Home Prices are Rising — and Falling — across the US
home prices are rising — and falling — across the US
PROBATE AND ESTATE SALES
How your Home will be Marketed
Los Gatos Home of the Week
Santa Clara County Price Reductions
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Remember today. The home economy, the housing economy, has few micro markets. That's how it's been for the last 20 years, since really the advent of the internet and everything's coming into play. On the whole, we can look at it as an aggregate, but for the most part, every little area, including San Jose, has their own microeconomy.
Right. We have houses in areas where there's engineering and manufacturing, military, and vacation, tourism, and all these different little areas, and there's support economies inside of there as well. So here's where it is.
National Snapshot: Median Price Pullback & Normal Ebb and Flow
This is one across the entireUSs. The national medium Home price shrank.
Down to 3 74 at the high was 4 16,000. And now we're seeing it come down a little bit. That was a high right there. And it's normal for this to ebb and flow. It doesn't necessarily mean that we're going into a recession. See how it kind of goes up and down, kinda like the stock market.
This is not an indicator of the economy. This is just an 800-foot view of. The US housing market, right? And that shows you where the ebb and flow is on, on the whole. Philadelphia had the biggest home increase year over year. See if I can shrink this down for you.
Bay Area Check-In: SF Up Slightly, San Jose Down—What’s Driving It?
San Francisco had a 0.6% increase. You see that? San Francisco is consistently beaten out by every other county. It's not that prices are going way high; it's just that they know that they have to keep their prices low in order to get it done, but there is a slight change in that area.
For example, San Jose saw a negative 3.3% decrease in home values over the last year. Why is that? Is that a bad thing? No, it's just that. The way I see it is housing values skyrocketed so hard and so fast, so quickly in 2021 that we're now adjusting. We're adjusting to different prices, and if you look at San Jose compared to other cities surrounding it, the 16 other cities that surround San Jose and Santa Clara County, you'll see a better value in those cities.
Just the way it is.
Taxes & City Efficiency: Measure EA and Why Smaller Cities Win
Plus, we also implemented something called Measure EA a few years ago, which means that any house that is worth now $2.2 million getsan extraa tax when it goes to sell, 'cause we voted that in. I think that really hurt us in terms of value increase over time compared to other cities within the county.
Right. So San Jose got hurt. Yes, but we did it to ourselves. It's also, if you have an opportunity to buy a, let's say, two and a half million dollar house in Campbell versus, I don't know, Willow Glen, which is in San Jose, what would you choose? Right. The, you know, you choose higher prices. Higher taxes, or do you want to work or live and work in a place that's a little more peaceful and better run?
As far as the count, the city's concerned, you know, it's a smaller jurisdiction, better run, more efficient. Same thing with Cupertino. I'd much rather live in Cupertino, mostly because the housing values there are increasing. Higher, more percentage than San Jose does every year, and you don't have all these extra added costs when itcomess to selling the house, and it's a much better run and more efficiently run.
Does that sound right? City versus San Jose, I'm not giving. Negative props to San Jose is just, it's a big behemoth of a monstrosity of a metropolis, and it's hard to handle all that. Just like cam California, it's the third largest GDP in the world. If we broke apart from the US and yada, yada, yada, but it's not efficiently run.
It's not running well. Right. And I'm not blaming left or right or upper down. I don't give a shit. It is just over 200 years of putting processes and procedures and laws and taxes over everything. You're just gonna have a curmudgeon, a quagmire of inefficiencies, as we see what's going on in the federal government.
Right. So my point is, when you move to a. A large metropolitan area, such as San Jose,r San Francisco, Oakland, Los Angeles, or Sacramento, you're gonna have a lot more built-in inefficiencies, which make it more difficult for people to want to live there versusthe surrounding areas.
I'd rather drive five minutes to be in Campbell than in San Jose. That's why San Jose's losing 3%. But again, it's not, it's not a huge mark down. It just is what it is.
Spring Market Forecast: Pent-Up Demand and the March–May Surge
Also, economists,s realtor.com, and people all across the US are seeing that our housing market is going to spring out of necessity because people are tired of moving, regardlessof whetherf the price or the interest rates go down or not.
I think people need to move, and we've been pent up for the last three years, and I think we're just gonna springboard this thing out, and we're gonna see a huge increase in new listings and a huge increase in new buyers come into the market starting March, April, May. That's gonna be our selling season, so if you're not ready to sell yet, start today.
How to Price & Market Your Home: Tools, Strategy, and Real Examples
That can show you specifically what your targeted performance is going to be in marketing. What are we going to do for your marketing? How do I translate that? How do I communicate that to you so you understand it?
Well, I work with homes.com and they show you specifically where everything is going into it. So when we talk about list price versus sales price, and this is true to nature, I looked at a couple of houses, and they all sit around one and a half, and they're all settled in around 1.6.
