🔴[LIVE] U.S. home prices to hold firm in 2024 even if recession hits | Bay Area 10 County Report
- Luxury HOMES
- Luxe
- U.S. home prices to hold firm in 2024 even if a mild recession hits, Fannie Mae says
- Fraud on the rise
- Price Reductions
- https://hmbt.co/bT7qRJ
- https://financiaintelligence.blogspot.com
- Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg
- Bay Area 10 County Report
- https://www.onereal.com/vito-scarnecchia-1
https://www.youtube.com/live/lNC2q3ldbXI?si=PTvxXPeGpw3p46-v
http://blog.abitano.com/2023/12/function-hb-var-w-window-d-document-s.html
https://podcasters.spotify.com/pod/show/siliconvalleyliving/episodes/LIVE-U-S--home-prices-to-hold-firm-in-2024-even-if-recession-hits--Bay-Area-10-County-Report-e2cqer5
🔴[LIVE] U.S. home prices to hold firm in 2024 even if recession hits | Bay Area 10 County Report
https://financiaintelligence.blogspot.com
Homebuyer Workshop https://event.webinarjam.com/register/6/8oz4kcg
https://www.onereal.com/vito-scarnecchia-1
Welcome back. Welcome back. Today we're talking about US home prices to hold firm in 2024. We have a couple of luxury one luxury homes to take a look at and some price reductions. Let's take a quick look. If you hadn't noticed, I was gone for the last couple of weeks. So I might. Over Thanksgiving, I went down to Vegas because my son turned 21 to my son, turned 21 and we went to go do 21-year-old stuff for him.
And we went and I had a drink with him and all that fun stuff. If you are in the inner circle, you get to see videos and some fun stuff about that, but other than that, it was a fun weekend and I came home a little bit sick because you party hard, you play hard, you get sick hard. So I'm getting better.
I just took it off because it was just, I was sick. I was down. I was taking naps. I'm going to go take a nap right after this too, cause I'm still but let's get into it.
Fraud is on the rise
let's talk about title theft. I heard about it again, a couple of weeks ago.
It's happening. People take the time. Call your local real estate agent or I prefer to talk to me. I can do a quick title search on your house. Make sure that it is who it is. It's supposed to be under you or your trust and do it for your parents too, because your elder parents are the ones that are going to be targeted.
So let's be safe. Okay. Enough of that. And there's a link to my blog and you can watch the video and learn all about it. Okay. US home prices hold firm in 2024. Even if a mild recession hits Fannie Mae says. Now what's a mild recession? We don't know what wild is. That's an opinion point that when recessions happen We want to see prices typically go up One of the things they do one of the mechanisms they pull is to lower the rates which might increase sales Affordability will not be managed that way because right now we're going through a process of unaffordability all across the United States.
It doesn't matter where you are because no matter how much money you make, unless you're in the millions a year, making an income and then buying a house is pretty much out of reach.
So 000 houses, which is few and far here in the United States, in California Silicon Valley, you have to make about 130, 000. Something around there. So the assumption is now this is not what these are just assumptions and forecasts. The assumption is that prices or rates, interest rates are going to stay high, come down just a little bit enough to nudge the.
Economy forward because in all parts of the economy, we're a small part of it where I want to say we're like maybe 3 percent of the entire GDP. But at the same time, we're one of the mechanisms that we have to use to keep pushing us forward as an economy. So having lower rates would only hurt us because when you have lower rates, Prices tend to go higher, just a fact of life, because more buyers, let's go over here real quick, see this number right here?
No, not this one right here. When a recession happens, rates go lower and more people buy houses. That means prices go up. Now we're looking at I think it's 400, 000 again. We'll get into that in the coming week, but at the same time, we want to keep interest rates high to keep pricing down as much as possible.
Here it doesn't matter because we're still seeing prices go up. As a matter of fact, we'll be talking about that today as opposed to what we saw in 2022.
So just keep that in mind. Now, these are all projected for 2024, and 2025, and where we have to be to turn mechanisms up or down to let the floodgates open up or slow them down depending on how we can manage the entire economy. That's Government. That's military. That's electronics. It's retail. It's everything.
So it has a lot to do with everything. And we're a small cog in that whole gear that's running our economy. So just keep that in mind. SARS, percent change. What is this? Yeah, so we're looking at the whole thing. So the biggest problem right now is we have a lack of supply I've been telling you that for the last couple of years.
It doesn't matter where you are because no matter how much money you make, unless you're in the millions a year, making an income and then buying a house is pretty much out of reach.
So 000 houses, which is few and far here in the United States, in California Silicon Valley, you have to make about 130, 000. Something around there. So the assumption is now this is not what these are just assumptions and forecasts. The assumption is that prices or rates, interest rates are going to stay high, come down just a little bit enough to nudge the.
Economy forward because in all parts of the economy, we're a small part of it where I want to say we're like maybe 3 percent of the entire GDP. But at the same time, we're one of the mechanisms that we have to use to keep pushing us forward as an economy. So having lower rates would only hurt us because when you have lower rates, Prices tend to go higher, just a fact of life, because more buyers, let's go over here real quick, see this number right here?
No, not this one right here. When a recession happens, rates go lower and more people buy houses. That means prices go up. Now we're looking at I think it's 400, 000 again. We'll get into that in the coming week, but at the same time, we want to keep interest rates high to keep pricing down as much as possible.
Here it doesn't matter because we're still seeing prices go up. As a matter of fact, we'll be talking about that today as opposed to what we saw in 2022.
