Best Buy closes 24 stores this year

March 25, 2024

Best Buy closes 24 stores this year | NAR Lawsuit - Who Benefits? (4 Things You Absolutely Must Get Rid Of Before You Move)

Best Buy closes 24 stores this year | NAR Lawsuit - Who Benefits? (4 Things You Absolutely Must Get Rid Of Before You Move)

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Good morning, giving my contacts a little bit of a rest.

$418 Million Settlement Could Change U.S. Home Buying. But Who Benefits?

Decoding the $418 Million NAR Settlement: Impact on Consumers

Hey, so what does that 418 million NAR settlement really mean to you as a consumer? We'll be talking about that as well as Best Buy planning on closing 24 stores. I always wondered every time I went in there, I was like, why is, we'll talk about more about that and the harbinger of what that could be for things you need to do before you move.

Willa Glen house of the week and a luxury house of the week brand new just popped up. It's gorgeous and the 12 Bay area county snapshot. Let's get moving here.

What exactly does this? 418 million dollar settlement mean now if you go back to it break it down 40%

Of this 418 million, whoever the other plaintiffs are. I don't know, but when we broke it down for the St. Louis lawsuit, that was 1. 8 billion, which is being contested right now. I just assumed it was 20%. And that lawyer would get 300 and something million dollars, which is just huge. And then the plaintiffs, which were like 250, 000 of them got a whopping five or 6, 000 pre tax.

Now, not to spurt you for spurting this, I telling you that this is good. We just have to make sure that it's good for everyone. The consumers, especially now, the sellers are definitely making out, right? And here it says 6 percent is going away. It's never been 6%. We suggest 6%. We negotiate from there.

Typically we get several somewhere between five and six or sometimes four, depending on what they want and what services they want. So it's very negotiable. It's never not been negotiable. The lawsuit was about how are we going to pay the broker on the buyer's end and the buyer's agent broker.

And honestly, it's the system that worked. We're just, there's a lot of greed and broken feelings and. This is going to make it very difficult for people to continue moving forward. Now, here it says, and paying 6 percent absolutely has never been a standard. At certain brokerages I worked at before, they required me to get management approval if it went anything below a certain percentage, which is the reason why I became a broker for myself.

So I can dictate those terms and negotiate appropriately for my clients, whether they're the seller or the buyer. Now, what does this really mean? The seller might be saving some, but not really, because if they say that they're not going to do any or offer any broker commission, the new law states that if you're a buyer and you want to work with me, a licensed real estate agent slash broker, or anybody else in the state or the nation, you have to sign a buyer broker agreement.

This means that you're going to have to agree to pay two and a half, 3 percent of the sales price. If the seller's not willing to come up with that. Which hurts the buyer. Now, this is a whole lot of what's going on, right? What, who does it really hurt? It could hurt the buyer. It's going to hurt for sure.

First-time home buyers, it's going to hurt VA buyers because VA buyers are not allowed to pay anything out of pocket other than down payment and whatever basic closing costs there are. As a matter of fact, We write offers with concessions to credit the buyer from the seller to help with closing costs and other things, special repairs, some certain upgrades, et cetera, et cetera.

Now, on top of that, we're going to ask the seller to commit to paying on top 2. 5 percent or 3%, whatever it is that's inside the agreement. Otherwise, there can't be a deal that's how it's just the way it is. And when you look at it from a competitive standpoint, if you're a VA buyer and you need the seller to buy or pay the buyer's agent commission, and then somebody else comes in and says, that's okay, I got my buyer's agent and everything else is equal.

There 000 that the buyer's paying the buyer's agent that the seller doesn't have to pay. You're at a competitive disadvantage now as a VA buyer. So there are a lot more folds to unfold here. So we'll just talk about that a little bit more. We'll keep on talking about this every week until we figure it out.

Again, this isn't put into law yet. The judge has not confirmed this settlement. The settlement is still out there. We're just doing a lot of supposition on what might happen and this and this. So all the stuff that you're hearing on the internet, on news reports, on tech talk, or whatever, there could be a completely different settlement or something completely different come July.

Keep that in mind.

