Q3 2024 Hottest Real Estate Markets

 


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Introduction and Market Overview

 Dow Jones crash, market crash, Nikkei crash. We'll talk about that and the Q3 2024 hottest real estate markets in the U. S. and Los Gatos home of the week and list price decreases and highs and lows of this last week. Let's get moving here. Yeah, everything I saw over the last couple of days is oh the market's crashing the market's crashing You know what?

It's still not really a crash. It's down a couple percent over the last year but is still up 10 If you look at Let's see, it goes down a little bit, but yesterday it went down a little bit, but it's still kinda, I don't see this as a craIt shouldn'tobeit's newsworthy. The Nikkei index has crashed 26%. That's what I heard.

I did not actually see it.

Analyzing the Real Estate Heat Map
But the stock market goes up and down, just like the real estate market, which is a great segue to talk about this heat map, the hottest real estate market in the United States for Q3, 2024. If you look, the hottest markets are in dark purple. And the scariest markets are dark red. So you look at camp, I think that's Tampa Bay, but down here you're seeing Cape Coral in that area, right?

Texas isn't doing that great, but still looks Kind of crazy. Look down here. Host the host real estate markets at 24. San Jose is still at 12 points, two, six points. Percent appreciation median home price is 1. 62. I think it's actually a little bit higher Santa Clara County is 2 million dollars median price and we're actually 2.
I think something like that We'll talk about that tomorrow Santa Monica la San Diego is 10. 8

and Wachula. So you look at all these markets, they're not doing so bad, right? Everybody's like, Oh, but the market's crashing. Certain areas are crashing. Absolutely. But you have to remember, percent drop, Ukiah, California, Clearlake, if you're in a metropolitan area, it's very hard-pressed for you to decide, Oh, that market's going to crash.

And we're in a metropolitan area. We're in a huge area. You like you look at different areas within the Bay area out of the 12 counties, Napa is doing the worst. And it's still doing like 97 percent on the list price in San Francisco. People are probably recovering from last year when prices went down.

But if you look, it's not doing so bad. World War Three could break out. An economic crash globally could happen.  we don't know what's going to happen. It could happen. It absolutely could, right? The crash bros are saying it's already happened.

The naysayers are saying it's already happened, but I don't know. All I'm saying is to be aware, educate yourself on all the different markets, and see what's going on out there. Take the time to learn and understand where you can take some money. Is this a good time to invest? It's a good time to understand where the market's going and take advantage of that.
This Segment of this episode is brought to you by the home buyers checklist. If you're home buying, download this. If you're in a mode of home buying, or even if you want to go to open houses, you want to look at four or five, six open houses. This checklist helps you keep and understand which house has a new kitchen versus doesn't have a new kitchen or new bathroom versus not a new bathroom, et cetera.

Download it. You'll see what I mean. 

Los Gatos House of the Week
Los Gatos house of the week. Adeline has three bedrooms, three full baths, and almost 2, 400 square feet built in 2003. Not my listing. The original list price was a million on the market.

What's going on guys? Why is it not selling? They tried to become a market maker. They tried to be the market maker. I invested this much money and I need to take this much money out of it. And I need to make this kind of profit. That's ego. That's not how you sell houses. It could be when the market's fricking raging hot, but then, you never promised that right.

And again, you're really close to the University of Santa Cruz Ave, which is Main Street, USA, and it's a great buy, but not a 2. 7. Interested in learning? Let me know. 

Home Inspection Checklist Tips
Home inspection checklist if you're putting your house on the market or considering putting your house on the market in the next two weeks. download this home inspection checklist because this will go through and give you a bunch of honey do's to figure out what's wrong with the house.

No house is ever perfect. No house is ever perfectly level, plum, or square, but sometimes switches go out. Sometimes appliances go out. Sometimes you have a broken window that you didn't even know and it just makes you go take a look. Or maybe it's a hole in a screen that you want to have fixed.

This gets you to a point where you can. Replace or repair certain things in your house so that when you do have a professional home inspection done, all the little honey-do lists have been taken care of. So download it today. 

