80% of owners have a mortgage rate under 4%

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 Good morning. Three things you need to know living in Silicon Valley today. Today is Tuesday, August 22nd. I'm officially 55. Wow. Just saw the 22 kinds of reminded me. Anyway, today we're talking about three things you need to know about living in Silicon Valley. One is just because you can. That doesn't mean you should.

Median price by county quarter, the first quarter of 2023 results. And I want to talk to you a little bit about that. And then 80% of homeowners have a mortgage under 4%. Crazy, right? 80% of homeowners have a mortgage under 4%. What does that really mean? All right, now let's get. And then we'll talk about highs and lows too, but let's get to this real quick.

Just because you can, doesn't mean you should you got two triangle homes stuck on.
I just don't get it. It

makes no sense.

It must be like the bane of the existence of all the neighbors, right? Why would you have two triangles on top of each other as a house? I

mean, I get it. The neighborhood is not all that great either, but still, you're, it's you're, you're. I'm not upset. I'd never buy it for 239, not for 23, 000. Cause really it's just the land. So just cause you can, doesn't mean you should. All right, let's take a look. 10, 10, 11, actually 11 of the.

Median Price by County q1 2023 NAR

Bay Area counties, including Monterey fall within the top 40 median house prices in the United States. And how do I know that? Cause I took a look yesterday and did some crunching and everything in yellow, 1, 2, 3, 4, 5, of these counties of the top 40 counties or top 41 falls within the Bay Area. It's crazy.
The Bay Area is home to 11 (SEE YELLOW) of the top 40 most expensive counties in the US.
Whereas Texas is home to 10 (SEE BLUE) of the bottom 40 least expensive counties in the US. - followed by Kansas with 8 in the same space.
Now it's Hawaii and Massachusetts and Colorado where all the veils are. There's Solano County down at the bottom here, but let's go all the way to the bottom and I have pictures of this somewhere too. I have it in the blog. If you want to take a look, 10 of the least expensive houses, medium price wise are in Texas and a lot of them are By where?
Lubbock. I want to say that area in the Lubbock area, but they're out in the middle of nowhere. Right now. Can you get a house in King County for 30, 000? No, you can't. As a matter of fact, let's take a little quick look. It was one for 63 and give it a minute here. See, that's Lubbock right there. I have a friend from, I think it's from Abilene.

It's not. Yeah. So anyway, you can get one for 63, a two-bedroom, one-bedroom, one-bath house, but most of the houses are a hundred thousand or more. Now look at that. 65, 000.

If you want a low cost of living, Texas is the place you ought to be. I'm not talking about San Antonio, Austin, Dallas, Fort Worth, Houston. Those areas are California dating, and getting California created. These houses, however, Oh look, there is a three-bedroom, a two-bedroom, one-bath house, 622 square feet for 32, 000.

Look at that.

Probably doesn't even have air conditioning,

the water heater is right next to the bathtub. At least you don't have to wait for hot water. What you get for 32, 000.

On the market for five days, probably going to go pretty quick. All right. So there you go. The median price count is out. Let's see. Oh, and I also have one of all the California in case you want to take a look at the different counties in California, but this one is 21 to 22. So I'm just using that as a reference.

And if you need these, if you want these links, They're not mine. I don't own them. I'm happy to share them. Okay. So 80% of the houses, 80% of the mortgage rates, how does that look? Cause I think 65 or 70% of the houses, 60, roughly 65% of the homeowners do not have. Alone on their properties, right? Because more and more people are living in their houses longer, 80% of the people that do have a mortgage have it below 4%.
What does that mean? If you are going to buy a house and the house happens to sit on the market, I'm not talking about houses in Cupertino. Cause we're sure I show you right now, Palo Alto, they're flying off the shelf. If your house stays on the market for a lot longer than 30 days, then you have some wiggle room.

Especially here. And we'll talk about that in a second. Do I still have that highlighted? I don't.

I lost it, but I think the point here is that this is going to continue to be, a problem of inventory for us. Now, if we look, there were 138 closes last week, this morning to last Tuesday, 138 closes. That number has significantly gone up and was really far down In January of this year, but that was expected, we expected it to actually slow down and get below the hundreds during the summer, but it did not mean supply. Demand is still there when demand is still there.

Prices are going to maintain that price level, if not go up. And yesterday we talked about that. We're seeing prices go back up. This is from 22 numbers when we had that divot in November, December, January, February, and March, and started taking off again. Thank you. We're seeing our numbers catch back up.

