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Homeowners taking houses off market; buyers refusing higher prices
The market's so bad. How bad is it? It's not horrible; it's just that buyers are finally taking advantage of the market. They're being picky about what they're buying. I don't know how else to explain this other than to let's get into it.
Home Sellers' Frustrations and Market Patterns
Home sellers are so fed up with cutting listing prices that they're just yanking the homes off their market altogether.
This is fortune.com. It was July 16th. What I'm seeing is a pattern now. Buyers know. They're like, How long has this been on the market? 90 days. You know what? Let's go take a look at it and see what's what,
Look, for almost 30 years, sellers have had their way. It's been a seller's market for 30 years, except for 2008 to 2012. That was a little bit different. But for the most part, sellers have had their way. I want a high price. I want the terms I want. I want a free car. I want your firstborn child, and I want it as is.
Now, not every deal in the past 30 years has been clean, cut, and easygoing. But the point is, is that buyers are being picky. If sellers don't look around and see what's happening in their market. IE comps. IE, comparing their house to other houses in the neighborhood for what is selling, which ones have sold in the last seven days, and why compared to yours. If you just go through and have hubris about, oh, my house is the king's Hill, it's a pile of gold. When instead it's really a pile of dookie, your house is gonna sit on the market, especially if it's at that price. What are buyers willing to pay for it? Buyers are willing to pay fair market value based on other homes in the area.
And if you have five houses to choose from, from the buyer's standpoint, you're going to buy the house that best fits your needs and your budget, and the current condition, location, and for that market. Period. I'm not gonna argue with it. I can't do it. I just can't pull a rabbit outta my hat or other orifices.
It just doesn't work that way. Yes, it's disappointing, but guess what? The buyers are finally rejoicing and saying, I have time to take what I want. If I'm gonna be serious about buying a house, I'm gonna buy the right house. That's in good condition, that's turnkey.
I'm not really looking for a fixer-upper. I want this at that price,
So here's the thing: how to know if your home is priced too high. If your house is on the market for 30 days and you've had showings and open houses and you haven't had an inch of interest, your house is priced too high. I don't know how else to explain it to you.
If it's been 30 days. Your house is priced too high. If you have not gotten one offer, you've had showings; it doesn't matter what the follow-up is. You have three to five seconds to make an impression on curb appeal for that house. Within three to five seconds, your house has been judged. Curb appeal, sometimes they just say, Nope, not really interested. They just move on. Once they get in, they compare it to other houses, right?
I have a buyer's checklist, but you can tell right away: look, feel, cleanliness, smell, et cetera. If your house is not in kept condition, you're gonna turn off buyers. You have one chance to make a buyer want that house. Let's take a look at this idea from a funnel standpoint.
Let me open this up really quick. I'm gonna break this open so you don't have to offend anybody. Vito. Where's the marketing? There. Let's take a quick look at this.
I am looking right now at this bottom triangle. Let's take it from one buyer's standpoint. They have thousands of homes to look at. Then they have to figure out the room, the count, the budget, the age, the location,
Analyzing Specific Listings and Market Trends
So let's just say your house is in Blossom Valley, and your home is set.
In Blossom Valley? Well, you're looking at comps based on Blossom Valley, a one-mile radius, three-bedroom, two-bath, 1400 square feet, plus or minus 10%, right? Those are the comps. That's how we price your house. However, when a buyer's looking at it, they're not just looking at your house, they're looking at.
50 houses, they're not gonna go look at 50 houses. They're gonna go look at maybe 10 or 15 over a few-day spread. And you have one chance to make that mark. Let's just say that you have thousands of homes to look at, but because your budget constraints and your school or your bedroom count or condition, there's maybe 10 to 15 houses to look at, and then they're gonna go look at five.
They're gonna make a decision, and then they're gonna make one offer or two offers. Today, what's happening is they're gonna come in and lowball you, make offers on three houses, and make that decision. Which one makes the most sense to me?
'cause they're in control right now. Is it a buyer's market? Not technically In certain areas it is, but for the whole, on the zip code on the city, on the county, it's not a buyer's market in certain areas, it's not a buyer's market, some buyers, the smart buyers, are looking at good areas with good houses, with common sense pricing, and they're coming in and making an offer on it.
If your house is outside of that realm for whatever reason, condition, price, or location, they're gonna go onto the next one, because why would they? Want to negotiate if your house is priced three or $400,000 outta what the condition is that it demands, right? So anyway, there you go.
Home Delists homeowners taking houses off the market as buyers refuse higher prices. If you're a seller and you see what the market is. Whether you get offers, I had one house, we took it off the market after 15 days because we didn't get the price expectation we wanted. We're just gonna wait until rates come down and put them back on the market.
Cause when things change. Your house is priced at $2 million, and it's commanding 1.6, 1.7. And you don't want to go down that low, take it off market., Sellers delisting their homes, federal reserve rates hold steady as uncertainty remains elevated, and we have an abundance of supply right now because there are fewer buyers in the market. After all, the rates are so high. Even though prices came down two-tenths of a point over last week, that's not enough to shift the market. It's not. Oh, 90 days plus on market.
This one finally decreased their price, but did they do it enough? Let's take a look. That's the Park, not my listing. 1.4504. Bedroom with two and a half baths. 2,124 square feet. 1.45. The original price was? 1.6, 1.579. And it's in a. Decent neighborhood. So location-wise, you're doing well. This is a good area.
