U.S. Faces 4 Million-Home Shortage + Santa Clara County High's and Low's

 



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U.S. Faces 4 Million-Home Shortage

Introduction: The Housing Shortage Crisis

We are facing a housing shortage in the United States of 4 million, and it is crazy. It's scary, and that's why we're experiencing such high home prices right now. Affordability is a problem, 3.8 million.


Home shortfall is the third largest since 2012 at the current pace. Closing the housing gap. Take an estimated seven and a half years nationwide if we did everything right, three years in the south. Many millennials and Gen Zs choose to live with others. Living in an estimated 1.6 million pent-up households formed in 2024, more than a decade of underbuilding has left the US with a shortage of nearly 4 million homes.


Guys , that's the huge problem. It's not the rates, it's not the demand. It's not the lack of inventory for resale; it's housing. 




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Challenges in Home Building


New housing starts, and I've talked about this for years, about how our home builders are not building enough houses, and why it is just. There's not enough reason for them to do it.


There's not enough financial incentive for them to do that. When they go to places like San Jose, it becomes a painful, arduous program of having to go through the permitting process and paying off these guys to make sure that this gets done. And not just San Jose and San Francisco, all the big metropolitan areas, they have their hands out, saying, grease the palm. And that's the problem. That's exactly what's happening in Southern California. 


Government Regulations and Their Impact


When we had those fires this last month, and Trump, however you like 'em or not, he came down and said, Look, you gotta knock out all this. It's just clear the clutter, get it done, get these people living again. One person builds a house, and it takes four years to do that. That's ridiculous. Builders do it quicker, but their planning process is about that long. They buy a piece of property and then plan it, and then they have to go through. Permits the DRE and makes sure everything's done.


It's just painful for them to do that. That's why they're building in the Central Valley, because it's not as painful to do here. We're being forced by the government to put, I think it was 40,000 homes, before 2027. This isa  2020 issue that we're going through, that's just in California, 40,000.


I think it's Santa Clara County, and it's just taking time. It's going to take time, but every jurisdiction has its hands out. Every jurisdiction has their anchors out and they're just slowing down the process, We need to figure out how to fast track this stuff, If you're thinking about these floor plans, get them pre-approved and all you have to do, just like Lego is pop, everything's done, and you push a button and it's done.


There's no planning committee. That's the problem with this now. 


Proposed Solutions and Campaigns


Realtor.com is launching the Let America Build Campaign, which is advocating for solutions that cut through the red tape, restrictive zoning, and outdated regulations that are constricting the ability to build homes in America.


The initiative calls on lawmakers to makethe  Bull Pro building choices. I love that idea. Will it work? Love to see it happen. New construction overtakes household formations, mand multi-family construction slows amid rising rental supply and regional shifts. South leads the way , people are done with the, we live on the coast because of all the regulations in high taxes, and everything else.


S, where are they moving to? Places where it's easier for them to live. If I want to put a toilet in, I have to go down to San Jose and pay money to get somebody to come out and give me an inspection to make sure that the toilet was replaced. It's ridiculous, right? It's just that San Jose has their handout for everything, and I get it.


It's a concern, right? Am I critical of it? Yes. Only because I think there's a better way. I got to sit on a board a few years ago about DU structures, and my only statement was that it has to make it fast-tracked so that, if you allow it, it fits in a certain area and it doesn't have to go through a four-month planning process.


It doesn't have to go through a whole year of restrictive processes. If you can get it done in two months, have the house prebuilt. In little sections, all you gotta do is tilt up the pre-made walls and make it happen. I don't see why it shouldn't be a two-month process. Has always led the charge of getting better. I remember a few years ago I was talking to an inspector and they were actually friendly and they were giving advice on how to get around the situation, and they're very customer face oriented or consumer face oriented, and sometimes things happen, right?


Let the red tape go. 





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Personal Anecdotes and Home Buying Tips

Enough said. This segment of this episode is brought to you by the home inspection checklist. If you're thinking about selling today, six months, or six years, get this home inspection checklist downloaded because it'll get yourhoney-doo list started.


You don't wanna sell a house with a ton of things to fix or repair for the buyer or for the inspector to call out. I just went and looked at five or six houses in Henderson, Nevada, for my parents, and we settled on the thebest-lookingg house. But that's 'cause they wanted this house. I was looking at the one that needed the most work.


But that's their mindset. They want to have a completely turnkey house. They don't have to fix anything brand new. Appliances, new kitchen, new bathrooms, new flooring. It's just done. You don't have to worry about it. It's done. Move in. Some people want to have a house. I'm a DIY house kind of guy.


