🚨 🔴🎧 State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️

 🚨 🔴🎧 State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️ 

  • State of the Market SAN JOSE 
  • Homes for sale NEAR APPLE CAMPUS 
  • Where will you move when you retire? Best Place to Retire in the Caribbean 
  •  Mortgage Rates Hit Two-Decade High
  • Fraud on the rise

Homes for sale NEAR APPLE CAMPUS 

Where will you move when you retire? Best Place to Retire in the Caribbean - All You Need to Know! https://www.globalcitizensolutions.com/best-place-to-retire-in-caribbean/

 Mortgage Rates Hit Two-Decade High 

Fraud on the rise  https://www.bankrate.com/mortgages/analysis/

Fraud is on the rise! https://www.facebook.com/watch/?v=286239057331977&ref=sharing

Financial Intelligence 

https://bit.ly/AbitanoHomeValuation NAR.Realtor Stats. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales https://www.onereal.com/vito-scarnecchia-1 

Blog http://blog.abitano.com/2023/08/state-of-market-san-jose-40dom.html
POD https://podcasters.spotify.com/pod/show/siliconvalleyliving/episodes/State-of-the-Market-SAN-JOSE-40DOM-e286676

 It's hot and humid here in Silicon Valley. It's been hot the last couple of days and it's going to continue to be hot. Not that you care, but we have three things we're going to talk about living in Silicon Valley going in right now. And we're also doing the San Jose snapshot or the state of the market.

We're renaming it State of the Market. So stay tuned. Here

we go. All right now I want to talk about

Where will you move when you retire? Best Place to Retire in the Caribbean 

Where will you move when you retire? A lot of people are not staying in Santa Clara county or California So I'm throwing out all these ideas just to open up conversations to open up the mindset of what people are thinking about doing Specifically me. I'm telling people that once my girls are in college, I want to move to a different place.
I'm not moving, I'm just going to go to a different location and live there for a little bit and then check it out and explore. That's my intention. So today we're talking about the Caribbean. Living in the Caribbean and there are so many different islands. It's confusing, right? It's overwhelming and what I'm learning here is people actually will live on a sailboat They'll rent a sailboat for a couple months and just explore the islands and you can do that nothing is stopping you from doing that or you could if you don't want to be on a boat, you know  I get seasick you can do all sorts of different you can go from place to place from island to island and live there for a few weeks stay at a hotel or an Airbnb Or what have you and then enjoy the different people there and learn their customs and the thing The whole reason why you want to travel right?

So this website is right here on on the comments below Check it out. If you have any comments, let me know. If you have any thoughts or fears, let me know. There are a lot of fears about going up. Rates have gone higher or are higher than it has been in the last two decades. The last two decades, 2003, that's crazy.

 Mortgage Rates Hit Two-Decade High

They're really, trying to push this down to where it's painful for people to buy houses, and why? There are a lot of reasons why, right? There could be conspiracy reasons. There could be all sorts of different reasons why. The fact is, they're trying to slow down the economy and trying to slow down home buying, but it doesn't seem to be working.
It doesn't. I'll show you why.

Last week we had 51 closes, but that was because it was a month ago that we had the holiday weekend, the 4th of July weekend. So we knew things were going to slow down, right? Actual contracts slowed down. Closing slowed down the summer naturally slows down. It's not a big deal. We still have houses for sale.

We have 357 houses actively for sale right now. And it's taking 22 days to, get into contract on average. So that number has actually gone up quite a bit over the last couple of weeks. If you look, but that's normal. And we said in the beginning that we were going to see it. The market slows down as we go into September.

People are back in school. The kids are back in school. There's less vacationing going on. So people are going to focus their efforts on moving. Let me put this over here real quick. They're going to focus on moving again. So you'll see more houses get into contract. That's the intention, right? We don't know.

It could fall. With the rates being high as they are, I think we might see it contract just a little bit. We'll see.

Fraud on the rise


is on the rise. Now, what does that mean? Let me see if I can go to this. What happens in... Real estate commerce. What is this? Why are we doing this? There we go. Okay. So the reason why fraud is on the rise is what's happening is people are hacking into escrow companies and it's happening worldwide and can't really stop it or they're finding out that you're an escrow and they'll send you an official email, official looking email saying, Hey, we're changing the routing number, that kind of thing.

