Surfing the Silver Tsunami Cost Of Living Calculator (Los Gatos Home of the Week)


Surfing the Silver Tsunami Cost Of Living Calculator (Los Gatos Home of the Week)




Introduction to the Silver Tsunami

 Riding the silver tsunami, surfing the silver tsunami. There you go.

Surfing the silver tsunami, what you need to know. 

Cost Of Living Calculator

Exploring the Cost of Living Index

Also, we'll talk about the cost of living index and there's a little calculator that we're going to go through and then we have Los Gatos home of the week. And a list of price reductions and the highs and lows of Silicon Valley or Santa Clara County. Let's get going real quick.

I want to talk to you about how we're going to get to the silver tsunami. So just hang in there. But I wanted to show you this. It's on Bankrate. I have a link down below if you want to look at it. Absolutely. Take a look.  Let's see if I can open this up. 

Comparing Living Costs in Different Cities

Now, what this does is it goes through the basic costs of living in different cities.

And I was just goofing around. I've been through a bunch of these and I can just pick some random place. Let's look at Modesto. The difference between living in San Jose, California, and Modesto. And this I got from our Median price or median income in Santa Clara County. So it's not exact, but it's close enough.

It is 181, 300. We refreshed the listing and in Modesto, you only have to make 116, 000 versus 181, 000. If you want to, I don't know, let's run the whole gambit thing here.  Selena. Pittsburgh, Miami County, somewhere you have to know that. Oh, Baton Rouge. Let's take a look at that. Let's see how much you need to make to live in Baton Rouge compared to San Jose, California, 97, 000.

So it's a little more metropolitan than I thought it would be. And Albuquerque, New Mexico. I knew I should have taken that left turn at Albuquerque. It's 97, 000.  Philadelphia, San Juan, Puerto Rico. That's a great idea. Let's take a look. 99,  000. Wow, so that's pretty chic.  Goes to show that living in San Jose or Santa Clara County, you need to make a lot of money to live here.

Period. Let's see where else. Oh, Texas. Amarillo.  I think that's on the whole West Coast.  88, 000. So relatively speaking, what we're finding here is no matter where you go, Knoxville, I think you have to make 89, 000. So my parents lived there. That's why that's important to me. But there you go. Something good to calculate.

How accurate is it? I don't know. I was having a conversation yesterday with somebody about it.  What state I would move to. And the truth is, it doesn't matter. We talked about the cost of a car a couple weeks ago last week, and really the difference is a couple hundred dollars per state. The difference doesn't really make any difference.

It does when you live in metropolitan areas that count. 

Understanding the Impact of Lifestyle and Taxes on Living Costs

As high end like the San Francisco Bay area, Los Angeles, anything on the coast is going to be more expensive than living on flyover stays. It's just a natural thing. So your cost of living will be down a little bit. How accurate this is.

You really wouldn't know until you move there, right? Because you don't know what the cost of living is, but the taxes and the income tax and all these other things that have to go inside of your total cost of living. Now, energy is a little bit lower in Knoxville, right? Apartment rent is much lower. So could you do the same?

Lifestyle living in Knoxville. No, because they don't have as many restaurants. You don't have the beach. You don't have two to four hours to skiing. You don't have all that. So there's that offset.  And it really depends on it doesn't matter if you're a blue state or a red state or whatever. It just depends on how efficiently the government is run how high the taxes are and how you feel about it.

For example, San Jose. It's high taxes, right? Our sales taxes are really expensive. It's 10 percent or close to 10 percent versus Knoxville, where it's probably eight and a quarter. A state tax in California is eight and a quarter, eight and change, but because you live in San Jose, they tack on more because they have all these extra services that we offer to the less fortunate.

So yeah, on top of everything else, I can tell you that in Tennessee, there's no income state income tax and. The property tax is a little bit higher and the sales tax is about nominal. So I didn't notice that much of a difference in higher balance. Wow. That's totally random healthcare costs. Again, you're looking at a little bit here and there.

Most of this is attributed to high. High taxes, high labor costs, and high rent costs, right? So living in Knoxville versus San Jose, the cost of living there is less. So your minimum wage is much less right here. My kids make 20 an hour over there. I think it's like 14:50. I don't know what it is anymore.

 And a hamburger here, guys, it's not going to be. 9 or 6. It's going to be 10 to 15, maybe even more. So get that out of your mind. If you go to a sit-down restaurant. So inflation is driving these prices right now, right? I can tell you that.  The basic stuff like cereal, and cornflakes, right? It's nominal.

Peas, I don't know. Potatoes. I go to Costco and I can buy three times as much potato for the same price as Knob Hill, right? It really depends on where you're going. You have to shop smart. Alright, enough of that. 

