🔴 Major Tech Layoffs in 2024 So Far | What you get for $1MM Santa Clara County
- Local Market Home Value Report https://hmbt.co/bT7qRJ
Major-TechTech Layoffs in 2024 So Far | What you get for $1MM Santa Clara County
Local Market Home Value Report https://hmbt.co/bT7qRJ
Layoffs in 2024: A Closer Look
Layoffs in 2024, what you get for a million dollars in Santa Clara County, and Inventory Watch. Let's get started.
Across the nation so far, several workers laid off. Now I don't want to sound like I am trying to excite them, the industry, but I just keep an eye on a lot of different things. What's going on in multiple different industries because we don't live in a bubble.
Real estate doesn't live in a bubble, high tech, healthcare, all that other stuff. I think. Tech is just going through the normal evolution of tightening their belts to show off their quarterly earnings. And that's typically what they do. They trim the fat. So Google is one of them. YouTube, TikTok.
Seems like tech giants are trimming the fat right now. Now it goes down into here. And this is a little bit more of an accurate telling chart. Unity, Wayfair, Flipkart, Google. They're all about a thousand to 2000. Vroom, which is one of the automotive retailers. They sell used cars, like Carvana and CarMax.
They're laying off a huge number of their people, 80%. I heard they're actually closing their doors.
The Tipping Points of Our Economy
If you look, if you remember, one of the main things that I always go to is this, the tipping points of our economy, and this is. Telling when you look at all these things, these are all industries that we're looking at that are giving us as consumers pinch or there's overinflation.
It's hard to make things work. It's hard to make it continue to go for go move forward. So right now we're all tightening our belts and these are all the six tipping points. In this house of cards that we're living in it's important to keep that in mind Now these numbers are a little bit older I looked up real quick on auto finance delinquencies and they say it's the highest it's been since 1996.
We're seeing a large number of automotive
Delinquencies and a lot of them being repossessed. So could it be just an Island unto itself or could it be a major tipping point to the rest of our economy? Just like it happened, the housing and finance crisis in 2008, the dot com bust in, the early two thousands, we don't know, am I, Being inflammatory.
Financial Intelligence: A Key to a Better Life
No, I'm just keeping an eye out and having that conversation about what's going on in a larger picture of that so Keep that in mind, especially when times get tough for a majority of Americans houses are still selling It's crazy that it is, but it isn't this episode is brought to you by financial intelligence.
Small business help
There are links down below to click on this. You can watch this. It's there's no, it's all education. We bring in people some are salespeople, and some are not summer coaches. Some are, they're all small businesses trust lawyers, everything just to educate you on. Things that were not taught in school, things that were not taught by our family and how to be, how to live below our means, and how to live a better life financially and become more educated on that.
What You Get for a Million Dollars in Santa Clara County
What do you get for a million dollars in Santa Clara County? Let's take a look at this guy. Two bedrooms, one bath. 765 square feet in Sunnyvale yeah, this one right here is new. Go backwards. I guess true fixer-upper look at that wall heater. It looks like it's oil heat
crazy guys. That's what this house looks like. It looks like a flat roof almost flat roof two car garage two bedroom one bath for a million bucks complete fixer-upper in Sunnyvale, California. If you want to take a look at where that is, we can open that up real quick
here for you. And there it is in the big picture. This is where it is right here. And it's right off of Fair Oaks in California. I sold a house a couple of years ago on Washington right here, which leads to this area right here, which is, this is a nice little area. Murphy street. I go there every couple of weeks with a networking group and hang out and talk. If you're interested in that, let me know. But yeah, your Sunnyvale million bucks, two bedroom, one bath. Fixer upper.
That's what you get for a million bucks in Santa Clara County. If you have a house, you want to know how much it's worth. I know you can go to Zillow, but sometimes Zillow isn't super accurate. This is much more accurate. It's free to use. Please feel free to do it. Okay.
Inventory Watch: The Current Real Estate Market
Inventory. We want to have an inventory of about two we need to have an inventory of about seven, eight, or nine hundred in San Jose for it to be a balanced market.
We're a fraction of that. We're a small fraction of that. It's it's scary how much it is. Yes. Houses still stay on the market. We have, I want to say 45 houses that have been on the market over 90 days, which is not the norm. Cause we're looking at, I think we're at 21 days on the market in San Jose on average last year's 29, 21 days.
See Cupertino 11 Los Gatos, 44 houses for sale. Saratoga. 11. Now these numbers underneath mean it bases it on the square miles of that city versus how many active homes. And the same thing for this is how many active homes over 1, 000 people in that population. And I have to go and redo these numbers, but those numbers aren't out yet, so I'm still using last year, or 2022 data on population.
