40% Home Builders say ‘Demand is Slower and Causing Concern

 




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40% Home Builders say ‘Demand is Slower and Causing Concern'

Introduction: Love-Hate Relationship with New Home Builders

Real estate agents have a love-hate relationship with new home builders. The reason why is that they do a lot of sneaky stuff to the consumer, the home buyer, and they also try to get sneaky with us as well. Sometimes we like them, and sometimes we absolutely hate them, and sometimes they produce a horrible product.

I don't know if you watch on TikTok or shorts,, there are a couple of inspectors that go through and inspect new homes, and they report on all the shoddy work that subcontractors do. Now they're complaining a little bit. They complain that their market is down. Now this article is from Zonda, and Zonda is, database. A company that reports on new homes, spring games are absent as new homes sell metrics stall. The reason this is important is that there is a correlation between new home sales and resale homes. I'm selling a couple of new homes this year. We help somebody sell their house and represent them on the buy side for a new home. But new home buyer companies tend to straight-arm agents because they don't want us protecting them as consumers.

They want to take care of everything on their own, but I always make sure that they get a home inspection. One of the last ones I sold, they prevented me from doing that and forced a close with threats, I'd always make sure that you have the right to do your own home inspection.

Don't use theirs using third party. I have three or four people that I work with. I always work with one guy, but I always have two or three other people. I give you options. I don't want you to think that I'm always forcing you into one person. I don't really care who you use, but I like the guy that I work with., I like to give him business, but he's also a great guy, and he tends to over-disclose, which I appreciate. I'd rather over-disclose and scare away mamby-pamby buyers than have somebody come back and say you didn't disclose this, and I'm going to sue you. 


Market Trends and Data Analysis


This chart represents where we are right now.

Compared to 2020, when there was a firestorm. In 2020, we absolutely hated new home sales companies because they didn't give a crap about us. And sometimes they wouldn't even offer commission. It was a pain in the butt. Nowadays we're a little more protected. PSI was relatively flat month over month.

Still, year after year. Pending home sales. Yeah, it's Kind of flattened out, but that's our market too, I always talk about supply. They're building more, but they're building almost just in time right now. I've been to a few new home developments in Sacramento ,and one of the sales reps said, Yeah we're worried right now.

And one of my other clients was saying that there are deals to be, had $50,000 off of list price because they're not selling, this is the home pending sales index for the select markets, month over month and year over year. Salt Lake is down 14%, Seattle is 20%, and Riverside.

It is 33%. San Francisco is down 40%. Where's Sacramento? 15%. San Francisco is the whole Bay Area. This is a snapshot of the top production markets by region. The San Francisco area is average, and Dallas is underperforming.

Minneapolis is somewhat overperformin,g pricing was nearly flat year over ye,ar the country is seeing flat pricing in the Bay area. Santa Clara. We're seeing seven to 8% increases. San Francisco is seeing-13, 14% in resale, but in new homes it's flat.

Community counts continued an upward trend, meaning more housing starts are getting ready for the population growth, and weekly, quick move-in count. This is important. This is, I don't wanna say stagnant, but it's a good way to describe it. As A new home builder has to develop, or build homes in the process; 

It's a continuous supply chain. So they're doing foundation framing, electrical, and plumbing.g It has to go in a certain way, ay and they have to build those homes. When they're not sold, they're going to move quick move-ins, which means they give a little bit of incentives.

Maybe they'll give 25% off all the upgra,des it doesn't really matter when they're move-in and they have a glut of movement. Inventory at that development. You can negotiate with them. 

I don't care about the other guys, yers I care about right now. If you wanna sell this house, we're taking 10%, 15% off the top, right? And they don't like that. But that's why you use a realtor,r, because that's our job to be a pit bull for you. New homes are seeing a slump. 


New Home vs. Resale: Pros and Cons


If you're thinking about buying a new home, understand that there are certain trade-offs from an older home or a resale home. In the 1950s, 1960s, a track built new track-built home community typically had smaller lots, even more so nowadays, you get a lot less.

And typically they come with an And there's one that I heard of that actuallyhase two HOAs, which boggles my mind. Why would you have to have two homeowners associations? Because you have a community, and then you have the H ho. It's ridiculous.

HOAs, to me,ares just an extra tax. ultimately the city doesn't want to develop those roads and the infrastructure. If you want to develop this land, you're gonna have to take care of all that.

That means you're gonna have to maintain it, put new road slick on. You're gonna have to make sure the sewer is up to date. And in compliance with our requirements, every year you're gonna have to pay extra money for fire and police in a school. Fasting Ridge over on the east side of 1101 South San Jose, they have a Melous tax , and they got the developer to put in a new school 18 years ago.

That's good. But it's bad because it's an extra tax, and it's about 40 to $50,000 per person. And then you have to pay the HOA to keep up with the outside, make sure everything looks good. And yes, there are positives to it, but it's still a tax, it's an added tax. You can't write it off. As far as I know, Melrose, you're stuck with it.

And then you have added warrant taxes on top of that. New homes in big metropolitan areas. It's the trend to go to places. Like, I bought a place in Vegas for my parents. It's a retirement community. And of course, they have a community center and a golf course and pool, so they're gonna pay for the upkeep there.

