Relistings Jump | Santa Clara County High's and Low's

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Relistings Jump as Home Sellers Bet on Stronger Spring Market
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How your Home will be Marketed
Los Gatos Home of the Week
Santa Clara County Price Reductions
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 Relistings Jump as Home Sellers Bet on Stronger Spring Market 

Why Relists Happen

Relists are a thing of real estate. We just have to deal with them, right? When you have a year that was not as banner as we hoped, not as crazy as we hoped, and some would say it was kind of a sucky market last year. We're going to re-list those houses either with that same agent or with somebody else.

It just kind of happens, right? So why? Well, it's because sellers are not in a hurry or in demand to sell at a certain price.

And if they can't get their price, well then we're gonna take it off the market, wait for the market to come back, and it's just a normal thing. And if you get your head stuck on a price as a seller. You're not willing to let that house go for anything less than that price unless you're like, eh, I'm okay.

Last Year Market Plateau

A lot of people get headstrong, and last year we had a plateau in the market. We went from March, April, and May, and the market kind of plateaued, and we actually saw it kind of contract a little bit because rates went higher. And it pissed off a lot of sellers, and buyers just said, no, I'm not going to buy right now.

I'm just not going to. So that's what happened. 

Relist Stats and Timing

And now you have houses on the market coming back on the market. As a matter of fact, there were 45,000 homes on the market. 45,000 US homes that were delisted were re-listed in January. I am trying to get mine to wait until the middle of March to see where we're coming in at because I don't, I still don't think we have a market.

I think we're seeing. We're seeing volume pick up, we're seeing interest pick up, but I don't think we're seeing prices pick up, which are the reasons why these houses went off the market and are now back on the market. So, it just happens to be part of the list thing. 

Mortgage Rates and Buydowns

Mortgage rates fell to 5.99, which is what I was seeing.

It was written on March 6th, so four days ago. But then it popped back up, which means, oh, guess what? We teased the market coming back into the market. So my buyers are like, yeah, I can totally afford under six.

Well, there's not that much difference between 5.6 and 5.2 or 6.25, sorry, 5.9 and 6.25, and then you can always buy the rate down. We talk about that on Thursdays. We look through the rates and how a half a point or a six, six tenths of a point will bring the rate down to 5.5 or 5.6, 5.7, sometimes 5.5, depending on the week and everything, right?

So the point is this, don't get caught on the rate. Get caught up on how much it's going to cost you because you're going to be stuck with that for a long time until you refinance or you sell that house. And you can lower the rate down to five and a half. Five and a half.

San Jose Relist Hotspot

San Jose had the highest share of Relists because of the market. Sees a huge jump like we did in 2021, like the firestorm that we had. That's artificially inflating the market. And it takes a while for reality to catch back up with everything and allows people to come back and say, okay, this is normalized now because there's a hockey puck.

And then reality has to catch up with it. And that's where we are right now, and we're thinking that this year is going to be the normalization of the market. So if you wanna read into this, the link is down below. 

Los Gatos Home of the Week

Los Gatos House of Week

And this is Los Gatos House of the Week. It's the Holly Hill List way in Los Gatos, right near 17.

I think this one's gonna take a bit to sell, but I think they smartly priced it. This is an original house built in 19 57, 4 bedrooms,2 bathrooms, 1300 square feet for $2 million, but it's right against the freeway. Let's take a quick look. Yep. It backs into the freeway. You have some sound deadening from the bushes here, but you still hear traffic all the time.

And if you need to be in Los Gatos, this is a great buy for you. Let's take a look and see how long this will take. The cell, though, looks like everything was updated. Looks nice. It's a model home. It's all right, but it's a, it's, it's older, right? This one is the highest list, the highest sold price in San or in Santa Clara County.

This is Alexander Place, and it was sold in seven days for $18.15 million. Pretty cool. And then the next one is Madone. This looks like it's actually a manufactured home, but it's in Redwood Estates. It takes two places this week. It's the lowest sold price, which is 720,000. It's also the lowest sole price to list price of 80% of the original to list price, and it looks like it's a manufactured home.

It is also up in Redwood Estates, which means your fire insurance is through the roof. Took 94 days to sell, so there you go. And then this is Cyprus Ave, which is the highest list price to sales price ratio. It took eight days to sell, started at $2 million, and went for $700,000 over list price. Holy crap.

Telling you, don't be a market maker. Attract the market. That's how you do it. This house is right here, and it's nicely done. They have redid the bathrooms a while back, but everything's white paint, super crisp white. And I think that's what really helps get pop in the eyes of buyers.

It's a detached two-car garage and a nice, it's nice, it has pavers. It's a nice backyard.

Santa Clara County Price Reductions

My New Listing Spotlight

And here's my listing. Push this listing every day this week. So there you go. It's 5 2, 2 8, fell. We did open houses last week. We're probably gonna do open houses this week. And it's a three-bedroom, two bath, 1555, 57 square foot house on a corner lot. And it's a really quiet neighborhood.

And the cool thing about it is you can't really tell from here, you can tell here, it's right next to the water. So this is. Almaden River, Almaden Lake. Oh, and it has a nice pool too, so if you like it, there you go. You can't really tell from here. There it is. See, that's the nice river that goes through it.

And a cool thing about this is that this website is dedicated to this house. It's been on the market for five days. It has Matterport, it has a 2D floor plan, which I'm always yelling at agents. You need to do the 2D floor plan.

It's very important, and it talks about the community, it talks about Blossom Valley, et cetera. It has a little mortgage payment calculator, estimated home value, average prices in the area, and a chart of values as it goes on.

You can see how last year kind of went, dipped down a little bit at one time. This house was worth 1.53.

Inventory Charts Update

And then here are all the highs and lows. And you can see that inventory's starting to pop back up, but we're still not where we want to be in Santa Clara County. We wanna be at about 2000 homes per, per, for sale at any given time.

And right now we're out about a thousand, so we're about 50%. It's the same thing in San Jose, which is the metropolitan area of Santa Clara County, and it's about. Four, 500, based on where we want to be at a thousand. So there you go. And we're at about 500 right now.

Yep. 5 25. All right. 

Wrap Up and Sign Off

That's it for now. Thanks for watching. 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
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408-705-6817
Vitos@abitano.com 
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