Trump fumbles on housing affordability in Davos | Open Houses this weekend Silicon Valley Curated






Trump fumbles on housing affordability in closely watched Davos speech
Should You Buy a Fixer-Upper?
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Should You Buy a Fixer-Upper?
Should you buy a Fixer-upper? It's totally up to you. A lot of people today want a turnkey home, something they can just walk into and maybe have a couple of little things, like a dated kitchen or what have you, but a fixer-upper is not on the flight path. For most buyers today, affordability is so outta whack that if you're looking at something, you might as well buy something that's fixed up.

At least that's the mindset of a lot of people. 

Personal Experience with Fixer-Uppers

When I bought my first house, it was a total fixer-upper. It was a total beater. Didn't have air conditioning, and it didn't have single-pane windows. Didn't have insulation.

Everything was original. Totally okay with me 'cause I did all that over the years. I fixed it all up, and it's up to the buyer. Decide if they want to put that kind of energy into fixing up a home. It takes a lot of time, effort, dirt, dust And if you're with a significant other,r a lot of back and forth.th 

So, should you buy one? That's what this article talks about today, and let's go into it. 



Considerations for Buying a Fixer-Upper

The ability to buy a house. If that's a contention on your wallet, then yeah, buy a house that's a fixer-upper. You'll learn to live with certain things, like an older bathroom or an old toilet.

Toilets are easy to fix. But fix your upper. Something that needs love and attention. Somebody who just never got around to it. Like on Monday we talked about, a house that was two bebedroomsone bath, and they never touched it. That's okay. If you want to come in and make it your own, great.

If you're a contractor, you're handy. You have tools, you have friends with tools and trucks. Pride of ownership. Something about buying an older home that's not maintained is that when you put your hands on it and fix it to your style, it becomes yours.

You get to appreciate the work you put into it, whether it's a roof, a new fireplace, or the pavers out front. Something fun to do, something enjoyable. But you could say, I did that. 

Unexpected Challenges and Realities

It's always nice to expect the unexpected. That's the thing.

Even if you're buying a flipped house or a turnkey house, you don't know if there's a pipe that's ready to burst. Even if you buy a fixer-upper, you might open up a wall and go, holy crap, there's five tons of termites in there, and it happens. But it also happens with turnkey and flipped houses.

Something you gotta realize, look for sagging floors. There's no such thing as a perfect home. No home is perfectly level or square; never has there been a perfect home. So don't expect that, but understand that if you feel a soft floor, there's an issue.e You can go in and fix it, but sometimes you don't.  

Deciding What You Can Handle

Some things you can do yourself. Some things you're like, I don't even want to get into it. You might like, I don't want to touch electricity. To me, I grew up doing electrical, so I understand it, but it might not be in your valley wic, which I totally understand.

Get an electrician to help you out with that kind of stuff. Deciding on what you can't and cannot handle. That's absolutely it. And part of living in a house and fixing it up while you live there, you learn what you can and can't do, or what you won't do. Like, I won't paint ever again. I've painted so many times in my life.

I'll never paint again. Never, don't ever ask me. I won't do it. Just never. I don't have patience for it. I'll pick up a roller and throw it on a wall, but I'm not doing the edging part. I'm not doing the cleanup. I just don't like that part. You can grow your skills, and you can help other people, and it might be something worthwhile.

And if you live and breathe a corporate job, it might be something that actually helps maintain your mantra and grow as a person as well, right? 

Market Insights and Pricing

Paying the right price. You don't know what to expect for a fixer-upper, but a well-priced turnkey home is going to sell really quick and really fast.

Here in the Bay Area, even if it's a piece of crap, it might still sell. If you have our pricing right, like that one in Willow Glen, it's a million bucks for a three-bedroom. Total fixer, upper Actually, we can go into that. Increasing your home's value. You do put sweat equity into your house.

Whether you buy it and then have somebody else do it, or you do it yourself, you put your sweat equity into it, that's gonna increase the value of that house,e period. Not all the time, but it does.  




