which city is seeing the biggest real estate crash 2024
which city is seeing the biggest real estate crash in 2024
Introduction: Real Estate Trends in 2024
Which cities are seeing the biggest declines or real estate crash in 2024? I'll also talk about renovations that pay off and the year-to-date 12 county bay area report Willow Glen Home of the Week luxury home of the week. And yeah, let's get moving
Cities Facing Real Estate Declines
The top one is, actually it's in the news a lot, we'll get to that in a second, but Las Vegas is seeing a drop. Stockton, California is seeing a drop. These are overall declines in the last six months; this was made in 2023. These numbers aren't super accurate.
I have yet to see anything for 2024, but I think we'll see it at the end of June, or maybe the beginning of July, because They typically come out every six months. Now, Stockton's hurting a little bit. Memphis is hurting a little bit. Salt Lake City. Phoenix, Arizona, where everybody was rushing to. Nashville, Tennessee.
Houston, Texas. Denver, Colorado. San Francisco. Austin, Texas is the 12 with a 12. 2 projected decline in home prices. So if you're looking to get out of California, and move out, maybe Austin is a great place. Cause you could pick up something, 88 cents on the dollar.
St. Louis, Missouri. These are all like fly-over states or fly-over cities. Spokane is out on the east coast of or east side of the state of Washington. San Antonio is hurting a little bit, but that's because it's hard to get to. But Austin, I was surprised to see Austin. So let's, get to the top.
Renovations That Actually Pay Off
Top Remodels and Renovations
And again, we're going to get into this in a minute where we can show California, and San Francisco because we're doing the, 12 Bay area counties, top remodels and renovations that actually pay off.
A remodel is you tear out the cabinets, you tear out everything down to the walls or even the studs, depending. You might want to move electrical around, that's a remodel. You might want to move plumbing around, that's a remodel.
Renovation is putting frosting on a cake or lipstick on a pig, depending on what you want to look at in your house.
Pros and Cons of Remodeling
Now, the pros of remodeling are it's going to be Amazing afterward, right? Everything's brand spanking new. It looks new. It looks modern. It makes you feel good. And guys don't do it just to sell.
Do it for your use, for your utility. Do it while you live there so you can enjoy it. I've remodeled my kitchen twice. The second time was because we had a leak behind the dishwasher and it destroyed a couple of the cabinets and we put it in a whole new kitchen. Cons of remodeling are expense, delays, and dust.
I can tell you, I remodeled lots of different parts of my house and there's always going to be dust. The dust eventually goes away, but when you have contractors, you are always going to deal with delays. Contractors don't matter if you're using, them for a remodel or a renovation, they will start the job and then they'll leave.
and start another job and then come back and finish it up. There's some stuff that you can't work in. If you use their contract, typically they make you use their contract. There's no recourse if they run late.
Government jobs, if you do a government job and you don't get it done on time, there's a 5, 000 a day penalty. Why don't they have that in a residential? You can negotiate that because everything's negotiable today. I know contractors hate me when I say that, but guys, you have the right to ask for fair play and you want stuff done, right?
You want it done clean. You want it done professionally, not like the R EWTS that I send out there. So make sure you know what you're getting into. It's also probably a good idea to hire a project manager because they know what To expect and what's good and what's acceptable and what's not renovation is when you paint, put a new counter on top, put a new sink in, maybe new lights, that kind of stuff.
It's a lot less expensive, and a lot less dust. There will be dust and there will be delays, but it won't be as expensive. So a renovation is something. To make it look better, make it look saleable. And, if you're okay with it and painting your cabinets, by golly, do it.
Importance of Curb Appeal
The most valuable remodels and renovations, always curb appeal, right? The curb appeal is this has 30 seconds of seeing your property. I can believe that buyers will look at your house. And make a snap decision if they're going to want to buy it or not. Depends on how well you keep the garden, and how well the house looks.
It's just a quick indicator of how they feel about the house. Period. So update your curb appeal if you're selling your house. Same thing with painting. You should paint your house every five to seven years. Colors come, colors go. The new one is grayish. I personally like the dark green. Not like a forest green, but more of a grayish.
