Santa Clara County Housing down 36% | San Jose Residents don’t want to retire here
- Homes for sale NEAR APPLE CAMPUS
- San Jose Residents don’t want to retire here https://sanjosespotlight.com/residents-dont-want-to-retire-in-san-jose/
- How to Cope With an Empty Nest in Retirement https://money.usnews.com/money/retirement/baby-boomers/articles/how-to-cope-with-an-empty-nest-in-retirement
- Santa Clara County Housing is down 36%
- Financial Intelligence https://bit.ly/Abitano
- HomeValuation
- NAR.Realtor Stats. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
- https://www.onereal.com/vito-scarnecchia-1
Pod https://podcasters.spotify.com/pod/show/siliconvalleyliving/episodes/Santa-Clara-County-Housing-down-36--San-Jose-Residents-dont-want-to-retire-here-e27m95g
So
Santa Clara County housing is down 36%. Three things you need to know today. We're talking about 36% off the market. Holy cow. Yeah, we'll talk about that in a second. The other things that we weren't, we'll talk about today is there's now I have a search for your homes for sale near Apple campus. I'm going to start doing those little things real quick.
And then San Jose residents don't want to retire here. And how to cope with an empty nest in retirement and yeah, starting to hit close to home. So that's why I want to talk about this. Let's talk about that one real quick. See how emotional I'll get. My son is actually home from Chico today. He's hanging out with his friends, but I got to see him late last night.
How to Cope With an Empty Nest in Retirement
Before I started falling asleep and he's sleeping right now. So I'm trying to keep it as quiet as possible because he's in the room next door. But going through watching your children move out, go off to school or go to the military or what have you. It's Recognition of the next chapter of your life.
And that's difficult for a lot of people. It was horribly difficult for me. But going through all this right now, it's all about getting used to it. Understanding it. We have two more daughters. They're juniors. They start this week. They're going into the whole next phase of their life. Mike is going into his phase of becoming an adult.
He's a junior in college and we're getting ready for what's going on. So we're talking about what we're, what you can do. So plan ahead. Yeah. You know what? Don't stick your head in the dirt. Start thinking about it now, right? Because when it's happening, at least you'll have some kind of idea of how to transition, right?
Don't put it on the kids. They're going through their own turmoil, right? They're trying to settle in and trying to figure out how to be adults how to accept those new challenges, how to struggle with finances meet new friends and the isolation. Their whole life is disrupted.
Sonetwork I think that's why I go to the church because I have new sets of friends there that are going through similar things, but also it's different recreational things. Like I'm hiking, I'm going to go on a hike right now and suck it up. I don't know if you see my videos of me hurting, but. Do new things, get into archery, tennis, pickleball, whatever.
And I think that's why The Villages is expansively popular because there's so much to do that they're diversions, right? And reconnect with your spouse because there are certain pains and grudges that you have to deal with over life, over the life that you had that's transitioning, so reconnect.
It's going to be important. Find that new role. You might be retiring. This is the next chapter. So you might be trying to figure out what you're doing, what you're going to do with your life, find a new hobby, find new friends, get into it. And that's the things that I've been exploring. It's one of those really, tough things for me watching my kids grow up.
So I'm doing new fun things right now. It's hiking, getting in better shape. Focusing on my mental and spiritual facts, facets, focusing on the business, and moving forward. Redefine yourself, right? We just watched Barbie last night and it was all about defining who you are before you accept something else or someone else.
But there you go. And keep up with your kids. One thing I do, I'm not saying this works, but I do a lot of tick tock and I send them tick-tocks that I think are funny, like stupid dad jokes, but it's just another way to keep connected with them. They're attached to their digital device, whether it's an iPad, their phone, their watch or what have you.
It's, there's just one simple way to do it. So I send them TikToks and it's sometimes funny, sometimes inspirational, but there you go. All right. Oh, people don't want to set. There's a lot of, there's a lot of retirees that are just sitting there, right? They're just sitting there in a big house. Proposition 19 allows you to move your dock spaces out there to different parts of California if that's what you want to do.
San Jose Residents don’t want to retire here
A lot of people move to the outskirts of California, to the Central Valley, to the beaches, to wherever, because the cost of living might be better, there's a different scenery. Some people are attached to their homes. And I get that. And one of the strategies I state is to keep your home and stay in your home until you pass on.
Financially, it's, it's one of the strongest decisions you can do for your estate, planning, for all that. But there are strategies that we talk about, right? Different things about living in San Jose are becoming much more difficult. Like getting anything done. You have to have a permit for everything.