It's not crazy expensive, but 90% of Vegas is built with HOAs. And it is frustrating to me because when you go into a new home community, you wanna buya single-family home, you're stuck with an HOA pain, sorry. I'm just gonna leave it at that. This. The episode is brought to you by the home inspection checklist. 



Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist

If you're considering selling your house, get your honey-do list in order and get those repairs done. If you need a handyman, I'll send you my handyman to go take care of that.Download the inspection checklist and get your home ready to sell. 



REO of the Week 

REO of the Week: Oakland Property

This is REO of the week, and when I first came to the United States, I moved to Oakland. My aunt lived on Crocker Highlands. This area right here is a very nice, well-to-do area. Claremont is p in the hills, the Piedmont Hills over in this area.

This is north of Oakland. I used to live right here in the park, and then my aunt lived, crooked up right here. If I can find the school, I'll show you. Maybe that's a school. No.

Anyway, this whole area back here is very nice. Everybody thinks of Oakland. Ooh. But this is a really nice area. This is on an avenue, so it's a little busy. It's 10 bedrooms, five baths, 4,700 square feet, built in 1923. And it's beenon the  market for 53 days. This is a bank-owned property, and if you're interested in moving to the Claremont area, this looks like a big old storybook.

It's beautiful. It's overrun because they neglected it, but old world charm and Oakland doesn't get as crazy hot as San Jose; this is gonna be a fixer-upper for $2 million. It's a nice use,se though. There you go.



Apple Homes for sale 

Apple Home of the Week


This is Apple Home of the week. I picked a paintbrush 'cause it was brand spanking new, not my listing. There it is. We can take a look at where it is anyway, this is near Apple. It is Paintbrush Drive, not my listing. 2.7 million, three bedroom, two bath, 1600 square feet, built in 1963. It's a little ranch on a corner, so the nice thing is it's on a corner, but it's a corner. If I owned it, 

I would've. Fenced right here and enjoyed a nice side yard for my dog,s bu thatsthatther here nor there. I'm not gonna pay $2.7 million for a ranch house. Just not, because I don't work at Apple. But if I worked at Apple and I was an engineer and I wanted to be really close to the Apple campus, yeah, I would absolutely buy it. There you go.


Mountain View home of the week 


Mountain View, home of the week,l list price A decrease of almost $3 million. Let's see what the original list price was. 2.88. Now it's 2.880 huh? $8,000 off of $3 million. Cal Ron Ave, not my listing. Three bedroom, two and a half bath. 1800 square feet built in 1997. Not saying it's bad. But let's go take a look inside.

Yeah, it needs to be painted. There's some dating there. I'm looking at the railings. It could be white tile on the pony wall.

You know what? It's not so bad. I don't mind it. I like the granite. I like the wood cabinets. It's nice. I always say I like granite over quartz because it's a natural stone. It just holds up better. However, I looked at some houses the other day and there was a certain granite that was just right where the bottom part of the sink was that everything cracked.

Like every one of 'em was cracked, so they all have to be replaced. It could be because of renters or kids, or what have you. So that's an office, I wouldn't call it an A DUI. Yeah. So this is on an avenue. It's a semi-busy street, but it looks like there's a stop right there. So you are not gonna get a ton of traffic noise. Mountain view. There you go, $3 million. Okay. 


Market Inventory and Trends

And then let's talk about the 40 days on market. 40 days on market has been ticking up. We're at 150 right now, but it's nowhere near where we were in August of last year. 90 days on market is 40. That's the red line right there. It's trending down.

And then in res Bay Area, we have 66 in all of California. We have. 210, which is right here, and it doesn't look like I'm seeing any hockey sticks. There's nothing to worry about. Inventory's going up. It's good. Both Santa Clara County and San Jose City you're seeing things go up. We have more inventory now than we have in the past year.

It's a good indicator. To make it a balanced market for sellers. It's not so good for buyers. Buyers know right now they're getting more and more educated about the market today. They know they can be picky about the house, so if it's not priced right, it's gonna sit on the market for a very long time.

That's why we see a 4440-daymarket taking up. We also see inventory, so supplies going up, demand is staying the same, if not going down a little bit because rates haven't really gone down and there's a lot of turmoil in the news today about what's going on with stock market, what's going on with tariffs, what's going on with crypto, what's going on with all this other stuff.

So locally y, ou will be affected. Your house will be on the market a little bit longer, so just accept it right now. And it sucks because we're right in the middle of the selling season, March, april, may. 


Conclusion: Market Predictions and Final Thoughts


There's a lot of people that I watch on YouTube that talk about the economics and what's going on right now, and they're expecting, something like the 2008, but I don't see it it could happen, but maybe in a smaller part of it, because if the economy does crash or the tariffs really hurt our economy, less people are gonna be able to buy houses because they'll be out of a job bottom line is less people will be buying houses. It's good for buyers.

I don't think Santa Clara County or the Bay Area will go into a buyer's market, which is the six-month rule of thumb. As pricing deflates. We're gonna look at pricing in the next couple of days. As we see pricing decrease, more buyers will enter the market. We always say that when the interest rates go down, more people go into the market, but really, more buyers come into the market when prices go down, which means more competition.

So that'll stabilize the market a little bit.

That's it for now. Thanks for watching. I'm Vito with Abano. We'll see you out there. 






Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-479-2427

Update your home value: https://hmbt.co/bT7qRJ      

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the worldletet me know! I know a LOT of AMAZING Agents!


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