And look, it's across the well, backs up to a park. You can walk to the park. I sold a house on Yolo Drive and Park Victoria just over here. And then I sold another house over here a while back. So this is a good neighborhood. Communication Hill is right here. That's Capital Expressway 87.
It's been on the market for 97 days. Let's take a look inside real quick. Original floor. I have a post right in the middle of my garage, and the garage door stops right before it because that's just the way the house was designed.
I can take that post and split it up across the beam. Never got around to it. But I look at this, and I go there, it is a cent telling me right away, you look dated. Plus, the driveway's a little beat up. Let's see. Nice wood floors. You have a nice bay window. Open it up a little bit.
Huh? Yeah, this is a good one. This is a split-level. It's nice. This is a nice house except for, look, it's screaming dated, right? It's the original kitchen. Maybe they redid the counters. You have a white refrigerator, so now you, the buyer's thinking, Ohh, I have to put a new refrigerator in there. If you're doing stainless steel, do stainless steel.
I can tell you right away that the oven is beat up and old, right?
Original bathroom painted. That's okay. It looks like that was redone at one time. Has a pool, 50% of the people wanna a pool. The other 50 percent of the people don't want a pool. And there's a small, if you look at it as a Venn diagram, there's a small population of, I'll take a pool, I don't care.
But most people will tell you, I'm not really interested in a pool. It costs between $700 a month to keep up a pool.
Distressed house of the week. This is actually a condo, two bedroom, two and a half bath Sylmar Terrace. Not my listing. $1.4 million in Sunnyvale. This is bank-owned, and that's where it is. It's kind of nice, but $1.4 million. I'd rather move to San Jose and drive a little bit. I don't need the convenience of a two-bedroom Home of the Week on East Homestead Road, not my listing. $2.8 million for a bed.
Two and a half bath, 1700 square feet, built in 1973. It looks like it's kind of updated. You can walk to the Apple campus. I can't remember it right now. That's a funky-looking hood. I don't like that. I like that they redid the ceiling.
But I'm not a fan of that ceiling anyway, but it's everything looks like it's been flipped and brand new. The one negative there is, it's on a busy street, so I won't pay $3 million for a busy street. This one's a brand new house. Looks like they totally redid it. Still built in 1951, so it's still the original floor plan, but it looks like it's been flipped.
$3.5 million Center Street, and again, it's within walking distance to Castro Street. By the time you get back home, you'll have walked off your buzz. Let's take a look inside. Nice. Thank you for doing a floor plan. Hardly anybody does floor plans. It's so easy to do, though, guys. I don't know why it's in red, but it is, JADU junior. Looks like it's the grand suites there.
This looks like it was built on. So, that's probably an addition. 1, 2, 3, 4. So it's actually five bedrooms if you want to keep it like that. So that's kind of nice. Let's go back to the album. Completely redone. Wow, this is beautiful. This is gorgeous. Huge common room. Look at that. I love this. How much is it?
3.5 million. I'd better go break out my checkbook, guys. This is a beautiful house for Mountain View. For an older house, this has been completely updated, and it's beautiful. I'd like to go in and take a closer look at it. Just look at the workmanship. On the surface, this is a beautiful house.
We have 329 homes in San Jose, Santa Clara County, that have been on the market for over 40 days. We have 93 homes that have been on the market for over 90 days. We have. 72 Bay Area Bank-owned properties and 272 California Bank-owned properties. Right now, what we're seeing is that there's not a ton of bank-owned properties coming into the market.
Yesterday I was talking to my muse, Ryan Lundquist, and he mentioned that there's a picture showing distressed ssingle-familyhomes; we're still at 2.7% of homes with a loan on it, are in distress, which is nothing.
San Jose, 600 homes, we need to be about a thousand to be a balanced market, but buyers are taking their time. Are we in a buyer's market? I think we're kind of in a buyer's market, depending on where you are. If you're in Cupertino, even Willow Glen. Las Gatos is over there on that side of 87, on the west side of 87.
I don't think you have anything to worry about just yet, but on the east side of 87, pricing is a factor. It's just the way it is all the way down to Morgan Hill, Gilroy. We're seeing prices come down. Yesterday I saw a house in Morgan Hill that listed up 1.3, 1.5, and it sold for 900.
It is what it is. The market is taking its time. In certain areas, Santa Clara, we have 1200 homes on the market. We were up to 1500, maybe 1600 two months ago; people are cooling off. Don't forget it's the summer, right?
September, we're supposed to have the FOMC testify, and maybe they'll bring rates up, down, like they said. We're expecting it to come down. We're expecting rates to come down by half a percent by the end of the year. That could be in November. So we don't know. We're just kind of holding still.
So there were 63 homes back on the market. That means the transaction fell through, or they couldn't qualify, and that's not the last seven days. That's what we have on the market right now for Santa Clara County. And we've had 41 canceled, 26 with expired, and 10 withdrawn.
Meaning they're off the market, meaning sellers are like, I'm done. Which goes back to the beginning, where sellers are taking their houses off the market. Are we doing it in droves? No, because a huge portion of our county is on the west side of Highway 87. And we're not seeing a problem there.
We're seeing a problem on the east side where pricing is coming down. If you don't price it competitively based on condition, location, and your comps. Your house is going to sit, and there's nothing any agent can do to pull a rabbit out of the hat. In say, Hey, Mr. Buyer, would you pay this price?
So there you go. Thanks for watching on Vito with Ano. If you're interested in buying a house, this is a great time to do it. DM me and I'll be happy to have a chat with you.
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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