Should you do inspections before you sell?

 




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Introduction and Market Overview

Pending Home Sales UP 7.4% in September

It takes a whole month for the NAR to tell us that home sales from September are up 7. 4%. Home buyers lose 33, 000 in purchasing power as market rates hit 7%. Again, it's not going to go away. I don't think so. What happens when companies buy houses? We'll talk about the institutional guys, what you get for 2 million, what you get for 1 million, And then the last look at our, inventory supply charts for last month, because today's the 31st Happy Halloween. Let's get moving here real quick. Where am I? There we go. Pending home sales Advance 7. 4 percent September. Yeah, they're talking about numbers, not the actual value, but numbers because Last year we were doing a little bit worse and now we're seeing inventory increase and normalize and get better. However, we're still nowhere near where we need to be because the supply is just not there.

The demand is there. And for us to get a balanced market, we have to be at about 2000 homes for sale in Santa Clara County. A thousand homes for sale in San Jose and we're just nowhere near that. We're about 50 percent of that. So we're creeping up to it. Is this newsworthy? I don't think so, Just thought I'd let you have that. I figured it's something valuable for you to listen to and understand our point of view. 


Impact of Rising Interest Rates on Homebuyers

Mortgage Rates this week

Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%

So how does that affect you? Homebuyers lose 33, 000. This is. Overall for the entire United States. when our rates go up to 7%, you lose a whole lot more than 33, 000 as purchasing power, the median price is a little bit less but our average in Santa Clara County is 2.3. That means. You lose a lot of purchasing power you need more down payment or more income to be able to buy that same house. You could buy two, three weeks ago. What's that going to do? It's going to slow down the market, slow down the economy because it does affect the overall GDP.

And so just hold on, and understand that our buying season, especially here in Santa Clara County is March, April, and May. That's when you see the biggest jumps, that's when you see all the buyers come out and more people put houses up for sale. But houses still continue to sell throughout the year. So if you're electing to buy or sell your house today versus the selling season, or even during the summer, it's not gonna be as quick, it's not gonna be as fast as the market.

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And we're nowhere near where we were in 2021 when we had a firearm. Massive amounts of inventory, massive amounts of b, buyers, and crazy amounts of, bids over because there was so much competition that That case, that competition is what weighed. So because we're at 7 percent now, there's less competition and I think it's a great time to buy.

Should you Buy the house and date the rate? I don't believe in any of that because that's just a way for salespeople to stuff you into a house so that they can make some money. I'm not here to make money off of you here to provide a service. Just remember that here to help you understand the entire process, which is why I do this every day.


Institutional Buyers in the Housing Market

What happens when companies buy houses? I talk about this all the time. Open Door, Blackrock, Vanguard, all these other companies, Zillow's were even buying it and Redfins were buying homes for a while. Is it a smart thing for you to sell your house to a company? It might be because you might not want to deal with people coming through or having to deal with upgrades But are you willing to walk away from a little bit of equity? And when they say that they're not charging you a commission, they're going to charge you some sort of fees as well. You have to be absolutely certain and understand every step of their buying process. I walk you through the entire buying process.

I show you a sample net sheet so you can see what your bottom line is. So you're completely educated on what we do. This is what I've seen from a few of them where they go in and promise you a number and the next thing you know, they give you a 10 percent convenience fee and then they try to negotiate with you they take it, get an inspection done and all this other stuff they're going to promise you the world and deliver as little possible because they are not beholden to your fiduciary duty.

Duty is to their stakeholders and stockholders. On the flip side, this takes away inventory for us as buyers and it makes it more competitive for us to buy homes. So are there downsides? Yes. Cause it kind of disrupts The process and I don't have a problem with people doing this. If you just don't want to deal with realtors, totally understand. There's a lot of bad ones out there. Deal with them every day. You have to deal with people coming through and looking at your house. You're going to have inspectors come through. No matter what, you're gonna have a few people do a walkthrough before they actually purchase that house.

They might try to wholesale it from you. When we talked about wholesaling last week, just be careful. 

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Exploring High-Value Properties

What you get for $2MM Santa Clara County

Be very careful what you get for $2 million in Santa Clara County. And want to bring to you this attention right here, which is right near the freeway. This is on Shawnee. If you don't know where that is, it's on the north side of Santa Teresa, which is in Blossom Valley. I live over in this area, so I thought it would be good for us to take a look at this. This means it's great for me because I'm a homeowner. I have a five-bedroom, two-and-a-half bath. I think this means that I made more money for my house. If I was to go to sell it. Is this going to sell? I don't know. We'll take a look. This is a brand new listing and when it's listed at 2 million, that's a lot of money Okay, this doesn't help. That's a DU so now you have an A DU that you have to deal with too. So now you get to be a landlord and there's your DU. But you didn't even do a floor plan. You paid for the Dollhouse, but you didn't get a floor plan. I don't get it. Okay, best of luck to you I don't know if I'd pay two million dollars there or I'd pay two million dollars over here in Austenburg for a five bedroom three bath When you're looking at pricing out your house, it's very important. Now their claim to fame is that they have an ADU. To me, an ADU is not a great thing because it's just an added extra thing that I have to deal with. The value to me is, nah, unless my kid comes back to work or live with me.

I don't want to have to be a landlord, especially around my house, because I don't know what my tenants would be like. I'm not pro or con ADU. It's just something to be aware of. 

AIDA Attract, Interest, Desire, Action

Tips for Selling Your Home

What you get for $1MM in SILICON VALLEY

What'd you get for a million dollars? 

This one right here, San Bernardino, is not my listing for a bedroom, two bath million dollars, 1300 square feet. And it's in the, what is this? East Brown, San Ramon, this hellier area, four bedroom, three bath. Let's take a quick look. I don't understand this whole loopy thing. I would have got rid of that.

There are some issues I keep eyeballing right here. They didn't bother to fix or repair anything. Oh, pink wall heater. There's no central air. This was a rental. Good luck to you. I hope this sells fast, but I would not be paying a million dollars for it. See, at least he put a floor plan.

So you can walk through and see what it looks like, right? If you're going to sell your house, make sure you have a floor plan because it really helps online buyers understand the flow. I know it's one extra thing, but at the end of the day, it's one extra thing that might help a buyer make a decision whether or not they want to buy your house I just did my floor plan yesterday for my Hollister listing. I have a couple more coming up I'll have a floor plan that I put on my flyer on my website, on the MLS and everybody gets to look at it.


And they say, yes, I like this or I'll just move along. 


Current Inventory and Market Wrap-Up

Inventory And Supply Charts

Our inventory is the same. I haven't filled these out because they're all the same numbers. After all, we're still on October 31st. So there you go. Nothing left for us to talk about there because it's boring. Same numbers. Nothing's changed. I'll have numbers for you next week because we'll have finalized October numbers. Here you go. I'm Vito with Al Batano. Have a great Halloween. 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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