If you don't have AC in your house, get it now

 





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  • If you don't have AC in your house, get it now.


Introduction and Weather Talk

The weather's gorgeous. It's so wonderful. I don't need air conditioning. 

Yeah. Air conditioning. 


Importance of Air Conditioning

You need air conditioning in your house. Gone are the days when air conditioning was an option.

Now, if you're selling your house, get air conditioning in it. 


ROI on Air Conditioning Investments


I know it costs money, but you make money doing it. You have at least a hundred percent ROI on air conditioning. If you don't have air conditioning in your house, get air conditioning in your house.

Period. I do this every year with one of my listings. I have a listing here without cooling. And it is just sitting on the market. So part of my presentation today is gonna be, Hey, look, if you had air conditioning, your house might sell for a little bit more. Understand that this does not take into account other upgrades, but it goes into the idea that if you have air conditioning in your house, you've also updated your kitchen, your walls, your bathrooms, your windows, and everything else. So there's no real correlation to value, but you do get.

A pretty decent ROI on it. Now let me show you. 


Market Analysis: Homes with and without Air Conditioning

These are the houses that have sold year to date. 9 5 1 2 3 San Jose 9 5 1 2 3 with air conditioning, and it's 131 total. The average is 1 6 4 3. Put that here for you. 6 4. Three, a hundred, $1,000,643. That's average. Okay. Again, most of these are updated versus the 20 that were sold in 9, 5, 1, 2, and 3 years to date without air conditioning.

That's the only measurement. It's not saying anything against the quality of the house, the size of the house, the age of the house, or the upgrades put in. The only correlation, the only thing I'm looking at, is just cooling, no cooling. 1.4. The quick math. It's about $233,000 difference. Is that huge? That's huge. It's a huge difference. Again, it's not looking into the differences where these houses were updated and just not put the cooling in? Were they flipped? Were they rentals? They don't really say anything here; we can go deeper, but that's not the point.

The point is air conditioning. Get air conditioning now when it is cool. The last couple of days have been cool. You know what those HVAC guys are doing right now, twiddling their thumbs. They're wishing that they had some business. So come give 'em a call and say, Hey, look, gimme a deal.

What's your best deal? I'm calling three other people. Come on in, gimme your best rate. Maybe you can get it under $10,000. It's a worthwhile investment, and you get usage out of it, even if you're not planning on selling it. In the next couple of years, get some utility out of it. Use the air conditioning.

It'll be nice when it gets above 95. Tell me what to do. Right now is a great time to get some air conditioning. 




Current Real Estate Market Trends

Fannie Mae forecasts a sharp dip in mortgage rates by the end of the year. We've been talking about that. We didn't get a rate reduction. Last week, we needed to get down to about 6% to bring more buyers into the market.

But right now is a great time to buy. Houses are still selling. We don't have the supply we need for it to be a heavy market, which is good. It doesn't burden it, but it also allows us to balance out the market, make it more fair for buyers, right?

The offers I'm getting right now have contingencies. They have concessions. They ask for points down. They're asking to buy down the points. I have a VA loan that I'm working with. That's something that in a fast, hot market typically doesn't work because you need to have section one clearance. Now, this house that I'm selling in Gilroy has zero section one, and if you know what section one means, that's where the pests are.

There's no termite damage reported. Zero. It's cleared. Section one. It's awesome. So the buyer's taking their time, they're being picky, and that's great. I have another listing that's getting a lot of action on it, and then I'm working with a couple of other listings, getting those things ready to go.

This is a great time to sell if you're moving somewhere else. If you're moving to another house, moving up, moving down, or moving to another city. This is a great time to sell. Let me tell you why, when you sell in a hot market, it is a seller's market, and it's great for you, 'cause you get a lot of money and you get to sell.

But when you go to buy something, you have more competition because it's the same thing. It doesn't matter where you go unless you go to Timbuktu or like St. Louis, where it might be depressed. If you go to another town, it might be depressed, so that might be good for you.

Timing's not perfect all the time, so understand that you have to have the mindset that you're going to be buying. A larger house or even a smaller house, you still have more competition in a hot market, cause the rates are low. Investors are out, the market's going up. House prices are climbing.

That means there's more competition, and there are more buyers out there. There's more affordability out there. That means you have to pay a premium. You have to realize you might get stuck with an appraisal gap, meaning it might not appraise for what you're offering. 

It's coming in as is. You have higher closing costs and higher property taxes. Okay? 


