75% of Homebuyers Are Concerned About Homeowners Insurance


 


75% of Homebuyers Are Concerned About Unaffordable Insurance 
The Economy is “Weak,” But There’s a Case to Be More Aggressive
Santa Clara County Highs and Lows 
Los Gatos Home of the Week 
Santa Clara County Price Reductions 
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist


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The Impact of Insurance on Home Buyers
And the survey says insurance is keeping a lot of home buyers out of the market. If you do your research, find out, oh, I can afford a 1.5 or $2 million house, just barely. And then. You go and talk to your insurance company and say, Hey, I'm buying a house. How much is a $2 million house going to cost? Well, it depends.

If you're in the forest, it's gonna be a little bit more than if you live in suburbia or downtown. So 75% of recent and prospective home buyers are concerned about homeowners' insurance becoming unaffordable. Half face or expect to face trouble obtaining or renewing insurance. It's a problem with homeowners right now.

It's a problem with landlords right now, a problem altogether. It's not just in California. It's all over. Insurance has gotten way out of hand, and it's making it unaffordable for most Americans to be able to buy insurance. For their home, and it's sad. 



Rising Costs and Challenges in Homeowners Insurance
Here's the thing, homeowner's insurance has risen in cost over the past few years.

This is a survey of over a thousand people, over 18, and you know, it depends on if you're looking at Gen X or boomers or what have you, but generally speaking. They say that insurance is going to be a problem, expect to pay more for homeowner's insurance in the future, yet, everything's going to go more expensive.

Cost of living faced recent challenges, obtaining homeowner's insurance, a full one out of five people buying home insurance had problems, challenges, absolutely. Or even renewing it. I know somebody down the street. We started talking about selling her house a few months ago because insurance got outta hand.

As a matter of fact, she got canceled by one insurance company, and she was desperately trying to find new, new insurance. And that's a problem. Insurance should not be the reason why you can't afford a house, and it's horrible that that's happening. It's just like what's happening in Vegas right now? You know? It's like their income is down 15%. The travelers have stopped going to Vegas because of all the nickel-and-diming that's happening. In Vegas.

When you go to Vegas, you expect to be entertained. You expect to do this, you expect to do that, but paying $30 for a cup of coffee or $50 to park your car, or $50 resort fee, all these nickel-and-dime things are going to kill your experience of going to Vegas, and you're going to opt to go somewhere else.

If you have that gambler bug, you're still gonna go. If you get nickel dimmed about every little thing, it's going to be annoying, which translates loosely into if you have a house that needs work. People don't want to deal with that kind of crap right now.

They want a turnkey house, that's beautiful, that's model-ready, move-in-ready. If you don't, you're not gonna get what you expect. 






Economic Factors Affecting the Housing Market

So there's a huge, bigger divide these days, especially with the rates being as high as they are, even though rates have come down.

The economy's weak, but it's a case to be more aggressive. I've been telling you this for, I don't know, three years, and this is on BiggerPockets.

Weak job growth reported in early September is the latest data point to a softening economy. What does that mean? Should you stop investing? Will the housing market crash? Does the recession loom just over the horizon? It doesn't matter. I mean, look, if you can't afford a house, you're not gonna buy a house, right?

But if you're not thinking about that, you're not thinking about a job layoff, or my income's not gonna be a problem, you're thinking about what you can do with your money, and buying a house might be it. We're seeing lower rates. You can buy the rate down, or you can have the seller concession give you points towards lowering the interest rate. 





Investment Opportunities and Market Strategies

So if you're an investor, this is a smart time to buy. Yesterday we talked about 30% of the homes,

36% of home buyers were investors in 25 so far, first half of the year, right? Investors aren't afraid of the economy. That should be a warning siren call to you. If you're a home buyer and you're not worried about being laid off, this is a time to buy, right? Yes. Insurance is gonna suck. Rates are gonna suck, but you can come in and you can discount.

You have less competition, right? Actually, I have the house I put on the market on Friday. I already have an offer, right? I priced it right for the condition. When you prevent me from doing my job, you're going to get lackluster results. If you force me to have a high price, a high listing price, and you get crickets for 90 days, it's not my fault.

You will have buyers. There are buyers out there. There are a lot of people out there buying from mom and pop investors, to home buyers, to institutional buyers. You just have to understand that when the market contracts, you gotta roll with it. And the number one reason why homes don't sell is hubris, selle, ego.

My house is worth $1.6 million. Well, guess what? Times change. So you're going to see discounted pricing, right? Just like in the stock market, prices go up, prices go down, prices go up, prices go down. It's the same thing in the housing market, and you gotta work with it on the market.

You gotta work with what a buyer's willing to pay for it, not what you think your house is worth. And there is less new supply. Some real estate investments resist recessions. Not every real estate investment is a recession-resilient Class B multifamily.

So, okay, this is going into a commercial, right? You're not talking about fourplexes or duplexes. We're talking about six to 200, 400, 500-unit apartments, commercial strip malls. All that is resistant to what's going on in the housing market because it has nothing to do with the housing market. It has everything to do with increasing the value of my stakeholders and stockholders' value.

