🚨 🔴🎧 The dysfunctional giant: NAR | Should You Fix Up Your House Before Listing State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️

 




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🚨 🔴🎧 The dysfunctional giant: NAR | Should You Fix Up Your House Before Listing State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️




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  Should you fix up your house or sell it as a fixer-upper we're talking about our dysfunctional child, gigantic child, the NAR, and the pros and cons of living in Silicon Valley. On top of that, we'll do a quick market update, but let's get into this real quick 



should you upgrade before sell your house, or should you leave it as a fixer, it really depends on a lot of things. 
 You have to figure out who your buyer is, and who's your target demographic, right. Part of what we're doing is marketing your house. That's what I coach when when you hire me, I guide you and teach you about that. 

Look at all your different options. What are the differences between sinking money into it? How much money are you going to get back out of it? Plus or minus, right? Because it's always a guess. What does the market look like? What does the buyer look like?  Be realistic on pricing. Don't go crazy.
And we'll get into all this  All as an example, so I have two houses that I'm listing right now and both we're going as is not fixing anything up We're doing minor repairs. And the reason why is because one we see the market is contracting  We see it coming back and saying you know what? 
We'll buy a house. The buyers are saying we are going to buy a house and I'll either pay a premium for a completely turnkey house,  or I will do it myself. And those are the two different types of buyers. There are actually four different buyers that we look at. We look at luxury and investors, but we don't really talk about them on this channel because this is more about market conditions how to market your house how to get it ready Now I have a slew of different vendors that we use to make sure that your house gets fixed up However, we decide to do it.

We can just put it on the market.  We could do some minor repairs We can do complete turnkey depending on how involved you want to be how much money you want to throw out at it and how much You think we think we can get over it now.  Let's talk a little bit more about

let's talk a little bit more about the Condition now the two houses that I have right now along with one of the houses I sold earlier this year We sold it as is  Original kitchen was old Original single pane windows, the one we sold in Cupertino, I believe did not have air conditioning. These two have air conditioning.

That's important when it comes to value because people will pay more for a house with air conditioning.  But if you have houses that have major issues I don't know, leaky faucets, leaky pipes old decrepit stuff, that's just falling apart. Those things need to be handled. Those are eyesores, right?

They take away from the value of the house. So for example, this one we had, I want to call it a pergola. It was attached to a house, but it was an overhang. They used it as a wood shop and it was just a hodgepodge put together. There's no value to it. It was falling apart, and broken, and the roof was leaking.

So we demoed it and got rid of it. There were overhangs on the sideyard. We took care of that and got rid of it. The backyard was um,  Overgrown I had a stump in there. We had a stump in the front yard at the grass We're leaving to get the grass dead. It's almost all dirt as is  Mainly because we could spend five hundred dollars and throw shredded bark on there what's gonna happen is the buyer's gonna have to take all that off.

 Okay Let's make it more convenient for the buyer Why spend five hundred dollars you can throw everything to the side and then fix up the house and put it back there Yeah, absolutely, but it's just another step Should we have taken it up or put some in? Maybe, but that's a judgment call that you and I will make when we go to sell your house.

This one had some leaks in the tub and in the pipes. We fixed that.  What else was there?  Oh, it's major, the gutters were done wrong, and there was major roof rot, which we decided not to do. We're leaving it as is because the roof really does need to be replaced. Completely replaced.  And we're disclosing it.

The seller is a child of a parent who passed away, not on the property, and she has to deal with Four or five other siblings. So her motivation is just to get it sold.  And I'm happy to do it either way. I'm happy to go and have that roof replaced. I'm happy to do it  Will it sell better and faster and for more money?

Yes But when you're looking at one-fifth or one-sixth of that money, there's no motivation to do it Let's just get it sold  When we're talking I've talked to a few investors and their prices were far too low for what the market could command. So we're going to put it on the market. 

We have a lot of options and that's it. That's my job is to teach you or guide you through the options as to what potential costs you could do. We could have replaced the kitchen. We could have replaced the bathrooms. We could have redone the floor,  everything, right? And we would have put 100, 000 into it.

And yeah, you would have made a whole lot more money, maybe another 100, 000 on top of that, but then, the time energy, the market could collapse. We don't know.  So timing-wise, they just want to get it done.  I've worked with other people where we're spending time and energy and fixing up a house right now and making it look pretty.

We're redoing the kitchen, putting new counters on, new floors, new bathrooms, brand new bathrooms. We had an air conditioner put in, whole nine yards because they want as much money as they can to pull out of there.  So really, being realistic on, being realistic on what options you have, what your risk tolerance is, what your patient's tolerance is, and what you really want to do.

And my job, again, is to lay that out and give you all those options. So we can pick and choose and figure it out. As long as you're realistic on pricing, you're going to get The value out of that house, right now you can either go full turnkey and go graze and repaint the entire house and do a whole nine yards, put 150, 000 into it and maybe you'll get 150, 000  or maybe 175, 000 more on top of that. 

