Wednesday Real Estate Snapshot | 7 of the 50 Largest U.S. Metros are Now Buyer’s Markets 🦅 🌎 ⚓️

 





7 of the 50 Largest U.S. Metros are Now Buyer’s Markets
REO of the Week 
Apple Homes for sale  
Mountain View home of the week 
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist



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Seven of the 50 largest US metros are now buyer's markets. You've been waiting for it. Buy a house, and now buyers have the ability to take advantage of it. I was just on another live call and people are like, Hey, when's the market gonna turn? Well, the market turned a couple months ago.

And now we have proof because right here it shows that Miami, Austin, Orlando, New York City, Jacksonville, Tampa, and Riverside, California. All right. 

Defining a Buyer's Market

Now in official buyer's markets, what's a buyer's market? It is when houses on the average take six months to sell off. Meaning that if they stop putting new houses on the market today, it would take approximately six months to sell all the inventory.

That's a buyer's market. This says its reaches balance. We've been talking about what a balance market is, and that's kind of like the gray area between a seller's market and a buyer's market. 





Regional Market Analysis

And that's really where we are in Silicon Valley. And most of the Bay Area except for Napa, napa's been struggling for years right now, mostly because they don't have a huge industry.

They have wine country, they have Airbnb. they don't have a lot of. High tech there. So it's kinda like the country. However, in Santa Clara County, it's still not a buyer's market. I hate to tell you this. Sellers are more reluctant to sell their house at a lower cost. They would rather just let it go off market or just expire or cancel it all together, then not get the price that they want.


Reason being is that they have a ton of equity into it, even if they bought into it. In 20 21, 20 22, when rates were two and a half, 3% rates, that they will not move to a 7% or a 6% house because it would double their cost, their monthly mortgage, even if they went straight across. Somebody that owns a house with two and a half percent mortgage is that they outgrow it, meaning they have children and they need a bigger house. So they might be forced to get a three or four or five bedroom, which costs more money, but right now it's just easier for them to sit there and enjoy their small mortgage.

Versus doubling or maybe even two and a halfing or tripling their current mortgage. It's just easier for them to sit there. So why would I move to another house if I know I'm paying six or 7%? Just is what it is. I have to move. So whatever I have, I get relocated. I need to buy a house whatever reason, divorce, death, et cetera.

And that's what you're seeing is houses that. Our selling not a good clip. They're underpriced. They're bringing in the market. They're attracting the market and they're getting deals done. If you overprice it, buyers know what the value of houses, they see 50, 60, a hundred houses on the online, and they'll go see 10, 15, 20 houses in person and they know what your house is worth Far better than you do.

So if your house is sitting on the market more than 15 days, your house is overpriced, 

Current Market Statistics

So here's median list price change over change. Change over August, 2019, 36%, right? So we've increased values a third of where they were back in 2019, which is six years ago. Active listings. we had 4 million at one time.

Four and a half million new listings, which is August 20, 25, 400,000. That's our biggest problem is that we have a very small inventory right now. But because of affordability, because of interest rates, rate homes just aren't selling at the same clip they were back in 2021. Low metro, split along buyer seller spectrum. Buyer market's, highest months of supply. June Miami, 9.7 months. Those are mostly condos, right? Austin? There's a mass exodus in Austin because people that moved outta California to work remotely decided they didn't like Austin, so they're trying to move back to California.

Same thing with Orlando. It's the condo situation. New York, Jacksonville, Tampa, balance markets, Metro. Near the national average, Los Angeles, Denver, and Portland Seller's market lowest months of supply. Milwaukee 2.7 St. Louis, 2.9 Grand Rapids, Michigan, 2.9 in Boston. That's where all this investors are right now.

Inventory recovery stalls after two years growth. Yep. But again, that was the end of the summer, end of the selling season. So you know, that's kind of where it is. West, we have 26% increase in inventory. Yeah. Relative to pre pandemic norms, only the south and west are running above 2017. 2019 levels and, Midwest and Northeast are lagging metros above the pre pandemic levels.

25%. All concentrated in the south west, south and west, Denver, San Antonio, and Austin. 50%. Wow. There you go. All right. 90 days on market, we have 101 homes that are on market over 90 days. Crazy. 





Property Listings and Analysis

So this one I picked out. This is Ville Drive, San Jose, not my listing, obviously.