Los Gatos Home of the Week

Showcasing Los Gatos Home of the Week

Las Gatos, home of the week. Last week we looked at Alexander. It's still on the market. Let's take a look at this a little bit closer.

 It's a little, it's still on the market and they decreased the price. Why?  Somehow prices are more nominal to that. So the original price is 5 million. 250, 000, 245, 000. It's the same great house, 245, 000 discount. Let's go take a look at it. It's a beautiful house, right? I also wanted to point this one out. I know we looked at, I think we looked at this one last week.

I just don't see the value of living. near a freeway on a highway. It's less noise. I get it. This one right here just popped up. This is beautiful, but I want to look at chestnut again. These are not my listings.

There we go. I'm a little more centered.  So it's a more colonial suite. It's a five-bedroom, four-and-a-half bath, 7, 300 square feet. And it was built in 2006. Yeah. I don't believe the original list price. Is 8. 3 million. Let's take a look at this masterpiece and really see if it was inside. They could have spent a lot of money, but look at that door.

The doors beat up, right? That's an original door. So maybe they rebuilt a lot of it is very possible. And then they have the original trim because this looks like a historical house. It's really beautiful,  but they really did a whole lot to it. Look at that. I love that window.  Holy moly.  I want to do that to my house.

 That was amazing.  Wow.

 That's a gorgeous kitchen.

All right. If you want to look at it, it's down below, and link to my blog, Silver Tsunami. 

Surfing the Silver Tsunami

Discussing the Silver Tsunami and Its Implications

We're surfing the silver tsunami people. It's not a matter of when,   But when, and it's happening, right? If you're 50 years or older, you're seeing this happen. You're looking towards the end of your career. You're looking at the end of your kids, moving to school to college, and getting out of the house.

You're empty nesting. You have a lot of choices. You can stay in your house, which is great. There's nothing wrong with that. You have Proposition 13 to keep your taxes low. If you wanted to move to another. House in California, you had that option. You can take your tax basis, your property tax basis and move it.

 The problem is you have to pay capital gains on anything over 500. If you're a married couple or if you're single, it's 250, 000. So understand that's one of the main reasons why people are going to stay in their house until they pass on, or at least one of the members of that family passes because your tax basis goes up to the day that person dies and then you don't have to pay capital gains.

Strategies out there, right?  As people pass on, as people get older, as people move on, there's less of a reason for people to stay in the house that they lived in because maybe the stairs are too steep.  Guilty. My stairs are really super built up. I, when my kids get to go to college, they're juniors now.

 I have one in college right now. I have two in high school and once that's, once they're done, there's no reason for us to be in this house. So moving on, is just part of life, right? I might rent it. I might whatever. So there you go.  It's going to happen. There's going to be 12 million. I think they said 20 million hits.

20 million homes will hit the market by 2037.  That's a huge amount of houses right now. We're at four sold every year, 4 million, maybe five during the peak. It was six  20 million.  That's going to add this in addition to what we have right now, that's not going to flood the market.  Quite frankly, we have other supply chain issues.

We have industrial investors buying up swaths of properties, making it more difficult for first-time buyers to help buy homes. We're acknowledging that right now. We're contending with that, and that will solve itself over time.  This. Something to be aware of. This is the baby boomers, right? These are the people that came home from World War II, bought a house and now they're retiring.

That's what's happening right now. But over the next generation, we're going to see the tsunami people coming in and just moving on. Moving to smaller homes, moving out of state, moving closer to the beach, moving out of the country. It's going to happen. So there will be a little bit more with what that looks like.

We'll find out. Okay. 

Price Reductions

Analyzing Property Price Reductions and Market Trends

Right now we have 69 list product list reductions in Santa Clara County  of which we saw Alexander, but they're all over the place. It's nothing to worry about. It's not a harbinger of. Of death here. It's just the fact that sometimes houses are priced over what buyers will buy them for and you have to be very careful about that.

And a lot of times the seller thinks your house is worth 10 million and really it's worth 5 million or maybe it's worth 1. 6 and it's really worth 1. 3. That's why you use an agent to understand the market. You come up with strategies to sell it quickly and there are reasons why you want to sell it quickly versus I'm not in a hurry to sell it.

We've gone through that multiple times and I have a ton of videos down below in my channel that, that can explain that for you.  

Highlighting the Highs and Lows of Silicon Valley Real Estate

Highs and lows. The highest was 6. 9, 7 million. The lowest was 6. 6 50, 000. The highest list price to sales price ratio is. 30 or 38 percent over the list price. That's crazy. So we're seeing some record prices for houses that are priced correctly.

