Sell a House in a Bad Location | Inventory And Supply Charts
Sell a House in a Bad Location
🔴 Video Living in San Jose in the No. 4 spot. in the US | What you get for $1MM in SILICON VALLEY
What you get for $2MM Santa Clara County
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What you get for $1MM in SILICON VALLEY
Inventory And Supply Charts
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Sell a House in a Bad Location
Introduction: Selling a House in a Bad Location
What happens when the house you're trying to sell is in a bad location? Not a bad area. Not the ghetto. I'm\ talking about busy streets or backed up against the freeway or near a school where you get twice a day. It's hectic and you can't get out of the house or maybe a high crime area.
You have to really rely on your agent to understand what the value is of that property and discount a little bit if you're a 1200 square foot house with 5 bedrooms and you've converted the garage and the pool doesn't work and you want 200, 000 more than the average price and your house is on a busy street.
Good luck. Good luck with that, right? I wouldn't buy it. Would you? That's what I always show the sellers. Would you buy this house? I understand, but would you buy it for this price? Knowing you can get the same house in better condition away from that busy street.
Or that school or whatever for the same price or a little bit more Which one would you choose then they get pissed off at me because I'm just knocking some common sense into them, right?
Comparing Properties: Busy Streets vs. Quiet Areas
Not trying to be an ass here But understand that if your house is on a busy street, you're functionally obsolete compared to your competition and if you're buying a house put it this way, you have the Michael Jordan's, you have all these other kicks and if you had a brand new pair of kicks and you had some fancy ones that were five years old and a little bit used and had a hole in it, which one would you rather buy?
Take a Corolla or a Honda Accord and one has been totaled out. It's called saa lvage title. And you have another one. They were both in 1996. They're both 200, 000 miles. They both have the same engine, the same trim, and everything else, but that one's a salvage title. Are you willing to pay the same amount for that car with the salvage title?
You can't, you wouldn't, unless you get duped. I don't like people going into buying million-dollar homes and multi-million-dollar homes. And duping them. I want them to be fully aware of what's going on, not only on price and what the comparative market analysis says, but also what inspections say, and what crime reports are.
So my job is to really do the sleuthing for you present that, but it's also onto you because you're your own person.
Dealing with Flight Paths and Noise
So understand that if you buy a house, that's on Santa Teresa Boulevard or Camden Ave. Or, I don't know, Story, or King, or, Highway 9, you're gonna hear traffic.
If you're underneath the flight path, which is about three-quarters of a mile away from my house, I see planes. I hear planes. It doesn't bother me because I'm so far away. I go to the park every day with my dogs unless it's raining and I see the planes fly through, right? And it's kind of vindication because when I was in boot camp, I was in San Diego right next to the airport and every five minutes planes would take off and you're not allowed to look at it.
You're supposed to stand at attention. Anyway, I got caught one day looking at an airplane. So anyway, it's been an occasion for me to see the planes fly through and I get to look at them. So anyway, if you're under the flight path, your windows are going to rattle. Your doors are going to rattle every time a plane flies over, that's too low.
It's just something you have to deal with. You get used to it. But are you willing to pay for it? Would you pay more for a house down the street? That's not right directly underneath the flight path. So how do you fix that? You have to lower the price and lower your expectations. You have to attract the market and you have to know what audience is out there.
And there are people out there who are willing to buy a house underneath the flight path or on a busy street for the right number. It doesn't matter how much you fix up your house and make it look pretty, especially when you're at a million bucks. If you're on a busy street and you have to deal with motorcycles and drag racers and all that stuff, some people might get motivated to buy that.
Some people just don't care. Anyway, there you go. Be realistic with the price. Should you upgrade your home? Yeah, you can. I wouldn't put a new kitchen in your house, try to get the ROI out of it maybe to attract more people.
I would definitely fix anything major. That's an eyesore. That's an indicator of a lack of maintenance. Worry about the price and get that thing sold. I have a bunch of offers. I'm still weeding through them right now in the house that I listed Friday, went through Super Bowl weekend, still a busy weekend for us.
