🔴[LIVE] 🚨 Healthy Home Upgrades For 2023 | first-time buyers bounce back | This weeks Hi's and Lo's
- Best Healthy Home Upgrades For 2023
- How Long Does a Kitchen Remodel Take?
- First-time buyers bounced back after two years of decline
- FRED Foreclosure rate
- Tuesday Hi's and Lows
Three things you need to know about living in Silicon Valley. One healthy home upgrade for 2023. How long does it take for a kitchen remodel to happen? And first-time buyers bounce back. Let's get moving. All right, today we're talking about highs and lows too. So make sure you stick around.
There are some pretty amazing little numbers that I want to show you, but let's get started.
Rates are at an 8 percent all-time high. I don't know how to explain it other than it's crazy. I, in the feds, are talking about going up another quarter percent to extinguish, to put a death nail into this inflation. However, 30-year fixed 30-year jumbo are hovering at 8%. So maybe in November or December, we'll see eight and a quarter.
Who knows, is this a good time to buy? I think it's a great time to buy because we're seeing houses stay on the market just a little bit longer. Gas prices are coming down. We're seeing 4. 59 at the quick serve. 4. 59. I just had it here. Where was it? 4. 59 quick serve on alum rock. I paid 5. 20 yesterday. Two days ago.
Best Healthy Home Upgrades For 2023 https://www.forbes.com/sites/jamiegold/2022/12/06/best-healthy-home-upgrades-for-2023/?sh=6bb7f29820bf
healthy home upgrades for
2023. Now this one talks about chromotherapy, blah, blah, blah, technology. I'm not a big fan of putting technology into my house where, conspiracy theory, people can say that, Amazon and Apple are listening in on you, but guess what? They're listening in on you, right? So if you're into Nest and having your house controlled by your computer and your iPhone, By golly, do it right materials.
Now I'm not a big fan of these plastic courts. I have it on my kitchen counter, but that seems to be the thing right now. And that's what people are buying right now. So you either buy a fully turnkey house, which means you're buying other people's tastes, which, granted, you don't have to, you just move in, right?
It's like almost buying a brand new home, but it's not because. New homes are totally different. They have their own little set of problems, but if you buy a flipped home or a house that's been upgraded, you have to be careful to make sure that you know what you're buying and that there aren't any short corn or corners being a lot of things happen in those days.
And that's why you see my hashtag R E W T F. People tend to want to do shortcuts appliances in this day and age. Be careful,, which brands you buy. There are a lot of class action lawsuits out there. I'm not a fan of the computer on everything simply because it's just another thing that can break.
And typically they do. Gone are the days of purely mechanical appliances where you have a dishwasher, where you have to turn a knob to get it started. I wish that was. These days, and I believe that there's still a market for that if you're going to upgrade your house, don't cheap out on fixtures and faucets and lights and doorknobs with some quality stuff.
I have my front door. We placed our front door a few years back and we're having trouble with our locking mechanism. Again I just happen to feel like that one was, that's the one it came with. I didn't think twice about it and I knew I had to go in there and spend two hours trying to futz around with it and fix it.
If I can make one recommendation, don't buy the cheap. Faucets, et cetera, at Home Depot or Lowe's, go to a plumbing supply store where they have ceramic and steel parts instead of plastic parts. I know that they say that their lifetime warranty, and in fact they are, but it's just a pain in the butt to have to replace the valves inside of a shower.
It's not, it's just a pain in the ass. And I do it. Two or three times a year with my kid's bathroom cause they just crank on the faucet thing. And, but it's just one of those things. If I had my druthers, if I had to do it all over again, I would replace them with more expensive steel and ceramic valve faucets.
Lighting guys, I tell you, lighting is the most important thing. You have to have a Bright and airy open feeling like this whole thing right here You can see you have natural light coming in But you also have you don't even need the lights on because you have sunlight coming in use the sunlight It makes you feel more alive.
