until that loan closes, right? You should never pay anyone for any type of service. But I think the most important thing is to map out a game plan and make sure that you're doing all the little things to prepare to buy. Whether you want to buy tomorrow, next month, or next year, I think it can happen right away. Yeah. There's no negative to starting too early, right? And it's as simple as something like this, a video conferencing call, a phone call, an in-person meeting, right? And just to map out, hey, what is it? What are your goals? quickly run through a scenario, right? And just determine to make sure that you're, working in the right direction. Sometimes it's a two or three-part session or call, right? But it's, I think that is if anyone out there considering buying I think that's one of the most important things. And I've priced if I said it before here on your, with you live, right? But I think that's one of the most important things. And then also just what, should you do and not do? Obviously, it's really basic stuff, but it's just, Hey, pay stuff on time. Don't, open any new credit cards and just limit. Obviously, the payout does live life but just make sure that you're whether it's saving, whether it's improving your credit score, make sure that you have a plan for those, and that you're doing them ahead of time, right? Because it's unfortunate to find a house and then have to work backward and then realize that. There are some hurdles in the process because we just, we didn't address those months ago. I think that's probably the biggest takeaway that, I'll leave here for, prospective buyers. I've heard so many stories where people are in contract, they're going through the escrow period and the underwriter is going through and doing all this other stuff, and all of a sudden they do one final check and then there's like a credit hit you and you go and the lender goes back to the buyer and you're like, Hey, what's going on with this? Oh, I just bought a boat. Or I just bought a brand-new car. BMW with somebody. I don't have very much hair, right? You see why a lot of it's brain, right? Believe it or not, I've had that happen at the signing table. So yeah it's like that. We talk about it. Sometimes we provide documentation. Inevitably it happens. It's just a little stuff. That's why we're here to help remind and help guide. Yeah, those are nightmares too, because you put yourself into a predicament as a buyer. You, don't know, right? But here's the thing, you're at the closing table. That means the loan is ready to get funded. You're signing off all the documents and all the contingencies are gone. That means you're down payment. is in jeopardy. If you put down 3% or 20% or whatever that 3% initial deposit that you put down in the contract, it's in escrow. If you can't and you remove contingencies, if you can't close for whatever reason, the seller can have the right. And even an obligation to keep your deposit if you cannot close. Sure. There are certain things you can do where you can be, you're in a contract, you're in a contract, right? You're an obligation to that contract. If you veer or don't deliver, so to speak. Yeah. There are financial implications. know not to overly scare people, but yeah, that's the reality, right? We're here to buy and sell homes. And normally cooler heads prevail. You have a couple of professionals working together things happen. We work through them. But the reality is that, yeah, it can be You know there's, been stories out there that things have happened, right? Crazy times. And I get it, right? You get a loan officer that's not as experienced as you are because you just had another birthday yesterday. Happy birthday, by the way. Thank you very much. What are you 28 again? Gosh, I don't know if I can even say that online. I'm almost double that, but not quite. I haven't. You've been around a long time the ins and outs and you do a lot of transactions and you do a lot of loans, refinances, and purchase money. And I get it. It's, and when you go to a Bank of America or a Chase, those guys are so pressured. They're just trying to stuff you, stuff a circle into a square, right? And that's the scary stuff about it. So you've got to be careful. Yes, sir. Hey, I think you got to go. You said you have, I am jumping on another one here but, it's always great to talk to you. Thanks so much for letting me be a part of this. And yeah, man, we'll be in touch soon, hopefully by next week. All right, man. Hey, always great hearing from you. Great seeing your face and happy birthday. You'll appreciate it so much. Thanks. Bye. Hang on, everybody. All right, so I had an opportunity to have Hector on just worked out that way Want to make sure that we had some time to talk to him because we're doing the financial intelligence. And what you just heard was a lot of that was for the financial intelligence community that we're putting together. I'm interviewing people from professional services throughout the industry from lending. to taxes, to lawyers, to trust advisors, to healthcare professionals, everything. So you can understand the process behind what you need to be financially intelligent. Now, the reason why we're doing this is because we're not taught this in school. We're not taught this in college. And we're nine times out of 10, you're not taught this in your family. And if your family teaches you this thing, you're in amazingly great shape for this. That's awesome. But a lot of us are, we're never taught. Financial intelligence and the big questions to ask are what questions should I be asking? Humble yourself to understand how to learn and become more financially stable and successful and all that stuff. That's what that's all about. So I hope you get a chance to watch that. We're, going to have a channel actually yeah, channel that you that's completely dedicated to this. So we're interviewing professionals. Professionals are interviewing other professionals, asking questions, building, and building a dynamic library of information so that you can learn from it. And I hope you can share that information with people. Okay, so let's get into the nitty-gritty. I want to go through this real quick. Let's see. I'm going to do that. I just let me get my format back. Here we go. So I can put my head back into it. Three things you need to know. Tuesday edition. And we're also going to stick standby because we're doing the highs