So anyway, that's what they wanted. We put an offer on it, and we looked at houses that had. That was semi turnkey, but it was done kind of crappy. And there were some that were just left as is, and then there weres ones that were completely turnkey. And I tell you, turnkey is the way to go. And if you're gonna say, no, I don't wanna spend $150,000 on getting my house ready to sell, just price.


The house is correct. That's all I'm gonna say there. All right. 


Market Analysis and Listings

The list price reduction of the week is this one on Las Pinos Way. This one was priced at originally, let's see, 1.799 on, what is it? Las Pinos Way. A busy street. It's been on the market for 28 days and no budge. Why? Because it's on a busy street. Los Pinos is right here.


It's not here. Los Pinos is a busy street, right? And if you look inside the house, $1.8 million. This thing better be turnkey. Oh no, it's not. It's a dated carpet, dated pain. Yeah, they staged it. They put puck lights in, ornoo, those are canned lights. Not puck lights. Let's take a look at the kitchen.


Oh, they painted it. New kitchen. There you go. But location. That color of paint is dated. Those carpets are dated. Those. Bathroom cabinets are dated. If you're gonna ask for a premium $1.9 million for a house on a busy street, mind you, it's right at an intersection where there are stop signs, which is an immediate turnoff, and you're gonna ask for a premium.


Your house better be completely turnkey. It has a pool. Great. Big backyard. Great. But I'm telling you, dated carpet, dated paint, that should have been torn out. The kitchen's nice, but the bathrooms are all old. That's why it's sitting on the market. You're not gonna sell this thing for more than 1.5, and it hurts the neighborhoods.

I can tell you that the agent probably suggested 1.5, 1.6 to start, and the seller. It was like, no, my house is worth $2 million. $1.8 million. They listed it, and it's still on the market after 28 days. Buyers know the price is overpriced for the condition, and when they walk in there and they're on a busy street.


Let's get a little closer. There's a three-way stop sign right here. I drive through it two, three times a day because I live right here. I go to the gym, you come bac, and there you goJustst be careful about pricing. 




Los Gatos Home of the Week 

This is the Los Gatos house of the week. Not my listing.

One bedroom, one and a half bath, 2,500 square feet, one bedroom, one and a half bath for $3 million. I would not buy this house at all. I don't care how big it is. I don't care that it was built in 1900. If it's a one-bedroom house, I'm not paying $3 million for it. It might have extra rooms in the loft or what have you, but I'm not gonna pay $3 million for that.


So good luck with that. 





Santa Clara County High's and Low's

Highs and Lows in Real Estate

High lows, we'll get to that in a second. These are the highs and lows right here. This one's sold in 16 days. $12.8 million is Laverne Way in Los Altos, not my listing, which was 11 million. It sold for $11.7 million, a seven-bedroom, eight-and-a-half bath, 6,500 square feet, and with an 850 square foot DU, it looks like it was built in 2025.


Brand spanking new. And let's take a look at the pictures here. Worth every penny. So this one. Sold for a little bit less than list price, but that's probably 'cause it was on the market for a while. The market's contracting a little bit in certain areas, and I get it. 16 days on market.


You take it and go, let's take a look at this one right here. This is the lowest sold price and the lowest list price to sales price ratio. The original list price was $2.2 million took 186 days to sell. It's in Los Gatos. Eventually sold for $300,000.


So something went wonky er.e There's downtown Los Gat,o s and there it is. I can't tell you whether or not it was in distress. We'll take a lookinsided., I would've bought this for 300,000 in a heartbeat. It looks like it needs a little bit of work.

Yep. Look at that. You're paying the California fair plan for this. It's a dirt road.SSomebodyactually took this and started to work on it, and then they stopped for whatever reason. I wish I shad seenthat one in a heartbeat. I would've loved to buy that for $3 millio but,n it did actually record at $300,000. The highest sold price is 11.7 lowest. Is 300,000. The highest sale price was 36, and the lowest sale price is 3.99. We have 1,167.


We need about 2000 square homes for sale in Santa Clara. So we're about halfway there. We're getting a little bit more, and it's starting to climb. And then price reductions. We have 181 of those, which comes to 15% right now. Year to date, we're averaging 12% list price reductions. Nothing skyrocketing right now, but if this continues to go up, it's something to be aware of.


Even though rates came down last week, they still need to come down below 6%. LA sold last seven days. It's 153. 


Conclusion and Final Thoughts


That's it for now. Thanks for watching Vito with Abano. We'll see you out there. 









🔴  5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46  



🔴 The Five Biggest Turn-Offs For Homeowners https://youtube.com/shorts/lwknH5DCS5c 

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

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


🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg




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