Cupertino is one point or 0.188 homes per thousand people. That means there's one house available per five people available that are out there. Same thing here, Los Gatos. It's all very small and I just, I think this really helps point out that we have a very low inventory. Gilroy is 36 for every 2000 people. There's one house for sale. It's 36 2 0.2 homes for sale. And 16 square miles that are, that makeup Gilroy. So different towns are different. And understand that Tampa and Cape Coral, when you look at the actual numbers, include Cape Coral and other areas as well, but I use it as a baseline so you understand where we are day to day.
For example, during the summer, we have about 4, 000 homes for sale. Now it's. 7, 000 Cape Coral just got hit with another storm. That whole area got inundated by Austin 22. It's a little bit low in Atlanta, 1700, which is funny. I just heard Atlanta is the top. The metropolitan area that industrial investors, you should call them industrial investors because they have 10, 15, 20, 000 units under their belt.
They have billions of dollars. They have a hedge fund and they're buying up single-family homes yet. There are still 1700 houses for sale. LA is 23. So if you look compared to these numbers over here, the averages are. Aren't stepping out of the norm and that's another thing I will look for with this chart is that I want to make sure that We don't see a major spike in inventory or a major drop in inventory like what we're seeing here.
It's precarious it's a little dangerous because We need to have about 700 800 homes for sale to make it a balanced market Now, is it a balanced market for buyers or sellers? No, it's for It's equality. If there were like 12 or 1500 houses for sale, like we saw in 2008, then the buyers are going to be more choosy.
They don't have, they can go do lowball offers. Houses sit on the market a lot longer and that's where we are with this. So even if you're in San Jose you can't demand pricing, right? There are still buyers out there, but. Rates are higher than they were a couple of years ago. There's a lot less buyers out there, but still demand is high.
Conclusion: Recap and Final Thoughts
Today we talked about layoffs. What's going on in the automotive market. What'd you get for a million dollars in Santa Clara County and an inventory watch across the nation? I'm Vito with Avatano. Have a great weekend. We'll see you out there.
In 2024, the tech industry has witnessed major layoffs across Santa Clara County and the nation. In this blog post, we will explore the current state of layoffs, evaluate the value of a million-dollar property in Santa Clara County, and discuss the inventory watch. Let's dive in!
The tech industry, known for its rapid growth and innovation, is currently going through a period of consolidation. Many tech giants, including Google, YouTube, and TikTok, are trimming their workforce to showcase better quarterly earnings. While these layoffs may seem concerning, it's important to remember that they are part of the normal evolution of the industry. Companies often trim the fat to streamline their operations and remain competitive.
Beyond the tech giants, other companies like Unity, Wayfair, Flipkart, and Vroom are also experiencing significant layoffs. Vroom, an automotive retailer specializing in used cars, has even announced an 80% reduction in their workforce and the closure of their doors. These layoffs in various industries highlight the current challenges our economy is facing.
Tipping Points in Our Economy:
The layoffs and industry struggles are significant indicators of the overall health of our economy. They point towards tipping points that could have far-reaching consequences. Just as the housing and finance crisis of 2008 and the dot-com bust in the early 2000s had a profound impact, we must be cautious and observant of these signals.
Some alarming signs include increasing auto finance delinquencies and a rise in repossessions. These trends may indicate a potential tipping point that could affect our economy as a whole. It's essential to pay attention to these warning signs and consider their impact on our daily lives. As consumers, it's crucial to navigate these uncertain times wisely and make informed decisions.
Investment Real Estate in Santa Clara County:
With the tech industry upheaval, you might wonder what you get for a million dollars in Santa Clara County. Let's explore a specific property to gain a better understanding. In Sunnyvale, California, a two-bedroom, one-bath house with 765 square feet is currently available. However, it is deemed a complete fixer-upper. The property showcases a wall heater and a somewhat flat roof, giving it a unique charm. While the price tag may seem steep, it's important to remember that location plays a significant role in property value.
The Inventory Watch:
Another critical aspect of the real estate market is inventory. In San Jose, a balanced market typically requires an inventory of about seven to nine hundred homes. Unfortunately, the current inventory falls far short of this ideal figure. With only a fraction of the desired inventory available, it's clear that the market heavily favors sellers.
For instance, the average days on the market for a house in San Jose was 21 days, and the number of actively listed houses over 90 days is considerably higher than the norm. This scarcity of inventory extends to neighboring areas like Cupertino, Los Gatos, and Saratoga. It's crucial to acknowledge this low inventory when considering buying or selling a property.
The tech industry's current wave of layoffs, the value of properties in Santa Clara County, and the inventory watch reflect the overall state of our economy. As consumers and investors, we must remain vigilant and informed. Whether it's navigating career changes or making real estate decisions, understanding these key factors will empower us to make smarter choices. Stay informed, adapt to changes, and tread wisely.
Thank you for reading, and remember to enjoy the journey to financial intelligence.