🔴 Housing Prices ‘Are Going To Go Through the Roof’ | REO of the Week | Mountain View Home of the Week

 
 


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🔴 Housing Prices ‘Are Going To Go Through the Roof’ | REO of the Week | Mountain View Home of the Week


Introduction and Overview


Barbara Corcoran says housing prices are going to go through the roof also look at the REWTF of the week REO of the week and Mountain Home View of the week and then we'll also do the San Jose snapshot. 

#REWTF of the Week


Let's get moving All right First things first, let's get to the REWTF of the week. Look at this bad boy sent to me by a friend Open that up for you.

Yeah. Dude, really? Sometimes a little bit of planning goes a long way. And I can tell you that this was all an afterthought. This was probably an attic of some sort. Or, I'm sorry, a basement. And they just didn't think it all the way through. And when, yeah, I don't know. Maybe it's a step up to the attic for storage.


Who knows? But for sure, our EWTF, right? 

Barbara Corcoran Says Housing Prices ‘Are Going To Go Through the Roof’ — But When?

Barbara Corcoran's Real Estate Insights

Let's get real quick, Barbara Corcoran has the Corcoran real estate group. That's how she made her bazillions of dollars. She is a known expert. So why not listen to what she might say? And what she's saying is that what I've been saying is that there's a lot of demand and not a lot of supply and interest rates will only hurt.


Buyers, right? Some sellers are not going to have a problem selling their house. As a matter of fact, I'll show you how crazy the market's getting right now in a minute. So please stay tuned. Interest rates are going to continue to go lower, but that means more people will enter the market, which means, excuse me, which means that there's more demand, which means prices are going to go higher.


And we're already seeing that in, especially in San Jose. So what's a person to do buy in as quickly as you can, because we don't think it's going to go down and I don't think the market's going to crash. I don't see it. Even if it does here in Santa Clara County, even if you lose a couple hundred grand in a couple, over a few years, It's going to come back.


And then over time, you'll be seeing huge increases. 


Current Market Trends and Predictions


So over the next few months, March, April, and May are the selling seasons. I have two houses coming up for sale. There's always going to be more. And it's just a matter of making sure you get what you can for selling. But I'll also understand when you go to buy because you're not going to just become a renter.


You're going to go somewhere else and buy. It's a precarious situation right now. Don't expect a major housing crash, right? Nothing like 2008. There's just not enough demand. Whoever's buying. We have industrial investors, institutional investors, mom-and-pop investors. We have. The Airbnb crowd buying houses.


So you're competing against that when you're buying. And it doesn't matter if you sell and then buy another house. Now, if you're buying a huge luxury house, you're not walking into that market, but it's still a little bit different and commercial real estate. They say it's crashing. I don't see it crashing right now.


I see it slowly dwindling. It hasn't really crashed, but it's become a lot different in many spaces like New York and San Francisco where workers choose to work from home. So those spaces that they used to go to work at are no longer viable. They need to convert that into low-income housing or condominium complexes or something.


So there you go. Cochran even says. Confirms what I've been saying for the last three years, four years. Okay. 

REO of the Week https://www.onereal.com/vito-scarnecchia-1/listings/ebrd/41046819/Oakland%2C%20CA%2C%20US

Bank Owned Property of the Week


This is the bank owner of the week. This is actually in Petaluma in Sonoma County. And this is a, let's take a look. Five bedroom, five bath, 3, 900 square foot house for sale. For 1. 89889 it's on almost a quarter acre of land.

It's been on the market for 92 days, guys. This is a pickup right here. This is a great buy. Started off at 2. 5 million dollars and now it's worth 1. 8. How much lower can you get it for? If anybody's willing, I'm willing to do the work. Let's make this thing happen. 


Mountain View Home of the Week


Mountain View, Home of the Week. This is a gorgeous brand-new postmodern home.

Definitely not my style, but it is gorgeous. I like the sidewalk. Yeah. I hope that's not grass. Maybe that's a moss of some sort. Oh, it's right here. So you're within walking distance of the school and the parks. Beautiful little house right there. The problem with this one is it's on a major intersection.


Oh, wow. You can go put on the ADU. Looks like that is fake grass on there. I don't know. I would have put real grass. I don't know. Call me crazy. Low maintenance yard until those things grow out and they become huge monstrosities and they shed their seeds everywhere. Some more fake grass. I'm not a big fan of fake grass.


There you go. All right. These links are down in the blog. So if you're interested in taking a look, please do. 

MARKET SNAPSHOT

Market Opportunities and Strategies

We have 58 homes that have been on the market for over 40 days in Santa Clara County. That means something's wrong out of the three things, right? Condition, market, and price. So there are some houses to be had here.

