🚨 🔴 US INVENTORY HOUSING Staying low! "Mortgage Rates Jump up to 23-Year Highs"


  • Weekend Events
  • Humble Pie
  • Beautiful Day Oct 7 and 8 https://beautifulday.org/
  • Mortgage Rates Jump Up to 23-Year Highs https://www.mortgagenewsdaily.com/markets/mortgage-rates-09212023
  • Baby boomers are becoming homeless at a rate 'not seen
  • Mortgage Rate Forecast: When Will Rates Go Down?
  • What you get for $1MM Santa Clara County https://search.mlslistings.com/Matrix/Public/Portal.aspx?ID=0-998483112-00&agt=1&L=1


 Morning, three things you need to know about living in Silicon Valley. Today we're talking about three things you need to know about living in Santa Clara County, Silicon Valley, as far as it comes to real estate, and what that means to you. Taking a bunch of articles, honing it down, bringing it down to the 100-foot level versus a 500-foot level.

And that's what we're talking about today. Today. We're talking about mortgage rates, jumping up to a 23-year high. Baby boomers are becoming homeless at a rate not seen since. Yeah. And then mortgage rate forecast, when will rates go down? And then we're also talking about inventory across the United States.

So let's get started.

So real quick, let's jump into let's look at this. I've been wanting to talk about this for a long time, 185, 000. Holy moly, come on. It's crazy. If you got it right. This thing's beautiful. You got to look at it, look inside of it. It's just the entertainer's dream. I personally don't have 185 million to write on this gorgeous home inside and out, like it's just designed for showing off your wealth. If you know anybody interested in looking at it, let me know.
I'm happy to help you out. Financial intelligence. We talk about it all the time. I'm reaching out to lots of service professionals' insurance. financial advisors, lawyers, trust lawyers, and we're doing all sorts of other things, helping people get stable, especially in this crazy economy to live below their means and get through this.

If you're interested in learning more about it, there's no sales technique. This is just pure education. We'll tell you more about it when you sign up. 

Baby boomers are becoming homeless at a rate 'not seen

Baby boomers are becoming homeless at a rate not seen since the great depression. Okay. So this is why it's important to buy a house when you're young and can afford it.

And if you can't afford it, something here by something somewhere else. And I can tell you that in the Chattanooga area, you can buy a house for 135, 000. So that's affordable even if you have Silicon Valley wages and you can't really afford a house here buy something Outwards and have somebody else rent it out.

Even if you lose money on well, you won't lose money on anything there but the idea is to Have something set up as a getaway, as a retirement area. I'm not saying Chattanooga is the place to be, I'm just saying that if you're going to be out of place in 30 years, for me, 10 years, think about what's going to, what it's going to look like then and there.

If you can find something outside of California, where it's far more affordable, not paying 500, 000 for a one-bedroom condo, and you're still paying 700 a month for HOA, You want to move to a place, maybe, I don't know, Chattanooga. The one I saw was actually in Georgia. And there's a ton of different places for you to go look.

Spend some time now looking at different places you might want to retire to because that's going to be the new trend. People are going to get out of California or New York or New Jersey where it's a high cost of living and they're going to move to places where it's more affordable. Just, it's the trend that's happening.

And it's already happening, but what's happening with these people is typically they never bought a house and their rents go up and they get frustrated and they look for other places to rent and they need three times the rent for their income. And it makes it really difficult for an average American who's retired to live.
Housing costs are not going to get any less. They're not going to go lower, even if they do, it's only temporary because people have a mindset of buying houses to rent and invest in them all the way up to BlackRock, which we'll get into in a minute. I think. Yeah. We're not going to talk about that one.

When will mortgage rates come down? So here's the thing. We always talk about this, right? When the mortgage rates come down, more people. When mortgage rates come down, more people will enter the market and buy houses because it's more affordable. That makes it the wildfire that we saw back two years ago.

Mortgage Rate Forecast: When Will Rates Go Down?

We don't want that. We want it to be a balanced market for everybody here in Silicon Valley. It's a little difficult because more people want to move here. More people make more money here. So it makes it more affordable. Those that have high-paying jobs, but not everybody has a high-paying job here, so they struggle.

You can go, that's why I'm saying move out to different places. So if you can, I know it's tough out here, right? But when the market goes down, less competition, but competition will beget competition. If it goes down, if prices go down, more people will enter the market. So just be aware of that. This is a great time and I'll show you why in a minute to buy something if you can afford it.

Rates will probably not go down until the end of next year or Toward the voting cycle when we start in November time frame, right? We're going to see rates come down there They're saying that rates probably come down here pretty soon But not anytime so q4 24, so we're going to see rates come down, but we're not going to see three percent or two percent Not even 4%.
I think 5%, 5. 5 percent is probably doable for more people. That's where we should have been when we dropped rates, but we didn't because we had to jumpstart the economy. And that was, might have been a mistake because now we're seeing tons of inflation everywhere, right? So we're not seeing rates come down.

