June inflation report may have shut the door on a Fed rate cut in July 🦅 🌎 ⚓️

 



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June inflation report may have shut the door on a Fed rate cut in July.


Inflation and Interest Rates Update

If you thought we would see rates go down, we probably won't see it this month. Inflation reports came out a tick higher, which gives every excuse to the Fe're goievery excuse ng to ho'ld tight on rates. Could they drop rate's? Absolutely. But this report here from Scotsman's Guide, which is a lender's rag, it's a news portal for loan officers, so they keep in touch with what's going on in the market.


Just like I'm trying to keep you in touch with what's going on in the real estate market, let me be your expert in real estate. June inflation report may have shut the door on a Fed rate cut in July.


Inflation accelerated in June as the impacts of tariffs began to seep the consumer prices. Consumer prices are dimming the odds of interest rate cuts by the Fed this month. CPI rose to 2.7 percent annually in June following a 2.3 in May. Core inflation, which excludes the more volatile foods. Energy categories clocked at 2.9, the 12 months ending in June. Slight uptick in 2.8 while headline inflation is 2.7. The line was, with analyst predictions. Economists hold Dow Jones of expected slightly higher, 3% core inflation reading.


Real Estate Market Trends


What this tells us is everything that I spoke about yesterday, about inflation coming down, job reports doing good, and the stock market doing great.


Home prices will continue to stagnate. Home sales will continue to stagnate until we lower prices. Yes, we still have houses pending. We still have houses closing. We still have more and more inventory showing up. Houses are staying on the market longer, and we'll talk about that in a minute.


right now, 90 days on Market Clayton Road, this one should have sold within the first month if it was priced correctly. I don't think this is priced correctly, even in a hot market. This is on Clayton Road, which is a little bit more country. It's 97 days on market, four bedroom three and a half bath, 2,600 square feet, built in 1900.


I don't think it's 1900, bu, what do I know? I've actually been in this property before. Five or six years ago, when it was first for sale. Looks like they updated it. It's nice. but it's not worth 1.75 because the exterior looks like trash. Yeah, I remember this. Crazy.


Yeah, you know, here's the thing. The square footage justifies the price based on comps, but not the condition. The external condition is a huge turnoff. If I come up to a house and it's $1.75 million, even though it's pretty inside, I want this thing to look like a Taj Mahal, like a newer home.

They don't have this thing priced right. That's my thought on this. We have 74 homes that have been on the market over 90 days right now throughout Santa Clara County. Pricing is really important. 

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





REO of the Week 

Distressed Property of the Week: San Jose

Distressed property of the week. This is in San Jose. Not my listing. Mid Pine Ave. On the market for five days. If I were a bank-owned home mitigation officer, I would be really pissed off if I saw this because this is a bank-owned property.

It's listed nicely. It's a three-bedroom, two-bath, but the condition inside is crap. They didn't take professional photos if you're selling a property, especially at a million dollars, spend the money to get this thing looking nice. Granted, people are still living there, probably really hard to get decent photos or have a photographer come in since it's bank-owned, and it also has solar.


Ren, oh, has paid off the whole home. Home requires minimum maintenance since it has concrete floors, the bottom line is this is a non-maintained house. It has original kitchen, funky floors. They updated the bathroom years ago, but they used the wrong tile. The backyard's overgrown, not maintained.


This overhang thing. Needs to be taken down. And it looks like they use the garage as a playroom. So this one's gonna go pretty quick, though. I think we'll see. And all of Santa CLA or the Bay Area, we have 68 total. Bank-owned homes for sale. We talked about this one already. Look, if you're thinking about selling your house, get this list going.


It's important for you to have your house looking nice, get all the repairs done before you go on the market, so that buyers have no reason to come back to you and say, You didn't tell me about this crack in the wall, or this broken dishwasher. Fix it. You're asking for a million dollars. Fix the little things, right? Download this inspection report. This doesn't take the place of a home inspector. You want a third-party party unbiased third-party guy. Come in and take a look at every little nuance about your house and show what's wrong with it.


Fix those things before he comes in. And then also disclose it. Download it today. 



Apple Homes for sale  

Homes for Sale Near Apple

Homes for sale near Apple. This one right here is brand new on the market, not my listing. Shasta Drive, 2.2 8,000,004. Bedroom three bath, built in 1959 with almost 2000 square feet, and it is walking distance to Apple.


Got the retro green going on, kind of like that. It's a very thin-looking galley kitchen.


But look, they updated it nicely. This looks like somebody actually updated it and lived in it. They didn't really flip it. You can tell because there's no canned lighting. The walls are beige, which I'm a fan of. I like the really light, light tone of it. You can see here that they fixed up this little area right here, but you know, they painted it.


They made it look nice.


Lots of pictures, but they don't have a floor plan. iIt'sworth two and a half million dollars. Spend the money, put a floor plan on it. 



Mountain View home of the week 

Mountain View Home of the Week

Long Dana Street, this is a mountain view home of the week. calling all investors. This is a two bedroom, one and a half bath, 863 square feet.


You're buying the lot, and the lot's tiny, 2,500 square feet. So this one's gonna be a bit more difficult to build on. I don't think it's worth one and a half million dollars. But it's close to Mountain View, downtown, Castro Street. It's nice because you get.


Homes that are close to downtown, and if you're a dual-income,no-children family, this is a perfect house for you because you don't really have a lot of maintenance. They flipped the hell out of this thing. But again, two bedrooms. It's kind of hard to sell two bedrooms these days just for resale.


And the 40-day on market, we're slightly ticking up. We're still continuing to tick up on the 40 days on market. 90 days on market is holding pretty steady. It's July, right? I don't think it's a big deal. We're not seeing major upticks in bank-owned properties, so it's nothing to worry about. 


Weekly Home Sales and Market Trends


Weekly home sales for San Jose.

Inventory is growing, but it's still not where it needs to be. We still need to be about a thousand, but I think we're close to a balanced market right now because the interest rates are keeping buyers from coming into the market. Same thing with Santa Clara County. We're not where we're supposed to be in 2000, but we're at about 1300. Houses are selling quick. If you price it right, if it's priced for the condition and the location, your house is going to sell quickly;y if you have it overpriced based on comps from April. Prices have come down, right?

Santa Clara County average sales price. Prices peaked in March and dipped in April. Same thing with the median price. We actually peaked in May, but prices are coming down. It's a normal thing. Look at the trend lines, right? The trend lines kind of come down during the summer, right? We always have a bump in the springtime, March, April, and May.


Conclusion and Subscription Request


That's it. 12 minutes. I'm Vito with Abano. Thanks for watching. Please subscribe. We'll see you out there. 



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🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be



Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-479-2427

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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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