Existing-home sales take polar plunge in January | Wednesday Real Estate Snapshot 🦅 🌎 ⚓️
Existing-home sales take polar plunge in January
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Clickbait headlines & the ‘polar plunge’ in home sales
Well, I love these articles. They're so designed to make you click. It's called clickbait for a reason, right? Existing home sales. Take a polar plunge in January. Yeah, it went down a little bit, but we know it's gonna go down a little bit. It went from 8.4 to 4.4 a year ago. Oh my God.
It doesn't really matter. We had a shitty year last year anyway. Right. Instead of me selling 15 to 20 homes, I sold seven or eight. It doesn't matter to me. It's not ego for me, it's just I know that the market slowed down, so I just didn't really kill myself, didn't hustle as much as I wanted to, and that's what it is.
Why spring (March–May) could be the best window to sell/buy
This year is gonna be different. I've been warning you for this, for the last five years, since 2021, since the market cooled down from the firestorm. I understand that I'm not doing this to taunt you or tell you where to go, but I'd say this March, April, may is going to be a great time to sell your house mostly because we're, we as a people, as the economy on the whole, from the US all the way down to San Jose, to Campbell, to Saratoga, we're kind of tired of, of, of, of, of the high rates.
We're kind of tired of. Nitpicky buyers, we're tired, kind of tired of stubborn sellers. We're just gonna go and sell the house. People who were stubborn about selling their house are gonna get what they want. They're gonna be like, aha. Told you. And then buyers are gonna be like, fuck, I should have listened to Vito.
Because we're like right here, and it's not this long. I mean, we're talking about days, not even months, right? We're talking about. Days since December, the market's kind of dripped down a little bit, and now it's going to take off again, and now you're going to miss out. If you don't buy that house that you want, you're going to regret it because in the next three months, I think you're going to see a huge increase in sales price, meaning your dollar is going to be less valuable by eight to 10%.
You know, you get those little feelings, get the spider senses, you get all that other stuff, and you know that what you're listening to here is the cracking of the dam that will break through and let everybody come and get what they want.
Rates, the economy, and why ‘good news’ can cost buyers more
Are rates calming down, or are rates going to come down?
We don't know if it does. It's definitely gonna hurt you as a buyer, and it's definitely gonna help you as a seller. Is the economy going to get better? We don't know. But if it does, it's going to hurt you as a buyer. It's going to help you as a seller. Remember, anything that's a positive thing in the market is going to make your house venture cost you more money, or you're gonna get less house for what you wanted.
Read the full article + invite to comment and chat.
This article is in my blog. You're very welcome to read it. Take a look at it, make a comment. If you want, I'm happy to have a conversation with you.
How Homes.com marketing helps listings (and what it can’t fix)
A couple of months ago, I invested in a company called Homes.com, which is part of Biz Buy, Sell, and LoopNet, and all these other companies, not that I don't know commercial real estate.
They own Matterport. And the reason why I do it is that it allows me to take your. Home and projected to millions of people all across the United States, and this graphic right here proves that out a little bit. homes.com is investing in top networks, Prime TV, streaming platforms, digital radio, and beyond to reach more home buyers where they are.
Not saying that this costs me a lot of money, but it's helping you sell your house a lot faster. Why? Because more eyeballs will get your house sold faster. Doesn't mean you can price your house. That's a piece of crap and has an original kitchen. It doesn't have air conditioning, original bathrooms, or wallpaper from the 1980s.
You can't put it at a premium. You have to update your house and make it. Attractive to home buyers, or they're going to go somewhere else. Don't forget, they're not looking at your competitors, your CMA. They're looking at 50 other houses all across the Bay Area and finding what makes the most sense to them.
And if they look at your house and it's old and dated and overpriced, versus a house for the same price and it's been updated, they're gonna go to Campbell. It's priced it accordingly, right? This only helps you. Doesn't mean that I can wave a magic wand and drum up a stupid buyer.
It's just not gonna happen that way. It's not.
Probate & estate sales: helping families plan the next step
Probate and estate sales. I talk about it all the time. If you have an issue with your parents needing to move out, let me know. I can work with you. I can work with them together with you and discuss how to get them into a home so they're properly secured, safe, and watched over so that nothing happens to them.