You have to deal with everything. Cost of living, cost of doing business, cost of having a repairman come in. It's usually any, time. Now it's two, 300 to have anything done. Any fix your dishwasher, fix you. Whatever right it's because everything's expensive here. Just have to deal with it And it's more expensive here than it is say in the central valley because out there's a lower cost of living You don't have to pay that much rent and housing is a huge portion of everybody's outgoing spending right so
Transit, I think I don't even want to get into that. Transit here has always been a third-class citizen. Nobody cares about it. The only people that really use it are. I guess there are a few people that do it, but I always hear bad stories about it. So Anywho, let's talk about the numbers Oh real estate wtf of the week.
I want to go to this one. See if this one still works. Is that one running?
Yeah Guys, get your ac checked.
I don't know if you can see it Probably can't but they had that green room. I'm sure you saw it if you don't subscribe to it. Okay, so Right now we have 203 houses on the market Over 40 days, 72, which the numbers are dropping, right? Which is good. REOs. We have 29 whole REOs in 10 counties. That's 2. 9 houses, REO, bank-owned properties in, in, in 10 counties of Bay area and all of California, there's 221.
It's proving to the point that over the last year, there's just no need for us to have, to look forward to buying REOs as a strategy. They're just not. And the ones that stay there and linger or just they're horribly displaced houses or maintained houses, depending on if you're looking at a realtor. com or San Jose actual feed, there are 266 to 346 homes for sale in San Jose.
That means there are 1. 5 houses per square mile in San Jose. Last week we had 73 closes, which again, is the summer doldrums, right? The summer slowdown is normal. We see the inventory go up or stabilize housing stays on the market a little bit longer, which down here, 19 days. And we saw it just pop up again.
Santa Clara County Housing is down 36%
That's the transition from the 4th of July weekend, right? That kind of just, we'll see this slow down, but as we get into September, we're going to see these numbers increase. Days on the market. Again we're seeing the transition invert. Again, we talked about it last week, right? This week we had 105, almost 105.
62 list price to sales price ratio. Last year it was 99, right? The numbers are inverted. Same thing here. Average sales price this, last week in San Jose was 1. 6. Last year is 1. 59. So we're, actually inverted. We had more closes last week than last year, but that's just cause the volume was there.
There was far more inventory. And I think that's the problem, right? I was saying here's July's numbers and that this number is going to change, right? This five, eight, six, five, this is 5, 865 houses, townhouses, and condos sold your date. 2005 we had 13, 000, 2004 we had 14, 000. Right now we're, The lowest it's been.
We have the lowest number of sold houses right now in the last 20 years, year to date, in Santa Clara County.
The chart proves it, right? So this number right here, 2020 6588 was the next closest it looks like. And then 6565, which was right here, but right now it's because inventory is so low, you can't have a market when it's 346 units for sale, it's just. a seller's market, even though rates are stupidly high.
And that's because rates were low 2% to 3% 60 or 65% of all houses that have mortgages on it across the United States are below 3%. Why would anybody sell their house? So it's going to be difficult yesterday. We talked about it by now With the anticipation of rates going down eventually the rates will eventually go down because we're artificially high because we're artificially low we're trying to balance the economy balance inflation that's a Sticky wicket, right?
Yada. Yada. There you go. All right are we gonna see? Are we going to see prices come down? Not unless we see a major disruption somewhere. We have corporate housing, and corporate corporations, buying up houses in mass. We have sellers not wanting to sell because their, rates are so low. We have what have you.
So the main people that would be selling are divorcees. Death in the family, empty nesters, relocation. Those are the four main people, family types, or seller types that we're focusing on right now. It's just, but those numbers have condensed. If I was told I had to relocate, I would find a property manager and have my house rented out because I would never get rid of that house.
Ever some people just don't want to deal with it. I totally understand Empty nesters people that want to go into retirement homes or pass on to their families those are the people that you want to find but those houses aren't going to be as nice or updated or well maintained as a brand new house or the high-end houses some people will update them and remodel them, but then you're dealing with your, somebody else's style if you're buying it.
There are a lot of different options out there. I'm dealing with a couple of different listings right now where we're deciding if we want to do work or not. And I don't care either way. Just know that you're if you're expecting 1. 8 and your house hasn't been maintained and you have an original house and original appliances and everything looks 40 years old, you're not going to get that 1.
8. You might get 1. 3, maybe 1. 4. If you do a complete remodel, then you're talking about a couple hundred thousand dollars. Your ROI becomes more evident. You're going to get 1. 7, 1. 8 depending on the market, but you're also spending two or 300, 000. So if you go from 1. 3 to 1. 7, you're really only making another hundred grand on it.
And then you have to pay taxes, all sorts of stuff. So I never pressure people. I always talk about what you can do and what you can't do different options, and let you decide. I, my job is to educate you on that. So anyway, there you go. We talked about empty nesters, and how to cope with that. Housing is down 36 percent.
San Jose residents don't want to retire here. Oh, we that's it. We'll talk about financial intelligence some other time. Hey, thanks for hanging in there. I'm Vito with Abitano. We'll see you out there.
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