Price Reductions and Market Trends
These are price reductions. This is going to happen. List price reduction, Santa Clara County, Weybridge, which is right down the street from me.

This is,   not my listing 504 Weybridge it's a bedroom, three-bath, kind funky looking house. It's 2, 500 square feet built in 1976. This house faces away from the hill. And I can tell you that I've sold a few houses on the street. You get water inundation on all these houses. As a matter of fact, some of the people I know who live on this side of the street also say they get water underneath the foundation.

So it's not an issue. It's just something to be aware of. It's not like, Oh my God, my house is going to fall down because water comes in. No, you just get a dehydrator pump and you figure it out. It's pretty easy.   48 years old on the market, 53 days. Original list price 1. 85. They're trying to be a market maker.

You should have that listed at 1. 6. This is why it's important to understand when an agent promises you that they're going to list your house and get you a high number. They're just trying to buy the listing. What do I mean by that? You're going to tell me other agents have told me that I can list it at 1. 8 and I should expect 1. 9. Okay.   you don't know how to tell the future and you don't know what pool of buyers are going to come look at your house. So the idea is to attract as many buyers as you can list it low, put the comps in front of the buyers, and let them understand that this is where the market should be.

Right now you're 53 days on the market. You're edging close to six, two months on the market. Who are you serving? Who are you serving? You're not helping anybody. All you're doing is pissing people off.

This doesn't even have air conditioning.   And I told you before, houses sell for about 200, 000 more. When you have air conditioning, let's take a look inside. This works. Let's have 50. Okay. That's why the other thing is when you do pictures, you do a front and then you go inside. buyers don't care about the outside until they love the house.

One picture of the front of the house for curb appeal and these are dated, right?

That floor's kind of funky-looking.

Too many pictures for the size of a house. All right? Okay. So some people like the wood look and feel, but when buyers are looking at houses, they wanna look at something bright. And shiny new looking. So I would have painted those. I know it says it's kind of crazy, but this size of house, this makes it look dark and close in.

And what I would have done is painted everything,   a nice white, and it would have sold a whole lot better.

Okay. Enough of that. All these are listed in the link down on my blog. You can look at it anytime you want. 

Highs and Lows of the Week
The blog link is down below in the description, So real quick, the highs and lows, we have 147 closes this week. We haven't had 147 in months. So things are really slowing down, The Highest sold was 10. 2 million sold at 97%. The lowest one sold at 770. Sold at 86%. The highest for sale is 29 million lowest one. And this is the same two that we had for the last couple of months since June 25th. And right now we have a thousand active single-family homes for sale. We have 205 of those price reductions.

And that's 20%. So if you look at this,  this number right here, you see the number slowly growing, but will it snap back when people get settled in and get their kids back to school? I think so. We'll see. And if you want to take a look at them, this is Pittman. This is the 10 million house sold. It's in Palo Alto.

Not my listing took 10 days to sell because
nice looked house. It's the highest-sold house in Santa Clara County. See what I mean? You paint it. It looks bright and airy.

I can almost bet you that some of these windows and door trim were all painted or stained dark wood, right? you can tell, see how dated that tub is. This was painted. This was stained brown at one time. Nice. It's a nice-looking house. Let's take a look at the lowest-sold house. Nice. I was a total fixer-upper sold in 81 days. The original list price was 900, 000. So for 770, it's sold for 86 percent of the list price. So guys, when you're selling a house as is listed low, I'm going to tell you, all right, that's it. 

Conclusion and Final Thoughts

Good day today.   talked about the stock market crash. The hottest markets are Los Gatos house of the week list price reductions and this last week's highs and lows of Santa Clara County. I think we're just going into a slow. We're finishing off a slow period for our real estate market here in Santa Clara County.

Other areas are seeing other difficulties, but here, Santa Clara County, I think is doing healthy. We just need more supply. We need more houses to list and put on the market to balance out the market. So that's my opinion. 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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