Olive drab. That's just my feel and my taste, but you know what? Go with what you like and do the interior too. If you have the bold colors, not so much, red and blues and all that.
It's great to have made it more memorable, but you're going to appeal to a larger audience. If you have basic colors, kitchens, and bathrooms, Kitchens, and bathrooms are important. People look at your house, but they'll judge you on your kitchen and your bathrooms. If they're updated, if they look modern, if they have the right kind of tile, if they have the right kind of fixtures, if the paint is the right color, they're going to judge you or your house on that.
And they're going to compare it. to the other houses that they're looking at. So you want to be top buy. I'm never going to tell you, Hey, you have to do it. if you don't want to do it great, but don't expect top dollar either.
the last one is air conditioning. I know it's not something you can see. but Air conditioning has a great return on investment. And you get utility out of it.
Yes. It's going to be more expensive. Yes. You're going to pay about 10, 000 for it, but typically houses sell for more with air conditioning on it. So that's the number one investment I always say you should do. Never make you do it. Never force you to do it. It's just my strong suggestion.
Willow Glen Home of the Week
I have two here. I want to take a look. At two of them, one's at 2. 6 and one's at 4. 5. And they're right across the street from each other. Why are they so expensive? Why is it such a different cost? It's because these are them right here. The one that's 2. 6. It's updated. We talked about this last week.
This one was on the market last week. It's overpriced. It's decreased. It's an older house built in 1947. It's completely updated and it's beautiful. It's gorgeous inside. And we can take a quick look inside. These will be down. These links are in the blog. So if you go to the blog, you can go to it and take a look and spend more time with it.
This one is a brand spanking new, built-in 2024. So what people do is they take the old cottages, the old Willow Glen cottages, and they tear them down and they put these on. And it's, there's a cottage industry. And I talk to these guys all the time, people that do it. And if you want to know who they are, I will introduce you to them.
FREE HOME BUYER CHECKLIST HERE
They're amazing, contractors. they're top-notch. And they do a great job. They don't mess around. They get in, and they get done, and they get out. And then you can start living. And that's their business. They usually have 20 or 30 different projects going. And they go all over the Silicon Valley.
one of the best, contractors out there that do this.
This one is overpriced for its value. I think maybe 2. 4, 2. 3, but guys, this house is completely updated without changing the floor plan They just put the newly remodeled kitchen in there, remodeled the bathroom, remodeled the floor, and remodeled the electrical. So there you go.
Luxury Home of the Week
The luxury home of the week is Raymundo. Again, not my listing two bedrooms, and three full baths, Maybe they just don't like company. It's a gorgeous house though. Everything about this house is just gorgeous. Completely updated and built in 2007. Guys, this is, and it has the tracked, windows.
So you have inside-outside living. It's beautiful. Again, if you want to look at it, this link is in my blog. Go take a look. Okay.
YTD SALES 12 Bay Area Counties
Bay Area Market Update
So remember I told you that in San Francisco here, it says home prices are decreasing at 5. 2%. That is a lie because if you look, San Francisco is selling houses at 10 percent over list price right now, they're beating everybody else out right now, including Santa Clara County by a few points,
Because for a while there was a point where people were not buying in San Francisco. People were living in San Francisco, but people were saying, Hey, you know what? It's a goodbye. I know that there are issues downtown, but in the nicer areas, people are willing to spend the money and they're keeping the vagrants out.
So Santa Clara has. the highest volume and the highest, sales volume numbers year to date. Of course, San Mateo has the highest average sales price, and the average sales price right now is about 2. 2, 2. 3 million dollars for a house in San Jose or Santa Clara. The volume just keeps going and going.
We have 5, 100 listings year to date. We had 242 new listings last week, which is hardly enough. We need to have about 2000 listings active at any given time. right now we're at about a thousand. that's why prices are continuing to go up since the start of the year. We've had 3, 800 houses going to contract
Just this last week. All right, here you go.
Conclusion and Recap
Today. We talked about where some places are crashing Austin, and San Francisco's not top remodels and renovations that give you a better ROI. Willa Glenn House of the Week Houses of the Week and then Luxury Home of the Week. And then the 12 Bay area County, market check.
Thanks for watching. I'm Vito with Apotano. 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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