San Jose residents win fight to stop housing project
San Jose residents win fight to stop housing project
Fannie Mae forecasts sharp dip in mortgage rates by year-end
Mortgage Rates this week
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What you get for $2MM in Santa Clara County
AIDA: Attract, Interest, Desire, Action
What you get for $1MM in SILICON VALLEY
Inventory And Supply Charts
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Fannie Mae forecasts sharp dip in mortgage rates by year-end
Fannie Mae's Mortgage Rate Forecast
Fannie Mae forecasts a sharp dip in mortgage rates by the end of the year; they're predicting it to go down to 6%. I think that's good news. I think that's really smart for them to do that. We just have to be adults about it.
Mortgage Rates this week
Current Housing Market Advice
Here's the thing: if we know the rates are gonna get down to 6%. And you're getting quoted 7% before points. Now's the time to buy a house because there's less competition.
When rates go down, the buyers will come out. Investors will come out and compete against your dollar, and they have more dollars. So chances are you're probably going to lose out on a few houses and get frustrated.
So my advice right now is that buying a house today, in 10 years, it would be a lot less dramatic. There'll be less trauma in your life, and you'll be in it. You'll be in it to win it. Look 30 30-year jumbos, six, 7%, but you can knock it down to six and a half with the point.
What you get for $2MM in Santa Clara County
Santa Clara County Housing Prices
$2 million, 'cause that's the average price of a house in
Santa Clara County, 30-year fixed. Let's say you have perfect scores, perfect credit, 6.288. Okay, that's with $400,000 down. You can knock this down even further if you have more money. However, if you're buying a house here and you're not making four or $500,000 a year combined, you're struggling. And I get it.
The point is, get into a house now before. The next wave of buyers comes in when rates come down. Fannie Mae says, we're supposed to hear from Powell today or yesterday, and I haven't seen anything, so I don't know where that is, but I'm pretty sure that we're not gonna, maybe we'll see a quarter percent drop, but who knows?
You can get your rates down the reality is if you can afford a $2 million house today, your $2 million house in six months, when the rates come down, it's gonna be a lot less house. Prices are continuing to go up, Rates come down, and more buyers come in.
There's more competition. So you're gonna have to go down to a 1.8, 1.7 house and bid it up. Right now, you can buy a house that's been on the market for a little bit longer, and like this one right here, 68 days on the market. Why is this thing still on the market? 68 days because. The seller bought into the idea of $2.3 million.
Oh yeah. If I can, I'll sell my house for $2.3 million. And it sat on the market, and then they dropped it down to 1.99. ' It's a great market to buy right now. It's not a great market to sell. I have six listings, possibly a seventh. I just talked to somebody last night. Two of 'em are sitting right.
One's at 27 days, one's at 11, 12 days. The houses will sell for the right price. You just have to attract the market. And unfortunately, in this area, a $2 million house near a busy street, you still get traffic noise. You're not gonna get it if it was down here. And on Galen, that's a $2 million house, no problem. But when you're close to a busy street in Blossom Valley, your house is not worth $2 million. This is 2200 square feet, a five-bedroom, three-bath. Even though it's completely dialed in, it's beautiful. There's nothing wrong with this house.
Completely dialed in. Staged up, ready to go. Looks like it was a flip. It was a nice pergola. Love the fact that they have a pergola.
I'm not a big fan of this brown look, but it is what it is. And this is, oh, it's an A DU.
ADUs and Rental Considerations
Okay, so you get a little bit of extra space, you can rent it out. The thing is, about ADUs is that a lot of people don't want to have a renter, right? When I talk to people about selling their house, I go, Have you thought about renting it?
It benefits them if they can keep that house for another 10, 20 years. The house is gonna increase in value, and yes, they have to deal with the renter, but a lot of people don't want to deal with renters. So this house, although it might bring in extra income, not everybody wants to deal with the.
An A DU with renters, you never know what you get, right? My inspector just had to go evict somebody out of a condo that he owns. They didn't pay for six months, and they had to go through the eviction process, which cost thousands of dollars, and then they actually had to get the sheriff in and evict.t It's just not fair. It's kind of baloney. Kind of crap. I love this. I love the pergola. My house has a pergola. We have two fans and a TV. We have gas, and it's piped in from the house, so you never have to deal with it. But I don't know, it's cool.