It's a totally different business model. So if you're thinking about buying into something like that, look into REITs or syndications if you can. Syndications is something where you're an accredited investor. It means you're worth more than a million dollars, or you make more than $200,000 a year, and you can actually invest in syndications.

I have a video on financial intelligence, which is another blog I run that goes through what I'm doing to invest in syndications and why it's smart. And it's scary 'cause there's a lot more risk involved. But think about it. Don't try to time the market. Absolutely not. The best time to buy a house is on the downward slope.



When's the next best time when it'sonn an upward slope? Because you can't time the top or the bottom. You just never know. I'm looking at doing US 30 trading with a friend of mine, and I'm learning it right now, and the docent, the guy that's talking about it, he's all over the place talking about this and being a sniper, and it's way over my head, but I've only done it for two weeks, so. You know, I figure in two months I'll be far more educated on what's going on, but don't try to time the market, 'cause you can't, you're gonna be a loser. This episode is brought to you by the home buyer's checklist. If you haven't done so already, download this and have it in your pocket.It's a downloadable PDF that allows you to go through open houses and all the houses you wanna look at and check what that house has and what that house doesn't have. And it even talks about smells and cracks and walls and this and that. So you can actually look deeply into each house as you go through it.

And then later on in the day or in the evening, you could talk about which house has what. 





Real Estate Listings and Market Trends
Los Gatos House of the Week. This is not near Santa Cruz. It's a little bit of a drive. This one is New York Ave, not my listing.

$3.8 million four-bedroom, three full bath, built in 2007, and it's 2,466 square feet, and it's a nice place Craftsman almost didn't, almost had a, had a brain fart there. This is a nice house. I love the wooden kitchen. I'm a wood guy. I don't like being painted. If your house is old and dated, and your kitchen is original, yeah, you should paint it if you're gonna sell it.

But if it's new and newly updated, I like granite. I'm not a fan of quartz. I don't like painted kitchens, so that's a beautiful kitchen to me. And this looks a little dated, but that's okay. In the little built-in office slash bedroom. That looks a little dated, too, but here you go. Ye, ar Los Gatos, this is affordable.

We'll see how long this one takes to sell, but there you go. This is in the Santa Teresa area by Sakamoto Elementary, and that's Knob Hill right there. Santa Teresa High School. So it's west of. Santa Teresa High School on Ute Drive, and it's listed at $1.6 million, 50 days on market.




Pricing Strategies and Market Realities
Don't be a market leader. Attract the market. If you list it high, it's gonna sit on the market and you're gonna think your agent's an idiot. But you are the one who controls the price. I learned that a long time ago.
If you priced your house too high, buyers are going to look at that in 50 other houses, and they're not going to go into your house. They might take a look at your house, but they'll be in there for two or three minutes, and they'll be like, yeah, no. Mm-hmm. Absolutely not. Not, not what I'm looking for. Even though it's updated.

Yeah. See, this isn't even updated. When you have tile on the counters, especially the four-inch tile, it's an indicator that you haven't done anything to your house, and you have white appliances. It's a nice house. There's nothing wrong with it. It just needs to be updated.

You gotta get rid of that Miami Vice tile glass here, and you gotta get rid of this funky black tile. And get rid of the stupid awning. They want open space. Look, there's nothing wrong with the format of the shower except for the fact that the tile is 20- 30 years old. Didn't do a floor plan either, so shame on you. Speaking of which, I have to go do that. Where's my? There it is. This guy right here. So allows me to do a floor plan. I don't even make these anymore. I'm waiting for this thing to die, and then I'll buy a new one. But, it is a 360 camera that allows me to take, I can do video if I want to. I don't really do that. I do, a 360 floor plan with the 3D Dollhouse, and you can walk through it and all that stuff. And then you get the thetwo-dimensionall floor plan with it, and it, it just, it's nice to have.

Because when you have a floor plan, unlike both of these today, they don't have it. You can't imagine yourself going through; you don't understand the flow of the house. So there's, we actually as a, as a realtor, we have a free dev app on our phone that allows us to go through every nook, every room, and measure out the rroom and it'll do it for you.

I'm not gonna go through everything 'cause we're at 15 minutes, the highest price. I'll bring this out for you. The price is 8.2 million, and it went for almost 10% over the list priThat's probably becauseably because they lower.rice. Same thing with this. Lowest. So price, 8 35. This one took like 70 days to sell 92% of the original list price.

It's important to understand that if you overprice your house, you're not going to attract the market. You're going to repel the market. Right. It doesn't mean that buyers are unwilling to pay for a good house. They know what they're willing to pay, but they're also buyers out there and investors who are willing to take your house at a discount.

72%. Yeah. That's kind of painful, right? All right. 

Conclusion and Final Thoughts

That's it for now. I'm Vito with Ano. Thanks for watching. We'll see you out there. 


🔴  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

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com      

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

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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