Santa Clara County Hi's and Low's Local GOOD News

THESE ARE NOT MY LISTINGS: SD230008362, ML81935289, ML81924819, ML81932219
This is from Monday, 95 of the 138 or almost 70% of the houses that closed were over list price. So that's two-thirds or way over two-thirds. And right now we only have 842, which again, I maintain it should be about twice that for it to be a healthy market, an equally balanced market, not a buyer's market, not a seller's market.

We need about 1600, 1700 homes on the market in Santa Clara County to make it a balanced market. All right, let's do, Oh, Lazy Dog. Yeah, guys, I know I keep talking about Lazy Dog, but it's, new and it's, I know we have the Mexican restaurant coming down right by 24 Fitness. We just drove by it. It's a Mexican, Japanese fusion.

I'm excited about that. But until that, we have a lazy dog and that's a great place to go and hang out. If you want to go hang out and watch a game, they have a good bar, they have some great food. I know they have the cauliflower dish, it's like 10. I think it's more of an appetizer, but people actually order that as a meal.

So there you go. Okay, let's go take a look at the highs and lows. Look at this palatial 10, started at 10 million, 14 days on the market. So for 12 million and it has an 800 square-foot ADU on top of almost 10, 000 square feet. Let's just round that up to 10, 000, five bedrooms, six full baths. Three and a half acres were built in 2006.
Let's take a look at this monstrosity. Ryan, if you're watching this, there's the little silos that you love so much.

Amazing view, right? Look at that.
See, the decor to me is just a little over the top. Not at the Roxbury over the top. If you know what I'm talking about.

It's a whole gargantuan room that whole room right there is probably bigger than 600 square feet Which is larger than that house in the Lubbock area

and there's a teepee there for your children a

little over the top there That's not my style. All right. Hey, I get it then this is the least expensive house sold for 710, 000 actually went over the List price sold took 111 days for it to sell probably because No, all right 1254 square feet. It's 83 years old and built-in 1940. That looks a lot older than that Three bedroom two bath took 111 days to sell Michigan Avenue.

So I sold a house right here, right off on North first street.

This is it right here. Oh, it's so long ago. But yeah, take a look. Beat up. Completely not maintained.
That is rough guys. Look at that.
Sold as is. There you go. All right. The next one is the highest list price to sales 1. 2 99. Looks like they popped it up. to 1. 5 and all of a sudden sold for 1. 6 in eight days. Four bedroom, two bath, 1341 square foot built-in 1970. Little ranch house. This is, where is this? In Berryessa, this is the Berryessa area.

It's crazy, right? I have a house coming up here. Where is it?

I have it right around here. It's coming up for sale.

I'm glad that they actually added that. Let's take a look inside. Dolled up the house. Oh, it's
funny. People are saying to stay away from grays now. A lot of the decorators, a lot of the that's cool. Look at that. That's one of those hoods that are inside the ceiling. So this house was completely flipped out.

They have all the new brass look. It's funny. Brass is new. Brass is the new rubbed bronze, although that's all stainless steel.

That's a good-looking house. Completely updated. All right. So that one sold for 25% over the list price. That one on Palo Alto, that 12, 000, 000 guy sold for 22%, 23% over list price. Crazy.

Maui Drive listed at a million dollars, took 80 days to sell three bedrooms, two baths, 600. And this is hell here. I used to live, where did I live? Right, here.

So this is Andrew Hill high school. I want to say this is Davis middle school and Yeah, this is where we drop off our bikes at the end of the year. Remember the name of the street. So let's take a look. Oh, yep. Only, one photo. So I can't really show you inside, but yeah, look at that thing. You just look at the outside.

The fact that it wasn't even a professional photo. They didn't take care of the trees, or the landscaping and dress it up. And 880.

In 80 days there you go. That's one of those things where you know, it was probably a rental It's probably still a rental. There you go. All right.
There you have it three things you need to know Rates 80 of the houses on mortgage are under four percent, which is going to hurt our art Or inventory just because you can doesn't mean you should be careful of how you build things or what your thoughts Always have somebody come in and help you design And then 11 of the top 40 houses in senate of the santa clara county 11 of the top 11 of the santa clara county 11 of the Santa Clara County, 11 of the Santa Clara County is not Santa Clara.

The Bay Area counties, there you go. That's much better. 11 of the Bay Area counties are in the top 40 counties in the median sales price across the United States. That's why it's crazy to live here. Hey, I'm Vito with Abitano. We'll see you out there. 


Sell your home OFF Market or not - what do you think?

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