$100,000,000 Listing in the BAY AREA! This Week's Winners and Losers - 12 County Bay Area Real Estate Report
Sellers Are Pulling Their Homes Off the Market at Near-Record Rates
PROBATE AND ESTATE SALES
Cupertino Home of the Week
Willow Glen Home of the Week
Luxury Home of the Week
How your Home will be Marketed
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Sellers Are Pulling Their Homes Off the Market at Near-Record Rates
Listings Pulled Back
Sellers are pulling their h- uh, houses off the market at a near record rate. It's true. See right here, and it's from our good friends Redfin, so it must be true. So what's going on? Houses are taking longer to sell, period. I- we- we've spoken about this for a very long time, and we know that it's a, a thing. It's, it's...
Unfortunately, it is what it is, right?
Why Homes Sit Longer
Rates have gone high. People don't know what's going on with the Iran war. Uh, everybody seems to be hating on the politicians. Everybody's trying to figure out what's going on with the politicians, with the election, and rates are at an all-time high. So I don't know.
I mean, nobody knows what's going on with the economy. They're fearful of their jobs. So homes are going to take longer to sell, period. You know, I'm getting people coming in, finally trickling into my listings, and it's great. Inventory is rising faster than demand, except for in the Bay Area, right? I mean, this is all across the United States.
Pricing Reality Check
Some sellers seem to-- Some sellers still have pandemic-era price expectations. That's, that's true as well. You know, you're like, you talk to them about a price and then the market contracts, and then you're kind of sitting there with your thumbs twiddling. And then delisting can be a strategic reset. It can, but you have to get realistic with pricing.
You can't expect what was going to happen three months ago. It's just not going to happen, period. Right?
Strategic Relisting Tips
Don't forget, we have one weekend where rates went below six percent, and now everybody's like, "Oh, maybe I'll just wait until that happens." But the reality is, iou can buy points. And if you can't afford the points, you can ask the seller to help.
It's just a time to be strategic these days, right? Delisting is most common in Atlanta. If you have, uh, houses on the market for an extended period of time, we pull them off the market and put them back on.
Bay Area Seller Mindset
Bay Area homeowners are relisting at a high rate. Yep. Because they still want that price, and they're like, "Well, I don't have to worry about it."
My, my clients are like, "I, I don't need to sell the house. I-I'm not desperate to sell, and if I can't get my price, I'm not going to do it." And, you know, make me work extra hard, but that's just part of life.
Probate And Estate Work
Okay, uh, probate and estate sales, we're starting to do a couple more of these this year. They're coming down the pike, and it just is what it is.
I'd much rather do that than divorce jobs, uh, just because it's, it's part of life, right? You can-- Divorce is dirty and gross- and not gross, it's just sad, right? And it is... You know, when your parents pass away, or they get old, or they get to the point where they can't handle themselves anymore, it's sad, right?
I get that. But we also have that proper-- that program that helps people get into the next step of their life, the next chapter of their lives, and that is moving on with their house. And sometimes we tell you, as the child of that older adult, "Don't sell that house just yet." There are reasons why. If you want to learn why, ask me.
Cupertino Pick Of The Week
Cupertino House of the Week. This one right here on Pumpkin Drive, not my listing. Three million dollars, four bedroom, two bath, sixteen hundred square feet, nineteen sixty-three. And it's over here off of Bub, and Jollyman Park is right here. Monte Vista High School is right here. That's Gianza. And yes, you're right by the train station.
These are my old stomping grounds, so you know, I know these houses very well. We had friends who lived over here. And these houses are kind of standard. There's nothing great about them. I mean, you could tell... You could just take a look at the kitchen right here. Standard. It was remodeled back in probably the '90s or the early 2000s, but everything's white.
The appliances are white. So they didn't really put a whole lot into it. Maybe some floor, new lights. They called it a day.
Willow Glen Spotlight
Um, Willow Glen house of the week, Camino Ricardo. Not my listing. $3 million, four bedroom, three bath, 2,400 square-- 2,500 square feet, built in 1939. And if you wanna know where it is, it's on the west side of Lincoln Ave.
So you're not getting a whole lot of traffic, but you are getting air-airplane, um, the, the airport flight path noise over here. That's just what it is. If you-- Again, if you wanna take a look at it this weekend, let me know. I'm happy to take a look at any of these.
Wild 100M Ranch
A hundred million-dollar listing. Holy moly.
Pond Valley Road. I wish it were my listing. It's not. Fourteen bedrooms, nine and a half baths-- nine and one half baths. Uh, 8,300 square feet, built in zero zero. That's awesome that they did that.
Wow. Let's look at the house. How about that? Oh my goodness
Come on now. I hope it comes with that firetruck.k
I haven't seen the house yet. Where's the house? $100 million for that little thing right there? How many acres is it? 2,000 acres. I could see that. But you're also in the middle of nowhere. You're in the middle of nowhere. This is like the family ranch. I know a couple of people up there. Maybe I'll sell it to them. There you go.
And nothing crazy is going on.
Local Market Stats Wrap
We're still seeing San Benito as a slow runner, and obviously, Santa Clara is the winner in terms of sales every week. You know, it's great being in a high-volume county, but it is what it is, right? San Mateo still has the highest average sales price. It's $2.5 million for a house in Santa Clara on average.
And then the median sales price is two point one and two. So don't get all offended that these prices don't get all egotistical, right? And we've almost had six thousand listings. We're on pace to do sixty... seventy-three hundred homes this year. That's more than 2023, so that's good. And we're br- banking into the 2024, 2025 range now.
So, all right.
Closing And Sign Off
That's it for now.
Thanks for watching. I'm Vito with Abatano. We'll see you out there.e
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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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