It's 14 1 1 million, four bedroom three and a three full baths, 1800 square feet built in 1992. And it's right here, right by Metcalf Park on Monterey Road. Guys, it's over the flight path, but this is a big house. It's a nice house. It's probably a little bit dated. Let's take a quick look inside.

Yeah, it looks like Miami Vice, it's a good value. $1.4 million for a house like this is, it's a good value. Look, everything's dated. I don't know why they did the landscape. All these, the 16 to nine ratio aspect. I think it looks ridiculous. I would never have done that. But you know, I'm not the photographer.

I hire a professional photographer to do this. As a matter of fact, my photographer is going over there today to take pictures on my new listing. I went over there last night to make sure everything was perfect for the photography. But you know, for $1.4 million, I can tell you, 111 days on market.

They've dropped at $50,000. I bet you can get this thing for 1.3.

Let's go take a look if you're interested. But the bottom line is you can still get a good deal on this. All right. 13th Street, this is distressed property of the week and they actually lower the price already ' cause they wanna sell it, right? It's been on market how many days? 20 days and they have already dropped it.
It's 115 year old house. This is a three bedroom, one bath, 1300 square feet. But let's talk about why $1.27 million is just ridiculous. They dropped it $30,000. It's zoned R one, meaning it's lot is so small that you can't put a duplex on it. Unfortunately. I bet you could put an A DU on it. 13th Street. So if you know 13th Street.

It's not a bad area, it's just you're close to the flight path, right? There it is. You're gonna hear freeway noise, and here's the worst part about it. Actually, let's go into the satellite so you can take a bigger look.

This area right here. Three lots. It looks like it's a mechanic shop. And if you were to look at it from the street level, this is a commercial property, which is an auto place, right? a mechanic's place. So they're fixing cars. It's a bone yard right there, and your back in your side yard is. A brick wall.

You can see it right here. This is the building right here. See it.

There's an even better look. So that's your side yard, right? And this house is, let's go over here. This house is not in great shape. Looks like they redid the flooring and they redid the bathrooms. I mean, the kitchen.

Yeah. Not well thought out. Looks like somebody bought this as a flip and then couldn't sell it, and then it went back to the bank. all right. Homes near Apple, not my listing. This is Shasta Drive, $2.3 million. It's funny how you think about it. That's about. Twice what that other house was, but you're in a much better area.
This is in Santa Clara, California, $2.3 million, three bedroom, two bath, 1500 square feet, and half the age. It's built in 1959 and it's walking distance to apple. Let's take a look inside and it's nicely updated. Keep it, leave it. TVs are commodities now. They're not big, huge investments anymore. Oh, that's funky looking. That looks like retro. I kind of like that kind of a nice look and feel to, it gives the 1960s look. I like the big window.



Yeah, this is a nice house. This is a goodbye $2.3 million and Mountain View home of the week. This is a brand new home, $4.7 million, four bedroom, three and a half baths, built in 20 25, 2250 square feet. And if Mountain View, it's right there. It's not quite walking distance to Castro Street, but this is a nice house, which is why I picked it.

Because it's brand spanking new. So what they did is they took an old house, tore it down, and used a lot to build this beautiful, beautiful house.

Here you go. All right. 



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

Home Buyers Checklist
This episode was brought to you by the home buyers checklist because now we're looking at buyers instead of sellers. this checklist allows you to walk through the house and look at every nook and cranny and check to make sure that it has air conditioning. There's no cracks on the walls.
Makes you look at the level of the floor and the plum and square of the walls, that kind of thing, and the landscaping. And it allows you to compare four or five houses as you go through. So if you're interested, drop it down, take a look at this, print it out, and then you're off and running. The Santa Clara County, single family home. 40 days. 90 days. Bank owned, bay Area, and California. Nothing's crazy right here. There's no major shock that we're looking at. We're seeing a slight uptick in closed. Sales because now we're past August. 
Yeah. So we saw the market kind of slowly trickle down. Now we're gonna see it come back up because we're going into selling season part two, which again, I don't think this is gonna be a great time to sell if you need to have a per certain price. But if you need to sell, this is a good time. Better than the August and July.
Same thing with Santa Clara County for sale pending and closed the last seven days. We're seeing a slight uptick, but that's because we're in September. That's absolutely normal. All right, that's it. Thanks for watching. I'm Vito with Abano. We'll see out there. 






🔴 Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc

🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41

🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be

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Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-479-2427

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





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