Tips for Selling Your Home in The Fall
Tips for Selling Your Home in the Fall
The New Regulation
Delinquency Rate on Single-Family Residential Mortgages
San Jose Real Property Transfer Tax Increases for homes sold over $2.3 million.
Cupertino Home of the Week
Willow Glen Home of the Week
Luxury Home of the Week
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Tips for Selling Your Home in the Fall
Happy Tuesday. Happy day after Labor Day. Came back to the sweltering heat. And then I went to the park and relaxed in the shade, making the most of the day. It was kind of fun, and my hair needs to be done. September 2nd marks the start of September and fall.
It's getting into fall time. I know we're still seeing the summer heat, which I think we're gonna see for another few days. How are we going to get your home sold in the fall? Things to think about right now.
Part and parcel. Primarily, it's all the same, but let's delve into it. Get your mindset right. We do see a drop in homes available for purchase. It's just kind of normal now. A drop in the number of homes for sale. Compared to our selling season, March, April, and May. Throughout the last three months, we saw a considerable drop in inventory, and now we're gonna see it come down a little bit more, but that's good news.
If you're serious about selling, there are buyers out there who are serious about buying. Now. We saw a drop in value here in Blossom Valley. We saw a drop in volume pretty much all throughout since May. But here's the thing. During the summer, most people go on vacation. They're dealing with their kids.
They're dealing with a lot of different things. It's hot out. The last thing they want to do is go out and shop. My sister, who's a broker in Vegas, does open houses every weekend, and she tells me she sees crickets for beautiful houses. She sees nobody showing up because it's too damn hot. So think about it this way, the weather will get better, and that means more people will come out, and FOMC is slated to reduce rates here at the end of September, and that's good news, right?
That means buyers will come back in droves. We will attract more buyers cause of the rates, and the weather will be more pleasant. And granted, look, it's less than a hundred degrees, right? We haven't seen anything reach over a hundred degrees in San Jose yet. Knock on wood, and we're happy about that.
However, hot is Hot. Anything past 90 degrees is. Unbearable if you're in the desert, 114 is just ridiculous. But it is what it is. I was there last week and it was beautiful. It was 94, it was hot, but it wasn't that crazy hot like here. It was almost intolerable. But here it's different, right? We're all spoiled.
Less inventory available for homes, less competition. Less competition for available financing, less competition for related services. That means if you need to stage up your house, there're going to be fewer houses to deal with, and stagers are scrambling to get more business. So they're happy to work with you instead of having to push you out two weeks.
And if they're that busy, then you shouldn't be going with them anyway. Go with somebody else. By purchasing a home in autumn, home buyers know they can be settled into their new home in time for the holidays is true.
And here's the thing, right? If you have kids and you're empty nesting, and summer, you wanted to wait till summer, and all of a sudden the market tanked, now's your time to try it again. Hopefully, you've waited 30 days to reset the days on market, and then you put it back on the market, and now you have a whole set of new buyers out there.
So get your house ready to go. Start getting the cleaners out, dusting off the windows and screens, and get your home ready to sell again. There you go.
Delinquency Rate on Single-Family Residential Mortgages
I am really struggling with this because this is since April. I don't know why they haven't updated this. I went back and looked inside the gizmos and made sure that these are the most recent ones. We're not seeing a huge increase in delinquencies, so if you hear the crash Bros saying, we're seeing that it might be regionally, I know Dallas, I know Las Vegas, I know a lot of delinquency and delinquency is when you stop paying your mortgage and a notice of default is filed and then the bank starts the process of foreclosing on your house. So we're not seeing a huge The recent one, which should be, I mean, this was updated in August, so it's gonna be a couple more months until this thing updates, so we'll come back to that in a couple of months.
Cupertino House of the Week, the reason why I picked this is because it's brand new on the market, and it's just the standard house for almost $4 million.
Four bedroom, two and a half bath. 2000 square feet. Built in 1960. Let's take a look inside, slightly updated, newer tile floors, newish home or kitchen.
Yeah, I like this. I like the wood look. I like the granite. I like the island. Travertine, older, dated bathroom. Same with the guest bath.
It's light, it's airy. And look. Staged homes. If you want to get the most value outta your house staging, stage your home. Clean it. Make it smell nice. Stage the house. Make it look like a model home. Even if you have boob lights and you have a dated kitchen or dated bathrooms, your house is going to sell faster.
If it has a stage. Yes, it's a cost. If you cheap out, you know you don't have anybody but yourself to blame. Oh, you can always blame your agent. Your agent can only do so much, right? And if you refuse to do the staging, that's on you. Okay? This is Willow Glen House of the week. Crescent Drive, not my listing. $4.2 million. Brand spanking new, five-bedroom, four-and-a-half-bath, 3,800 square feet. Built in 2025. And the reason why I picked it is because you can walk right down to the table and Lincoln F and just hang out and enjoy the company with your friends.
