🔴 Little bit of a fixer upper! Moving? Inventory Watch

🔴  Little bit of a fixer-upper!  Moving? Inventory Watch

A little bit of a fixer-upper! http://blog.abitano.com/2023/12/silicon-valley-fixer-upper-for-sale-now.html

. Today we're talking about a little bit of a fixer-upper financial risk in California metros and what you get for a million dollars. Let's get moving.  Okay, let's see real quick.

Here we go. All right. A little bit of a fixer-upper. Where is it? This guy right here, look at this guy.  I want to show you some stuff.  Yeah.

These are just photos that I took for my disclosures because of this house.  Was this how we're selling the house, 700, 000?  Everything has to be touched on this house, which is scary when you think about it, but,  oh,  sellers didn't want to fix anything. They didn't want to update anything.
I suggest that they didn't because this would have cost  150 to 200, 000 to get up to basic standards,  everything on this house, which is not done right. So we're going to be selling this thing here pretty quick. Let me see if I can show you the. Yeah, there it is.
This is it right here. Inman Way. Three bedrooms, one and a half bath. I don't know why they rounded up. And 960 square feet. Yeah, this is the lowest priced home in that area based on comps. Built in  1960. One car garage. This garage was converted and there is also a conversion in the back. It was a sunroom.

Let's  see if I can get this over here for you.

This door leads to where a sunroom was. This used to be a slider and they just put a regular door there.  This is it right here. This was a sunroom which was permitted from what I saw  and then they enclosed it and put drop sealing into it and this.  This floor slopes because it was an exterior foundation floor So when rain comes it slopes away from the house. 

There you go. That's what you get for 700, 000 now, 

 this next

part for

I think we're heading into a recession There's a lot of red flags there that talk to me about this and you can read this while i'm talking  Rents are lower than what your mortgage could be I talked about that on Monday or Tuesday, where how much house can you afford? And quite frankly, if you can rent something for five or six thousand dollars a month, it's much better than fourteen or fifteen thousand dollars a month.
So people are opting to rent right now, even though it's hard to rent. thEre's less supply. There's less there's the demand has gone down, but because rates go.  gone down, demand is slowly going up. That doesn't mean it's not out of range. People tend to buy stuff that they can't afford and. A lot of these things go into it.
So that to income ratio, foreclosure rate, homeowner rate, houses that are unbanked. Those are families that grew up outside the U S system and are accustomed to mattress money,  fraud and identity theft complaints per capita. I've been talking about this for, I don't know, a couple of months now, since August. 

It's a common thing, guys telling you it's in the news. You just have to open your eyes to it. Poverty rate is climbing  because affordability is out there and it's because we're printing trillions of dollars every year that we are never intending to pay back.  So every time we print a dollar, it becomes less affordable for Americans to live on the whole.

Right now we're in Silicon Valley where you make good money and  you're either an owner or a renter in your comfortable position, but there's people that are growing up right now, getting into the market.  Getting out of high school, getting out of college, and they're struggling because they can't make ends meet.

I see it all the time.  So there's a huge separation of have and have nots. And I understand that. I'm just grateful that I have a house and that I live in a great little town, a little town. One of the biggest cities in America, but  I'm fortunate that I have that my children are going to struggle to be able to live in an area like this.
Any other metropolitan area in the United States? This is just California, right? Now we're in safe as a safe zone. These areas right here. And Ryan Lundquist, if you see this, maybe we could talk about this on a podcast about  the higher risk in Sacramento of. All of this stuff happening, right?  Bye baby. 

So personal bankruptcy filings are going up. Unemployment is going up, even though we're reporting everything's flat or going down, it depends, right? I see tons of tech companies  doing layoffs gladly here in our area because we're such a strong economy. If you get laid off today, you'll have a job tomorrow, unless.

You have some issues. So  I would suggest you read this. It's we're in a risky, precarious situation where we could implode. Probably won't do it.  But we need to figure out a more conservative, less progressive plan that helps us  look for sustainability and housing and affordability and living costs because you. 

What you can get for a million dollars. Let's look at this bad boy right here.  Cheswick. I was looking at it and this one's a million dollars.  Let's go back to Cheswick. I don't know why I started there. 
There we go. Okay. Look at that. That kind of looks familiar, doesn't it? It looks like my guy right here, but it's a million dollars because it's larger. It's 1, 370 square feet, three bedroom, two full baths, single story. I've been in this model before, very well aware of the floor plan and  it's a good floor plan.
It's just, this house is a little rough and it's a renter in there.  It's right by Las Lagos golf course. Last time I played there, I saw a couple of foxes and I gave him a little bit of my hot dog. Original list price was 9. 99. It's been on the market 36 days.  See, now, 30 days you're, you need to open up your eyes and say, maybe there's something wrong with the price.
Where is this, right? We talk about this all the time. You have to come to the price. You have to make it so that people come to you. You can't be a market maker.  And the expectation here is that it's worth a million dollars, but after 36 days, it still hasn't sold. Probably because there's renters in there and they're making it difficult for them to show the property.
But at the same time 36 days, it shouldn't sell in 30. It should have been sold in 16 days, 17 days.  So my suggestion to this agent would be to let's see composition roof would be to  drop it down to 800 and  the listing sold,  right?  Obviously it's not worth a million dollars because nobody's willing to pay a million dollars for this house based on the condition and location and the market condition  compared to other houses in that area. 

I just did a CMA uh, video training video for my agents because I do that every year teaching them how to do. Compare to market analysis. It's important so you can see what your home value is  so you know what to expect. But understand that's real time that number that you get or that range you get is ready to sell today, not six months down the road  because anything can happen.

We can go into World War three. We can have an economic collapse. We can have a global economic collapse. We can have gas going sky high up to 10. However, center Costco just sold me some gas for 3 and 89. 9 cents.  Yeah.  A gallon, which that's amazing.  So  there you go.  All right. So let's see. Compared  to,

so my listing is right, right here. 

Inventory Watch http://blog.abitano.com/2023/12/little-bit-of-fixer-upper-moving.html

So yeah, we're just across the freeway. Freeway from each other. The other listing that I have, we're closing next week and it's all going smooth,  that's the intention, right? We want to make sure that the listing goes, sells fast, but also goes smooth. So we were keeping in touch with the cell, the buyers, buyer's agent, making sure everything's done.
 All right. That's it. I was going to do this, but I never the inventory watch, I'll get to it and put pictures down below in the blog. So you can take a look. I'm Peto with Avatano. Have a fantastic weekend. I'm off to work. I have to go empty out some. Some personal property of of a listing and  take it to the, take it to the dump. 

We'll see you out there. Have a great weekend. Bye now. 

Local Market Home Value Report https://hmbt.co/bT7qRJ

Vito Scarnecchia

Realtor®, Broker, Veteran, Dad

DRE#: 01407676



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

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