and lows. Buying property with tenants. What's a no. Santa Clara County, California is very tenant friendly. If you're a landlord and you're buying a property or you're a brand new investor and you're learning to do certain things, there are certain laws and regulations and I don't know them all because it's just so many of them coming at us all the time. But I can tell you for certain, in California, especially in Santa Clara County, if you have four or more units, you... Or four or fewer units. You can't evict people to buy a property and house hack it. So we were going through this, where we were looking at fourplexes with a, with an investor, and we needed to have that person buy it because it was, we're using a VA loan. In the VA loan, you have to be. That has to be your primary residence, so you can house hack it, buy it, house hack it, pay off the mortgage, but have your three other tenants help you pay off the mortgage. Nice. The problem that you run into, is that in California, and especially in Santa Clara County, you have, and because of COVID, certain regulations and rules and laws were put into place to protect tenants. So just be careful to understand that. Anytime you deal with tenants, make sure that you cover yourself, talk to a lawyer, talk to a tax person, because I'm not one of those. I can't give that kind of advice. I can point you in the right direction and I can tell you what kind of questions to ask, but always ask them, what kind of questions should I be asking you so that I'm fully aware? Of what not what I should be doing here. Can I evict somebody? Can I ask them to leave? Can I cancel the lease? Prematurely, there are all sorts of different things you can do now If you're interested in becoming a landlord in California, let's have a conversation and we'll Get together with the right people and we'll understand what you can do, and what you can't do What the benefits are what the tax ramifications are what the legal ramifications are and what kind of loan you're looking at Because you can't just talk to one person. I would never presume to think that I know everything about Investing in real estate, especially in your scenario. So we bring in a team for you. And if you have a team, I'm happy to work with them as well. But typically I work with people and I bring my clients to my team so that we can help people understand that quick downsizing quiz for the undecided. I don't know why this checks things backward, but it is. But here's the thing I'm turning. I'm not kidding. I'm turning 55 this year. My daughters are in high school. They're juniors this year. I have two more years. I turned 55. So I get proposition 19. Am I going to sell this house and move to another house that's down the street? I could, but it makes no sense for me to do that. There are a lot of reasons for me not to, sell my house. One, I can rent it for a lot of money. Two I would have to pay capital gains because it's a, it's the equity I have is over 500, 000 in it because they have that tax basis thing. Even though I spent a lot of money that I can prove, it's still, I would have to pay capital gains. So there's a lot of different things that I can do. There are so many options you can do, right? You can rent out your house. My house is a two-story. The next house that I am going to buy will be a single story because I don't want to walk stairs anymore. My knees are. giving out. My back's getting, giving out. I played really hard when I was a kid and now I'm getting older. Not that I can't handle it now because I'm fit and flexible in my 50s. I know when I'm 80, it's going to be hard for me to go up and downstairs. So my next house will be more towards that. The ranch house is a single-story. This large house takes a lot of maintenance. There's a lot of stuff that I need to get around to, doing. I don't have the motivation right now. I don't have the time. It's funny. It's like you have time and money and you have this balance. If you wouldn't when I was young and broke, I had time and I had no money. So I did all the work myself. Now that I have some money, not like Elon Musk or anything. I don't have a lot of time, so I can't go around, or I don't have energy anymore, too. Boy, I tell you, it sucks when you get old. Think about it, right? You're looking at if, you, it depends on what you have, too. So when I leave this house, the only thing that I'm going to take with me is my computer my cameras, and my kid's shoes, which are over there. And I'm putting on my kid's first shoes. That's what most, means the most to me. Everything that I have in this world, my kid's shoes, right? I have my professional camera equipment and all that probably keep that or I might sell it one day. I don't know. So it really depends. Do I want something large? Yes. I want something large enough where my kids can come in and spend some time or my grandkids, God forbid come and want to spend a week with me. Go swimming or what have you. So I might even go to get a place with an HOA that costs four or 500 bucks a month. And I don't have to deal with anything on the exterior and it takes care of the pool and it takes care of everything. Who knows? I might even go to the villages, right? Depends on what your needs are. Depends on how much room you want and understand when you get older, cleaning up every day is not going to be a priority. Getting up, and feeling better is going to be your priority. , doing exercise should be an expert priority. Being social should be a priority. Entertaining, yeah, absolutely. You can entertain. But you can also go to a restaurant to entertain, too. Do you need to have four lawns, four, For washing machines, and dryers? No. Do you need all that? No. Do you need to have a busy, office? Probably not. You could probably do your work. I'm never going to retire. Even if I retire, I'll probably never retire. I'll always have something going on. I don't need a big office. This office takes up a lot of room, but I spend a lot of time here. I won't be doing that. I'll be at my kitchen table. Or like sometimes I'll go outside when it's not super hot outside. I'll go outside and sit at my picnic table at my outside table. So really completely up to you. There are a lot of different things that we can talk about and I have a checklist that we can walk through a questionnaire as to what you want to do. Now there are all sorts of different types of retirement that