Wednesday Real Estate Snapshot 🦅 🌎 ⚓️ K-shaped housing market locks out first-time buyers






 


K-shaped housing market locks out first-time buyers
REO of the Week 
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K-shaped housing market locks out first-time buyers
Well, we made it through another Veteran's Day and Marine Corps birthday, and yep,

It's kind of a climatic for me, chilled out and did, pretty much did nothing. We're gonna get into this real quick. There we go. 

Housing Market Challenges for First-Time Buyers
KS-shaped housing market locks out. First-time buyers. It's another reason why we're slowing down the market is because affordability is out the door.

It's making it really impossible for people to save up enough money to buy a really expensive house at a really expensive rate. First-time buyers are just kind of going by the wayside, which means. Investors are picking up first-time type buyer homes, which are, you know, the smaller three bedrooms, one bath, one and a half bath, two bath, and they're, it's just not affordable for most Americans to be able to buy a house today.

So we're, our buyer pool is shrinking, and a lot of buyers are just deciding to rent because it's. More affordable for rent. Right now, everybody that I know who rents is probably paying five to $800 less than what a mortgage would be. And there's no answer to this other than the fact that when you're a renter you have, you live in somebody else's house, they may or may not take care of it.

You may or may not get evicted 'cause they decide to sell it, and they're going to increase their rent over time. That uncertainty. The younger folks are not buying homes. The younger generations are just not buying it because they would rather stay at home, pay rent to their parents, live for free, or move out with a friend or whatever and get an apartment.

Because buying a house is just. Put off into the future. It's kinda like the desire to buy life insurance when you're young, but that's it. All right. 

Property Spotlight: Los Gatos Listing
90 days on Market, Montclair Road. This one is in Los Gatos, not my listing. $3 million, four bedroom, two and a half bath. Built in 1975, and has 2,600 square feet.

This one is not walking distance to downtown. It's a Dutch farmhouse style, and it looks like it was built over the last few years, built in 1975.

This thing has been upgraded, but they have the old fluorescent look to it. Guys just need to get rid of that. And I would've painted the cabinets white and gotten rid of the plastic. That's old-style plastic quartz, probably Corian of some sort, 'cause that was a big brand back then. Get rid of that. And guys, if you're going to sell something for $3 million, it better be updated.

You can see that the appliances are white. The fireplaces are built, were made in 197, and are in the bathroom. So would I pay $3 million for it?

The market's spoken. 218 days on market. And they went from 3.15 down to 2.975. The market's not buying expensive houses that need to be updated. If I were the owner, if I were the agent, I would tell them to take it off the market, put a couple hundred grand into it, update it, make it look pretty, and sell it at that price if that's what they need.





REO of the Week 
REO of the Week: San Martin Property
Ah, up REO of the week is Middle Ave in San Martin. San Martin, $1.2 million, three-bedroom. It is. It's a brand new listing, three bedroom, two bath, 1300 square feet. It's over a hundred years old, but it's well maintained, and you get 1.67, one and two-thirds acres. People get off the freeway, and they're going to do what they can to get home if they live in Hollister or Gilroy or what have you, and it's nice, but you're still gonna hear freeway noises. And you're just minutes away from Morgan Hill. Let's take a look inside. A little farmhouse. It looks like somebody tried to come in and do a flip. But then they just lost their shirt on it. They probably bought it for 1.3 and put $200,000 into it and stopped making the payments, and then the bank took it back.

You have a nice area to build on, or not build, but use if you want. You can make it into farmland if you want. Raise some horses. Looks like there are a couple of paddocks right there. Stables. Yeah. Nice. That's the house right there. It's not so bad. I think it's a good value.

Probably on, we'll see if I can find the water. Yeah. Water and propane. So this is very Rural. Rural.  

Market Trends and Predictions
40 days on market report. Take a look at the charts real quick. Nothing's going crazy. EOS dipped for half a second in OC late October, and we're back up to the normal 40 days on markets trending downwards and 90 days on markets that are trending downwards.
San Jose Weekly homes for sale. Pending enclosed, kind of start. We've been trending down since May. There's nothing fantastically crazy about that, and the pendings dropped quite a bit. Percentage-wise, since our numbers are really far down, I can show this to you really quickly.

San Jose pending is 45 this last week. The same thing with Santa Clara County. If you look at Santa Clara County, the pendings went down quite a bit. We're getting into Thanksgiving and Christmas. We just had an election. There was a lot of apprehension about what's going on, and the Government was closed for quite a bit, so I think we're just gonna tie up the rest of this month, the rest of this year, and let it sit. I have two listings that are out there, and I'm not getting any traffic on 'em at all. It's to be expected, even though we lowered rates. I think the next time the Feds testify is in December, and that's gonna be another quarter point. So coming out of the gates in January, we'll see a whole new set of listings that come in, and we'll see the momentum build, and hopefully we'll have a good March, April, May, which is our selling season.

 

🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41
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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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