Right now, as a matter of fact, rates went up again today. We were at 7. 65 a couple of days ago. They're just at seven and a half, but we're probably seeing it come close to 8 percent here in the next couple of weeks. Why is it a good time to buy? There are fewer people in the market, right? Now, 65 to 70 percent of the houses that are closing over list price, but there are still 30 percent of the top of the houses sold are sold under.

So if you're struggling, it's now's the time to go and look for houses, right? Working with a guy on a duplex and. It's brand new on the market and he's struggling to get into a house because he keeps looking at houses that are on the market, just on the market, just getting on the market right now makes it really difficult because people aren't ready to do it.

If it's on the market a month or two and the rates come or the price comes down, the list price comes down, that means they're being a little bit. more aware of where the market conditions are. So it's a great time to buy if you look at the right homes. Now we'll talk about that in a second. I'm not going to be here this weekend.

I'm not going to be here next week. I'm actually going to Tennessee to see my parents and probably won't get out any videos. So I'll keep updating the numbers if I can and send those out as posts, but don't expect any. Videos from me next week. 

What do you get for a million dollars in Santa Clara?

You can get a lot of stuff for a million dollars. It just, it's not going to be the perfect house. So let's look at this. Percival hasn't looked at it at all. It's been on the market for one day, not a great example. There's only, one picture. That's a great way to market a house for a bedroom, two bath, 1200 square feet built in 1959.
And this is the area that it's in. Right here. East San Jose in the East foothills. Great little area. Pretty decent schools. Let's see if there's anything else we can look at that's a great potential purchase. Let's look at Mount Rainier. It's a little ranch house. Three bedroom, two bath, 1, 100 square feet.

Built in 1964. Eight. It's as old as I am. No miss. Oh, zero days on the market. Okay. Let's take a look here. Oh, this one I think is brand new too. This is a bungalow Spanish-style bungalow on the market. 35 days. All right. The original is priced 1. 1 now down to a million dollars. They're recognizing the fact that, Hey, maybe I have it overpriced.

I sold a house right here. In this area, a couple of years back for 600, 000. Yeah. So when prices do come down, you can go into this house and take a look at it. If it's something that you want to do as a first house, this is great. It's a great little neighborhood, right? And when prices, when the market does come back, it's a beautiful house, right?

How old is it? It's a hundred years old, and not updated. They painted the cabinets. They have stainless steel, a

lot of talk in that kitchen there. Ooh, that's yellow.

That's a great use for a hallway. Probably put a linen closet there.

Bedrooms are smaller. It's 1, 100 square feet, so you're not going to get a ton. Do have a basement for storage, all your stuff is there. You probably want to put a sump pump into this in case it does overflow. Yeah. Looks like it has air conditioning, so that's good. Detached garage. These are great little homes to start off in.

So if you're looking at buying a house, these are the places that you want to, again, don't look at the houses that are on the market right away because the intention here is that the seller's expecting prices over offers over list price,

Beautiful Day Oct 7 and 8 https://beautifulday.org/

beautiful days coming two weekends from now, guys, I'd love to have you come here and hang out. You can take a look at all the projects. I'm on Latimer. It's an elementary school. We'd love to have you have a nice, that's a great link. Love to have you come and play. This is where I worked last year at Santa Maria.

It's a great little place. Guys, there's nothing better than giving back to the community and spending four hours helping people, helping others, helping the community, and meeting new people. So come on by. That's it. 

Weekend Events

Weekend events. There's not a whole lot going on. My daughter's band is playing at Santa Teresa High School, the marching band.

She's in color guard, so I'll be doing that tonight. 

Humble Pie

And yesterday I went on a nice little hike with an amazing guy and I tell you getting out into the nature and there's so much nature here. There's no reason for us to, for you to not go hiking or get out and go to a park and meet with people and be social.

It's one of the most important things we have that can make living here amazing. Every day I go out to the park with my dogs and we meet up with other dogs and other owners and we talk it's just a great little one or one-and-a-half-hour hangout session and you're social and you're getting some.

Fresh air, some vitamin D and it's great. So get out there and do it. Yesterday I went, I want to say four and a half miles over in Alameda and Quicksilver Park. Great time. We saw a bunch of deer out there. They're very, they're not timid at all. They're really used to us being there.

And it's great to see just the amazing creations that we have that are, that's back there. Anyway, I'm Vito. with Abitano. Have a fantastic weekend. I'll see you in two weeks. Hopefully, I'll see that beautiful day. We'll see out there. 

5 things you need to know about Title Theft. Cyber Crime https://youtu.be/X1is7wVyeAA

start your home search here: https://www.onereal.com/vito-scarnecchia-1

Baby boomers, Mortgage Rates, Great Depression, Rate Forecast, Mortgage Bankers Association, Wells Fargo, Fannie Mae, Housing Forecast, American Society on Aging, affordable housing, Will Rates Go Down, National Association of Realtors, Federal Reserve, Federal Open Market Committee, What Sellers Should Know, mortgage rates 2023