Selling in a Balanced Market


But if you saw in Cool Market like it is right now, this is a forced balanced market. Because we're keeping the rates high. If you can afford to buy a house, buy what you can afford right now because rates will come down, and then you can refinance. You get lower selling costs, which means you're paying me less. You can buy a larger house. You have less competition. Instead of having 15 or 20 or 25 offers, you have one or two if it's priced right, or if you're smart, you wait for houses that are on the market 30, 40, 50, 60 days, and you come in and you poach them.

You don't have to pay a premium. You might even get a lower price. I'm seeing houses on the market for less than 30 days come in with lower offers, right? You don't pay a premium, there's no appraisal gap that you have to worry about, because prices are contracting here. Unlike St. Louis, I feel sorry for St.

Louis. I've only been there once. It's a great place. I am just picking St. Louis 'cause it's in the middle of the country. It's not a hot market or a cool market. It just is what it is. But you don't have to worry about paying a premium.

You don't have to pay an appraisal gap. You can ask for repairs, you can have lower closing costs, and lower property taxes. So this is a great time. So the only reason why people want to sell in a hot market is their ego. I sold at the highest point of the market.


I got the most money from my house. Oh, what did you do with that money? It's sinking into another house and I had. Pay a premium for it. So, where do you win when the market's coming down is the best time to sell? Right now, the market is trickling down, and it's a great time to sell. 



Property Listings: What You Get for Your Money

What do you get for a million dollars?

Not my listing. I sold a house a few years back on Yolo Drive. It's centrally located. It's right by 87 and Capitol, right across the street from Home Depot. For a million bucks, you get a three-bedroom, two-bath, 1,286 square foot house built in 1972.

And there it is, right there. Oh, and you can go play in the creek if you want. The house I sold was on this side. And that's where Home Depot is. Anyway, let's see. Let's take a look at it. Not a fan of the whole blue brownie box thing. This is a dated look. But here's the thing.

The only thing I'm seeing that's dated is the paint. This is the rustic two-thousand look and feel. But look at the floor. It's a nice floor. Look at the cabinets. Those are nice cabinets. And right now, darker cabinets are back in style. I know it kind of ebbs and flows.

Put some white paint, or some light gray or light blue, or light green paint in this house. It's gonna look beautiful. I love the fact that there's can lighting everywhere. The tile is a little much, but you know what? Ooh, the backyard's a little. Oh, and there's a broken fence right there. Look at that.

But that's okay. I wish they would put a floor plan. They didn't put a floor plan. But other than that, this is a great house. This is a great buy. This one's gonna sell pretty quick. I wanna say that this just got listed.



New listing. It's been on the market for six days. This thing's gonna sell fast. What do you get for $2 million in San Jose, Santa Clara County, Silicon Valley? This is not my listing. Tamal Pius Avenue. $2 million four. Bedroom two Bath 1862, built in 1966, and this is in Den Valley. There you go. I live right here. It's amazing what.

A hill can affect the pricing of a house. Let's take a look inside.

Yeah, it's a beautiful house. I think they did night shots.


The chairs are there. I like these chairs. It's the Corian or the quartz countertop. It looks like it could be granite, but I think it's quartz. A stove top on top, I love staging furniture because it's so uncomfortable that you'd never buy it. But it looks good, right?

All right, so this one's a little dated, because the counters and the cabinets are frosty. You don't really see Frosty anymore. Even this cabinet right here, the bathroom cabinet and the quartz are Corian. It looks a little dated to me, and the closets are a little dated.

That's nice. I'm a big fan of hot tubs. No, I don't use 'em all the time. However, it's nice to have because when your joints are aching from working out or other activities, it really helps you relax. And it's a nice backyard. It's a very low-key backyard. Nothing fancy. It's not a fancy house either, but that's what you get for $2 million in Santa Clara County.

Alright, we talked about that. Next week I'll have this updated, but we're still going into a balanced market. It's not a buyer's market yet. The balance market is about 2000. In Santa Clara County right now, our inventory is like 1400.

1400 for sale, plus or minus. We're getting close to the 2000 number. I think we're in a balanced market right now. Because buyers are being picky.

They're taking their time. They're coming in aggressively priced. They're asking for concessions, just to make it happen, right? And here it is. You can see all the numbers here. It's not the best-looking graph right now. That's San Martin. San Martin has three listings, so it's not a big deal. But everything else is sitting at the two-month supply mark. And the industry calls six months of buyer's market. That's why I'm saying it's a balanced market, 'cause we're seeing houses stay on the market longer. Buyers are being picky.

They're not spending $400,000 more to buy a house anymore. 


Conclusion and Final Thoughts


I'm Vito with Abitano. Thanks for watching. Have a great weekend. We'll see you out there. 


🔴 Video Living in San Jose in the No. 4 spot. in US  https://youtu.be/hxw5k739OKU?t=521

Vito Scarnecchia


Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

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

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!

🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg




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