Spring Home Buying Season Sputters as Supply Jumps to 5-Year High, Existing-Home Sales Drop to 6-Month Low

 





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Introduction: Home Seller Concessions
44% of home sellers are giving concessions to buyers. That is, pretty amazing. Now, if you're selling your house, I've told you this in the last couple of weeks, concessions are coming. Hard and fast.

It's a normal thing. Eventually, it'll go away. Once rates drop, prices will spike. Home buyers will jump back into the market. 



Current Market Conditions
But right now we have high rates. We have a lot of propaganda in the news. 

People are still buying houses, but you gotta coax them to buy it a little bit. I just wrote a low-ball offer on a house, and it came back pretty much at the list price and no concessions. Four years ago, there was so much demand, so much competition that you had to increase prices.

You had to offer all these different things as a buyer. 



Balanced Market Dynamics

Now it's coming back to becoming a balanced market, right? We have 1400 homes on the market in Santa Clara County. 

Rising Concessions and Price Adjustments

That threshold and its good concessions are rising in Seattle and Portland.

Some sellers are lowering their prices in addition to offering concessions. 13% of home pending sales were canceled last month. We have 20% of our houses listed right now in Santa Clara County that have dropped rices. 

We're bringing it to a balanced market. Sellers have had it so good for so long that we're spoiled. Agents were demanding and commanding things on the MLS on their listings, saying, "This is what we expect."

A free car, your first baby, gold laden, TVs, we want you to help pay for everything, 'cause we got comfortable in it. And this is actually good for us to bring us back to a balanced mark, especially here in the Silicon Valley. I know you hate to hear this as a homeowner, but buyers are still out there.

They're still willing to buy houses. Right now this article is, you can find the, link in my blo; available. Blog is linked in the description down below, but it also says spring home buyer season sputters as supply jumps to five year high. I don't think it's five years, especially not here. But I'll do a chart for you so you can see existing home sales drop to a six-month low.

Why? 



Economic Factors and Buyer Behavior

Because of the propaganda that we're seeing, because rates are staying high. It should be at about five point a half to 6%, but we're not dropping it down that far. Why? Without going into political jargon there's a whole bunch of reasons why, More people I know are getting laid off or have been out of a job for. Up to two years now. It's crazy. People are trying to find houses or find jobs, if you're threatened to lose your job in any way, shape, or form, whether you feel it or you've been told you're not gonna go out and buy a million dollar house or a $2 million house, you're just not.

So when the economy feels like we're coming into a correction, which we're talking recession. There are fewer buyers in the market, right? If you're a hot commodity and recruiters are calling you every day, you're probably feeling like you could buy a house, but you never know when that ax might fall.

Housing supplies rise to the highest levels in five years, okay? By a percentage, right? Where are we right now? 




Local Market Insights: Santa Clara County

In Silicon Valley, we will get to that in a second. This is all across the nation, right? Median sales price is 438,000 in 2021. The median sales price in the US was 416, so that's when the market was crazy hot.

When we had the firestorm of the market, now we're just adjusting back to normal and we're still seeing prices inc,rease slightly 1.8 month over month year over year. 1.4. It's not the 8% that we're used to, but that's because we're coming into a correction. It's good. Are houses still selling?

Yes. We had 137 houses sell this last week, 137. 20% price reductions of the 1300 homes that are, oh, that's actually more now. I missed that. It's 1400 homes for sale. Yeah, I don't have that. So you're gonna have to deal with that. It's 1400. It's actually good because we're in a market where it helps. Understand where we are, right?


 Let's go to Los Gatos, home of the week. Bird app, not my listing. $2.4 million, four bedroom, two bath, 1700 square feet.

Crazy. 1946. And look, I can't tell if this is the house, and that's the neighbor. It's like the same color house, right? What are you buying it for? You're buying it for the land because people are putting the mansions up. See if they ax that out. I don't know what they did there, but Yep. Just a basic house.

Something like that. I would've tried to sell a, a potential of building a big McMansion on it, but they obviously put some love and interest in it. Staged it up. No, they didn't. They didn't really do a whole lot there. There's an extra room, What they're selling is the potential of the land.
You can put a nice house on it, but 2.4, we'll see how long it takes. It's been on the market for five days, and you're still the Near Safor Cruz. But you're on the other side. closBuButo the freeway. So I don't know, I think I picked something else. This week's highs and lows.

This Palo Alto. It's the highest list price or sold price in Santa Clara County. It took seven days to sell. See, houses are still selling now. Luxury market's completely different than the regular resale market because people who have, they're not really worried about recessions. They're not worried about interest rates.

And this is a five bedroom, five and a half bath,five-bedroom0 square foot house, and it sold for $8.5 million. And it did come in just under, it was 87% of this price.

And then this one right here, sugar Pine Drive, sold for a hundrSugarrcent of the list price. Took 16 days to sell. oh, it's an attached house, because on the other side of this house.

Is another house. typically they'rIt isnot gonna be upgTypicallythink this one has an HOA, yeah, $380 a month Let's go to the next one. This is the highest sales price to list price ratio, 167% of list price, 2.18 to 3.55.
This is a standard two one 1000 square foot. Why did it go for so much? Because houses in Palo Alto are going for a lot of money, and if you look, it's a large lot. Yeah, you're buying it for the location, and if you see everything else around there, they have all been built up over time, and this is the last remaining one. So good for them. And then the lowest-selling Clayton Road,

This is the lowest. It started off at 1.9, sat on the market for a hundred days. That's what happens when you overprice. Then it sold for $1.6 million. And if you know where this is, it's up there in Alum Rock area, Mount Pleasant. Hethe re's the thing, it's a busy road designed in obsolescence, right?

If it's overpriced, it's gonna sit. 




Pricing Strategies in a Contracting Market
And remember guys, if you're selling your house, you're gonna go to a couple of open houses and you'll compare and be like, my house is better than that. Don't forget, Prices are contracting a little bit, not massive leaps and bounds like it was in 2008, but if you have your house.

Set at a certain price because that's what you thought it was six months ago. You're wasting your time and your realtor's time. And you're gonna be sadly disappointed, especially when a market is contracting. If the market's contracting, you have to be very sensitive to time. You have to be sensitive to price.

You still have to have the ability to, control the tempo. But if you're overpriced, you're at the whim of the market and the buyers know what your house is worth, Remember buyers go to 20, 30, 40 different houses before they actually settle on something they're not just looking at your house in your area, comparing it to the comps in your area.

They're looking at Blossom Valley, Almaden, Cambrian, they're looking all over. And if they're looking at a house that's listed at 1.8. 1.9 here in Ellum Rock, and they can get the same house that's maybe 5% better for that same price. They're gonna walk over there.

They're gonna go and buy that house instead of this house. Buyers know what they're buying, even in a firestorm of a market like it was in 2020, 20 21. That market, people knew what they were buying, and they knew that they had to be competitive They could be picky and they're going to be picky.

If you have Christmas pictures with Christmas decor everywhere, you're dating yourself, especially if you have it priced too high. Don't get me wrong, a little Christmas, but if you have a house and you don't have it staged and you don't have massive upgrades, and you're asking. A premium and a bag, and a picture full of garbage.

You're gonna turn buyers off with that. Great. You have land, but you have to make that land look nice. This is over two thirds of an acre. Here's the two-thirds art right he.eHere'slready talked about it. We have 1400 homes for sale. Right now. 273 of those are price reductions.

20%. of the active listings have redued price from 5,000, to 50,000. Be agpricesive in your pricing. People attract that market. You're not a market maker unless you live in Palo Alto. I'm Vito with Abano. Thanks for watching. We'll see you out there. 

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

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