And you don't need to label pictures, 'cause come on. That's just ridiculous. I like the accordion look. On the windows here, instead of having sliders. When you're having a party and you're entertaining, people come in and out. It's nice. Gives your house a bigger, airier feel. I like this vaulted ceiling.
To me, vaulted ceilings are a dated look. I like tray ceilings, high, high tray ceilings, but that happens to fit the format of this home. Not a big fan of the. Brass, the new brushed brass. I'm not a fan of that, but that's, don't listen to me. The reason why I don't like the brushed brass is like a rubbed oil bronze look.
It's trendy. It's in five, 10 years, you're gonna have to replace it. If you're into that, that's cool. Whatever this looks like. It's a wine, a wine room, maybe downstairs. Not sure why you would just do that, but you know, this is Willow Glen. You can do whatever you want. Nice bathrooms. But again, for $4 million, I wouldn't buy this house.
That's just me. And then the luxury home of the Week. This is brand new Tallwood Court. $24 million, six-bedroom, seven and a half bath, 10,000 square feet, built in 19 or 20, 25. So just built. And it is in Atherton if you want to know exactly where it is. There you go. Let's take a look inside.
I've been watching videos on my shorts and love the guy. He's just very chill. A SR kinda gets you motivated to work on your car, but then you go outside in the heat and you're like, Me, I'll do it later. Then you forget. This is a nice house, limited on photos.
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This episode is brought to you by the home inspection checklist. If you have not downloaded it yet, take a look. Remember, no. Home is perfect. This is not designed to take the place of a home inspector. This is designed so that you can go through and get your honey-do list before you bring in an inspector.
Get it done. Knock through it. Have your handyman, landscaper, painters, take care of all the little things that you see, and then bring the inspector in, have 'em give you a nice clean report, 'cause clean reports are always good and disclose everything that you did to repair it. There you go.
This week, Santa Clara Highs and Lows. This is the highest-selling home in Santa Clara County. This is Loraina Lane. Sold for 91.5 at 98%.98% of the list price. Yep. And then this one right here is the McGraw app in Morgan Hill. Sold for exactly a hundred percent, took 13 days to sell, and the value is not even in the land. I don't know why anybody would buy this other than maybe they want to tear it down, and I mean, it's almost a quarter acre, so I could see that, but not much to this house.
It's old, dingy. A teardown, they're probably gonna just tear it down. Let's take a look at the highest list. Price-to-sales ratio starts at two and a half. Sold for 3.2 for 120, almost 129%. And this is Tim Lot Court in Palo Alto, $3.2 million, three bedroom, two bath. Here you go,o guys. I'm telling you, if you list your house low, the market will tell you what the house is worth, period.
Because if you don't like this one right here, you wait 60 days, get frustrated and pissed off. You want to be a market makeYou'dYou better have a very nice house to be a market maker. Otherwise, you're wasting everybody's time. This is in Saratoga. Originally listed at 9 million, dropped it down to 7.5, and somebody took advantage and took it, took another million dollars off, and this sold for 72% of the original price.
The seller says it's worth $9 million. You put it on the market for $9 million. The agent didn't. Do the right thing for the buyer, for the seller. And he conceded and said, Well, we can try. But after a few days, we need to drop it down and see what it's really worth.
I hate to tell you this, but the truth is. Your house isn't worth what you think it is. Your house is worth what buyers are willing to pay for it. And if you have your house on the market for 30, 16, 90 days, you still don't have offers. Your agent has done everything that they normally do to sell your house, and yes, they're selling other houses around you, and they're not gonna pay as much time on your house because you refuse to lower the price to attract buyers.
It's the price, location, market condition, and property condition, period. All right. Yesterday I didn't do a video, so this is the highs and lows. We already went through that. Today's, and then here is Monday's. 12 Bay Area County Market Report. Nothing crazy to look at. However, Santa Clara just popped over $13 billion in sales on the 36th week of the year.
And there's no slowdown for Santa Clara County. Prices might be contracting, but smart sellers are meeting buyers where they want to be. And there you go. And I just started a new chart for you to look at. Months of inventory, I don't know how to get rid of this. I still have to figure this out.
Months of inventory isn't going crazy outside of Napa. Napa had a hard couple of months, but everything else seems to be staying pretty, pretty level. I don't wanna say stagnant, because we're seeing homes sell. We're not seeing a major shoot-up here, any major hockey.
Stick chart, and I think we're doing fine. I think this market is doing really well. We're not seeing a bunch of bank-owned properties pop in. We're not seeing delinquencies. We're seeing homes sell. Yes, prices are coming down a little bit, but. It's the summer.
When does the summer thing slow down? Buyers get pickier, and because of 7% rates, actually, we're at 6.5% right now. FOMC is slated to raise rates at the end of September; rates have come down in anticipation of that to six point a half. So you can buy a house under 6% right now, or you can get a loan for under 6% right now.
All right. That's it for now. Two days in one, because yesterday was Labor Day. Thanks for watching. I'm Vito with Abano. Thanks for watching. We'll see you out there.
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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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408-705-6817
Vito@abitano.com
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