🔴 Home Prices UP 9 Months in a Row | REO of the Week 🚨 State of the Market SAN JOSE
Description
- #REWTF of the Week
- National single-family home prices rise for the ninth straight month
- REO of the Week
- MARKET SNAPSHOT
🔴 Home Prices up 9 Months in a Row | REO of the Week 🚨 State of the Market SAN JOSE
Good morning. Happy Wednesday. Today we're talking about REWTF of the week. National single-family home prices rise for the ninth straight month. And REO or bank-owned property of the week. And then we'll also talk about the snapshot for San Jose. So let's get started. Yeah. So let me open this up so you can actually take a quick look at this.
I'm going to open it up a little bit more there. See look at those brackets. Now these are choice hanging brackets. And that part right there, that's supposed to be down here, because
that right there holds that joist into place. And the entire house was done like that. So that's not really good. It's not healthy. It's not, I don't think it's a deal killer, but if I were that homeowner, I would be extremely right now. All right. National single-family home prices rise for the ninth straight month.
This is national. Your area might be different. Our place over here, Santa Clara County, San Jose, has specifically seen highs and continuing rises over the last few months. It's been like that since I want to say October of 2021, 2022. Yeah. 2022 because we saw a dip in April 2022 go down. The market went down and slowed down considerably because rates went crazy high and then.
The market slowed down and rates went or home values plummeted. Plummeted went down about five, to 10%, depending on where you were. San Jose, my area specifically went lost about 200, 000. We're back to normal. Now it's back to normal because people forget about bad interest rates. And then they'd continue to buy houses.
It's just a normal thing because they realize once price rates come back down, they can buy it. And it's actually smart to buy them because there's less competition, there you go. Nationally, we're doing much better, but not as great as we did in 2022.
2023 was the year of building back and now we're back to normal.
I think we're going to continue to see that one rates are coming down to there's a lack of supply. So demand being diminished, it didn't lower the push for people to buy. Now there are still houses that sell, that don't sell after 90 days. We talked about that yesterday. Some houses don't sell at all.
So they just get taken off the market. And if it's priced right and marketed that's when you sell your house. Period. This is the REO of the week. I have a link down below. You're very welcome to go take a look at it. It's been on the market for 45 days. It was listed as November zero 2023. So the six bedroom, three full bath.
And the reason why I'm bringing this up is because It's semi-affordable. This is what you get for a Bay Area home on the East Bay near the Delta. It's called Antioch. If you don't know that area, Antioch is not that fancy of a place. Like how San Mateo is a fancy place. Everybody wants to be there because that's where the affluent are.
This is where you can have a decent lifestyle and it's a good family home. Not very well maintained because they're renters and You would have to actually evict these people. That's probably part of the reason why sitting on the market for so long. But it's 2400 square feet, 3 full baths, 6 bedrooms, 6 bedrooms!
That's crazy. 2430, it's just a little bit larger than my house. And let me see if I have a map that I can show you.
But when you look at other houses, you can pick up other houses here too. Now I have a list of REOs that are available for sale. If you're interested in learning more about that, give me a call. We can send it to you. And then 40 days on the market. Let's get over here.
MARKET SNAPSHOT
. The new year now, these days are calculated for the last seven days. So it also goes into 2023, just like last week's last year's goes to 2022. So keep that in mind. They're not raw numbers. Any house that's over-market for 40 days is considered a motivated seller. Or they're just not going to budge and they're being unreasonable.
But we have 98 of them out of the
107 that have been on the market for a long time. Out of that, actually, it's the Santa Clara County. Yeah. Santa Clara County has less than 3 million. So if you're looking at a goodbye, you're welcome to look at houses like that, but. Houses that tend to stay on the market for 154 days and haven't budged on price.
Sellers are probably not really willing to work with you. And I can tell you specifically that house right there is probably worth about eight, eight 50. So it's overpriced. That's why it's not selling.
Same thing with 90 days on the market. It's the same set less than 3 million. You can see houses over here. They're just sitting there. They're 2 million. We're expecting this number to grow because some people are expecting to get more money for their house than what it's really worth or what Buyers are willing to pay for it.
So just keep that in mind. REOs have shrunk all the way around We just saw one of the 150 trackable REOs or bank-owned properties in California San Jose Realtor. com says 117 And the actual MLS feed is 107, which means for every thousand people there, or for every 10, 000 people, there's one house for sale.
It's crazy, right? Last week we had 33 closes. The year before we had 54. So that shows prices are maintained. Supply is low. Demand is saying even killed. I think demand is actually going to increase since rates are going to go down. So you're going to see prices go up. The volume of sales is going to continue to stay about the same.
On average, we're seeing 107 closes per week. This price is going up. The sales price is going up
this year compared to last year, we're actually. 3, 000 on average, and medium price is one five, in San Jose. This is all San Jose. The list price-to-sales price ratio is 99. 31, which is weird, but that's what happens in the weeks during the holiday season. There's less demand. People need to sell their house and that's when you get a good deal.
For the most part,
45 percent of the houses are 15 of 33 houses that sold for over list price though. So keep in mind, that you're not going to get a deal every time. The average price is 21 days and pendings are 14. 14? That's the lowest that's been all year. 19. Homes that have decreased in prices and 10 fell through or contracts fell through, and that does still happen.
That's cumulative, I believe. And cancellations in the last 7 days are 31. We took a lot of houses off the market. All right. Today we talked about today. We talked about the REWTF of the week. Those Joyce hangers national home prices are continuing to rise and the REO of the week I'm Vito with Abitano. Hope this helps.
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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Option 1:
"🔴 Home Prices up 9 Months in a Row! 📈🏡💥 Check out our latest script discussing the national rise in single-family home prices for the ninth straight month. Find out how this trend is impacting the real estate market. Don't miss it! #RealEstate #HomePrices #MarketTrends"
Option 2:
"🚨 REO of the Week 🏚️💰 Looking for a great deal? Check out our script featuring the REO or bank-owned property of the week. Discover a semi-affordable six-bedroom, three-bath home located near the Delta in Antioch. Don't miss this opportunity! #REO #RealEstate #PropertyDeal"
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