Again,  what realistically will happen is you put it on the market and let the buyers decide what the value is. And at the end of the day, it doesn't matter if it's, to me it doesn't matter if you want me to put in a full bore, bring in my property manager and all the contractors and we do everything up right and done right. 

Or we just sell it as is. It doesn't matter. It's your choice. I'm happy to serve you how you need to be done.  Choosing those updates is completely up to you or smart, right? So think about it. If you're going to do a kitchen or redo a kitchen,  I wouldn't do bolt-together kitchens. It looks and feels not expensive. 

If you're going to spend money on cabinets,  get decent cabinets. We went to our house. The first time we went with basic cabinets and there was a leak and the walls were made of particle board. When we had a dishwasher leak, it just destroyed the boxes. So this time I spent a little bit more money, I want to say it was like five or 10 percent more, it wasn't this more, we went custom, we got custom, everything we wanted and everything she wanted because I didn't want to paint.

But that's not real. I don't give a shit. The paint and the kitchen depend on what you want. Now, if you're selling it, you don't want to go in and spend 150, 000 on a kitchen, unless your house is worth five or six, or 7 million,  right? So it depends on the house. Depends, right? This house is worth 1. and then we can get it up to maybe 5, depending on the market.

It's up to you to decide how much money you're going to spend and what kind of ROI you're going to come out of it. I do always recommend that you do necessary repairs, any kind of like toilet leak, broken windows, or anything safe for habitable issues. Like I had to put smoke alarms in one that had CO detector anything that could be dangerous, like that pergola overhang that could have been dangerous, it could fall over because it wasn't really all that done.

Anything that needs to be done to present a whole house. I always recommend that we do that and that's what we're doing. We're finishing this up. Today I'm going over there for photography and video and drone and 360 and the whole nine yards And now we're going to get it on the market by tomorrow.  All right.

So there you go.  I just spent 10 minutes on this

Let's get to the next thing  

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  pros and cons  I'm going to read this to you real quick. So we're going to start with the pros and cons of living in Silicon Valley. And there's a lot of cons, right?

It's expensive. It's super expensive. This article specifically states that it's about 700, 000. I can tell you that it's about 6 for a single-family house in Santa Clara County and San Jose.  It's expensive. It's bloody expensive to live here. Gas is more expensive.  Food is more expensive.
Labor's more expensive. Insurance is more expensive than pretty much anywhere else in the United States.  Living here is expensive, but when you do come here you get a high-tech job. which there are plenty of high-tech jobs.  You're going to work with, you're going to there, the high tech jobs come with high pay.

So it equals out. You might get, and make more, but you're also going to pay more. And that's just the way it is here for labor is more expensive for my handyman. My contractors were paying out the tooth. My cleaners, it cost me like 850 just to clean a house, to do a deep clean.  Not on schedule, which is normal, but she's doing a big, she's scrubbing everything. 

Everything's expensive, but you pay for it because everything you get paid more here, right? It's normal for engineers coming out of school to make about 200 grand if not 300 with the hiring bonus and upwards. Once you get into management directors B 500 million dollars a year. So you can afford this type of stuff, right?

There are 5 million dollar houses. There are 20 million dollar houses and 60 million dollar houses here you know the more you make the better off you'll be the further west you'll live. It's just the way it is  That's the other pro-con Yeah, you're gonna be working long hours. It's corporate America here is  Live and strong, right? 

Expect to work a minimum of eight hours and yeah, you can telecommute, but you could be working 10, or 12 hours a day, especially up against deadlines. So expect it. That's why I did that when I was in corporate,  I remember those hours. I don't have to do that anymore because I choose to work a commission-only job and I make my own hours at the beck and call my clients. 

You get to work with some of the best. companies. It's true. Facebook, LinkedIn, and Apple, right? You have aerospace, Lockheed Martin's here. We have all sorts of amazing companies that work that are here. Not to mention, we have Wells Fargo, which I know they're going through issues. We have a visa for Chevron up in the North Bay.

There are all sorts of different companies here that you can work for, and they treat you really well, right? I remember going to Google and having lunch there. They feed you.  That's awesome. They're demanding. These jobs are demanding, though. Remember, you're going to be working. You're going to be working long hours.

You have to know your stuff and you have to constantly reeducate yourself. But you know what? I have to read. Everybody has to stay educated on that. I remember seeing something where the half-life of an engineer is about seven years because technology is moving so fast that if you don't keep up with the new technology and new technology New, new stuff. 

You're out of a job,  right? Mindset.

Yeah, you're gonna make good money here. But again, you're working extra hours.  There is a lack of job security. There are layoffs all day long, but here's the trick.  engineer. If you're a sales side, it's going to be a little more difficult, especially right now when the market's contracting, especially during layoff season. 

