28% of Homes Are Selling Above Asking Price
You May Need to Make These Plumbing Repairs Before Selling
28% of Homes Are Selling Above Asking Price
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28% of Homes Are Selling Above Asking Price
Market Overview: Homes Selling Below List Price
Just 28% of the homes are selling over list price, the lowest springtime level since 2020. That could be a harbor of good things. If you think about it, before 2020, we were going into the whole COVID thing, and homes were sitting on the market.
And then we turned into a firestorm because rates went down to 2% or 3% or whatever, right? Google searches are up 16% from a month earlier.
Economic Uncertainty and Buying Opportunities
Look, here's the bottom line. Homes are sitting on the market a little bit longer because there's economic uncertainty.
Job loss, job reporting is down, and interest rates are high. It's unaffordable to buy a house right now at 7%. It's ridiculous, but if. You're a buyer and you know that this is an ebb of the tide. You know that this is a great time to buy a house. Look for a house that's been on the market for 30 days, and you can pick it up and get a decent value out of it.
When we had a seller's market, sellers expected multiple offers. There's nothing wrong with you writing four or five offers and making a couple of them insultingly low and seeing who's desperate.
What's the worst that can happen? Now, look, I'm not saying go find the house that's brand new on the market, like zero days. Oh, we're gonna offer $300,000 less. Here's the thing.
Strategies for Buyers in a Stale Market
If you see a house that's been on the market for 30, 40, or 50 days. Going a little bit lower. If you see it on the market for 60 to 90 days, that house is stale.
Every other buyer has seen that house either online and decided it's too expensive for that area, location, condition, and market. Or the seller's just being stubborn and saying, My house is worth this much. Nothing ventured, nothing gained. So my point here is that houses are still selling quite a bit over market. As a matter of fact, we're gonna see Santa Clara's at 5%, 6%, right? How's this still selling? We're still sell not a butt load like we did in 2021 or even in 2004, however.
The market. It is still doing well, especially in Santa Clara County, Silicon Valley, and the Bay Area. So keep in mind, there are places, there are still deals to be got. Are you selling a home?
You May Need to Make These Plumbing Repairs Before Selling
Plumbing Repairs and Inspections for Sellers
You may need to make these plumbing repairs first. The first thing I want to talk about is that Morgan Hill and a couple of other municipalities are requiring a sewer lateral inspection.
It's about $250. They put a camera with a robot into the. Vent on top of your house and somehow get to the sewer, and they inspect it for cracks, for root invasion, for what have you, right? Also, if your house has leaks, any kind of leak, if it's a water leak or a drain leak, fix it.
The last thing you want is a buyer to come in, have a bad taste in their mouth, figuratively. About the house, they just paid a million, two million, or $3 million for it. Fix it. It costs a couple of hundred bucks, right? Repairs that are not required, get 'em done anyway. Look, I'm telling you, it's a few and four between that a house is perfect.
There's no such thing as a perfect house. However, if you come into a house as a buyer, think if somebody did that to you, Oh, you have. $10,000 worth of repairs that you have to do when you move in. Wait a minute. I just paid a million dollars or $2 million for this house. It's kind of just bad etiquette.
Get it fixed, right?
San Jose Transfer Tax Update
This is good news for us in San Jose. If your house sells for over $2 million today and closes today, you'll be paying real property transfer tax, which quadruples its city transfer tax, and it was 1.1.
A dollar 10 per thousand divided by 5, 'cause the buyer pays half now, it goes up to 2.3 effective July 1st. This is gonna help us in San Jose sell more homes over $2 million, which actually hurt home values for a while. So they listened. More mortgage applications, an increase in the latest MBA weekly survey.
This is just a few days ago, but that's good news because more buyers are coming to the market expecting to buy a house with concessions.
Cupertino and Willow Glen Property Highlights
Cupertino House of the Week, Almaden Ave., you're paying almost $3 million for 10,000 square feet.
A third of an acre, a quarter of an acre. It's a two-bedroom, one bath, 1100 square foot piece of dookie, but people are still buying it. Why? Because it's Cupertino, Cupertino, schools, you're close to Apple, et cetera. I have coffee here quite often at Starbucks.
Monte Vista is right here. Lincoln and Kennedy Junior High. Deza is over here. $3 million for a qquarter-acrelot. Willow Glen. Home of the week is $2.2 million.
This actually fits the narrative, right? They don't have to pay a transfer tax of 2.2%. So, a three-bedroom, two-bath, 1,800-square-foot home, built in 1942. This is a great buy 'cause it's walking distance to Lincoln Ave. You can walk downtown. It's a nice little bungalow.w Looks like the kitchen was updated back in the nineties or two thousands. Same with the bathtub. Nothing looks original other than the nice floors. And you have a little storage area. This is a great thing right here, guys. When you're sawing your house, take the screens off, take the screens off.
It brings in more light. It makes your house look bright and airy, and it doesn't look dirty. When you have your cleaners come through, have 'em take 'em off, wash 'em, and put 'em in the garage or your basement. So there you go. That's what you get for $2.2 million in Willow Glen.
Luxury Listing: $35 Million in Los Altos Hills
What do you get for $35 million in Los Altos Hills? Olive Tree Lane, seven bedrooms, four and a half baths, 6,200 square feet on one full acre in the hills. Let's take a look at this in case you're wondering where it might be, Cupertino, Mountain View, Stanford's over here. It's a great buy and you get an amazing view, all for the low, low price of $35 million. Guys, the view is beautiful. Worth every penny on this one. All right.
Santa Clara County Sales Report
12-county sales report. Let me open this up so you can see a bigger picture here. Not a whole lot of crazy things, other than we're close to $9 billion in sales revenue in Santa Clara County, by far the most.
Our median sales price is $2 million. Our average sales price is 2.4. If you live in Blossom Valley, where I do, these numbers are the same thing I have in the picture on my blog. So come and take a look, we're at 6% over list price on average. Doesn't mean homes don't sit on the market. We have a lot of homes sitting on market right on market for 60, 90 days. Those are right for the picking, but smart sellers listen to their agents and list below the market to get it sold. If your house is on the market for 20, 30 days, consider a list price decrease. We have 240 new listings this week. Same thing with Alameda. Alameda's coming up to volume, but their sales price is a little bit lackluster by a million dollars, and they've sold almost as many homes as we have, 3,500 homes in contract, and Santa Clara County has almost 3,900. At 3.5 months of inventory mid-month, right? We're gonna see it drop down to 1.8, 1.9, maybe 1.7. Santa Clara County is still very healthy for those who list their price below, list where their market is, and get it sold quickly.
Tips for Selling Your Home Quickly
There's nothing more gleeful than watching a house sell within seven days. I see excitement. The buyer's motivated. They love the house. They know they got a great deal because the seller is saying, Hey, look, I have a great house. I've maintained it. I fixed it up for you. Here you go. It's a great deal for you. Yeah, it's a little more expensive than what you were expecting, but that's the market. We got it sold quickly. Just have a good mindset about selling your house. Be happy about it, be excited about it, and your house will sell. Thanks for watching. I'm Vito with Ano. 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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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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