increasing gas prices are getting a little bit more expensive. Mortgage rates are stabilizing at 6. 6 and we'll talk about that in a minute. Tuesday we're talking about Las Gatos high Las Gatos homes for sale and highs and lows. So let's get moving here.
Understanding Foreclosure Process
Foreclosure increases. Now this article is from Adam and they do a lot of data. crunching for the financial markets and they're really good at real estate. So, at the end of last year, we wound up with more foreclosures means it's increasing, but not a lot. So here, take a look.
Foreclosure Trends in California and Nationwide
It says California had 29, 000 foreclosure starts.
Texas had 28, 000 foreclosure starts. Florida had 27, 000. Foreclosure starts a foreclosure. Start means that they're late. It's a 30, 60, 90-day notice of default and O. D. And that just means they started. It doesn't mean that they're actually proceeding with the actual process to do a foreclosure today is not like what it was before.
It was. It's a lot more involved. There's a lot more involved. legal stuff that has to happen. There's a lot of going back and forth and even though it starts, it doesn't mean that it will close or foreclose right away. You are, if you are in notice of default or behind on your payments, they have to do a lot of different things to counsel you and give you options and opportunities to help save your house.
You don't get evicted. It's a lot more protected now. And if you watch over my years of doing this, I do a foreclosure count every Thursday, I think. And what we talk about is the number of foreclosures in California and in Santa Clara County. Now, this is nationwide. Number right here. This chart right here is nationwide and it shows yes, there were zero There was barely zero basically zero foreclosures happening in 2020 covid there was a moratorium on the books now, and there's some speculation that All of those houses that should have been foreclosed on are in shadow inventory, meaning that you haven't been started.
The foreclosure starts haven't actually started. And there's some speculation that in 2024, this number might jump, but still right now it's really difficult to buy a house, especially one that is brand new on the market and one that has been marketed right.
Challenges for First-Time Home Buyers
And a lot of people, especially investors and big buying companies are buying up these Houses before they actually get to market.
There's a small trickle of houses that come on, come to market. And typically they're the least choicest ones. And how that happens is big, huge holding companies with billions of dollars, hundreds of millions of dollars go to the bank and say, how many houses do you have for sale right now? I'll take every one of them.
And out of those hundred houses or whatever that might happen that they buy, 5 percent of them, 10 percent of them are not what they want to fit into their portfolio and then they sell it off to the market. So you get the dregs of the market. So it's not like what it was in 2008, 2009, 2012, it's not going to be like that.
It's a totally different world right now. So just keep that in mind. If you're a first-time buyer, think about buying a standard house and we have strategies to help you get into that, into your first house, right? It's not going to be your best house. It's not going to be the brand new house on the market, but we do have strategies to save you money and get you into a house.
Okay.
Mortgage Rates and Gas Prices
Mortgage rates, 3. 69 gas. The lowest is in Cupertino at Rotten Robbie's. I believe Trader Joe's what? No, that's not it.
Rotten Robbie in Los Gatos Boulevard, right? As you get off the thing, there's Rotten Robbie, I think. Yeah, right there. There's a nice little park I go walking right by, but that's the lowest I've seen today, 66, 363.
Exploring the Most Expensive House in Los Gatos
This house is right here. So what we're going to do here is we're going to go through every day we're going to go through some nice areas and look at houses for sale.
And this one happens to be the most expensive house available in Los Gatos. Now, this one for 32 million is actually a lodge and it's miscategorized. It should be in the commercial, but I don't know why it's there. It just is. So Glenn Una Drive. It's not my listing. I wish it was. This is beautiful. I would live in a house like this.
This is Thank you. It's beautifully managed and it's on a backward slope. So there are actually three stories on it and it's really nicely done. I just wish they didn't take so many pictures of the front right there. I want to get inside and show you this house. It's just beautiful. Just look at the floor work on this.
Just love it. Everything about this house. It's just beautiful, immaculate, trimmed out, completely done. Nice. It's worth what they're asking considering the market. The only thing I don't like is a fireplace. Let me open this up so you can see it. I'm not a fan of that. That just looks weird. Yeah, not smart.
That one's okay. Still not a big fan of that random. I don't know why they did that. This is a cool little feature right here. These are air conditioning. These blow down cool air on a hot summer day. So you have air conditioning on the outside. That's pretty cool. The other thing is you do have a view, but you don't have a view.
And the problem is it's so far out.
You're actually up in the mountains a little bit, not in the forest, but you're still pretty far out. That's Saratoga and that's Las Gatos. So you're halfway in between and you're still up there and the mountains up in the hill a little bit. So there you go. That's your Las Gatos house of the week.