But if you're an engineer or you have a master's or PhD, you can pretty much snap your finger and have three job offers tomorrow.  I see it all the time. I see it with my friends all the time.  So remember that the loyalty you owe is to your family and to your God and then to your work.  Remember that.  I know people are going to be like, you're full of crap.

 The other great thing about living in Silicon Valley, Santa Clara County, is that the weather is good all the time, right? Yesterday I was out there. I had to pull my jackets off cause it was so beautiful out,  barely got any rain, which is a negative, right? Cause sometimes we have fire forest fires in the Santa Cruz mountains, but at the end of the day, it doesn't really matter because we're doing really well with the weather.

And, I'm in shorts. Almost all year round.  And if it's a little chilly,  you put some sweats on or some jeans on.

This article does not mention the culinary delight that we have to offer here.  Santa Clara County, Silicon Valley has attracted more Michelin-rated restaurants than pretty much anywhere in the world, probably except for New York.  We have. All sorts of gastropubs. There's so much to do. There are so many different things.

And the amazing thing is you're an hour away or two, maybe four. If you're going to Tahoe for anything you want to do, you want to go to San Francisco and see a show or a ballet. You want to go down to the beach. It's an hour away. You want to go skiing. It's two and a half hours away or four and a half, maybe five.

If you go to Tahoe, there's Yosemite, there's sailing, there's hiking and biking. Everything you can imagine. There's, we have hockey, right? We have San Jose Sharks in last place this year, go sharks.  So there you go. Lots of stuff to do pros and cons. There are always little tiny things to do.  Like last week I went to go to my, with my girls, one of their friends was in a musical. 

What's it called?

Gentlemen's Guide to Love and Murder.  And it was put on by Bellarmine High School, an all-boys club or school. And there were girls there in the play, obviously. And it was hilarious. It was funny. It wasn't professional or anything, but it was a great time. And we've seen a bunch of musicals. We have a couple musicals and more musicals that we're coming up with.

And it's just fun to do different things. So there you go. All right.  What else? Oh, NAR. Where's my NAR?  



Let's talk about NAR, real estate's dysfunctional giant.

We just got another lawsuit in Texas. I want to say it's in the Dallas area for another 1. 7 billion. This one was in Missouri. We have another one coming. And We're going to see how it goes. Here's my problem with it, right? We, I have never been a part of it. I don't want to be a part of it. My MLS requires me to be a part of it. 
They're the biggest lobbyist. The nation so they can pretty much do whatever they want.  $84 million in 2022  right now. Is that a bad thing? It is because when you do donate to politicians, they're beholden to you and they're gonna create policies in your favor. And I'm not for that. I am absolutely not for that, I'm for the client.

I'm for the I'm for serving the client's best interest and sometimes.  It feels like they serve themselves. They still serve their best interests. And I'm not a fan of politics. I'm not a fan of lobbyists or this type of union with so much power. And I think it's good that we're punching them in the nose. 

I think it's good that we're saving and changing things in this industry to better serve our clients. And that's really what it's all about. That's really, education. Service overabundance and service and value, right? So that's what it's about.  All these links are in my blog, and the blog is linked to whatever it is you're watching.

So please feel free to check this out.  Last thing. This is a constant reminder thing.  Title theft is on the rise. Again, it's education. This is just purely educational about things you can do. Check your title, and make sure your name is in it. Make sure, to check with your parents, make sure they're.

Their house is in their name or in their trust's name. It's important. Read this. You must watch this if you haven't yet. Okay. Let's take a quick look. There's nothing really crazy going on up. REOs and bank-owned properties are going up slightly. They're ticking up slightly, which is the norm. 
We have a constant flow, but it's nothing. Spiky. We're not seeing, 2, 500 or even five or 8, 000, like we saw back in 2008 at any given time. We just don't have that.
Inventory is still very low.  These are 40 days on the market and 90 days on the market. These are just the two baselines that I'm looking at and it's increasing, but not anything crazy.  If you look at these numbers here, average sales price last year, we're 40, 40, 000, 37, 000 away from last year's high or average. 

So what does that mean? I think our prices are holding steady. We did have a contraction. If you remember back in March, April, and May last year, we had a peak and then we came down and now we're coming back.  Our numbers are strong. Days on the market are 17 versus 22. It's still a little inverted on the average, but that will disappear over time. 

And nothing else is spiking. So our market's doing really well.  Everybody else is seeing not everybody. Other places in the country are seeing price decreases, homes staying on the market longer, and a  lot more negotiation, but we're the Silicon Valley that we just talked about. There are a lot of high-paying jobs.

There are a lot of people trying to move here so that they can have, an amazing lifestyle. It's expensive to live here, but if you do it well, you're going to be paid.  All right.  Today we talked about the pros and cons of living in Silicon Valley. We talked about, whether should you fix up your house before you sell it? 

And also NAR is a big child that needs to be popped in the nose, or at least have a good spanking. I'm Vito with Abitano. We'll see you out there. 




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