FIVE Real Estate Regrets

 



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Introduction and Veterans Day Tribute


Good morning. It's Veterans Day. And to all who have served and are serving, thank you very much for your service. 


Marine Corps Anecdotes and J.D. Vance

Congratulations to Corporal Vance

I served for 12 and a half years in the Marine Corps, active in reserve. One of the best things about this election is that J. D. Vance is a Marine veteran. The best part is that now generals have to salute a corporal. It's awesome. It's just one of the greatest things since sliced bread. It's cool. If you're in the know it's a chuckle, right?


Because now the Marine Corps joint commandant, and chief of staff all have to salute Corporal JD Vance. And that's fantastic politics aside. So here's something I want to share with you. He was like an admin guy. I am still determining exactly what he did. He spent four years, as a combat correspondent.

He was Joker from Full Metal Jacket, combat correspondent. It means he took pictures and wrote for stars and stripes or whatever. Good for him. I think it's fantastic that this guy grew up, became a Marine, then went, became a lawyer, Harvard or something, and became a Senator. Local boy makes good, right?


Good for him. And I salute you, sir. Says the top sergeant. Alright, there you go. No regrets. 


Real Estate Regrets and Advice

We were talking about this right here, where There are five common regrets when you're in real estate. And the number one is we didn't buy the house beside us or behind us or both. It's great because then you can create a little compound if it ever happens.


I sold the house behind us and I don't regret not buying it. That house was a tough one. But imagine having a compound where your family can live and grow up and go back and forth, something that you get to enjoy. And then I would have had a pool that I would have been able to enjoy, but I also would have had to pay for it.


So I don't think that would have been a regret for me. 


Current Real Estate Market Trends


We began our search for a seasonal home. They got distracted and nothing happened. It's one of the frustrations as a real estate agent is working with buyers and then they get aloof because they get frustrated.


They get turned down 15 times because they're not willing to match what the market's paying. And then they have kids life work travel and all that other stuff. It doesn't matter when you decide to buy a house, go full frontal and just make it happen.


Make it a full frontal attack and just get it done because in 10 years it won't really matter what the pangs are today. And I have empathy because I see people get frustrated all the time. I have a listing in Willa Glenn right now and I have tons of people wanting to write offers on it.


I already have three offers on it within two days. It's a house. So one bedroom, one bath, a hundred-year-old shack that just needs to be torn down and they need to put a house on it. The price has already gone crazy, but the pain is, who do you offer it to?


Who do you let buy it? The highest price and the best terms. I don't care who buys it. I have a fiduciary duty to my sellers. My job is to make sure I get the most money for them and their family. Don't get sidetracked. If you're deciding to buy it, you're putting a lot of people into motion.


If you get distracted, that kind of slows down the process. And then you wind up paying more. Eventually, we compromised. Permanent physical real estate characteristics to buy a property for its trendy cosmetic features. 


Flipped Houses and Buying Tips

FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist

I always say, don't buy a flipped house. Number one, the workmanship there isn't guaranteed.


It's pretty much second-rate. If you're going to buy a house as is know that you're going to spend some good money on decent appliances.


Don't buy the cheap GE stuff, buy some KitchenAid, buy something that's higher-end, and spend some money on it. When you sell a house, the sellers are going to put the cheapest stainless steel stuff in there, it'll make it look good for a couple or three years, and then you have to replace it or repair it.


I've had pains with my GE appliances. I've spent 1, 200 having my appliances fixed, and A couple of months ago, I just replaced my microwave and did not buy a GE because I'm done buying cheap, crappy appliances. So careful about what you're buying.


Sometimes it's better to buy an as-is house, a house that has maintenance issues, etc. But if you buy something turnkey, understand that you have to look deeper into the construction, into the quality workmanship that's been done.


Bidding Wars and Market Realities


We got swept away in a bidding contest and paid more than we intended. That's the kind of market that we're in, especially in the Silicon Valley. We sell houses. When you hire me to sell your house, my job is to get you the most money for it.


Period. I have people calling me, Hey, will you represent me? I tell them, look, I'm not going to get you the best deal. I'm going to get you the deal. So whatever the top offer is, I'll write the offer on top of that. Satisfying my clients, making sure that they get the most money 


Is that legal? Yes, it's absolutely legal. However, understand that there are not a ton of properties here for sale, not a ton of stuff that people want to buy. A lot of people have backed off to wait for the supply to increase. They're keeping an eye on what's out there If it's in good shape and it's priced right. You're going to get a ton of offers and you're going to sell it quick on the flip side, the buyer, that's just the game that you have to play. There are other strategies that we use.


Let's go look at houses that are 30, 40, and 50 days on the market. They're not going to be in the best shape. They're going to be overpriced, but those are better options. You don't have to play the bidding game.


If you pay 500, 000 over, that's now comp. That's the normalized So everybody else is happy because when they go to sell it, that house will sell for that price. We waited for the prices to drop back to normal.


That normal is now history. 


It could collapse tomorrow. It could collapse in six months. But what does that mean? How much are you really going to save? You can't be short-sighted when you're buying real estate, especially in the Bay area. You have to be long-sighted. You have to be like 10, or 15 years down the road.


What's my house going to be valued at? The idea is roughly an 8 percent increase every year. So in eight to 10 years, you're going to make that money. If not more, they say it doubles, but I don't say that.