We're also seeing houses sit on the market being priced for dues, and we're seeing it go down for less. The numbers are right here. So let me open that up so you can see it.  There we go. Be a little bit more. Now you can see that as I go through this, it will create more charts that make sense, but right now it doesn't make sense.

Santa Clara County High's and Low's

So the highest for sale right now is still 32. 8. million dollars in Santa Clara County. It's definitely not in San Jose because we have measure E and we're preventing homes from really increasing in value because of measure E screwing over the sellers. And now the buyers, so understand that if you're going to buy a house, my suggestion is to buy it outside of San Jose because of measure E if you're buying a first-time house, San Jose is a great place to buy because it's lower cost, higher cost of living, but at the same time, you're looking at things where you can buy it, afford it and look at it.

So let's look at this one real quick. This is the highest sold price house again. These are not my listings,  but it's gorgeous, right? Look at this. Spanish. This is more modern Spanish. You have curved, windows, very chic, dark cabinets, ca dark wood trim. Very gorgeous. Oh, I love those windows. Big doors.

Look at that. If you wanna look at it, the links down there below. But let's take a look at the lowest-priced one. This is the lowest priced sold house in. And it looks like it was right by Gilroy Gardens. That's Gilroy Gardens right there.  This is a, it's funny. These houses were brand new, right? 2003. So there you go.

It's a little silver tsunami. It looks like you can tell, because there's like my mom's house, there's tchotchkes everywhere.  I can tell you that if you look at the lighting of these pictures, they're dark.  Now you might've. Had your own video or photographer do this, but they should have, look at that yellow.

 That just does not look well.  So it was on the market for 93 days. Part of it's because you may have done it with your iPhone.  I don't know. You may have done,  you could have had it overpriced a little bit. Also, I want to say, yeah, there's an HOA. HOAs will prevent your house from growing higher. And this is a 62-plus senior community as well.

So you're never really going to get that, equity build that you do here that you do an outside of the house. So there you go.  Let's see. The next one is the highest list price-to-sales price ratio, which is 138%.  Yeah.  Yeah. Basically, look at that. That's crazy.  And it was a crappy first photo. Why in the world would you make that your first photo sold in five days?

And it didn't sell for record numbers, right? It's not, it's an older house. There's nothing wrong with it, but see, look, when your house is in mediocre condition, list it low, painfully low, and you're going to get it sold no matter what because it will attract buyers and buyers know what the value of the house is.

Some buyers will be insultingly low, but there's one or two that will pop up and then you can negotiate them up.  That's how that works.  And this is Pecan Blossom. This is, what

 is this?

 Oh, zero days on the market. Okay, so there you go.

It's sold off the market. I'm not a big fan of off-market because you're not attracting the entire market, right? If I can tell you that off-market will attract 20 percent of the entire buyer pool, and then you put it on the market, and then it goes. Crazy. And then, you can brag that I sold my house off the market and I got 200, 000 more.

What if I could get you another 100, 000 by negotiating it up? So I'm not a fan of the off-market C for comp purposes only. I don't think it's fair. I don't think it's right, but that's a trend that's growing holiday drive.  Let's see what this one,

yeah, there you go, originalist price 1. 2 down to 960. Let's take a look and see, I  think that's holiday drive nine.

 That's the lowest list price to sales price ratio. And it was represented the listing price agent represented the buyer as well on that.  So this is the highest active home for sale. We saw this last week and that's not even, that's not even, that's a fricking hotel. So let's get past that one.  And this is the lowest actively for sale home right now.

It's been on the market for 26 days, 535, 000 is what you get for half a million dollars in San Jose. It's virtually staged.

 Okay. Thank you.  There you go. 

Conclusion and Final Thoughts

So today we talked about the cost of living calculator all across the United States. The Willa Glenn house of the week is gorgeous. I would love to buy it. I just, not yet. If you know anybody who wants to buy or sell a house to help me pay for that house, I'd love to do that.

Help you with that. The surfing, the silver tsunami being prepared for that. What does that mean? We really don't know. 67 69.  Yeah, 69 price reductions in Santa Clara County. It's not a harbinger. It's nothing to worry about. Once it gets to 30, 40, 50 percent and then we can have that conversation.

And then we talked about the highs and lows of, Silicon Valley, Santa Clara County. I'm Vito with Abitano.  I'm Vito with Abitano. We'll see you out there.

Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Website: update your home value: RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: Home Buyers Course YT IG FB LI Blog POD Professional Photography by Kim E / Local Real Estate Market and Home Value Report Financial Intelligence 

Willow Glen's five most expensive homes 

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