Top 10 Cities where Housing will Crash -Crashbro speaks -Great American Litter Pick Up 2024 Los Gatos Home of the Week

 

Top 10 Cities where Housing will Crash -Crashbro speaks -Great American Litter Pick Up 2024 Los Gatos Home of the Week
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Introduction to Housing Market Insights

Top 10 CitiesWheree housing will Crash -Crashbro speaks

I like watching him. He's entertaining. A lot of things are in the works and are things going to happen? I don't know. This guy's just guessing, right? His viewers like to watch crashes and it's not just housing. He talks about the economy, about everything else, 


it's just one little tidbit of information that I use. 


Analyzing the Housing Market Trends


You know, Nashville, we're looking at Dallas. We're looking at all these places that over the last couple of years, we saw prices just skyrocket. And there are a lot of reasons why prices might come down. This guy goes through and has fairly logical ideas about why prices might come down.


So this one's the DFW Dallas area. They saw huge increases over the last couple of years. That doesn't mean that prices are going to come down. 


Property Tax Insights and Proposition 13


The thing with Dallas, Texas, and pretty much every other state, unless you're homesteaded in certain places, they don't havePropositionn 13. Now, Dallas charges 2%. We charge 1 percent plus ad valorem and special assessments.


So it's really one and a quarter. Their property taxes go up and down with the value of their property every year. They get reassessed every year or every two years. Santa Clara County. And California hasPropositionn 13, which has been on the chopping block to get removed.


But guys, you got to keep it because if your house was worth 20, 000 when you first bought it, and now it's worth 2 million, you want to hold onto it, right? 


Bay Area Housing Market Dynamics


Bay Area housing, he says that housing might come down. The reason why prices haven't come down is because there's less supply. The demand has dwindled, but supply is nonexistent.


I have listings coming up and we're talking about that every day. What's going on with the prices? Prices are continuing to go up. For the house that I'm listing right now, the average list over-sales price over list price ratio is like 9%. So I don't know. It could happen. It absolutely could happen. 


We can have a major global economic crap fall down or what have you. But understand that certain things could happen at the same time. We're still seeing prices continuously go up unless it's overpriced. 


Community Engagement: Great American Litter Pickup

Great American Litter Pick Up 2024

Great American litter pickup. April 20th is just a couple of weeks away love for you to stop by.


There's a form. There's a link in my blog You can come and join and hang out and we're doing area 10 is doing four different parks Come by pick up some trash meet your neighbors and have some breakfast. It's a great way to make our place a little bit better It's just parks, not the freeways. We can do what we can do, right?


So come on out. 


Spotlight on Property Listings and Price Reductions

Price Reductions

List price reductions. We have 84, I believe. Price reductions. This one is in Campbell. It's a five-bedroom, three bath listed at 2. 7 million. Not my listing. It's been on the market for 47 days. It's come down to the whole 100, 000.


You take a look at it. It's a beautiful house. What's going on? Why is this thing not selling? Probably because it's overpriced. Look, it's in great condition. Everything's updated on it built in 1996. So it's 20, almost 30 years old.


See, it's a gorgeous house. Why is it not selling guys? I tell you that it used to be the average outage in real estate locations. Today is a condition of the property market condition and pricing. Pricing is hugely important. And if you overprice it by a couple of dollars, Your house is going to sit on the market for a very long time.


This is Campbell. It's a beautiful house. Why is it not selling right? I can't tell you other than, it has everything that you want. It's right by the percolation ponds. Maybe there's a HOA. I don't know,


Okay. I don't know why it's not selling except for my guess is the price. If it's on part market for over 30 days, there's something wrong with it. Could be a condition, could be a market, or it could be a price. Let's just sit it at that right there. 


House of the Week: A Los Gatos Gem

Los Gatos Home of the Week

Los Gatos house of the week. This one's beautiful.

Six bedroom, five bath, 5, 300 square feet built in 1918. This is a colonial, beautiful home. And again, the reason why I picked it is because it's really close to downtown and it's gorgeous. It's 105 years old. Take a look at this thing. I love Glasgow. And when you have a house that's close to downtown, you can walk there, stumble home have some fun, and enjoy it.


It's a beautiful house. Look at the rustic flooring on it. Those were updated probably in the 80s or 90s. I would have kept that too. Yeah, just a gorgeousall-aroundd house. 


Market Analysis: Highs and Lows of the Week

Santa Clara County High's and Low's

All right, let's take a look at highs and lows. Right now, this last week we had 187 closes. The highest sold price was 10 million.


The lowest is 600, the 000 list price to sales price ratio. The highest is 182%, 182 percent over list price. That just went crazy high. The lowest is 87%. Days on the market are 132. That means prices are coming on overpriced houses.


We'll come off the market because they're just not going to sell because buyers know what they want to buy. And they're not stupid. They're not going to not look at a CMA or comparable market analysis and say, Oh, I think your house is priced right. So I'm going to bid over, they're going to say, based on the condition, And the recent sales, I will purchase this house for this much money. Now, if you do it right, and you bring in a lot of. Buyers, you get a lot of people looking at the house and it's priced, right? They know, absolutely know what the house is worth at that time.


So if you think your house is worth 2. 3 and it's really worth 2. 1 and you listed around 2. 2,  your house is going to sit for days, for months, and then you're going to blame your agent, right? It's one thing that we can't control is the list price. We can't control the final sales price because we don't know what buyers are out there until we put your house on the market.


So part of the marketing plan is to price it correctly. 


Understanding the Real Estate Market in Santa Clara County


Santa Clara County has 814 houses for sale. This one is right here. We looked at this last week. I usually show this on Thursdays. 2000 units in Santa Clara County is where you need to be, right? So everything in blue is the active number of homes for sale. We have far way not enough homes for sale right now.


That's the problem. If you look here, this is a six-month line right here. That means if the houses on average take longer than six months to sell, you're in a buyer's market on average. If it's a luxury market, it's totally different than a commodity market, right?


So houses should sell within a few days in our market, seven to 10 days, depending if it's 15, 16, 17, you don't see a lot of traffic. There are three things that I talked about the condition of the housing market or the price. So by my saying that When you list it low you're going to get a lot of buyers in, you're going to see your house get up to where the house is worth.


And again, sellers do not control what a house sells for. You can't tell me that your house is worth 10 million when it's worth 2 million because. It's just not going to sell that way. 


So anyway, there you go. Those are just the numbers. If you all want to look at these things, you can absolutely take a look at them on my blog. I'll have everything printed out there so you can take a little bit more look at it.


All right. 


Conclusion and Invitation to Engage


Thanks for watching. I know this was really quick today. I wanted to get through it as quickly as possible, other than that, hope to see you at the great American litter pickup.


And if you have any questions or you have any comments about the 10 cities that are going to crash, please let me know. I'd love to hear your opinions on that. I'm Vito with Abitano. We'll see you out there.




Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com / Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg


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