The Ugly Truth Behind “We Buy Ugly Houses”

 



Introduction: The Ugly Truth Behind 'We Buy Ugly Homes'


 The ugly truth behind buying ugly homes for sale. Register to vote for the distressed property of the week, Apple house of the week, Mountain View house of the week, and the 40 days on the market report. And I have a little thing I want to show you as well, real quick. 


Santa Clara County Real Estate Trends

REO of the Week

This right here, Santa Clara County, new listings per month. Let me see if I can expand this out here real quick. There we go. Since 2004, the number of listings in our supply has never outpaced demand.


Demand has always been so high in Santa Clara County. I put that out on the internet yesterday. 


Inventory and Market Dynamics


And look, we're so low, not as bad as it was last year. Inventory is definitely up compared to last year. Look at 2004 to 2008 and even 2010, we just have a glut of inventory then. And Even then. It was a seller's market. If you look,  just the pure, what am I doing here? There we go. Just the pure numbers. This is year to date, month to month all the way up to August. obviously, these numbers are different next month and the next month. We're so low guys. We need more inventory.


I have three listings coming up and it's not enough. We need to have a reason for people to move and people are just not moving. And what are the reasons behind this? Institutional investors, sky-high rates, and people are just not moving. We have elderly people sitting in place until they pass on.


There's just not enough houses to go around right now. These are used, resale houses, not new houses. 


Price Reductions and Market Behavior

Price reductions across the Bay area, including Santa Cruz and Monterey. the numbers here are seeing a price reduction. This right here is just the last month. Because of the summer months, tech typically slows down and we see an inventory increase, houses stay on the market longer, and we see price reductions come down from what those expectations are. Is there anything we can do about it? No, time will tell.


We see prices going down and during August, We're looking at houses that are on the market in August, waiting for people to pick them up. One of the things you can do is reduce the price. How much they reduced, not a whole lot, maybe a thousand bucks, maybe 5, 000 


Maybe they dropped it at 200, 000. So this is normal. It's not something to be alarmed about. Not yet. If we see this as a consistent continuing process over the next six to 12 months, then it's something we can talk about. But just wanted to show this to you  


The Dark Side of 'We Buy Ugly Houses'

The Ugly Truth Behind “We Buy Ugly Houses”

The ugly truth behind we buy ugly houses.


I always make this offer. I'll buy your house for 60 cents on the dollar, right? I have a menu of choices and I also make it so that I buy the house right away. 60 cents on the dollar. That's what these people do. But this is a franchise and they have 1100 franchisees that actually go across the United States that offer to buy houses through their system and what have you.

FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist

So I want to pick up this lady right here. This lady, Corrine Casanova, Her husband passed away. They owned this house since 1961. She was suffering from dementia and this company made a hard sale on her, pushing her to sell the house to her So this poor lady was competent. She was president of the local women's club and a skilled bookkeeper. She had short-term memory loss or dementia. She's 82 years old and they took her house from her. this is why I want to educate people. Everybody that wants to listen about this, be aware that there are people out there that will take your house.


Unscrupulously and negatively and take it away from you and be a predator towards you. That's what these companies do. I'm not saying that this company is a predatory service. I'm sure there are bad actors within the system. But I'm not besmirching this company. If you have a house that you want to sell, it's better to put your house on the market a hundred percent on time.


Look, boom market. You're getting maybe 3 percent over the list price. If you list your house for one to seven days, you're going to get the biggest bang for your buck.


Why? Because It's just the way it's set up, right? As you go longer and longer, it takes longer for your house to sell. That means there's something wrong with it, either condition, location, or price. Be careful about this. This link. Is in my blog, please feel free to go and read this article and make a choice for yourself.


Voting Reminder and Home Inspection Tips

Register to vote today

November 10th is our day to vote. So get out there and vote. Make sure you register. The link is in my blog. I don't care what side of the aisle you vote on. It doesn't matter to me. Go out and vote home inspection checklist. If you're thinking about selling your house, get some stuff done. go through this checklist Get repairs done. If you need handymen, painters, or landscapers, they're all active right now. They're all super busy.


I have them busy with my jobs right now. get your house fixed up and ready to go and do a little bit of investment on a 2 million house. Put a couple thousand dollars into your house, and make it worth even more to the buyer. There you go.

Home Inspection CHECKLIST HERE

bank-owned property of the week. We actually have a single-family house bank-owned in San Jose. it's right here, right on the Alameda and Eight 80 interchanges right there. This is a great area guys. And it's a nice house. Sad that they had to let it go.


Take a look at this. It's not my listing.


If you're interested in buying it, let me know. I'll set you up and we can go take a look at it. This is 1135 Chapman Street, San Jose, California, three bedroom, two bath, 2200 square feet on almost a quarter acre lot and it was 87 years old, five days on the market.

Homes for sale near Apple

This thing's going to cook off. This is perfectly priced for this area. It's a great house. This is an Apple house of the week. This is Apple right here. And I'm sure you're happy about the fact that it's really close to Lawrence Expressway. Not my listing, 2. 6 million dollars. This is in Santa Clara, three bedroom, two bath, almost 1, 200 square feet, built in 1957, on market 56 days.


I wonder why? Because it's close to The expressway, you get expressway sound so this is a computer-generated background and they put this in there and make it look fancy. That's what it really looks like. There you go. Here's the thing guys, it's fixed up, it's dolled up.


It's a pretty house. It's really close to Apple. The only negative thing is it's close to the expressway, If you want to look at it, It's in my blog. Thinking about buying a house, This checklist walks you through the entire process so that you can Compare house one, house two, house three, and house four.

Mountain View home of the week

If it has dual pane windows, a new kitchen, air conditioning, et cetera. it just makes it a little bit easier for you. Mountain view house of the week, 2. 5 million list. Price reduced. we've seen this house before Fairmont. Three bedroom, one and a half bath, 1500 square feet, almost a hundred years old.


It's right by Castro Street. You can walk to Castro, have dinner, have drinks, walk back, and make a day out of it. It's really nice guys. This is a pretty house. It's just overpriced for its condition and its size, 1500 square feet. 


Market Snapshot and Conclusion

Alright, so we looked at new listings per month, and Wednesday housing snapshot.


Numbers are actually dwindling, guys. Look at this, 40 days on the market, last week we had 216, and now it's 192. Did they go off the market? No, they got sold. We have 86 pending right now. So the volume of homes is decreasing. Remember I told you before that we need to have about a thousand homes for sale in San Jose to make it a balanced market.


Now, when I say a thousand, it could be 800, 900, or 1200, but it has to be closer to a thousand to make it a balanced market It's just the way it is. We're half of where we are. We need to be right here to make it a balanced market, not a seller's market or a buyer's market to make it a happy market so that we're not seeing price fluctuations go crazy high.


if prices or rates go down, prices will increase because there will be more demand. There'll be more competition. So just realize that. The only thing that's going to solve that is if we get 2000 single-family homes for sale in Santa Clara County or a thousand homes for sale in San Jose, that gives you more supply for the amount of demand we have.


Today's Wednesday, September 4th. I'm Vito with Abitano. Thanks for watching. We'll see you out there.

Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 We’re Hiring! 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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