Alum Rock school district recommends closing 7 schools

 

Alum Rock school district recommends closing 7 schools



Bad Dad Jokes to Start the Day

Why did the dad not like sushi? Because it smelled a little fishy. How much do you pay for dead batteries? Nothing. They're free of charge. These are horrible. Bad dad jokes. Every day I send my kids a little motivational thing or a stupid bad dad joke or what have you, but that's how it is today.

Current Real Estate Market Overview

We're talking about the higher rates. Demand is still high despite higher rates, demand is up and supply is down. We're in the winter months, we're seeing, Houses fly off the market and I'll show you that in a minute.

Alum Rock School District recommends closing seven schools. That's horrible. We'll talk about that as well as mortgage rates today. Please share. I know I don't ask that enough. I should. 

Santa Clara County Property Highlights

And then what you get for 2 million and what you get for 1 million in Santa Clara County, as well as the inventory and supply charts.

Let's get moving.

Mortgage rates

Rates are up seven and a quarter, but you can buy it down. You can get it down to six and three eights. But yeah, right now, despite demand, despite the market. Despite higher rates, supply is low and it's matching or the demand is over what the supply is delivering.

So prices are still continuing to go up. That's just this area. You go to Modesto or Ohio it's going to be a little bit different, but look, demand, it's all going down. I just reported these in. These are all fresh from October and everyone is showing that supply is down. That means demand is still pretty steady.

What you get for 2 million dollars

What you get for 2, 000, 000 in Santa Clara County. This is right off of Camden Ave in Almaden. Yeah. Look at this beauty right here. We'll go into this in a minute. Four bedrooms, three baths, 2, 600 square feet built in 1990 for a mere 2, 000, 000. You can buy this beautiful home and with measure E you get to pay four times the transfer tax on it too.

That's the norm guys. If you have a 2 million listing, you should get professional photos, portrait photos for real estate, just don't work. And also missing. The floor plan.

It's a nice house. It's been on the market for 34 days. Wonder why it's not selling. It's all about the marketing guys. 

What you get for a Million Dollars

What'd you get for a million dollars? Independence drive, three bedrooms, two baths, 1200 square feet. 62 years old. And this is right by Coyote Creek. In between 101 and 87.

Here you go, right off the center road. Let's take a look at the inside. That is a little bit of a fixer-upper. Love that 1980s yellow carpet.

Again, no floor plan, so I can look at these empty rooms. Here's the reason why you want to stage your house. Yeah, it looks like a room. Obviously, it's a bedroom, but really not a whole lot to it. It doesn't give depth. It doesn't give a flavor for it, but obviously, this was a rental for a million dollars. That's what you get for a million dollars, how long has it been on the market?

Six days on the market. And the problem is this thing's probably going to fly off the market really quick because people need to put their money into it. Real estate for it to make sense. There you go. 

Home Inspection Checklist

This episode is brought to you by the home inspection checklist.

It's free to use. If you're thinking about selling your house this will start your honey-do list and give you an idea of what home inspectors look for. This should no way look or feel like you're, you don't have to have a home inspection.

You should still have one because you want a third-party set of eyeballs to look at your property, to show buyers what's wrong with it. It just alleviates your liability a little bit. Our inventory across the United States went up just a little bit, 4.3. That's what I was saying. We're seeing that.

Inventory And Supply Charts


We'll talk about that in a minute when we go to the supply charts, inventory is going up a little bit, but not here in The Silicon Valley or the Bay area. 

School Closures and Community Impact


Alum Rock School closing seven schools. Just a part of the times our school district Oak Grove school district.

Closed two schools. We were going to close three. The population isn't putting kids into public schools. So the demand is dropping and they have a 2 million shortfall somewhere I read, or is it a 20 million shortfall? Lower birth rates, and declining student enrollment at the end of temporary cold. So more kids are being homeschooled. 


It's kind of sad, but that's a sign of times. Here's the list of schools on the chopping block. If you live in this area and don't want your school to close, get involved. These are also for consolidation and schools recommended for design.

They're going to spend some money updating it. They get a big grant from the government to do that.  


Supply and Demand Analysis

So as we see here, you're seeing all the numbers go down except for the US across the US these are, the counties. This is because all single-family homes supply is down. Demand is still there, right? It's still a seller's market. Same thing here. These aren't all the cities, but most of the cities in Santa Clara County, are all single-family homes, and you see all the supplies dwindling. Is it because the market's going to crash? 

No, it's just because it's the winter demand is still pretty steady though. Look at Santa Clara County. We've dropped down from 1.7 to 1.2. The numbers were 2.4 a while back, 1.6 too, right? Demand is still pretty high there. 0.7, 1.1.
Let's look at individual cities. Campbell has four-tenths of a month. That's 14 days, 12 days. They only have 11 houses for sale. Granted, it's a small town, Cupertino is larger. It only has 15 houses for sale. 0.8 months. Less than a month, right? Milpitas is 1.6. Los Altos is 1.

Morgan Hill is 2. And down here, Santa Clara is 0.7. Saratoga, Sunnyvale is 0.5. Crazy. But Campbell is crazy. Cause you only have 11 listings in San Benito. You're at three months' supply. That doesn't mean the demand's not there. You can still sell a house, in all of San Benito County.

There are 110 houses for sale and they're. Redoing one of the highways to get you into it. It's the one south of there I went on it a couple days because I had a listing I went on that a couple days ago and they're completely rebuilding a two-lane highway or four-lane highway So traffic's definitely going to open up a little bit Which is good for people if they want to move out of Santa Clara county and buy some more affordable houses they're developing all over that area too.

It's crazy. You should check it out and get in now while it's cheap, Santa Clara, we have one month of supply and 960 homes for sale. We need to be at six months of supply for a balanced buyer's market. We're so far below right now, 

it should be a month's supply. Or 2000 homes for sale. We're nowhere near that. We haven't been there for a long time. If you look at May and September, maybe we'll see something happen. 

Future Market Predictions

Maybe we'll see rates go down to 4%, which will entice people who are locked into two-and-a-half, 3 percent loans to move.

That's not really going to help with the supply problem, but it will help generate more listings, more activity, and more interest. And when it drops down that low, we'll have more buyers in the market. The tough thing is right now, 7%, 6. 5%. You're looking at higher payments betting on the future of lower rates.

There's still a lot less demand than what we saw back in 2020. It's just the way it is. Hope you have a great weekend. Make it fun. Make it enjoyable. I'm going up to, Santa Rosa to go see some Marine buddies of mine. It's the Marine Corps birthday this weekend. I am the designated driver, so be safe out there. Semper Fi. 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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