The Future of Retail: Best Buy's Store Closures

Best Buy is closing in 24 stores and another 50. 10 to 15 next year. When was the last time you went to Best Buy? It was a pain in the ass. And while you have the big expansive plethora of choices, once it goes to checkout, you're always asked if you want to buy a warranty and this, now I know Amazon does the same thing, but it's really quickly done.

And if there's ever anything wrong with it, you have to go through the customer service and it's like being interrogated. What'd you do to it? What's wrong with it? No. It's just a pain in the ass versus when you're on Amazon, you could just send it back. Right now. Now, Amazon's doing a couple more hurdles to make it more difficult, but I think they've already created the damage.

So I think what we're seeing is the increase of labor, increase of rent, increase of property tax, which increases. Rent, the increase of insurance, the increase of everything doing business, Best Buy's probably going to close down just like the other places. Now, what does this really mean in the big picture?

I mentioned it in my Facebook posts and a couple of people popped up with Circuit City and Good Guys and all these other companies that went the wayside back in 2009, Good Guys were gone a lot earlier than that. That was one of the. The signs that the retail industry on top of our housing industry collapsed.

Now, if you remember 2008, it was the toxic loans and that yadda, but I've upset a lot of different things and made credit and cash very tight. And a lot of companies failed. The reason why Best Buy is failing is that it's a big box that is no longer really necessary because all the small stuff that you would go to like Fry's electronics, you can go and get a little.

A resistor or a hard drive or a CP, you can get that online now and you don't have to go to Amazon. You can go anywhere. Best by model, try to make it work so that you have warehousing as the retail outlet, you can buy and pick up. It's just not providing enough. So probably what they would do is have storefronts in malls put a lot of.

high profit high volume products inside that store, like computers and phones and that, that kind of stuff. Then if you want extra stuff, we can have it shipped to you or they can have it shipped to you, or you can have come back and pick it up or what have you, but you have a little place to do a testing ground, just like the Apple model.

I don't know. Call me crazy. I think Best Buy still has a lot of options that are out there. They just have to really refocus and try to rebrand, not rebrand themselves because they have a great brand. I'd like to see them do something with it before they absolutely go. Chapter 13. There you go.

Pre-Move Essentials: Decluttering and Organizing

4 Things You Absolutely Must Get Rid Of Before You Move

All right, four things you need to do before you move.

While there are a lot of things you need to pack, you need to clean, you need to let a lot off, but what are you going to do with all that paperwork? Now you probably, and I see this in every house that I go into probably have one of those four-drawer, steel cabinets full of junk and paperwork.

Go through it, get rid of it, burn it, shred it, throw it away, recycle it. Doesn't matter. Get rid of it. You don't need it. If it's over seven years old, get rid of it. If it's over three years old, get rid of it. And if it's something you really think you need, scan it, put it into a hard drive, and then close and have a redundant copy of it.

Just like you do your photos, mementos, and heirlooms. I went to a listing appointment last week and there were checks everywhere. It was, it was fun to watch and look at, but they had very ornamental decorations. everywhere. And the parents passed on and now we're taking care of the estate and we're taking care of having to deal with all this stuff.

If it's something people want, absolutely. If it's something your aunt gave you a 200-year-old, 150-year-old China cabinet and it doesn't really fit your needs, can sign it or give it to somebody else in the family who doesn't want it. Or that might want it, right? Because at the end of the day, it's keep it within the family first.

And then if not, if nobody wants it, sell it. I know it means a lot to people like it. I always talk about the heirloom chandelier. If it doesn't fit your needs, get rid of it. Cause it's just an extra thing that you have to tote along with you for the rest of your life so that your children have to take care of it.

If they don't see the value in it, they're surely going to get rid of it. Clothes, I tell you what, I've been shredding clothes, getting rid of stuff. Mostly because I've lost 10 percent of my weight and I have to get new clothes. But there's stuff that just gets old. I buy stuff that's not like super high fashion.

You could tell I wear, star, star wars shirts, but there's stuff that I wear when I go to sales meetings and networking and stuff. And if it's older and decayed, get rid of it. You have holes in your socks. Now that said the sweater right here. It's a great sweater. And I want to say it's 25, 30 years old.

