Spring’s Housing Market Is Unseasonably Slow | Santa Clara County HI/LO of the Week

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This Spring’s Housing Market Is Unseasonably Slow As Iran War, High Costs Curb Demand
What To Do When Your Home Isn't Selling
Santa Clara County HI/LO of the Week
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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Realtor Reveal and NAR Rant

That's hilarious.

I love that one. Gives credence because yeah, we don't just open doors. Being a realtor isn't a priority for me these days; I sell houses, and I have the integrity and all that other stuff. And as a realtor, you have to be a member of NAR, and I'm not really happy with NAR these days.

But that's not what this is about. The thing is, it was just a hook to catch your attention. Hope it worked. So there you go. Okay, let's go into the articles. We're seeing numbers dwindle. We're seeing inventory grow, and we're seeing a lot of things that are happening that shouldn't be happening right now because we didn't really expect the war to start, and it has just started.

And even though the stock market's not doing too badly, Rates are still high, crazy high. They're coming down because everything's getting going, normal. Home buying demand is unseasonably slow. Touring activity is up to 11% since the start of the year, which is abnormal. All of my open houses have gotten maybe seven at the most sets of people coming through. I don't think that's anything crazy because I was always wowed when it got up to 40, 50, 60, and sometimes we even hosted a hundred sets of people coming through during the heyday of 2021, when rates were in season.

Rates at 6% are giving buyers cause for concern. And yesterday we talked about the cost of, or the concern of the economy, and the fact that they're, your jobs might not be around. I guess that's a good way to look. They had job insecurity and concerns about the economic woes.

However, we're in this really fricking inverse world right now where I don't know where we're going with it, and we don't know what's going to happen. 

Showings Down Despite Ads

I have three listings that are sitting there. I had two showings at one house and then nothing at the other two houses. So I don't know what's going on.

Market's slowing down,n and I'm doing everything I can possibly do, right? I'm doing more than I usually do because Homes.com is advertising our listings at all these different sites. Even the n Hhl site,  cause even the, the Knights made it.

This is not a hockey show, although I love my hockey, but your ads are being placed all over the interweb on NBA, on food, on NHL, on Google, on Netflix, on HGTV. Our ads are being played everywhere, right? This is what your ad looks like when you're on the site. 

But anyway, the whole point of this is that we are delivering more ads to every house that we have for sale than anybody else that's out there. So just keep that in mind. 





Why Homes Aren't Selling
Why are we still not selling Houses? Some people don't want to stage. Some people want to price higher. Some people don't want to fix the condition of the house.

And when you don't have everything all completely whacked out, even if you might have everything completely priced right, the house might still sit for a bit. I don't know. Is it just right? You don't know. 

Buyer Caution and Rate Talk

Americans are wary about making big purchases right now. The people that are out there right now are tarehawks.

They're well, okay. Vultures. If prices and rates come down, we'll see the market pick up. Rates need to go below 6%, so we can get nominal rates below five point half.

However, after paying a point or so, which could be a seller of credit, you could still get down to 5.5%. So buyers are being maybe pamb,y and agents are telling you this, and lenders are telling you this. If you're a buyer. Buyers are just being wary. And guess what? It's good for the buyers. It's good for the economy for us to be able to let the buyers take a breather and say, no, I'm going to be very picky about what I buy.

And there's nothing wrong with that because if you bought a house in 2021, you bought the house that you did not want to buy because you were desperate, te and you probably paid two or three or $400,000 more. So crazy. High housing costs are also sidelining house hunters. Yes, we're unnaturally high right now.

Rate or income is not catching up or keeping up with the demand for housing costs. So we see it, even though you see houses flying off the shelf in Los Gatos and Cupertino, if you're on the east side of 17 or 87. In the Bay in San Jose, your house is going to sit for a little bit longer, so just be patient.






Fixes Staging and Incentives
What to do when your house isn't selling well. You can be proactive. You have to know the market a little bit, which you know, that's why you watch this video every day. So I can tell you about what's going on in the market, so you understand the real estate market. But also make sure your house looks good.

Make sure that everything you can do to fix up your house is fixed up. Fix up your house. Make it look new. Make it look like a model home. Don't pull the YMA house off the market. You will find a buyer. It will take time, right? It's gotta be the stars aligned with the rates and the war ending, and this and the oil coming down, which we're talking about tomorrow, and all these different things that could possibly happen.

So just be patient. We're caught in this little rut right now, and it will come out of it. It always does. So consider incentives. All of my houses have. Offers to incentivize, meaning giving credit to the buyer for closing costs or the agent, or what have you. And then stage your home. Make your house look nice, make it look pretty. And if your house is, if your couch is 20 years old and has dog hair, dog smell, and kid slobber or food stains, or it just looked kinda rowdy, get rid of it.

You're looking to spend how much, or you're looking to gain how much outta your house. So just think that through. Okay. 







Probate and Estate Sale Tips
Probate sales. We talk about that all the time, guy. This is a great time because when you do an estate sale, people go, " Oh, are you selling the house?

And you go, yes, we're getting the house ready to sell as we sell off all that stuff. And then the neighbors start talking, and then the next thing you know, they have a lot of people coming in. And guess what happened? The neighbor across the street told their friend, and their friend bought that house,e and now their friends live across the street from 'em. That's why estate sales are great. Okay. Tuesday, highs and lows didn't really get into it. We'll go into that a little bit here, but  





Los Gatos Home of the Week
This is Los Gatos home of the Week, which is lo drive, $5 million for a five bedroom, five and a half bath, 4,400 square feet, built to 2026 quarter acre of land almost, but it's near 85, so not exactly as far, or as close in proximity to the one that we looked at yesterday in Cupertino, that close to that freeway.

But still, you'll hear it, and you'll still get a little bit of dust. So this is a brand new house in 2026. Let's take a look inside.  There you go. It's nice looking, but that close, the proximity to the freeway just turns me off. I like this soffit here. That's probably like an HVAC soffit that's like a big duct, but they light it.

It's neat. You don't see that too often.

Look at that mirror. Tray ceiling built in. Walk-in closet. Look, that's awesome.

That looks nice. All right. That's nice. And thank you for doing the floor plan. That's nice. Got a loft open to the below. You have one bedroom, two bedrooms, three bedrooms. Four bedrooms downstairs, which is actually an office, but call it what you call it, that's your office right there.

So you can actually make that into a fifth bedroom. See what they call this? Five bedrooms. There you go. Okay. 

Inventory Jump and Wrap Up
And then nothing really crazy except for inventory is jumping. We put 150 homes on the market on top of the ones that we sold. We have 243 of them.  Price reduced because some people are overpricing.
And then we closed seven in the last seven days. We closed 190. That was from a month ago, which was right here. And that was just a leftover, so I think you're gonna see that's when the rates were really low. And then we got a lot of houses into contract. So that's happening. All right. That's it for now.

Thanks for watching. I'm Beto with Abano. We'll see you out there.

 


Santa Clara County Highs and LLows
🔴  5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46  
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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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