I know that I have my lights here, which aren't pointed in the right direction It may be a little bit better, but when you have a chance, open up your blinds. It's nothing better than having natural light come into your house. It makes your house look better. And when you go to sell it, it'll be more natural for you.
Yep. There you go. And here's the thing, right? You're balancing new, efficient appliances versus old appliances. If the old appliances still work, keep them right. They have a long-lasting. They've been around for 30, 40 years. They're going to continue to last. These ones are designed to last five to 10 years, mostly because they want you to style in and style out.
So just be careful of what you're buying by something good. That's going to last a long time. All right.
Home remodeling. How long does a kitchen remodel take? That's subjective and that depends on where you live, but I did one. I remodeled my kitchen five or six years ago and it started with me pulling out a dishwasher and seeing a lot of.
Gunk in the back of the wall and the cabinets were all rotted out what happened was when the floor guys put the dishwasher back in they made a micro puncture a little fissure Inside the drain hose and every time the drain pushed water out it leaked a little bit and it leaked all over Inside that thing.
So we had a brand new kitchen put in. And if you listen to my insurance guy, video, which is coming out in a couple of weeks, that could have been taken care of by the insurance company. So if you have a catastrophic or not catastrophic event happening in your house, have, an independent. Adjuster come and take a look at your house Don't have your insurance company send their adjuster out Cause they don't work for you, they work for the insurance company But a kitchen remodel, it took us I want to say about two and a half months for a complete remodel But we redid the floors, we did the s, we went all the way down to the studs And the ceiling joists And we redid the electrical And we did new boxes New cabinets, new counters, new everything, tile, new appliances, and it cost an arm and a leg, but we have a brand new kitchen.
It took a long time, and there's always something wrong with it, right? I'll tell you one thing, if you're going to do cabinets, do custom cabinets, and tell them when you do the primer, tint the primer to the color that you're going to do. That you're going to paint. So if you're going to go gray, make sure the primer is gray because if there's a ding, sorry, if when there is a ding or a scratch or a cut or a chip, it will still blend in.
It won't be like, Hey, there's a chip. It's white. You can see it because I can show you pictures of my kitchen that have my kid's chips and scratches and things all over it. It takes time because contractors aren't just going to work on your house. They're not, they're working on four or five projects at a time as the product comes in there, they'll install it, they'll do the demo and then they'll make sure that everything goes on time and they, you want to have a project manager managing everything.
So everything comes in on time and is done on time. We hired Veronica McCoy, who is my project manager for the homes that we sell. And she came in and I did the demo and prep work and she was cracking the whip on me like you wouldn't believe because we had to make sure that we were on time for the contractors, the next set of contractors to come and we have plumbers, electricians, and carpenters and contractors and everybody moving around and they all had to have their time in to do it and it all comes together and when you use a project manager, it goes a little more smoothly.
I have some friends that are using Veronica right now doing a bathroom remodel and they're building some stuff out and they're having trouble with a civil engineer or an architect. And so be sure you pick the right people if you're going to use them. So make sure you plan, make sure you start, make sure you keep on time.
Whatever it takes, get it done on time. Unforeseen things happen. You're just going to have to deal with it. All right.
First-time buyers bounced back after two years of decline https://www.car.org/en/marketdata/marketminute
This came from the California Association of Realtors. The bottom line is first-time buyers bump. Bounces back but only a small amount from 33 to 36 At the end of the day Guys, I know rates are high.
We just said it's eight percent Not all time high because that was 16 or 17 But when rates get high, there's less competition. Would you rather buy a house at high rates? I know it seems like this is a sales pitch, but it's not because I don't care if you do or not i'm busy enough Happy to work with you, but I'm busy enough that I don't care if you do or not, but if you're in the market, if you think you're going to be in the market, now's the time to buy versus when the market is super hot, high rates can be adjusted.
You can come in now and negotiate the price. You can negotiate repairs. You can negotiate all sorts of stuff. If the house has been on the market a long time, and we talk about that on our 90-day report, which I think is. Tomorrow 40 day market. We'll talk about that in a second, but houses are tending to stay on the market a little bit.
