States with the highest energy bills


 



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Water Shutoff Notice

 Hey, a reminder that water is being shut off today. If you're in Great Oaks and in my area, your water will be shut off until five o'clock today. Just so you know, don't panic. And if you do realize that your water has been shut off, you're going to have to do some stuff When you open the valve, you might want to take out the filter underneath the spigot because you're going to get a lot of sediment.


Just be careful of that. If you have any questions, let me know. 


Electricity Rates Across States

States with the highest energy bills

California is not the highest state for electricity or for energy, believe it or not. I just saw this article here There are many more states out there that have crazy highs. The problem is it's not just California increasing their electricity rates.


Mississippi Oklahoma and Alabama are also showing huge jumps in electricity rates. Why is that? They're not giving a reason why. Connecticut had the highest average electricity bill at 254, followed by Arizona and Texas. However, they went to this link right here, and I'll show you that in a second.


States with the lowest average bill In August 2024, are Washington, Montana, and Wyoming, that's counterintuitive because Wyoming top 10 states with the highest total monthly energy bill per wallet hub. Wyoming showed 1591, 1, 600 to have electricity at your house. North Dakota is 840. That must be for massive amounts of air conditioning.


I can't tell you what's going on here. So I'd like to find out what's going on and why, if you know any reason why, please comment in the comments below. 


Mortgage Industry Trends

Mortgage industry outlook trending up in 2025

Mortgage industry outlook trending up in 2025. Why? Mostly because people are getting used to the fact that we're going to be hovering at six to seven percent.


Once you get used to it, once everybody realizes that five and a half is really the norm where it should be, people start going into things happening, right? I need to move. I have to move. I'm being relocated death in the family, whatever stuff's happening.


Real Estate Market Insights

REO of the Week

Also says that we're losing a lot of loan officers in the industry. Which is crazy because I mentioned this before. We said that there's going to be a huge pouring of real estate agents getting out of the industry that really hasn't, it's happened, but it hasn't happened. And the reason why agents get out of the industry is because they're just done with it.


But we don't have the mass exodus that we thought was going to happen because it's just easy to keep your license. And if you belong to a broker, that's. Like a, like I belong to, I work with a real broker and it's like 500, 400 bucks a year just to stay with them. I have the other fees that I have, and the MLS and the key and all that other stuff.


But it's a very low barrier to entry and it's a low barrier, low cost of maintenance to keep state and real estate if you don't do a whole lot of business. According to the Bureau of Labor Statistics, mortgage industry employment declined 35 percent over the last three years. That's crazy. So Fitch upgrade is partly due to Fannie Mae's forecast of mortgage originations to rise 14 percent year over year in 2024.


And asset quality remains strong. So what's happening is not here so much. We'll talk about REOs, but, in California, but in other states in Texas, specifically that I see, I don't know other states that I haven't really seen the data. I've just seen other video reports. REOs are tending to trend upwards right now.


So there's a shadow inventory of potential. Fancone properties in the Midwest states. Something to keep an eye on if you're interested,. And investing in real estate here in the Bay area is not so bad. I'll show you that in a minute. 

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

Home Listings of the Week


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

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

This thing will give you a great honey-do list to get started on. And by the way, you don't have to do everything. You shouldn't have to do everything, get a handyman or a contractor. And I have a ton of people that are waiting to work for me. If you're ready to sell your house. Let's help you get it ready to sell.

Homes for sale near Apple

This is the Apple house of the week for bedroom two bath, a mere 2 million for 1500 square feet built in 1961. These little Rancho Rinconada homes, flat-roofed homes were designed for just building shacks, getting them up and sold as quickly as possible for 20, 30, 000 back in the sixties. What people are living in Sunnyvale, Saratoga, Sunnyvale, Santa Clara, and Cupertino. These Rinconada homes are basically there for the value of the land. So you can put up many mansions because look at this for 2 million. This is what you get for 2 million in Cupertino next to Apple. What somebody is going to do is buy this property, tear down this house put on a little McMansion, and be done with it.

Mountain View home of the week

Four bedrooms, two baths, 1, 500 square feet for a mere 2 million. Mountain View home of the week is Velarde, not my listing, two bedroom, two bath, 1, 400 square feet built in 1938. And it looks like maybe that's the house and that's the garage. I don't know there. See, that should be the first. The first picture of the house, the first picture on the MLS, not is confusing.

I don't know what this is. Here you go. Detached garage. It's a nice smaller home, two bedroom, two bath, mere 3 million, but that's the going rate for houses and more mountain view. And the reason why I chose it is because it's walking distance to Castro. It's a nice little cottage. If you want to learn more about it, I have links down in my blog and the blog link is in the comments down below.


Distressed Properties Overview


Wednesday distress sale, all of California.

Of course, we're going to do that. This is actually the bank-owned property of the week and it is a one-bedroom, one-bath, 530, 000 condo on third street. Not my listing. It's a thousand square feet. And you get 64 pictures. It's downtown San Jose, within walking distance to San Jose State, San Jose Museum of Art, et cetera.


You can pop this open without, there you go. Just run through all this. So if you're an apartment dweller and you don't want to deal with the maintenance of the front yard and backyard, this is perfect for you. Get all the amenities you want. Everything you need. My niece just moved into an apartment in Vegas, Summerlin actually, and it's brand spanking new, less than six months old and it has everything you need.


It's pretty awesome. They have a cold brew pouring station. It's pretty nice. This is the same thing. However, this has been on the market. How many days? 103 days. And let me show you why.


800 a month for HOA fees. 800 a month. That just goes beyond affordability. That's ridiculous. It's untenable. I would never buy a house like that or a condo like that. There you go. 


Current Housing Inventory


205 listings, total distressed REOs all over California. Now that's not all of California. It's just the ones that The MLS is that I have an attachment to.


So for example, I don't have Yosemite area, Mariposa, or Oakhurst. Sure there's a ton more and these are all, I believe, single-family listings. So if you go to this back here, see that there are 37 listings in the Bay area of which there are a few here. In San Jose, this is a house. The rest of these are condos and that's an attached single fence or residential condominium.


I don't know what that means. And Stone Gate is a monotone-bedroom room, but this one's older is 1984. And this one is Krabari. We talked about this one earlier. It's a senior living area. It's in the villages. And let's take a look at the HOAs here just to let you 1, 000 a month. Crazy, right?


That's what it is.:40 days the market. We're at 13, and 90 days on the market is 62. So there are houses for sale that are just sitting there waiting to be bought, like this one right here, which happens to be my listing. tIt has been on the market for so long because there are two trustees on tit


Title and they're fighting over, I don't know what, so they have lawyers involved. I have eight offers. It's gone crazy over the listing price. I'm getting calls every day. The only reason why it's not selling is because the sellers aren't talking to each other sucks, but it is what it is. So we went through 40 days, 90 days on market bank-owned properties.


We're at 66 and all of California is 205, which is just slightly up, but nowhere near where it was. A month ago San Jose had a poultry, 317 homes for sale. We need to be at about a thousand and for Santa Clara County, we need to be about 2000 and we only have 676. So there you go. 


Conclusion and Contact Information


That's it for now. I'm Vito with Abitano.


Give me a call when you're ready to sell. We'll see 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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