Bay Area Home Sales Slowing | Home sales reach 30-year lows despite strong demand

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home sales reach 30-year lows despite strong demand from Millennial buyers

 Millennials are hungry for homes, but high rates are keeping them from buying. Yeah, I hear this a lot. However, there's no shortage of buyers. I don't know how to explain this to you other than houses are continuing to sell. So here it's saying high cost of living, affordability, interest rates, Everything is making it more and more difficult for people to buy houses, but people are still buying houses. Current Inventory Trends So you tell me, especially here now in the Midwest, yesterday, looked at inventory across the U S and we saw that the numbers are continuing to go up in Florida and Texas and the Midwest, and all those numbers are continuing to go up here in the Silicon Valley, in the Bay area, outside of Napa. Inventory still sucks, right? So here, more people can afford to buy houses. And If you can't, You're stuck renting. FREE HOME BUYER CHECKLIST HERE Challenges of Home Buying And that's what this article says, because high cost of entry, high cost of interest rates, the whole kit and caboodle, it costs a lot of money to buy houses today. How else can you do it? You can use there's government. Programs that are out there. You can use institutional investors to help you buy, but the world is going towards making you a renter. Unfortunately, a majority of the people are renters. Sometimes I think that's good because you look at some of the houses that I've been through, hashtag R E W T F. And people just don't have a clue of what to do, how to do. Good work on the home. So there you go. Inventory across the U S is continuing to go up. We're not anywhere near a buyer's market, but we're getting close. I wouldn't say we're getting close. I would say it jumped up for 10, four basis points, but I think you're, we're still pretty healthy. And we're going into the summer doldrums, which, I get it. It's just part of life. We looked at five years. We're still not anywhere near 20. However, because of the high cost of entry and the interest rates and monthly payments that you have to make, it makes it almost unaffordable. Mortgage Rates this week Interest Rates and Loan Options

So people are staying put interest rates are still at 7%. You can get it down to six if you buy points. And 20%, 320, 000, you're looking at six and a half percent, so still not great. I would talk to a loan officer and ask them how much it would cost to bring it down to five or five and a half percent and just keep it there for the life of the loan.

10% of California credit card debt is late, the 12th-highest delinquency rate in the US Credit Card Debt Issues 10 percent of California's credit card debt is late. The 12th highest delinquency rate in the U S Lola here is talking about credit being a problem. And if you listen to other people, especially, Deong Deonge and other people talking about how we're living on credit cards to make things happen. Why? Because it's unaffordable to live in America right now. It doesn't matter if you're in Kansas or in Idaho or in California, the pay is pretty commensurate with living costs from what it was a couple of years ago. Home Inspection CHECKLIST HERE Home Inspection Checklist All right, home inspection checklist. If you're thinking about selling your house, download this inspection checklist. It goes through everything and starts your honey. Do list ahead of time, get it done, and then we can bring in a professional inspector and have it done. What you get for $2MM Santa Clara County Real Estate Listings Overview And what'd you get for 2 million? This is in San Jose, Teal Ave in San Jose, Payne in West Valley, and San Tomas Aquino. I used to live as a kid. I lived, where'd I live? Oh, right here. Mariana way. Bang. So anyway, this is not my listing 2 million for bedroom, three bath built. It doesn't say, 2023 or 2039 square feet. And it's 61 years old on the market for 28 days. Guys, it's slowing down mostly because people are on vacation. This is the middle of this, year, the summer. What you get for $1MM in SILICON VALLEY It's a marketing service. They do from marketing to advertising to funnel creation to everything. And the reason why they have this is because that's really where they start everything, but they manage everything here for you. So I don't have to do it. I don't have to call. I don't have to make phone calls. AIDA Attract, Interest, Desire, Action

I don't have to make emails or texts or anything. It does it all automatically for me. It's a great little program. AIDA. I unit dash. com. Take a look. Talent Vito sent you what you get for a million dollars. This is an orchard park, 95136123 still. Okay.

So let's take a look at the numbers and not my listing Orchard Park drive three bedroom, one and a half bath, 1100 square feet, built in 1972, nice little ranch yet on the market. Only two days. This thing's going to go wonky crazy and I'll tell you the reason why It's because there's no inventory in 95123. There are maybe three houses for sale in 95123. A couple of them are overpriced. So if this one's priced right, At a million dollars. They'll probably land at 1. 2. That's how you attract the market. Excited to see this one go quick. Market Trends and Predictions Inventory And Supply Charts

So I added July this week because We're coming towards the end of the month and you'll see the numbers click up right here. It's nothing to worry about because, at the end of the month, these numbers will come back down. But I wanted to point out that things are. Slowing down, you'll see that these numbers 5. 2 stuff that we're not used to seeing 2. 6. It's almost like it's doubling. It's a normal thing. We're in the middle of summer. Not until these numbers jump up here. Up to 2, 000 units of active single-family homes for sale and months of inventory have to be about six, so I wouldn't worry about it just yet and that's just Santa Clara County. Is Napa. And like I always tell you, Napa is a great buy, but I don't think it's really six, six over six months. I honestly don't think it is. I think it's just a blip and I think that number is going to come down and you'll see next week, Santa Clara County cities, months of inventory. The only one you would really want to worry about is this one, but it's not because it's Monteserino it's luxury homes for you. Everything else is very well modified and the U S numbers. Did come out at four. Actually, I have to add that. But it's, the numbers are 4. 1. Again, nothing to worry about. There you go. Okay. Summary and Closing Remarks We talked about millennials struggling to get into a house. 10 percent of California's credits are late and the numbers of the entire 12 County Bay Area real estate report.

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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