Buyers will walk if the condition isn’t right | Highs and Lows - There are STILL GREAT DEALS OUT THERE

 

  

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How to Avoid the Top 3 Emotional Mistakes Most Sellers Make
Buyers will walk if the condition isn’t right
Santa Clara County Highs and Lows 
Los Gatos Home of the Week 
Santa Clara County Price Reductions 
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How to Avoid the Top 3 Emotional Mistakes Most Sellers Make

The Reality of Home Buyers

Buyers will walk. Buyers are gonna walk. It's true. It's going to happen to you. Let's get into this real quick.  

And anyway, look, the verdict is that condition is a huge deal to buyers, right? If your house looks like this or doesn't look like a model home, meaning not fresh, paint your floor's a kind of gang, your kitchen's old, or what have you, or you know, your roof is shot.

Or you have issues with the house altogether. Your house is going to sit on the market, especially if you have it priced incorrectly. Look, don't take my word for it. The verdict is in condition is a huge deal to buyers. Buyers today are not looking for a DIY project, especially at the prices they're paying.

They want something turnkey, something they can walk into, and it's luxurious. It's nice. It's. Updated. If you come in and tell the agent, Oh, I'll just sell it as is, I'll give 'em a credit. 

Pricing Your Home Correctly

You're wasting everybody's time, price, and condition for the local market. You have to understand the comps, and then you also have to understand that they're not just looking at your one-mile radius; they're looking at the entire city.

They could be looking at four or five zip codes. Your house is not the only house on the block, so don't think that your house is the Midas touch, right? Because houses have gotten so expensive right now. 

Buyers' Market Behavior

Buyers are taking a break. They're saying, I'm going to sit and wait and see what comes to me.

That's a good deal. And yes, there are still good deals to be had. Buyers won't write, let alone set up a showing, if any of those things are off right. Condition, location, price. They know they are more educated than you are on the house that they're looking for in their head.

They want the house that is in prime condition, that is ready to walk in if anything is off a smell. Just the way things are built. Maybe there's the W of the way the house is set up. If it's too cordoned off, anything like that, your house is not gonna sell. There's a ton of selection out there.

There are tons of inventory for them to choose from. And don't say that the market's down, the houses are still selling as long as the. The price is right for the condition of that house in that area. People are struggling to get into a house.

So you have to have the mindset that my house is worth what the buyer's willing to pay. I have to lower the offer price to attract that market. If you're at. 10% over what the condition is. You are going to sit on the market and wonder why your houses aren't getting offers. I just took a house off the market because the seller refused to lower the price based on the condition.

Three weeks into this, I suggested that we lower the price, and they came back and said, It's the right price. Well, not for the condition, 'cause the house was not in great shape. You can't live in a house for 20 years and not do anything to it, period. My house, I've put money into the house every year, whether it's 10,000 or 75,000 for a new kitchen, I've updated my house, I've painted it, I've kept it up.

I've manicured the lawn. It looks beautiful. It looks like a showroom. It looks like it's a 1968 house, but I've updated it with the fireplace and the bathrooms, and everything. So it's nothing except that the linen closet is original in that house. 11th-hour repairs.

Yes, they can absolutely do that because they have the power. 11th-hour repairs, meaning they come in right before the docks are signed, saying, Oh, you know what? We want you to do this. We want new appliances, we want new flooring. We want this, or a credit for it. So you have to have that negotiation head on, and if you come back and for any reason, they can pull out of a contract. Let's say they come back and say, I want you to fix that pool to make it serviceable, and that's gonna cost you $30,000. And you say, I'm not gonna pay that. Are you crazy? We already agreed to the condition. They're gonna pull the plug, and they can.

And cancellations are up this year. Not so much here in the Bay Area, not so much in Silicon Valley, but it is happening. Buyers are picky about getting into a contract and staying in a contract. Understand that this is a huge problem right now. The summer is a major slowdown. 

The economy and jobs reports are a major issue. There's a lot of fear in loathing. There are people with money, and they will buy your house. But for their terms, not your terms, right? The real estate community is excited about lower rates, and the buyers are kinda not. It's true. 