Analyzing the Highest and Lowest Sold Prices in Santa Clara County
List price since list price to sales price, highest price sold this week was again, well in Los Altos. And it was. Sold because the property is five acres and we'll see when we go through these pictures, you'll see that this ranch, this little ranch house had five acres. That's what people did back then.
They just lived their life and then they died off. They sold it.
What if you look carefully, let me see if I can bring this up for you right over here. That there's a big old house right there, and there's a big house over there. And as you go through, you'll see that there's big behemoth houses all over next to this. There are a couple properties that are coming up for sale, right?
They're just sitting there. And what people do is they buy the property, and they just tear it down and put there,
and put their put their mansion on it. And then sell it for 32, 000, 32 million. But this is Los Altos, so you'll see that. The lowest list sold price in Santa Clara County was in Gilroy. Three bedroom, two bath, 1, 300 square foot, built in 1962. Originally enlisted at 780, sold for 750. And it's just because they really didn't take care of this house.
The front looks okay, but it's just basic. I wouldn't say it's maintenance deferred. It's just nothing to it.
The Importance of Professional Photography in Real Estate
You really need to get a higher professional photography. This is ridiculous. How do you see people just doing a kind of iPhone photography? You can't really sell a house that way. And that's probably why it was misrepresented.
But there you go. This one's right down the street from me. As a matter of fact, I live over by this park right here, this
park right here. So really close.
Exploring the Highest List Price to Sales Price Ratio
This is the highest list price-to-sales price ratio. So for almost 30 percent over the list price, the true option is that it was worth 1. 25 to 1. 35. And they got what they were looking for, right? So good for them. Nothing wrong with that at all.
Okay, so it's a nice house very nicely done inside. It's almost as though they Flipped it though because they didn't do anything on the outside.
So they just sold it I would say this is more of an as-is, not a flip. I would say that you can tell because when we get into the kitchen, you'll see there are stainless steel and white appliances. So it's mismatched. So he probably didn't work. They just tore it out, put new ones in
and it looks like they may have redone the. Windows recently, but I can't, I don't know. So nicely staged the outside.
Understanding Your Options When Selling a House
They didn't do anything to, and guys, this is an option, right? You sell your house as is we have three options and we, I don't care which, however you want to do it. I can guide you through the entire process.
Start to finish three options and. I don't care either way, right? If you have repairs you want to do, I'll take care of that for you. If you want to be completely turnkey, I can take care of that. But right now the option is to not spend a hundred, 150, 000 and put it on the market and sell it. Yeah. You're not going to sell it for 1.
52, but then. From 1. you have 200, 000, you have 100, 000, you're sinking into the house, and,
and then you have to wait and you have to wait two, three months to get it all fixed up. And then you have to deal with dust and contractors and all that stuff. Not that's a bad thing, cause I do it all the time, but it's your option. If you don't want to deal with it, you just want to get it on the market.
You can do minor repairs, get it ready like that, or we can just sell it as is completely up to you, how you want to do it. And then this one right here, Tantal 3. 28 million took 43 days to sell. Yeah, I don't, here's the thing, everything about this is wrong. Other than
there's only one house or only one picture to show. So I can't really show it to you other than it's in Cupertino. So you have Cupertino schools, right? Like right there is, I want to say that's Cupertino. Hi,
I'm a bang-geek dad. So I go to all my kid's competitions and band things or whatever. And I was there last year. We were actually eating. Yeah. Anyway, so Tantau is a filter street, right? It's not a busy street, like Stevens Creek. Tantau is a filter street, just like Heaton Moore filters cars. The inner neighborhood, but the way they developed it back in the day is that they had houses phasing that nowadays they actually have houses phasing inward.
So you would go in and then come back into a. Into the, your house right here. So it's a little bit different these days, mostly for privacy and for resale ability. So they do take into consideration that. So there you go, guys.
Wrap-Up and Conclusion
Today we talked about foreclosures going up, but they're really not. So don't listen to all the hype gas going up a little bit mortgage rates stabilizing about 6.
6 today, Las Gatos house for sale Las Gatos house of the week, and then the Highs and lows of Santa Clara county. I'm Vito with Abitano. Thanks for watching. We'll see you out there
Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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Title: 🔴[LIVE] 🚨 Foreclosure Activity Increases | Los Gatos Homes for sale
Introduction:
In this blog post, we will discuss the current foreclosure activity, gas prices, mortgage rates, and the real estate market in Los Gatos, California. We will provide insights into the foreclosure rates, the impact of COVID-19 on the housing market, and the highs and lows of Santa Clara County. Let's dive in!
Foreclosure Increases:
According to a report by Adam, a trusted source for real estate and financial market data analysis, California witnessed 29,000 foreclosure starts, while Texas and Florida had 28,000 and 27,000 foreclosure starts, respectively. It's important to note that foreclosure starts indicate late payments and notice of default, but it doesn't necessarily mean that foreclosure proceedings will immediately follow. There are various legal procedures and options available to homeowners to help them save their homes and avoid eviction.