So just keep that in mind. Now, these are all projected for 2024, and 2025, and where we have to be to turn mechanisms up or down to let the floodgates open up or slow them down depending on how we can manage the entire economy. That's Government. That's military. That's electronics. It's retail. It's everything.
So it has a lot to do with everything. And we're a small cog in that whole gear that's running our economy. So just keep that in mind. SARS, percent change. What is this? Yeah, so we're looking at the whole thing. So the biggest problem right now is we have a lack of supply I've been telling you that for the last couple of years.
Luxury HOMES https://search.mlslistings.com/Matrix/Public/Portal.aspx?ID=0-1013328716-10&eml=dml0b3NjYXJuZWNjaGlhQGdtYWlsLmNvbQ==&L=1
Luxe 81 Eagle Ridge Place
Imagine having to be that guy that has to clean 14 bathrooms, 26, 627 square feet. But this is a gorgeous house. 25 million. This is pure luxury. The whole thing, the way this thing was designed, it was actually updated. That's pretty 1980s-looking but look at those beautiful cars. Probably cars aren't going to go with it.
But this is a masterpiece of a home completely built out the architectural styling of this is very well focused on the 80s living period but Look
at that. It's like
house right there That's the entire house right there just keeps going and going you're on top of the hill There's your golf course down there. You're you see the Diablo mountains up there. This is in Danville. Look at that It's just It's a beautiful piece of architecture. And the funny thing is you look at the 80s, you can see the internal styles, but that is a style that's going to last for a very long time.Price Reductions https://search.mlslistings.com/Matrix/Public/Portal.aspx?ID=0-1014877641-10&eml=dml0b3NjYXJuZWNjaGlhQGdtYWlsLmNvbQ==&L=1#1
https://hmbt.co/bT7qRJ
So if you know anybody that wants to buy a 25 million house, give me a call. Be happy to show them the house price reductions. Now I can almost guarantee, Holy cow, what is a one bedroom, one bath? Look at that. Nobody wants a one bedroom, one bath.
So look at all these houses right here. They're all sitting on the market for a really long time because of pricing, right? Pricing is super important. People, you can't go into a house and expect a house like this. This is on Curry, which is a busy street. It's not. Blossom Hill or Santa Teresa, but it's still a busy street.
It's a filter street. Curry Drive, Lean Ave. They're filter streets. You have a lot more traffic on it, so you can't get that premium you think you can. So this house should have been listed at one four or five, maybe one five at the most, but right now it's sitting at 35 days on the market, and it's a standard 2, 500 or 2, 200 square foot house, four bedroom, two and a half bath, and it backs into the hills.
This is a beautiful house, very well maintained, but you're not going to get one-six for it.
Okay, we'll go back to that later and they even reduced it to fifty thousand dollars, but again You're trying to achieve the market. You're trying to be a market maker in this situation. You shouldn't be a market maker You should be a Reaching to the market because you don't have a premium on everything.
Even if the house is completely redone inside, you're sitting on a busy street, a filter street. Still, if it's a filter street, you need to realize that's going to turn people off. Just like some people absolutely don't want to pull period. That's a 47-year-old house built. I've sold this house model a few different times and it's a beautiful house inside.
It's very well kept for 1976 These people took a lot of good care of this house, but they're overpricing It should have gone for that. And the reason why they did that is there's another house that's sold right here in this area for 1. 8. So why wouldn't it go for 1. 69? Again you're trying to be a market maker when you have a house that has one negative thing to it, right now, what is that negative thing?
It's a busy street. There we go. Busy street, right? Location, quality, market, and pricing. You're taking three things, two things out of the four that you're controlling, that you're trying to control. The location is huge. Especially when you're on a filter street, a busier street, that's going to turn a lot of people off.
And a lot of people are not going to do that. You could have started at one-five and bid it all the way up. But the eight, I don't know what the agent's thing is, and I can't say anything bad about them, but what I would have done is set it at 1. 5 and let the market come to us. They're trying to be a market maker.
So it's happening all over the place, right? It happens all over and the agent will smartly always tell you, let's list it low and get multiple offers on it based on the condition, based on market condition, based on location, based on where you are. You have to price it correctly to bring the market to you.
That's part of marketing. And I go through that in all my little courses. I have a bunch of home sale courses and I have a bunch of videos that talk about how to sell your house quickly. I have this house coming up over here and it's in horrible condition. They just let it go. It was like a renter and we're just done with it.
And I tell you, it looks like that, but it's a three bedroom, two bath. It's like a thousand square feet, not in the greatest shape, but I also sold a house just recently right here on Cousar. Is that right? Cam didn't right here right, right here, a strut, this house right here. And. I knew that the market wouldn't take a premium price on it because it was in original condition and we thought maybe we could get one or three.
Bay Area 10 County Report
No. So when you see this happening 99 percent of the time, okay. 70 percent of the time the agent is buying the listing, right? They over-promise and under-deliver. 30 percent of the time it's the seller saying my house is worth X and they're going to be unreasonable. Those 30 percent you don't want to deal with because they're just mind-blocked.
This is what my house was worth back in April. My house was worth 1. 8 million back in April. What April was a long time ago, guys. That was a long time ago. That was ancient history. We're not looking at those numbers. We're looking at today's numbers and that's what that's for. All right. So that's it. I'm not going to do three things anymore.
Three new things, because I want to keep it quick. 13 minutes. I'm Vito with Abitano. I'm glad to be back. Glad to be healthy and glad to be alive. We'll 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
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