$2,000,000 Average price for Santa Clara houses

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The Soaring Cost of Homes in Santa Clara County

2, 000, 000. That's how much the cost of an average home in Santa Clara County costs today. Crazy. We're going to talk about that as well as, Oh, I don't know. Cost to sell your home. What do you get for 2 million and what the rates are. Holy cow. Let's get moving. Please forgive my hair. Just got back from the gym. I'm still a little spitsy. Two million dollars. Holy cow. All right. Current Real Estate Market Trends

12 Bay Area counties, including Monterey and San Benito. You see these upshots. That's because we're still in the middle of the month. These are the real numbers right here. Don't worry about this. This will change because if you look these numbers are a little bit artificially inflated only because of the averages. But the good news is our inventory is going up. If you look at the actual numbers over the last couple of months, just for Santa Clara County, we're at a thousand now. Remember a couple months ago, we're at 400, 500. Crazy, right? And now, yeah, I get it. Back in September of 2023, we were at 1200, even 1500 in July. So the indicators are inventories a little bit higher than last year, but we still need it higher. Remember our inventory for Santa Clara County needs to be about 2000 to make it a balanced market. Same thing with San Jose. We'll go into that in a bit. Right now. We're not there. Nowhere near it.

Same thing with, I Campbell. Montessorino, they're outliers, Sunnyvale. Once the month finishes, you'll see these numbers correct themselves. And for San Jose, we need to have it at about a thousand. 900 to 1000. And right now, San Jose is around 500 last year. Same time we were at 341. So inventory is up on the whole. We need more inventory. What $2 Million Buys You in Santa Clara County

What you get for $1MM in SILICON VALLEY And now that your house is worth 2 million, let's take a quick look at this. What you get is The $2 million market. As a matter of fact, I have it over here so you can see all the houses that are available for sale in Santa Clara County that are around $2 million. These are single-family homes, right? Look at this. Four bedrooms, two baths with 1700 square feet. $2 million in Palo Alto. Shit, you can't beat that. Let's take a look at this. Bad boy Palo Alto. Guys picture, this one's a little bit of a fixer-upper. How old is this one? We'll take a look. Oh, nice wall heater. Oh, there's a basement. Maybe there's a basement? We'll see. At least you get granite countertops. There's that. Oh, okay. Eight days on the market. What else do we have here? Let's see Las Gatos, 2 million, and that one's a piece of crap. I don't like that. Campbell. See what Campbell has to offer. This is actually San Jose, but the area is Campbell. Let's see, three bedroom, two bath, 1100 square feet. Built in 1964, 20 days on the market. Let's take a look inside. Navigating the Real Estate Market: Tips and Insights So what I heard over the last couple of months is that the market is also stalling just a little bit. This might be a flip. They flipped it. They had some cheap painter come in and paint it. Ask me how I know about this because you look at my ceiling. I did that myself. You have the little paint streaks. I hate painting. I'll never paint again. I'm a horrible painter. I can't edge. Oh look, yeah, so this house was flipped. Okay, it was a great opportunity to live in San Jose. Now remember, San Jose, we voted, we all voted Measure E in, which means that for any house that sells for over 2 million, there's more transfer tax. If you want to learn more about it, just call me, and I can walk you through it. The Importance of Estate Planning and Asset Protection Yesterday I had a talk with a guy who's a private investigator and we're talking about each other's profession, right? Because I'm curious about what he does. And he was curious about what I do. And I was telling him about all the different things. And he has like a brother and a cousin who has houses, and he's the number one on the trust. How does that work? So I had to explain to him, and I have videos on that. If you wanna learn more about it. It's important to understand, especially when you're talking about millions of dollars, to understand how to protect yourself and your family in case something happens. My uncle's passing away or he's not doing very well right now and my aunt's freaking out. She doesn't know where the trust is. She doesn't know where the insurance is. So my suggestion is the only thing sure in life is death and taxes. You are going to pay taxes and you are not going to leave. This earth is alive. So make sure you're protected and we have ways to protect you. I don't do it. I'm not a lawyer. I can put you in touch with lawyers that take care of this stuff. I have a list of great lawyers that can protect your assets. Get you on the way in the entire process of Making sure that when you do pass, all your assets get passed correctly and you have instructions, you leave instructions for yourself so that there's no cloudiness, there's no smoke of what have you.

Market Predictions and the Impact of Mortgage Rates

So I was actually going to this about the market might be picking up again because rates just came down below 7%. That's what they're saying, 6. 57. What do you fricking do? I get it. Rates have come down a little bit. So now are we going to see a summer storm? I don't know. I'd like to see something pick up, but honestly, we don't have enough inventory to take care of this. If the rates come down, that means more people enter the market. That means there's more competition. When there's more competition, prices go up. So affordability is completely out the door there. Leveraging Technology for Real Estate Success

AIDA Attract, Interest, Desire, Action

This episode is brought to you by AIDA. It's the automated intelligence digital assistance. And the reason why I do that is because it takes care of all of this for me. It sets it up for me. They use a little bit of AI, but it's people, they use AI to create stuff and automate stuff for me.