The Effect of COVID-19:
In 2020, during the COVID-19 pandemic, there was a nationwide foreclosure moratorium, resulting in very few foreclosures. However, there is speculation that a significant number of properties that should have been foreclosed upon are now part of the shadow inventory, meaning that the foreclosure process has not yet started. It is anticipated that in 2024, the number of foreclosures may rise, but currently, buying a house in the market, especially a new one, is quite challenging.
The Current Real Estate Market:
Due to the demand from investors and large buying companies, houses that come to the market are often quickly purchased before they are listed. This has created a situation where only a small number of houses are available for sale, and they may not be the most desirable ones. Big holding companies with substantial financial resources approach banks and purchase all available houses, resulting in limited choices for buyers.
Mortgage Rates and Gas Prices:
Mortgage rates have stabilized around 6.69%. It's crucial to keep an eye on these rates as they impact the affordability of homes and monthly mortgage payments. As for gas prices, the lowest recorded price was at Rotten Robbie's in Cupertino, at $6.363 per gallon.
Featured Los Gatos Home:
Our Los Gatos house of the week is a stunning lodge located on Glen Una Drive, priced at $32 million. This spacious property features three stories and meticulous craftsmanship. It offers a beautiful interior design, although some elements, like the unusual fireplace, may not be to everyone's taste. The location offers mountain views and a serene environment.
Recent Sales Highlights:
Santa Clara County recently witnessed a high list-to-sales price ratio, with a property selling for almost 30% over the list price. On the other hand, the lowest list-to-sold price ratio was recorded in Gilroy, where a three-bedroom, two-bath home sold for less than the original listing price due to its condition. Real estate enthusiasts will also find interesting insight into the changing landscape of Los Altos.
Options for Selling Your Home:
If you are considering selling your home, there are three options available. The first option is to repair and renovate your home before putting it on the market, which involves investing time and money. The second option is to sell your home as-is, making minor repairs to make it presentable. Lastly, you can choose to sell your home quickly without making any repairs, saving time and effort.
Conclusion:
In conclusion, while foreclosure rates may be increasing, it's essential to understand that the market dynamics have changed significantly since 2008-2012. Various factors, such as COVID-19 and the influence of investors, have shaped the current real estate landscape in Los Gatos and Santa Clara County. If you are a first-time buyer, it's advisable to consider alternative strategies to enter the market. Stay informed about mortgage rates and keep a lookout for available properties that meet your requirements. For expert guidance and assistance throughout the process, feel free to reach out.
1. Post 1:
"🚨 Foreclosure rates are on the rise, but what does it mean for the real estate market? Join me as we discuss the impact of foreclosure activity and explore the available homes for sale in Los Gatos. Don't miss out! #ForeclosureActivity #RealEstate #LosGatosHomes"
2. Post 2:
"Looking to buy a new home? Discover the latest trends in foreclosure rates, mortgage stabilization, and gas prices. Tune in as we delve into the world of real estate in Los Gatos. 🏠 #Homebuyers #RealEstateTrends #LosGatosLiving"
3. Post 3:
"Curious about the housing market in Los Gatos? From foreclosure activity to mortgage rates and hidden gems, we've got you covered. Join us for a deep dive into the world of real estate! 🏡 #LosGatosHomes #RealEstateInsights #HomebuyingTips"
Real Estate Market Insights: Foreclosure Rates, Mortgage Rates, House Sales Analysis
In this real estate market analysis video, the host talks about increasing foreclosure rates, rising gas prices, and stabilizing mortgage rates. He also dives into a detailed examination of properties for sale across various locations, from California to Texas and Florida, including an extensive look at the most expensive house available in Los Gatos, and the highs and lows of Santa Clara County's recent property sales. The video offers useful insights into buying and selling strategies, looking at how market conditions are changing and how the current housing market compares to previous years. Finally, the video wraps up with a case study of a property that took 43 days to sell, exploring the reasoning and factors affecting its sale.
00:00 Increasing Foreclosure Rates
00:02 Introduction
00:21 Understanding Foreclosure Process
00:46 Foreclosure Trends in California and Nationwide
02:44 Challenges for First-Time Home Buyers
03:55 Mortgage Rates and Gas Prices
04:19 Exploring the Most Expensive House in Los Gatos
06:10 Analyzing the Highest and Lowest Sold Prices in Santa Clara County
07:37 The Importance of Professional Photography in Real Estate
08:01 Exploring the Highest List Price to Sales Price Ratio
08:52 Understanding Your Options When Selling a House
11:06 Wrap-Up and Conclusion
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