I mean, nothing horrible happens to them. Let me know if you have any questions about this. It's important. You can call me right there, or you can download the inspection checklist, and we'll start the process. It's pretty simple. Remember, we're talking about attracting the market, not being a market maker. And what does that mean? It means your house is the same, plus or minus 10% of that square footage, all across the Bay Area. I mentioned Campbell because I was looking at this one inthe Campbell Sunnyside app, not my listing.
Case study: Campbell listing sits 45 days—seller ego & overpromising agents
Original list price was 1.7. $1.7 million been on the market for 45 days. Be careful of the agents that overpromise and underdeliver. They say your house is worth 1.7 just to get your listing.
And 45 days later, they're like, oh, the only thing we can do is set the price lower. They're lying to you. Okay, they're lying to you. If you say, oh, 1.7, my agent said I can get 1.7, and then it's onthe market for 45 days. Guess what? They lied to you, and your greed and your ego took over. That's the number one re reason why homes don't sell.
It's because of the home seller's ego.
Four bedroom, two and a half bath, 1800 square foot, built in 1999. This is a beautiful house, 32 pictures, and it'swithin walking distance to downtown Campbell. It's been on the market for 45 days. Why didn't it sell ego? Period. I'm not saying that's a bad agent.
I'm not saying it's a bad seller. Just saying ego. Ego keeps your house from being sold, period.
Bank-owned condo of the week: HOA fees, mismanagement, and bad value
This is the bank-owned property of the week. This is on Fletcher Lane. It's been on the market for a very long time. We spoke about it a while ago, and here's my problem, 90% of the houses that are for sale properties that are for sale in the South Bay right now are.
Condos. Why? Because condos have no regulation, and there's no way for them to slow down on the cost. The HOA fee that you pay every month is an added tax, and every year it goes up five to 10%. 5%, let's just say. And at a certain point, it becomes a non-value, and the HOA company doesn't care about it.
The HOA management company doesn't care. They're gonna continue to tell you, oh, you gotta pay X amount of money. Now, this one's been on the market, 230 days is bank owned property, originally listed at 4 79. Been on the market for a long ass time. Now it's down to 3 89. If you want a good deal, I would offer two 50 for it
because it's $550 a month for HOA fees. That's not a value to you. What do you get inside there? I sold a house in Fletcher. I can tell you that we've been looking at selling your house. I don't even think you get a pool. No, you don't get a pool. My client's house is over here. Why am I paying $550 a month for the privilege of living in a condo?
A two-bedroom, one-overpriced-bath condo. Is it because of security? No. Is it because they take care of the, the, the yards and all that other stuff? It's because of mismanagement. That's what it is. So you're gonna see a lot more. Condos Go bank owned because of mismanagement. $660 a month for a one-bedroom on top of the privilege of paying your mortgage, taxes, and insurance. One bedroom, one bath, 790 square feet. Yeah, you got a pool, YHA. Hehasa. There you go. 450 thing. Not worth it, guys. I'm telling you.
Condos, unless they're under $400 a month is not worth it. They're just poorly managed. The reason why I picked this is that it's a very standard floor plan out here in Blossom Valley.
It was built in 1972. Four bedroom, two and a half bath, 2100 square feet, $3.4 million. And this isn't even walking distance to Downtown Mountain View; you get the privilege of living in Mountain View, which is a well-managed, very efficient city, but $4 million for a house here. That's it.
Looks original. Yeah. Look at that original kitchen. Yeah, they slapped on counters, but original kitchen, I'm telling you, don't be a market maker unless you have a castle. Original list price was 3.7. Now it's 3.4. It's been on the market for 18 days because they got crickets at their open house. The number one reason why homes don't sell.
The seller ego. There you go. All right.
Wrap-up: market outlook, rates, and final Q&A / sign-off
Those are the numbers. Things are looking up. That's all I'm telling you is we're looking at things, looking up, getting more inventory, more buyers are coming out, even though it's raining.
I think next week it's gonna be a little slower because of the rain, but untilthen rates. Drop significantly. We're not gonna see a huge change, but I also think that this March, April, mMayis May isto be a banner year. That's just my, it's my roll of the dice. If you have any questions or comments, let me know.
Put your comments down below. I'll be happy to talk to you about 'em. 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
DRE#: 01407676
408-479-2427
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