πŸ”΄ Is The Housing Market Going To Crash?. 🚨 Inventory Watch


 



Links



πŸ”΄ Is The Housing Market Going To Crash?. 🚨 Inventory Watch

Three things you need to know about living in Silicon Valley living. Let's get started. So today we're talking about inventory. Inventory is like all the rage right now, except for the fact that we're getting sued because some class action lawyer in Missouri thinks that we're overcharging people, even though he's taking 30 percent of the cut.
Anyway, inventory has been the bane of our existence. I just updated the numbers. I wanted to show you really quick where we are with this, to give you a quick visual. We're here at the bottom line right now. This is 2023. 2023 shows you that we're exactly 66 percent below where our average is.
If you look at the actual averages I'm sorry, let me go over here. There, see that little number right there? You can barely see it. See if I can open it up. Let's see if I can do this. That's the average of average. Right there. So these are the averages for each month, each year, sorry. And that's the average for the last 10 years.
And that's the average of where we are 2023 and we're exactly 66. 6, 3 percent below of the average, which is why prices are not spiraling down because of the rates. And we all know that the reason, we've talked about this a hundred times, inventory is high or low because the two and a half percent, People that are retired don't want, they want to die in their homes, right?
And corporations are buying houses. At a huge clip. So inventory stays low. Demand has waned a little bit, but not enough to affect the pricing. Pricing stays the same. And you can see that in all these other different,
all these different articles here. You have all these here's a chart right here. Home prices continue to go up. Even though the last couple of days they went down because it went to 8%, but now I believe they're back down to where our rates are down to seven and a half again.
So here's the existing home sales over the last few years. We're well below the norm. We're supposed to be at about 4, 500. We're at 4, 000 per month. And here's another example of the same chart just flipped over on its side. And then existing home sales are negative 2 percent from last year over year.

And historical medium home price. Sales. We're going to see this dip down because this is Q3. We're assuming that it's going to go down even further about that. Us housing market is set to cool this fall, setting up a rare opportunity for buyers, sellers slash prices. Not here. I haven't seen it. Will it happen?
Possibly, but we just bumped down to seven and a half percent from eight. So whenever the price rates go down, people tend to enter the market. On the whole, there's still not enough inventory for the demand that we have. And we just don't have the inventory, right? Last year, we were two years ago. We were at 6.

1, 6. 1 million units sold 6. 1 million. And now we're down 60 percent or 30 percent down below where we were. We're probably going to end up around 4. 5, but the last couple of months are generally slower. 


Join Real? https://www.onereal.com/vito-scarnecchia-1/refer


  If you're a real estate agent You're watching this and you're pissed off at what's going on at your company. Or you don't want to get sued come over to real we're not part of the aggregate lawsuit yet And they have favorable terms right I met a few different All right.

I went to a couple different companies Like the people but there's their schemes were different. They didn't really fit with what I need. Real is great because they leave you alone enough so you can do business, period. You don't have to worry about them hovering over you and questioning you about every deal.
They have great terms and they have a pretty active channel on workspace where you can ask questions and people will help you answer things. And the, we have two brokers in California that help answer any kind of legal or other kind of questions that you might have. So if you're pissed off, there you go.


All right. By things you need to know about title theft, this is 10 minutes. I crushed this down. It's not that really difficult to watch, but it will give you some great pointers. Guys, take the time to watch this. It's 10 minutes that could save you. Hundreds of thousands of dollars. All right. And 


if you're looking to buy a house,  click here.

There you go. Okay. Let's take a look at the inventory across the nation. Don't don't sound as a two 85 actual is three 88. So take that with a grain of salt three 38. And the difference is this includes do not show and show coming soon. So I can't, I do have access to other houses that are not yet on the market.


Inventory Watch


And we're going to switch this up cause it's on Realtor. I might be switching it over to real or wherever, but we'll see. Cupertino's 19 Los Gatos. There's no major, there's no major bumps that I'm seeing here, which is what we do here. The whole reason why I don't want to bore you with the numbers, but just looking at them, you can see that there's no major like hockey stick number jumps in inventory, right?
Cape Coral, which is something that we're watching 54 homes per square mile. They're still selling homes. They just not selling a ton of them. I don't see prices going down over there. Same thing with Vegas. My sister's a broker in Vegas. My niece is a broker or an agent in Vegas. They haven't really been talking about prices going down.

Also realize that typically this time of year, we do see a lot of houses. expiring or just being withdrawn off market. If they didn't sell during the summer, a lot of sellers have this ego, right? And it's not fair. It's 5 percent of them. They think their house is worth 10, 15 percent more than what it really is based on condition, location, and market.
My house was, my, my exact same house sold for 1. 6 million back in April. The markets change market. Isn't like a static. thing. It's dynamic. It moves every day. And when you think your house is worth 1. 6, and then you don't pay attention to the fact that you have. Dog piss in the carpets and you have older upgrades and Carpet stained and the paint doesn't look modern or even the finish of your kitchen cabinets You know there if they look trashed they look worn.

You can't ask a premium for it Which is, why I've been showing those Facebook posts about natural cabinets. You can sand them down and make a natural color out of them. Make them look pretty. They can really look really nice. Houses tend to not sell. If you ask a premium, your house isn't in a premium condition.

That's it. So what happens is people get frustrated. They think their agent is an idiot and they think that they're not doing their job. But they're really putting the metal bar and the cog in the gears of your trying to get your house sold. So there you go. That's it. Nothing else going on. Inventory still sucks.

I don't see this changing for a long time. Not for a long time. I don't think we have a bunch of bank owns coming. People claim that they are, and it possibly can't, right? We talk about other industries. We talk about the automotive credit, talk about medical FinTech, all these other industries, military aerospace that are affecting our economy.

The automotive market. I've been telling you for the last 10 years has a huge shadow inventory of non performing assets, just like we did in 2008, 2009 with housing. So keep an eye on that. Okay. I'm Vito with Al Batano. Have an amazing weekend. See you out there.



Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Website: abitano.com https://www.onereal.com/vito-scarnecchia-1

update your home value: https://hmbt.co/bT7qRJ



Santa Clara county property tax, Aalto, Expired, Canceled, Withdrawn Listings,

Comments

Popular Posts