🔴[LIVE] Interest rates EXPLODE | Tuesday Highs & Lows


🔴[LIVE] Tuesday Highs & Lows 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 Website: abitano.com update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com / VydeoEase.com- video post-production service for business marketers. Use Vito50 when you sign up… Video Marketing Course for Realtors https://karincarr.samcart.com/referral/O0FGKRS3/0orWK4vK5bAYBD6E Try Melon video streaming https://melonapp.com?ref=vitoscarnecchia "


 Good morning. Good morning. I'm running late. Hang on a second. I gotta shut me,

here we go. Just got back from the gym, running super late. Wanted to get this out as quickly as possible and I apologize. Here we go. Today we're talking about three things you need to know. How much is your house going to cost by 2030? And what's the cost of 2, 000 today compared to 1, 850? And. I knew how new restaurants opened up and I'm excited about it because it's within walking distance.

So we'll talk about that Let me see if I can do this real quick. I didn't get a hundred percent set up. So I apologize We're going to start with

Blossom Valley Mexican Restaurant coming soon!

we're going to start with the restaurant. Now if you know this area right here, this is Santa Teresa and Blossom Valley. This is my park right here. Kaiser's This is Cottle, Santa Teresa, 24-hour fitness, Moon Beans is right here, in this little area. Oro's Thai is a great restaurant.
Moon Beans is here. There's the Bank of the West. I always wanted to convert this into a wine place, but look, this place right here used to be Jack in the Box. It's going to be a restaurant. It's going to be a Mexican restaurant, and I am Super stoked about that because I can walk there. Yeah. Get drunk a little bit.

If I drink, decide to drink, then I can saunter home. Saunter. That's actually a name of a street right here. Saunter. See? All right. Enough of that. How much was your house? How much is a 2, 000 worth from 1850 to 2023? Now this is a great example of inflation. They're saying that they have the feds today say that they have.

Inflation is in check, right? Because it's now coming down. Inflation is now coming down in the 60s, 70s, and 80s, or the 70s and 80s, we saw inflation spike. We also saw it spike in 1916 during the world war or after the world war and then 1862. Which Spanish-American war, I don't know. So what I keep telling people is that our, inflation factorials, it continues to become more expensive month over month.
And that's, why this is a good diagram because the 2, 000 that we had back in 1850 is now worth. Over almost 80, 000, 78, 000. Conversely, that 2, 000 is the buying power, right here. The buying power is a whole lot less. It's worth 50 compared to 2000, the year 2000, right? Now, how much is 1, 000 worth in 1850?

It's worth 39, 000 today. So roughly 40, 000 times, 4, 400 times,
it's worth 40 times more in 19, 18, and 80. And it's because of all this, and here's something that I want you to take into account. You're going to see a lot of these graphs coming up. They don't have fuel. They don't have gas. They don't have, they call it other goods and services, but they don't have heating utilities.

I know it's they don't, I don't know why they don't include it. They have medical care, which medical care has gone crazy expensive, right?
I'm a powered grandpa. Do I know that knowing something? Okay. So anyway, that's something to be aware of. Your dollar is worth less every day. Every time that inflation number goes up, go. Yeah. That inflation never goes up, even though it's a micro. Tiny, amounts over time. It adds up because it doesn't just go up and back down.

It doesn't go up and back down. It continues to add on top of, add on top of, add on top of. And I know most of us understand that, but a lot of us don't. It's like that progressive tax thing I don't know how I got this, but I got it against an agent drinking milk out of a refrigerator. Shame on him.

How Much Will A Home In The U.S. Cost By 2030?
Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg

How much is your house going to cost by the year 2030, which is only seven years away guys, six and a half years away? Let's get rid of this. Okay. So the average cost of a house today is what we already know. I have it here because we track it Wednesday, the average cost of a house is the median price of a house today in the United States is 410, 000.

It chopped up and went back down. I want to say that the number that I saw last year, June report was 416, 000. So we're coming back, right? I think that the number, and we could come to a stall and see that number stall again, right? And it adjusts over time. So when I said it was 416. It was actually brought down to 413, 800.