So those can have selling regrets, right? You get swept up in a hot market without out much thought, but where they're going to live next. That's always my first question. It's great. You're moving. Where are you going to go? What is your plan? And they might be moving out of the area. A lot of my clients move out of the area.


A lot of my clients are probate and trust, properties that I sell off because they got their property from their parents passed away. And I would take care of it and we sell them off. That's totally normal. But when you're moving from one place to the next, are you really smartly going to go and take that?


Money and overbid over there, wherever you're going, probably. A lot of people in Texas Oregon and other places get frustrated because you're willing to overpay, but that hurts everybody else on the local market. And they dPropositionroposition 13 in place, which means that if your property goes up 500, 000, their taxes go up 500, 000 in value.


Regrets at turning down an okay offer. When I look at My dashboard of homes. I want to understand every aspect of the offer. I plug in what's important so that a shortfall could be like, it will-cash all-cash offer, but down below it says we have the right to convert it to a loan.


Great. What does that mean? That means they might promise 10 days. To close, but if they convert it to a loan, it might be a 20 or 25-day close of escrow. Things like that you have to be aware of. Regrets are a waste of money. It's better to just jump into the market and buy, especially if you're a first-time buyer.


If you win a bid, close it because you can repair things. No house is perfect anyway, right? Get there, get your house, and start moving up. 


Luxury and Featured Listings

Cupertino Home of the Week

Cupertino house of the week. This is Glencoe Drive, not my listing. It's brand new 2024, six bedrooms, six full baths, 4, 500 square feet on almost 10, 000 square foot lot.


There you go.


I'll share this with you right here. 

Willow Glen Home of the Week

This is in Willow Glen, It's a hundred-year-old house, right? It is a dump. It's old. It's rickety. And the value is in the land, right? This is a one-bedroom, one-bath house, 642 square feet, but the value is the lot. Because if you look, go back to, the first. Picture. The reason why I took this first picture and put it there is because that's what you're buying. You're not buying the house. If you look here, this was actually one lot and, they subdivided it.

And they put the utilities here. There might be electricity, et cetera, but it's still an extra cost, they're going to tear that down and put a little McMansion on it. Just like this little McMansion on a 10,000-square-foot lot. There's nothing wrong with that. It's just beautiful that people are doing this.


I have tons of developers calling in and saying, Hey, I want this property. Some are saying I'm only willing to pay like 50, 000 less than the list price. But I have offers way over that It's crazy. Willa Glenn's house of the week. This one's a nice two bedroom, two bath. 1200 square feet built in 1941 listed at 1. 8. My highest offer is already over that. This one was listed 19 days ago. They're trying to sell it as a livable property, 


See, they fixed it up. This is a beautiful house in downtown Willow Glen. You have two bedrooms and two baths.


Upstairs is the ADU right here. I don't know exactly what they're doing.

Luxury Home of the Week

Okay. This one's walking distance to Lincoln AB, which is the main street of Willow Glen. And this is the luxury home of the week. Beautiful house. This thing's gorgeous. Seven bedrooms, eight and a half baths, 000 square feet, built-in 2017. Let's take a look.


Gorgeous. Look at that glass staircase. Yikes. That's a little. Red room. Those lights are a little off. That's a nice big double-sized wolf stove.

Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist

It's a gorgeous house and it's only 28 million. This episode is brought to you by the home inspection checklist. If you're thinking about selling a house, get all your repairs done before. Download this checklist. It'll help you walk through and create that honeydew list. All right. 


Bay Area Sales Report

And then the last thing to look at is the 12 Bay area County.


Sales report. We're at 7, 200, which is the most sales in the 12 Bay area counties, we had 181 closes last week. The average price. Is 2. 3 million, second to San Mateo, and our sales volume is 16. 6 billion years to date. We had 140 new listings last week, including my listing.


Napa is still 66 days on the market and San Benito County is 46 days on average. San Benito is going to be the next Morgan Hill because they're building their highway into Hollister and developing around it. 


It's the one south of there and they're doing a great job fixing that up in the next year. You're going to be able to get to Hollister and half the time. I'm excited for them. Prices will Increase over there. Look at the average price. There are eight 60 right now. I have a listing coming up right at a million dollars, 1.


1 and change. That's a house that's going to sell really quick because it's gorgeous. It's huge. It's 3, 500 square feet on the golf course in a gated community. It's a beautifMostouse. Most of the houses there are like litdinksrinky dink, 11 to 1500 square foot homesthe built in 1940s. Ad they're, two bedrooms bedrooms.


Little homes that need some love and some loving. I sold one around seven, seven 50, a couple of years ago. So prices are increasing. All right, there you go. Thanks for watching. To all who have served Happy Veterans Day and to all of us Marines, Happy Birthday, Semper Fi.


Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 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



Fraud, Jason Walter, Homebuyer workshop, Bay Area housing stats, Veteran Home, best time of the year to buy a house, Bay Area Luxury homes, next housing crash prediction, housing market projections, Should I Buy A House Now Or Wait?, should I buy a house now or wait until 2024, Why You'll Regret Buying A House in 2024, Housing Market 2024: 5 Options If You Regret Buying a Home, when will the housing market crash again


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