you can. That you can look into do you want a care facility? Do you need a care facility? Do you need a retirement home? Do you need a retirement complex? Or do you just want to live in a neighborhood with other people? There are a lot of different things that are out there. There are so many different options that you can look at, so keep that in mind. I don't want to talk about it. I wanted to talk about this other thing, but I don't think I like it. I don't know if I like this yet. So this thing is a service that I'm looking at right now. I use HubSpot. No, I use HomeBot and it's an automated thing, right? And this whole thing right here, it's great. It allows me to do a lot of different tracking, a lot of different projects and allows me to show you the value of your home and how much money you've spent and that. And if you want to go into a. Buying is a buying mode where you want to buy another house. It helps you understand how the finances work and all that other stuff. So let me look more into this, but if you're looking into it, there's a link down below that you can look at it. All right, that's it. Okay. Rates are 6. 9. They came down just a tad bit. That's, not going to help the market at all. Tell you that because it'll go back up next week. Gases going more, getting more expensive. Over the weekend, over the 4th of July weekend, we had it below four. Now pop back up to four 19, which is where it's been for the last few months. It's crazy. I remember when it was two 50 3 and I thought that was expensive this last week. So far we've had 134 closed, single-family, Santa Clara County, single-family homes, right? Tomorrow we'll talk about 40 days on the market. And Santa Clara County's total single-family was 157 last week, yesterday, so over yesterday, we lost 20 overground. So the volume of houses being sold is still good. It's just that there's not a lot of traffic. And like we just said with Hector 90, 90 out of the 134 were over 100%. Right now we have 780 We need to get up towards Santa Clara County. That's 10, 12 cities. We need to have this around 1, 800, 16 to 1, 800 to make this a healthy market, a balanced market. Just keep that in mind. These are single-family homes. We need about 16 to 1, 800 units. So that's why prices are, still high or still selling for a lot. The highest-sold house in Santa Clara County. Let's get this over here real quick. The point is Webster Street. There we go. Webster, Palo Alto, 4, 000 square feet. So for 14 million or 12% over the list price. Crazy, right? Holy moly. And look at that picture. It's dark. You can't even see the house. Okay. There's a Casita. It looks like it's an extra large, it's an extra large lot, which is good. Makes it worthwhile. I don't know. That's pretty impressive all things considered, but here's the thing It's in Palo Alto right of all the money that could be done. This is the VC world right here This is where all the big players are so totally makes sense, right? And Palo Alto. You can't beat Palo Alto. Okay, the lowest sold price, 794, was 16th Street. Let's get to that. 16th Street, downtown San Jose. Look at that old crusty bastard. This is a craftsman-style house? And it was very popular back a hundred years ago. The cool thing about it is it's very rustic. That's, actually a little cellar down below because people used to pack their food down there. That was the pantry and storage, right? The cool thing is it's rustic. It's just how. People live back a hundred years ago. Look at the tile roof. You don't get that kind of roof anymore. Why is it like that? The bad thing is just the layout. The layouts are just totally weird. It's like you have the sleeping rooms on one side and the living areas on the other. So you'd have a living room and then a bedroom, and then you'd have a kitchen and a bedroom. And then you'd have the laundry room, bathroom, and then another bedroom. So it just, the way they looked is weird, but it's just what it is. Think $800,000. A hundred years old, 109 years old, guys. That's crazy. Two bedrooms, one bath. All right, so then Remington Drive in Sunnyvale, 135%. Ready? Look at this. Huh? 135. This thing sold for 35% over the list price. Look at it. You don't need to do anything to that house. Except for tearing it down completely. Like the roof is bad. The windows are single-pane. Look at this. 1. 5, 1. 9 It's sold in eight days. Crazy, right? 2 million for that on a busy street. Guys, Remington is a major artery. Look at that pool. So everything you're doing is you're buying a house that you have to basically replace for 2 million bucks. That's awesome. Bless them. Yerba Buena. Let's take a look at Yerba Buena. Completely overpriced. We were talking about this earlier, right? This is in, Oh, Evergreen. Evergreen College is right there. This is a nice area. That's the villages. If you're older, these are nice homes, right? Here's the thing, guys, buyers are only going to pay what they know the house is worth, right? It's a standard house. Maybe if this was in Sunnyvale, this would go for a little bit more. Look, it's a nice-looking house, right? There's nothing wrong with it. A little dark for my taste, but the counters might be marble. Or granite, but it's tile. You need to have a solid surface. And how many different floors do I see in that one picture? That deck looks like it was just patched together. There's another cut to cut different kinds of floors. It's a nice-looking stove. Tell you that. But why is the microwave over there? Get the hood here, sink there. Then you have, I don't see a dishwasher either, but you have to have the TV. I don't see a dishwasher, not dishwashers today are a pain in the butt. So there you go. So for 75%, 72% of this price, there you go. There's you. Three things you need to know plus San Jose's Santa Clara County's highs and lows for this week. Hope that was helpful. I'm Vito Scarnicchio with Albatano. We'll see you out there. Let's take a look! Vito Scarnecchia Realtor®, Broker, Veteran, Dad DRE#: 01407676 Website: update your home value: RELOCATION@ABITANO.COM If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: Home Buyers Course YT IG FB LI Blog POD Professional Photography by Kim E / video post-production service for business marketers. $5 trial- Use Vito50 when you sign up… Video Marketing Course for Realtors Try Streamyard! Try Melon video streaming



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