I mean, look at 2007, look at 2023. We will get through this, and when rates come down a half a percent, meaning you can buy a house and get around five and a half to 6%. Buyers are gonna come out in droves, and then you'll be stuck because you'll be competing against buyers for that same house.  

Emotional Mistakes Sellers Make

How to avoid the top three emotional mistakes most sellers make, and there's a bonus one, not being able to let go of personal items when you sell your house. You gotta get rid of all your tot keys, get rid of the pictures. You can have a couple of pictures up, but get rid of most of the pictures that are out there with your family in them.

Not removing your personal footprint. Exactly. Like, if you have your kids' first shoes on a shelf, guilty, get rid of them. Get rid of anything that make it your house. You gotta set it up like a new home community, right?

Understand that a buyer is buying a house; they're not buying your stuff. When you come in and tell me, Hey, I have this big, huge TV stand. Do you think the buyers are gonna want it? I'm gonna say no. You gotta get rid of it. Make it a plain vanilla house. Stage it up, paint it.

Gray, grge, beige, it doesn't matter. Fresh coat of paint, and make it look and smell right. And anything that you're going to move, understand that it's gonna have a cost behind it. Every pound that you move is gonna cost you hundreds of dollars. And if you don't want it or you don't need it, get rid of it.

Pack it up, sell it, donate it, or dump it, get rid of it. And if your garage looks like you're not ready to move yet, you're not ready to sell. You need to do everything. Get rid of all the stuff in your house that you're not going to take with you, and make your house look like you're packed up and ready to go.

Boxes in the garage are great except for when it comes time for the pest report. They wanna look for termite droppings, so pull the boxes away from the walls so that the inspector can take a flashlight and look and make sure that there's no droppings, period. If you don't have it priced right, you're wasting everybody's time.

If you think your house is worth $2 million and it's really worth one and a half, you're going to be sorely pissed off at your agent, 'cause it's not going to work, right? Look, this one even sold for $350,000 less.

This one's in Palo Alto. It's not my listing, right? Took 24 days to sell. They dropped the price, they got multiple bids, and they got it. See, it is all ego. The number one reason why sellers' homes don't sell is the seller's ego. They think their house is worth 6.75, and it's on the market.

If it doesn't sell within the prescribed amount. Like in Blossom Valley, it's 15 days, 18 days. Your house is overpriced. Your agent goes through a process, a checklist of everything they do to market your house, and if you don't get an offer within that average time, your house is overpriced. There's nothing I can tell you about it, right?

Santa Clara County Highs and Lows 

Highs and Lows in the Market

This is the high, by the way, and then this is the low Victorian piece of crap. This is downtown San Jose, sold for $700,000. It's the lowest sales price. Of the week, took one day to sell, listed at eight, they took a seven, boom. Done. No ego, no nothing. And it's right by San Jose State, which is, I think, right here.

And let's take a look at the highest sales price to list price ratio. This one's in Los Altos on Woodstock Lane.

None of these are my listings. $4 million took 20 days to sell for $5.1 million at 27% over list price. Yep. And then the lowest list price to sales. Price, again, has everything to do with it. Market conditions. When your house isn't selling after 30 days or 15 days, your house is overpriced.

This one right here is the lowest list price to sales price ratio. I think it was 70%, 66% of the list, original list price, which is 1.5, took 82 days to sell, and a smart buyer came in and bought that land, 2.6 acres, and they bought this. And sure, you can update it. You have a huge parking lot. Great. Who cares? This is all part of this massive thing before. And then they subdivided it, and now you get two and a half acres, and now you can do something with it. You could probably put five, six houses on it if you tear it down. For a million dollars, that's a great deal.

That's it. And then here's the chart right here.

Santa Clara County Price Reductions 

Price reductions are at 22.5% of all active homes, meaning the market is slowing; it's going to speed up once we see rates come down. Is the FOMC going to reduce prices? The big guess is yes, but the guess is a quarter percent, and we really need to make it a half a percent to make buyers come out in droves.

And that's that. 

All right. Thanks for watching. I'm Vito with Abano. 

🔴  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 

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Vito Scarnecchia

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Vito@abitano.com

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