Beltram. That should be like 800, 000, you overpriced it. Sometimes you have to wait. This one on Jacques, that's the flip that we looked at last week, right? It's beautiful inside, but it's a yellow house, come on. And then let's see, 31 houses in Santa Clara County have been on the market for over 30 days.


Over 90 days, right? Pricing is hugely important. Hugely important.

Let's take a look at this one right here. I'm going to open it up so you can see it. There we go. Nice. Take the ballpoint pen to show it because it's easier to do that instead of on the computer, right off of Monterey, right by the train tracks. That's a train track right there. So you have Caltrans rocking through 169 days and it's not moved a pinch.


That means the seller is not willing to sell for anything less than 2. 2 million.


Hubris, guys. Hubris is what keeps houses from selling. Hubris, greed, and poor mindset. I set up expectations to make sure that when you go to sell your house, you understand the market. I spend more time educating you and telling you how the market works strategies that are successful and strategies that leave you wondering why I'm even in business.

In all of California, there are 135 in just Santa Clara County. There's, I'm sorry, sorry. 135 bank-owned properties. That's all of California. That's not all of California. It's just the ones that I can track in my MLS and let's see. Yeah, there you go. Okay, we went through that. Let's take a swift look at these for you.


San Jose Snapshot: Current Market Data

Today, this is a snapshot of February 21st, 2024. Again, 40, 58 houses, 40 days on the market, 90 houses, 31 houses, 90 days on the market. 62 banks are owned in the 10 Bay Area counties that I track. EOS in all of California 135. Right now we have 199 homes for sale. And in San Jose, just San Jose, we need like 900 to a thousand just to make it a balanced market.


Let's see that flushing. We're still really below. We're coming into the market. We have another week or two before March 1st. And that's when you're going to see these, the inventory starts popping up. Last week we had 46 closes. Last year we had 57. Of that same week, the average sales list price was 1. 4 and the average list price sales price was 1.


6 last year, the average sales price is 1. 3 or 1. 4 million dollars were two, almost 200, 000 over last year on average, we're almost 200, 000 over on average for single-family homes. I tell you that's right here, right? I showed you this. Chart a while back, Santa Clara County, you're losing 377 a day on average.


If you're not, if you're renting, these, numbers are right here. It's crazy.


The high was 1. 140 percent over the list price. Our average is 130 percent over the list price for the high. That's just the highest reported listing of that week. And right now we're 80, 85 percent for the lowest, right? But get this, there are only 32 out of the 46 houses. I'm sorry. There are 32 houses out of the 46, which is 70 percent of the houses sold for over list price, the rest of them are below, but they're not that far below.


So if you took this is last year's, but if you took last year's. Still not a huge chunk out of that data stream.


And I'm telling you it's heating up, right? We're seeing houses go for crazy prices again right now because of the lack of supply. There is a slight, there's a steady demand, but there's a lack of supply that's out there. So my suggestion, if you put it on the mark is to go in low and let the buyers bid it up, you're going to contract.


attract multiple buyers and get a lot of list offers. And once you have a lot of offers, then you control the tempo, the terms, and the price pendings. We have 50, which is a lot less, but that's because we have a lot less on the market right now. Plus this week is winter break. Some schools were off last week, and some schools are off this week.


So there's some focus on going somewhere else outside of selling and buying houses. The list price decreased by 23 of them. This is cumulative out of all the active listings. 23 of them have been adjusted or decreased in price. And TFT is back on the market, we have seven of them, which is nothing. And we've only had three cancellations and these people are frustrated.


They're pissed off. They're angry and they're blaming their agent because the agent didn't have enough back to say, this is how we should sell a house. Now, guys, I'm not coming to you with ego or anything. It's just a system that we've developed over time. And when people come in and tell you, try to tell you how to do things differently, some.


Less experienced agents won't allow or will allow the seller to dictate how things are done and they might see stuff that's on the internet or how it used to be done in the 1990s. Things change over time and you have to be adaptive and you have to understand how to sell houses and attract as many buyers as you can.


So you get as many offers as you can. So you can dictate the terms, the tempo, and ultimately the price. So there you go. 


Conclusion and Final Thoughts


Today, we talked about the REWTF of the week. Barbara Corcoran said that houses aren't coming down or house prices are not coming down anytime soon. We talked about the REO of the week, the Mountain View home of the week, and the San Jose Snapshot.


I'm Vito with Avatano. We'll see you out there.


Find your next home here


Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Website: www.abitano.com Get your Equity and Investment report here RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia Free Homebuyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg?sub_confirmation=1



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