I still wear it when it's super cold. I layer up. It's one of my layers. It's a great sweater. It's comfortable. It's homey. It's like a house coat. So there you go. Oh, this is a big one, guys. I don't know if you've ever seen my rant on movers, but movers are super fricking expensive. And if you're moving across the country or across town, they're going to cost you at least 10, 000 if not more.

Chances are the furniture in your house that you have right now, probably not going to fit in the next house that you move to either you're shrinking or getting bigger, or you have different angles or rooms. Like I've always struggled with my family room. Cause all the furniture we have just doesn't fit right.

Cause originally the couch was in another room. And anyway, It just doesn't fit, but I've also had three kids, multiple parties, and two dogs destroy all my furniture right through hair, dander, slobber, whatever, spilled milk, spilled this, spilled everything in my house when I move is going to the garbage or going to Goodwill or going to the home Habitat for Humanity's Restore, or my friends will get it.

Cause I don't want it. Same thing with my tools. If I'm moving across the country, I can buy new tools. I'm going to give up my tools and sell them if I can, but I don't need all these tools. I'm getting older, and slower, and I don't need to do all this stuff. It's just not my thing. I do it to keep my house maintained.

Lots of little things. The tables we have, they're awesome. This desk is awesome, but I'm not going to pay 400 in essence to have this thing move to wherever I'm moving. I can just go to wherever I am going and buy a new desk. And quite frankly, you can buy them for two or 300 now. So unless you have a really fancy desk, get rid of it, get rid of it, give it to somebody that could use it.

Enough of that. Okay.

Willow Glen Home of the Week

Spotlight: Willa Glen and Luxury Homes of the Week

Glenn house of the week, this is nine 75 Longley, not my listing for bedroom two bath built in 2001. But if you look at it, you kind of question, Holy cow, is this really 2001? I just the structure, the way it's set up, it could have been burnt down, could have been burnt down, torn down, taken down, remodeled to such an extent that they reclassified it as brand new in 2001.

But you look at everything in this house and it just screams 1900s. This is an old Crossman-style house that has been rebuilt. Beautiful, completely done really well, gorgeous house. And the reason why I brought this to your attention is because. It is very close to downtown, very close. This is downtown Lincoln right here, or downtown Willow Glen, Lincoln Ave, and you can stumble there and stumble back.

It's a great little house.

So if you're interested in looking at it, let me know. And this one right here, Elena app again, not my listing five bedrooms, four baths, 1, 200, 4, 000, 12, 440 square feet built in 1995. This thing is a castle. It's gorgeous. Spanish style revival. I don't really care for the front, but it's just everything about it is gorgeous inside.

I bet they didn't even have to stage this house because it's just so well-appointed. Everything has a place. See, that's an office, right? That's gorgeous

sliding walls, right? That's pretty awesome. I like that.

All right. There you go. Okay, 33. 37 million dollars if you're interested in this in any way shape or form, let me know happy to show it to you Alright quick snapshot.

Luxury Home of the Week

Bay Area Real Estate Market: A Quick Snapshot

12 Bay Area County Report

We're not doing a whole lot. There's not a whole lot of business going done. We have 150 new listings Our sales are being sold. We have, let's see quick math, 200 new listings on the market, just in Santa Clara, and 200 more listings.

That's it. The average sale price or average sale time is 19 days. That means on average, you're looking at five to six days to sell a house. This is the average, but really well-priced, positioned, product-promoted homes sold in five to seven days. It's crazy. And it's going for 5 percent over the list price.

The only other hot or there's two other highest one, San Francisco is catching up. It's funny. Went down last year and now it's catching back up. So I think pricing is coming back. The average sales price right now is 2. 11, which is almost as much as Santa Clara County. Same thing with Alameda.

Where's San Mateo? 102. That's the most expensive place to live in the Bay Area and the least expensive is Solano, but that's always been the case. If you can't afford to live in Silicon Valley, think about driving. All right.

Wrapping Up: Key Takeaways from Today's Discussion

Today we talked about what the lawsuit means to you for things or best buys, closing 24 stores and then another 10 to 15 next year for things you absolutely have to consider throwing out before you move will a Glen house of the week, luxury home of the week and the 12 Bay area County snapshot.

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

Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers 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://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

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