Rates Are back!

 




Introduction and Overview

Rates Are back!

Rates are back. They're back down to where we want them to be, So we'll talk about that, as well as Measure E. I see it over and over again, and people are getting screwed on this. Is your house in a fire zone? We'll talk about that as well as, What'd you get for 2 million and what'd you get for 1 million in Santa Clara County? Let's get moving. Understanding Measure E

Measure E - Real Property Transfer Tax | City of San José

Measure E. We voted for measure E and this is supposed to help pay for housing affordability and deter homelessness. And maybe they're doing something about it, but I think the way they sent it or sold it to us was wrong because the way it's written out, But I got something from one of the council members. If your house sells for two million and one dollar you have to pay the excessive transfer tax of Seven dollars and fifty cents per thousand right now We're three dollars and thirty cents per thousand transfer tax all the way up to two million It goes over that 2 million and more. It goes retroactive all the way back to dollar one. I've asked many people in the city. Nobody's responding back. Nobody wants to talk to me about it. However, I have an inside source, that's told me yes. So it's not official, but. Impact of Measure E on Property Sales

When you sell your house, it goes retroactive. earlier this year, I sold a house over 2 million in San Jose, and they had to pay retroactively all the way back to dollar one. I think it's a screwed-up way to do this. I think if anything, it should be from 2 million on up should be the 750 or whatever, because we voted for it. I think they misled us. And I don't think it's fair. This is a summary of everything they've done, and how they're using the money to do it, they're supposed to be collecting 30 to 50 million from this every year, So go ahead, do the research, see if it's actually worth it. But my postulation is, and I'll open this up so you can see it since it's been implemented. Is San Jose being left behind in the dust for increasing the value of homes in San Jose because of Measure E?

AIDA Attract, Interest, Desire, Action




If you look at this chart, I say it does. Because if you see this right here, it tells me, and maybe there's not a house that's worth 20 million in San Jose. Maybe there is. Maybe there are more houses worth $20 million in Palo Alto or wherever, but I can tell you that it's going to be hard for us to step up from 2 million to 5 million because of Measure E. I'd rather go buy a house in Los Altos Los Gatos, or Cupertino, or Saratoga. If I'm gonna spend $5 million on a home ' cause of this transfer tax, it just becomes a non-starter for me. You might have a house that's worth $10 million in San Jose. and say, You know what? That's just the way it is. I don't care. I'm getting mine. But I'm telling you the average house of 2 million in Santa Clara County. I think this is hurting San Jose more than anything. What do you think? Fire Zones and Property Value

Fire Map for your new home

Okay, enough of that fire hazard. Now I'm picking on this house right here. What you get for 2 million. What You Get for $1 Million

What you get for $1MM in SILICON VALLEY

This is a 1, 000, 000 house in Los Gatos. Oh, sign me up. It's only 1, 000, 000. While it's in a fire zone, it's not in a high fire zone, but still, it doesn't matter. If it's in a fire zone, you're going to be paying fair play in California, which triples or quadruples your fire insurance, just so you know. Let's take a quick look at this. What you get for a million dollars is this beautiful one-bedroom, one-bath house, Hey, you got a nice view. there you go. You what they're selling is the 1. 2 acres or the 1100 square foot house. I wouldn't buy it because of the fire zone. That's what you get for 1, 000, 000 right now. There are 33 houses in Santa Clara County around the 1, 000, 000 mark. And you can still get a good buy. Now you can get this one on Henderson. It's a four bedroom, two bath. The master bath is on the first floor.

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And the best part about this is you're all actually, it's not so bad. I thought it was right up against the freeway, but that's a good buy for a million dollars. 95123. I think this one's going to get snapped up pretty quick. Let's also take a look at here. 999 two-bedroom, one bath, 800 square feet on a 6, 000 square foot house. Ooh, this would be like 75, 000 in Chicago. Oh, they fancied up the, yeah. Okay. Good luck.

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What You Get for $2 Million

What you get for $2MM Santa Clara County

What do you get for 2 million in San Jose, California? 95130. This is in the Saratoga area. Standard ranch house on a corner lot. Nice looking. Worth 2 million. because of the area, You're close to Saratoga. Cupertino. Los Gatos and you're close to a lot of different houses. This is a well-placed house and well-priced. I think this one's going to sell pretty quick. Current Mortgage Rates and Market Trends

Mortgage Rates this week

Rates are down now. So the quoted rates are 6. 4 for a jumbo, anything over 700 or whatever that number is 6. 4. it went up just a tad but because of yesterday's fed appointment of dropping rates, 50%. We're now seeing rates come down to 5. 6. These are not quoted rates. you still have to send in an application to give you an actual rate that you can get around that, especially if you pay a point, what happens if you pay two points? That's the question you have to ask your lender. If you need a lender, let me know. I have a bunch of them that I work with. They're great people. Happy to help you out. 30-year VA at 5.72. I think we're gonna see rates go down, continue to go down, and I think we're gonna see four more rate reductions over the next year. what this means is we're in a range now that if you bought a house at two points a half, 3%, you're thinking I think this might do it. If I can transfer my equity from this house right now, which I've gotten a whole bunch of over the last couple of years, move into the house that I actually want, put my house up on sale, buy that other house and everybody will be hunky dory.

Inventory And Supply Charts

And I can live with a livable rate of 5. 5 percent versus the 2. 5%, 3%. It's up to you how you want to do it. A lot of people are doing it that way. So that's the thought process. That's how we're looking at it. What do you think? We're still below an inventory in Santa Clara County, as well as all the other counties, except for Napa. We are getting close to six months, of inventory, which converts it over to a buyer's technical buyers. But I think it has to be a couple months for it to be a buyer's market. I always say that Napa is a great buy. If you can live up there and commute or telecommute, Napa is a great place to live. these are most of the cities in Santa Clara County, single-family homes. right now we're seeing Monte Soreno at six months, but those are luxury houses where they make the market, not sell it. Las Gatos is sloping up a bit, and those numbers are going to change back and forth, We're seeing a bit of a slowdown instead of. 14, 15 days. We're seeing about 25, 30 days on the market just because everybody was in anticipation of the rate drop. I think that's going to change. Conclusion and Final Thoughts We went through a lot today. If you have any questions or comments, or you think I'm full of crap, please let me know. I'd love to talk to you about it, or at least shoot me a comment and let me know. Make sure you subscribe. Appreciate it. Give me a shout-out. And if you do like this, share it with your friends and let them tell me if I'm full of crap. Love to hear it. I'm Vito with Abottano. 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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