Trump and Housing Affordability
Trump's fumble on housing affordability attheA Davos DA, and doesn't know anything about this outside of the fact that I feel bad for the guy.

I don't like him. But I feel bad for him because he got handed an economy with massiveinflationo,n and the housing pricing that we're enjoying is because of this inflation. The sad part is that every dollar that we spend is now worth about 40% of what it was five years ago.

 Just 'cause of the inflation. That means housing affordability has gone outta the whack. Housing affordability, housing prices, and gas all go up with inflation because the buying power of the dollar goes down with inflation. And while you know you can have your opinion about Trump, it is the housing market.

The housing economy, the rates of affordability, and the job market are not something I would want to do. So you gotta hand it to the guy. He's going into something that he knew he was going to have a tough time with, and I hope all the best for him because it means all the best for us if the economy flattens out.

I don't understand this whole large institutional investor thing because there are so many loopholes that I could play as a non-investor or non-institutional investor. That's not gonna help anybody. It's not gonna deter massive institutional investors, I'll tell you that right now. I can crush the hell out of the housing market, what it would do tothe prospect of home buyers, but it won't. So it feels very protective of the people who already own a house. Here's the thing, right? If you'ra first-timeme home buyer, there's gotta be tax incentives. There's gonna be rate incentives. There's going to be something for you to come in and buy a house. Now, if the prices come down. If rates come down, that means prices are gonna go up unless it's a protected area, meaning that this development can only go to ffirst-timehome buyers.

That also leads to discrimination and discriminatory selection of who gets to buy a house. You can't typically say that I will not sell to an investor. I will not sell to this person. I will not sell to this corporation. You're not allowed to do that. So it's a tough egg to crack right now.

Maybe with institutional investors, instead of blocking them from buying, it's painful for them to own it. Meaning if you're an institutional investor like Open Door or BlackRock, and own over a thousand, your tax structure and incentives would go away virtually for everything.

I don't know how that would work. Nobody really cares for Trump. Is he doing the right thing? We don't know yet. My sister's a trumpster and my friends are anti-Trump, so I'm stuck in the middle. I don't give a shit either way. What I wanna see is what's good for me, my family, and the American people.

So I don't care who you like or who you dislike. If this works for me, my family, and the American people, I'm all for it. If it doesn't work, I'm not for it. Let's just leave it at that. Nothing's really changed over the last week. If you have an average-priced house in Santa Clara County, it's gonna cost you about $10,000 a month at 5.62 after you buy down a rate.

If you pay a point, that'd be great. If you're interested, let's talk about it. 




Local Real Estate Examples
tThisis what you get, $4 million. And the reason why I picked it is that this amazing landscape job that this guy did.

I love the landscaping job this guy did. So, three bedroom, two bath, 1100 square feet, built in 1959 on Santa Rosa Drive. Let's take a quick look inside. It looks like it's been flipped.

Oh, look, brand new kitchen, brand new flooring, brand new lighting.  Looks like the windows were already done 'cause flippers don't touch windows. Looks like they put a cheap air conditioner in there, which is good. 

I don't, I can't tell if the roof is done well. But look, beige guys. Beige is back, maybe? Yeah, a little bit. And they have the quartz. Where is the refrigerator? Oh, the refrigerator's over there. No floor plan flippers. All right, so 999,000. Let's take a look and see where it is. There's Valley Christian and it does back not, doesn't back.
So you're one street away. You're on Santa Rosa Drive. This is the center, andit'st back, your view of the hill. What you get for $2 million in Santa Clara County,y Beach Nut Av,e. three bedrootwo-bathath, 1500 square feet, built in 1951. And that's the backyard. One car garage. You got the fake turf. No, that's not fake turf. Updated, flipped. New kitchen. Nice drone shots, but no floor plans. Floor plans are cheap. I don't understand why you would not do that. January is still not out. I haven't done those numbers. I'll do it next week once we're done with January. Thanks for watching.
I'm Vito with Abitano. We'll see you out there.

 


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

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