FREE HOME BUYER CHECKLIST HERE

So when I talk to you about the homebuyers checklist goes through a sales funnel and it goes through and follows up for me. I don't have to do anything. It alerts me and I make a phone call. Say, Hey, I'm Vito. Are you thinking about buying a house? Great. Let's get talking about this. It's one of those things where I don't have to set it up. I don't have to spend hours jerking around trying to figure out if this works or that works, it's all done for me. And I love it because I say, I want this home buyers checklist. They create the actual collateral for me. And then I get a funnel and you fill in your name and then the workflow happens. It's great. So AIDA.com, give it a try. A Comprehensive Guide to Buying and Selling Your Home

Costs, Chores When Selling Your Home To Move

So what to expect? The buyer's checklist goes through the house. From the front door to the dining room to the living room, to the bedrooms, to whatever, and ask you what you think of it, to rate it. So as you go through house, one, two, three, four, five, six, use the checklist to put little mental tags into it. So when you go back to compare and you have that conversation with your loved one, then you don't have to forget. I'm going to do the same thing for this when you move up or move, selling your house and buying a house. I have a lady who has a condo and she wants to buy a house. One thing you want to do, the first thing you ever want to do when you're thinking about buying a house is Get pre-approval. Talk to me. I have lenders, and brokers, not banks. I prefer to use brokers because they understand the process. They work with us on the process and they're there for us the entire way through. And yes, they might use different banks, but they'll shop at different banks to get you the best loan. If you went to Wells Fargo, they're going to give you what they give you. Find out how much your house is worth. That's my job. You come to me, give me your address. I'll work up comps, and comparables. And then we have that discussion. We base it on fair, good, and turnkey. And we go and discuss that. Estimate what it's going to cost to sell your house. Luckily, I have an estimated net sheet calculator that helps me figure out and present to you how much it's going to cost. There, that's the buyer's one. So when you work with me, you get all of this worksheet to work with. So you get the listing timeline, marketing, contract dates, seller's net sheet, and you get all this stuff right here. So you can go back and forth and discuss how much the costs are. And then this right here tells you how much it's going to cost. And taxes about, and I always recommend you see your tax person for actual because this is just an estimator. I'm not giving tax advice. This is not tax advice. It just works through. So you can ask more questions when you talk to your tax person. All right. And then the buyer's net sheet, we go through and talk about all these different things, which we're adding commission now because some. Places that we're decoupling the commission starting August 17th and then showing an offer sheet. And then if we have rehab, we do that repair script and then movers. Okay. There we go. Determine what it will cost to acquire a new home. I had that buyer's check net sheet as well. You want to take all that equity that you have in your house and dump it into your other house. Don't say, I want to go buy a boat later on or whatever. I want money for repairs or what have you. Lower that first. Mortgage as much as possible. And then you can take a home equity line out later on when you're ready. Cause you might wind up just paying cash for it. It might be just like 20, 30, 000. And you can save that up in a couple of months and then you can put a new. The bathroom is on your own, right? When you sell your house Do an inspection find out what's wrong with it figure out what the big problems are and fix them Oh, but then do I have to disclose it? You're gonna have to disclose it whether you have it fixed or not You're gonna have to disclose it if you get up to D Day and then five days before we go To market, you have an inspection done and there's like a major issue where you have to have your electrical system redone, not like that's going to happen, but whatever, something major. And then, oh, we don't have time to do it. There's going to be delays. I always say, to get the inspection done right away, figure out what you want to fix, and then disclose that you have it fixed. That makes you look, Hey, look, I just found that this was a problem. I fixed it. There you go. This is what we're giving you, Mr. Beyer, right? Do repairs. But don't do all the repairs. You don't have to do every repair. There's no such thing as a perfect house, right? No house is perfectly level. No walls are perfectly squared or plumbed. Sometimes windows don't work. Sometimes the dishwasher needs to be replaced, whatever. Those are just issues with houses. That's part of buying a house. Sometimes the roof is done, completed, like end of life, and you need to put a new roof on it. That's a huge cost, depending on where we are, and where the market is. Sometimes I say, yes, have a new roof put on or don't, right. Staging Your Home for Sale: Do's and Don'ts

Inventory And Supply Charts

Depends on where you are with it now and then get your house ready to show buyers. If you don't stage your house, you're going to get lower-than-expected results. That's all I'm going to tell you. What does that mean? It could be 1 percent less. It could be 10 percent less. Staging your house with your furniture. If your furniture is nice and modern and doesn't stink like dogs. If not, get rid of them, burn them, take them to the middle of a schoolyard, and set it on fire. Have a bump. I'm not saying that. Don't do that. Take the time. And make the investment to stage your house correctly. That's all I'm going to say there and then get sucked up. And also there's a process of letting your house, and your buyers come through. If you work out of your house, go work at Starbucks for a couple of weeks, or go belly up to a restaurant. Get friendly with the waitstaff and treat them right. Get out of that house. Let the free flow of people come in whenever they want. If you have animals in there, get them out of the house. That mindset of, Oh, I have to work in my house. No, you don't. You want to get your house sold. Get out. Go work at your office, go work at a restaurant, go work at your friend's house, right?

Go to the beach, get an Airbnb at the beach, and just hang out there for a bit. Enjoy the process because when you put anchors on any one of these things, it makes it more difficult for us to do our job and you create resentment. There you go. Personal Updates and Closing Remarks I'm going to Reno tomorrow. Really not looking forward to it except for the fact that it's my girl's final gymnastics competition for this season. They have one more and I'm super excited. I'm available on the phone if you want me, but I'll be out of Reno tomorrow and tonight. And then I will be at the Campbell boogie nights thing. On Saturday. So if you see me say hi today, we talked about mortgage rates going up. Inventories spiking, but not really spiking. It now costs about 2 million to buy a house. You can still buy houses for a million dollars. And you can find this list here in my blog post, which is right here. Have a great weekend. I'm Beto. We'll see you out there.

Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 We’re Hiring! 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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