So that's, a normal thing for that, number to adjust. So looking here, we're at 410, 000. We're very close to getting back to normal. What's it going to cost in seven years? The cost average home value as of see, it depends on where you are, but on the average. We're going to see it go up.

I think we're going to see another 10%. So this median sales price, we're going to put another 40, 000 on top of that. So we're going to see about 460, 480, 000 and call it, I'll call it about 470, 000 in seven years.

Because I think even if we do see a massive correction, like an economic downturn, depression, recession, what have you, I think what we're going to see is that this number. We'll come back over time and over time is what matters, right? And that's the point I want to make sure that we understand, even if we see prices crash for where's this, even if we see prices crash, we're going to see it come back.

It will come back. I know we're artificially inflated right here, guys, but at the same time, it will come back. Because this is yours, this is the conservative number that we tell people. See prices rise 8% every year, but really it's been about 15%

under-promise and over-deliver, right? So all the chicken littles that are out there saying the market's going to crash. It might, it really might. We don't know, right? We just don't know until we know. So let's go take a look at today's highs and lows in Silicon Valley, Santa Clara County. We had 180, 132 closes.

Highs and lows Santa Clara County

Rates actually exploded. I want to show you this. It's not this. It's actually 7. 25. Yeah. 7. 24% market there for you. So you have it. That's crazy. Why are we doing that? I think we're artificially increasing it because we're coming into an election cycle and we're trying to slow down the market. If you look, we're still seeing closes at 130, 150, 180.

In June of this year, we almost had 200 closes, right? This is only because inventory is down.

Because look, over, over all the ones that closed, right? Now granted, rates a month ago were 6. 9. So it wasn't that much, that wasn't far off. People forget that 7% is painful. They just know that they have to buy a house. And if it's time for them to buy a house, they're going to buy a house. 132 of them bought a single-family house last week or closed on the house last week.

Not the, not like the fire sale that we had two years ago, but it's still going. 87 of them were over the list price. That's 67%. Two-thirds of all the houses that closed went for over the list price. A lot of them, a lot of them were just squeaking right over. But at the same time, we did have 133, which is actually the highest.

And then this is not the lowest. Why do I have it like this? So let's take a quick look at this. This is the most expensive house that sold. Listed at 7. 988. Was on the market for 23 days. Sold for 7. 5, 500, 000 less.

It's gorgeous. It's a beautiful house.

People that want are going to get the one that sold for the least amount of money. Sold for a hundred percent, took 21 days. Three bedroom, two bath. It's a hundred and 101 years old. Three bedroom, two bath, 1600 square feet. I feel like I've been in this one.

Whew. $750,000. If you don't live in Silicon Valley, what can you get for $750,000? A wall furnace, maybe a newer kitchen, LPV vinyl. I'm not a big fan of that LPV. I know they keep pushing it because it's a high-profit margin, but I don't like it. Okay, this one right here, 1. 2, so for 1. 6, 128 over the list price.

And it looks like that was on a busy street. No, that's a filter. Vargas place.

It's off the beaten path, but still close to Santa Tomas. Pretty basic branch.

These are not my listings. I have the MLS listing numbers down below if you want to research that. I'm not taking credit for this. Just so you know, this is a nice-looking house. It was nicely remodeled, right? I don't like the fact that you have the washer and dryer right in your face. I would have preferred to have that in the garage or closed off somehow.

When you're buying Santa Clara, you don't really get a choice. You get to get what you get and you don't throw a fit. And

this one, wow, look at this. This is pretty. This one is in Los Altos. Wow, nice craftsman style. Only one, one house, or one picture. Cause it's sold. That's a new thing. Yeah. Listed at six million, sold for almost five, six bedrooms, six and a half baths, 4, and 500 square feet on over a quarter of an acre. And it was built in 2009.

There you go. All right, there you go. Three things you need to know. The cost of money is going down. Houses are going to get more expensive. The median sales price is going. What was the other thing?

Oh, Mexican restaurant coming in Boston Valley. Super excited. I'm going to do a walkthrough so you'll see it. And yeah, we're maintaining the status quo. Houses are still selling guys. Don't be afraid. This is the time to buy. If it's time for you to buy, it's time for you to buy. I'm Vito with 

We'll see you out there.