We're trying, we, the government are trying to slow down the economy by increasing rates. GDP housing is a huge part of the GDP and we're trying to slow that part down. We're trying to slow down the car market, which I show you quite often that the car market is slowing down.
Buy what you can right now. So I'm going to tell you rates, gas, matrix.
Tuesday Hi's and Lows
Elise Court was the most expensive house sold.
121 percent over list price took a mere five days to sell for 16 million, six bedroom, five and two half baths, 7, 800 square feet with an additional 1600 foot ADU in Los Altos, excuse me, in Los Altos Hills. The only crime I could tell you that they did commit on this is that they, the first picture was.
Not the front of the house.
It's a beautiful house, right? Look at that
high-end everything. Remember we were talking about high-end appliances, high-end everything. This is it. 16 million worth. You have your own professional espresso coffee shop right there. They probably still go to Starbucks. I would love to have an office like that.
That is living, guys. Imagine coming into a house like that. That is just gorgeous. Do you have a movie room? I would love to have a movie room. Look at that full-on sound stack right there. An A-B stack.
Amazing views. Perfect. Alright, let's see. The second one is...
The lowest list price 660, 000 still listed, 000 over the list price. Why did it sell for over the list price? Look at this thing. It's a shack. They didn't buy it for the house. They bought it for the land, right? They're probably going to tear this thing down. Two bedrooms, two baths, 744 square feet. It's 109 years old and sold in five days.
Why? Let's take a look.
Proximity to The high school is proximity to the creek where all the homeless people hang out. Now they sold it over the list price because they listed it lower, right? It's a great example of that. I think we want to go to 19th Street now. That was 19th Street. Now we'll go to proud right here.
This is the highest list price to sales price. The ratio is 128 percent over the list price listed at 1. 3. So 1. 665 sold in 11 days. They didn't mess around. This is in
East side, San Jose, right? That's well, that's Piedmont High School. It must be right for a bedroom, two baths, 1675 square foot, 50-year-old home sold in 11 days. Why? Because they listed it lower. I can't tell you what it looked like inside. Because when they close, you have an option to do that, to close it out.
Cabrillo in Stanford is the lowest list price to sales price. So they originally listed at 4. 2 million, took over two years to sell almost two years to sell. Take a look, show you that. What happened guys? First of all, you have to be an employee of Stanford to be able to buy this house.
And it's probably nothing great. They probably looked at the star square footage and then did not take into account the fact that you had easement requirements, meaning you had to be an employee of Stanford to buy this, to afford to buy this. And look, it's an older house craftsman style, right?
Nothing wrong with it. It's older, take a look, five bedrooms, three, four, three and a half baths, 3, 200 square feet. That justifies a high price, especially when it's in Palo Alto, but since it's in Stanford, it's more, it's not going to go for as much just because it's the market. So they probably did not take into account that.
And they're like, Oh, these are the recent comps. And the agent may have bought the listing I can solve for 4. 2 cause that's what the other houses are selling for around Palo Alto. But what you have to do is you have to take comps in around here. And when it's on the market for a long time, you wind up buying, biting your arm off one inch at a time.
So that's it today. We talked about what we talk about upgrades and how long a remodel should take the buyers are back in the market and rates are crazy as high And gas is coming down, but only temporarily around the Bay area. It's still pretty damn expensive, but 4. 59. That's something I might go take a drive up to LM Rock.
Let's see what happens. All right. I'm Vito with, I'm Vito with Abitano. We'll see you out there.
FRED Foreclosure rate https://fred.stlouisfed.org/series/RCMFLBBALDPDPCT30P
2023's Housing Correction Could Be The Largest Since
HOME SEARCH https://www.onereal.com/vito-scarnecchia-1
TITLE THEFT IS ON THE RISE WHAT IS IT, HOW DO YOU PROTECT YOURSELF AND WIRE FRAUD http://blog.abitano.com/2023/08/title-theft-is-on-rise-what-is-it-how.html
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