We're getting multiple offers and we're already over 10 percent list price. We attracted the audience. We made that house pretty, we invested in staging and. Getting things repaired and it took a long time and then we did nice photos and now we're getting to enjoy the fruits of the labor. It's not on a busy street, but it was right off of Shinaweth where they had a bunch of RVs parked there and we got that removed.
There you go.
Current Mortgage Rates and Market Trends
Mortgage rates are 3. 4 or 7. 4 percent today. Yeah, that's it's expected to go down, but not a lot. Yesterday we talked about what NAR Economist Yoon said about expectations of five and a half to six and a half percent over the next couple years. I don't see it going down for the next couple of months, maybe March.
We'll see in 15 days, we'll know I did this thing right here where figured out 2,000,000 roughly 1.68 million down purchase price, excellent credit in our neck of the woods. You can get it down to six and a half right now by paying a point, eight-tenths of a point, 0. 875, eight bits.
You're absolutely welcome to try that, right? It's not infeasible to buy your points down to five and a half percent. The balancing act is how much are you going to put into it? And what's the ROI on that? Are you going to just stay in it for two, or three years, or are you going to stay in it for five to seven years, 10 years?
Are you going to pay it off? If you're going to pay it off, you would. Want that if you want the tax deduction, then you would figure that out. It really depends on where you want to be but Six and a half percent. That's not bad, and Don't go with these guys because nobody likes real estate agents who don't like to work with these big huge national companies We want local lenders even a local loan officer at a national bank Cause these guys just love to delay things.
Just keep that in mind.
What you get for $2MM Santa Clara County
Real Estate Investment Opportunities
Alright, what you get for 2,000,000 in Santa Clara County, you can get 5 acres, 3 bedrooms, and 2 baths in Morgan Hill. And this is right off of Hale Ave. Halfway between San Jose and Morgan Hill. And it's right off the freeway. Actually, right off the busy street. Hale Ave is a busy street.
And you buy that for right now and in 20 years that thing is going to be worth a whole lot more because guess what? Urban sprawl is happening right now.
So if you see there's a bunch of urban sprawl happening here and eventually, this whole area right here is going to be neighborhoods. So think about it. It's a great investment. Take a look at the house real quick. Nice little ranch house. Pretty basic. I can't tell if the counters on that is. That looks like it's Formica, but it could be quartz, silo stone-type stuff.
It's a basic house, nothing super fancy about it. And master bedrooms, and garage. So pretty tight living right there. It is 1400 square feet. But you got a lot of land. If you want some land, this is a great place. You might be able to pop an ADU on there or a temporary ADU. I'm going to send this to one of my clients who has been looking.
What you get for $1MM in SILICON VALLEY
Property Listings and Evaluations
What'd you get for a million dollars, 1600 square feet in San Jose California?. Not my listing. bedroomsoom, 2 full baths, built in 1961. And this is right by Los Lagos Golf Course. This isn't a bad area, to be honest with you, but this looks like it's beenanWinchesterrr Mystery House. Addition.
I like to see if they actually have a floor plan.
There is no floor plan and a cement backyard as far as I can see, except for right there. So this might be a good option, but it's not a very pretty house. You can take that same idea and redo this, reset the elevation, and make it look pretty. Action going on there and then make it look nice. You can absolutely make it look nice, but would you, because areas are not as sought after.
Inventory And Supply Charts
Market Supply and Final Thoughts
Okay, nothing's changed. I haven't done any numbers. These are still numbers from January. We haven't actually seen numbers from February because it hasn't ended yet.
But I can tell you that we're still under the six-month mark to make it a buyer's market. Supply has been an issue for us for a very long time. We have 770 single-family houses for sale in Santa Clara County. We need to be at about 2000 to make it a balanced market, not a buyer's market.
So just keep that in mind. Every city, every county, every jurisdiction is different. So get to know your areas a little bit better. If that makes sense, that's it for now. We'll see you out there.
🔴 Video Living in San Jose in the No. 4 spot. in the US | What you get for $1MM in SILICON VALLEY
Vito Scarnecchia
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