What you get for $1MM in SILICON VALLEY
It's nice to have a pergola 'cause that's another gathering area. But I don't think it's worth $2 million. I would've sat that sucker at 1 7 1 8, brought the market there and bid it up and let the buyers tell you what it's worth. What do you get for a million dollars in San Jose or Santa Clara County? A million dollars, a four-bedroom, two-bath, 1600 square feet, built in 1901.
Look at this thing.
Days on market, 62 days. It's in the St. James area, right on Julian downtown. This is San Jose State. That's City Hall right there. So you're walking distance to City Hall and San Jose State. But for a million dollars, buyers are voting with their wallets on this one, and they're saying, Noo, thank you. It's a little tiny shack, and it looks like it was redesigned into a rental. There's nothing great about this house for a million bucks. Crazy. Oh, San Jose residents win.
San Jose residents win fight to stop housing project
San Jose Housing Developments
Fight to Stop Housing Project.
This behemoth of an apartment was gonna be its 17th story apartment in West San Jose. Off Winchester Boulevard, the highest building I've seen that I've paid attention to, off of Winchester, is right behind Santana Row, and it's like a six-seven-story industrial building. It's right across the street from Winchester Mystery House. You go into it, it's where KOME used to be back in the day. We need housing. All types. I get it, but when you buy property like this. An area that does not have high rises and 17 stories is a high rise.
Even if you do 11 stories, like they're trying to negotiate it down to 11 stories, that means less profit for the developer, but at the same time, people don't want it.
Community Involvement in Housing Decisions
The citizens have spoken up, and that's the beauty of our government: you can protest, but you can also have your voice heard at council member meetings right down the street from me. There was a house that was purchased, and they demolished it. They did it without telling the neighbors, so I've had four or five neighbors call me up and say, Hey, what's going on? Are they putting a fourplex in there? We don't want a fourplex. Unfortunately, you gotta keep your ears to the ground and know what's going on, especially if they start doing development, because once the house gets torn down. Not much San Jose's gonna do to stop it, right?
It has to go through a huge process of planning and acceptance, presenting, and then the council has to say, does anybody have a problem with it? And once they stamp it, it's done. San Jose's job right now is to put more doors into San Jose. San Jose wanted this to happen. The 17th story, but the residents spoke up and said, Nope, absolutely not.
Now, if I were a neighbor and I found out about that house, that might be a fourplex. I would go to the planning department, find out what the plans are for the development of that house, to see if it's a fourplex. They're expecting me to do it. Look, I am. Just one person. I can't run a million miles an hour and do stuff like that.
I could probably dig through it and find out, you can go to the planning department yourself, find out, call 'em up, say, Hey, what's the plan for this? When was the public showing or the discussion at the council? 'Cause I wasn't notified about this. The point is peaceful protest versus having your voice heard at a councilman's meeting? Absolutely. I always tell people, I don't care what's going on in the national side of life because there's nothing you and I can do about it.
The point is you should be involved locally, and if it's something that gets your dander up and it's a good cause, your voice should be heard. Don't be a squeaky wheel, but put your voice in. Put your vote in.
That's part of being an active member of a society or community like San Jose. They, the community as id, No, absolutely not. I don't wanna look at this from my view. So you go and do that. Be involved, 'cause when the stamp is dried on that piece of paper, it's too late.
Inventory And Supply Charts
Current Inventory and Market Balance
Inventory is dwindling right now because we're in mid-June. We're past the selling season and maxed out at 1439. I think we're at 1355 yesterday. Inventories are starting to come down, but we're seeing a balanced market.
I said our balanced market in Santa Clara County was 2000 homes for sale. In reality, with the rates and the economy, it's about 1400 homes for sale. We're in a balanced market right now. It's good, it's healthy for buyers to come in and be picky about what they're buying.
If you're going to sell your house, make it look nice
Conclusion and Personal Updates
Alright, that's it for now. Thank you for watching. I may or may not do it live tomorrow because I'm going down to Vegas to move my son to Vegas, and my dad is turning 80, so we're having a big hoo-ha for him on Saturday. Wish him a happy birthday for me. If you hear this or you watch this, we'll see you out there.
🔴 Video Living in San Jose in the No. 4 spot. in US https://youtu.be/hxw5k739OKU?t=521
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Vito Scarnecchia
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