That's the going trend right now. Right. There you go. See, that's how you look at it. So when you go to sell a house, you wanna look at this. What is your marketing plan? I can give you a definition of that. If you wanna get, sorry.
Probate & Estate Sales: Protecting Seniors and Avoiding Scams
Probate and estate sales are very important, especially when you have older parents.
You must understand that there are scams out there, and people are willing to take your money. And anyway, probate and estate sales are very important.t That we take care of your, our elders, rs and your older parents, and make sure that they land correctly in a place that's appropriate for them, whether it's active adult or memory care or what have you, A retirement community.
And it's understanding that we have to work through this entire process, have them bite on it, and check into it. So it's not just, oh, I just put your houseforp on sale. I need to give you options so we can communithemtions so that your parent can bite on that and understand it and make their decision because it's still their lives.
Back to the Big Picture: 2025 Blip to a More ‘Normal’ Market
Going back to this thing about the market coming back, Economists keep talking about how this year is gonna be a great year. I think what we're gonna see is it just bounce right back out of this normal market, abnormal market back into a normal market. I don't think we're gonna go crazy firestorm like we saw in 2021, but I think what we're gonna see is whether a settling is back into a normal market for everybody, including including first time buyers, et cetera.
Okay?
Los Gatos Home of the Week: $4M Listing and a Marketing Mistake
This is Los Gatos home of the week. This is on Kennedy. Wrote, not my listing, $4 million. I want to tell you about marketing and why it's important. This is just brand new on the market. Oh no, this is coming soon still. They have one picture, four bedrooms, four and a half baths, 3,400 square feet, and asking $4 mill, ion and they hone One picture on it, and it's on a busy road. I don't think that's a great way to sell your house. Why put it on the market if you only have one photo? Why put it on the market if you can't get the full steam, full buzz, and everything going might be coming soon, but I think that's a bad value for you.
Highs, Lows & List-to-Sale Ratios: ‘Attract the Market’ vs Ego Pricing
All right, so this is highs and lows for this last week. My mat drive in Los Gatos, not my listing, sold for $11 million. Took eight days to sell, and the six-bedroom, eight-bath original list price was $9.6 million. Eight days, guys. Don't be a market maker. Attract the market, right. That's all I'm gonna tell you.
Don't be a market maker. Attract the market unless your house is a castle. Attract the market, right? There's no greater value than bull, about this house. It's just that it's a good house and it's a large house, and it's valued at $10 millio,n and I think they buzzed it up and got the auction going.
The lowest home price in Santa Clara County is a 756 square foot house, three bedrooms, two and ahalf bathsh, or one and a half baths. A 105-year-old shack was sold for $780,000. Now tell me why, why, why do people pay $780,000 for a house like this?
Wow. Yikes. Well, at least they painted the cabinets, right? I mean, it's 756. Do that, that's like a thousand dollars a square foot for a hundred-year-old house. It's crazy. People are doing it. This is the lowest and the highest sapricesrice. To list price to sales Price. The highest list price to sales price ratio.
This is Cabrillo Avenue in Santa Clara County, in Santa Clara City. 9 9 990 $9,888. So for 1.390 in eight days, attract the market. Don't be a market maker. If you try to be a market maker and you have one thing out of alignment, your house is gonna sit on the market for a long time period.
Right, that sold for 139% over list price, Yahoo. Why? Because it was probably worth 1.2, 1.3, and you got, you squeaked out another $90,000 out of it. Because if you go into a buzz and you start doing the auction, your house is gonna sell, your house is gonna sell fast, you're gonna get a lot of traction.
You're gonna get a lot of people moving in, looking at your house, and you're gonna get a lot of offers. And then you get to attract, bump it up a little bit. And this is the lowest list price, the sales price ratio. This guy's standard track home in in, Los Gatos has a list price of 2.9 9 9 9 8 8 8 8 on the market for 259,000 or 259 days.
Yeah, so for $600,000 less. Why? Because you wanted to be a market maker. Ego is the number one reason why homes don't sell. So I'm gonna say, if you think your house is worth $10 million and it's not, it's going to take forever to sell. If you force your agent to list your house at $3 million and it's really only worth two and a half. You're screwing yourself.
That's all I can tell you, right? That's that.
Wrap-Up: Where to Find the Numbers + Final Thoughts
Here are the numbers right here. Everything's on my blog in case you wanna watch it or take a look a little bit closer at these numbers here. Thanks for watching on Vito with Ano. We'll see you out there.
🔴 5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46
🔴 The Five Biggest Turn-Offs For Homeowners https://youtube.com/shorts/lwknH5DCS5c
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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vitos@abitano.com
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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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