So be on the lookout. We actually have, I have my friend. And colleague Suzanne Borg is going to show up next week sometime to talk about things to watch out for when you're in contract and don't get taken advantage of because the escrow company helps prevent you if it's your fault that you Got duped then you're on a path of can't get any money back and we see Instances where seven and eight hundred thousand dollars just disappear.

It's a bad thing and it's getting really bad It's on the rise And you have to know what to look out for. All right. Those are the three things. Where will you move? Mortgage rates hit highs and fraud is on the rise now Real quick. Let's take a look at What you can get for a house if you're going to work for it?

Homes for sale NEAR APPLE CAMPUS 

Apple at the Apple campus. What are houses costing now? Around the Apple campuses 2. 7 million dollars. Look at that. Isn't that awesome? Let's take a look at this guy Now granted everything's updated, but you have still the old wood with shingles and cracks. Look at the old texture They painted it. That's okay.
It's just a standard house guys. It's crazy. Isn't it? I feel like I sold the same floor plan earlier this year. It's nicely updated not really big fond of the Cherry wood, but there you go Let's take a look at this guy right here. Okay. This one's newer. It's spent on a busy street. Let's take a look Yeah it's the end of Benton, so it's not super bad.

It looks like it's actually inside of a cul de sac, so you wouldn't get a whole lot of traffic. It's not so bad. And it's 30 years old, built-in 1993. So there you go, 2. 5 million. That's how you can spend 2. 5 million, guys. It's pretty easy. So there you go. If you're living around the San Cupertino area or Apple, which I think is San Jose proper.

Santa Clara properly depends. No, this is Santa Clara You're gonna be paying for it for the convenience to walk to work Now if you went and lived over here those same houses would be about 1. 3, right? So just think of this as the epicenter and the further out you go the less money you're going to spend

State of the Market SAN JOSE 

Let's take a look at San Jose State of San Jose, we have 400. This is all of the 10 counties, right? The 10 counties that we look at. I should drop this down, but 485 houses are on the market after 40 days, and 194 roughly 40% of them are still on the market after 90 days. Bank-owned properties are still pretty, basically low.
We should be at if, the bank owns were a concern, this number would be a hundred times that 3, 300 because that's about what we were seeing back in the day. Really a thousand to 1, 500, right? So maybe 50 times that same thing in all of California, there's only 236. Houses that have been on that are been owned with re repossessed by the banks,
357 houses for sale right now in San Jose. These are just single-family homes, not condos or townhouses. That's just not enough. We need about a thousand to keep it a balanced market. And we had 51 closes last week. We had an average sales prices are going. Down just a tad bit this week, but again, it doesn't really matter when you're looking at it.

You want to look at the averages, right? This is just the week-on-week reporting. The list price-to-sales price ratio is 104 versus last year. We saw the market slowing down and we saw it going, as a matter of fact, now we're going to see this list price-to-sales price ratio go down to 70, 80%, or 90%, depending on the week.

The high was reported as 122 over the list price and the low is 89. So nothing earth-shattering there. And days on the market again, that was because of the 4th of July weekend close closing a month ago, right? That's totally normal. We're gonna see that go back down just a tad bit over the next coming months That's it.
Nothing else really to worry about. All right, I'm going on a hike and I don't know if you've seen it or not but I do the humble pie videos on youtube yeah, I put myself through this because I'm getting older, and you need to be fit, flexible, and active as you get older, and I'm just chronicling it so people can see me not be perfect because nobody's perfect.

And when other people see people struggle, they feel for them, but they also learn that they can do the struggle too. And that's why I'm trying to chronicle that. I want you to know that you can do it too. The worst thing I want to see is people just sit at home and watch TV all day long. Feel sorry for themselves.

Kind of what I was doing last night. But at least I'm doing something active every day. I work out, exercise every day, five days a week. I go on hikes a couple of times a week. I go to the beach trying to be as social as possible. And am I going to be perfect? No. Am I going to stumble? Yes.

Am I going to fail? Yes. But I just keep getting back up and back up and that's part of life. The struggle is real. So for me. It is Wednesday, August 16th. I can't believe it's the middle of August already. I'm Vito with Abitano. We'll see you out there.



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