Nearly 60,000 Home Sales Were Cancelled in August

 

 


Nearly 60,000 Home Purchases Were Called Off in August
5 Necessary Steps to Flipping a House
FHFA moves to shorten affordable housing leash
REO of the Week 
Apple Home of the Week  
Mountain View Home of the Week 
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist


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FHA Affordable Housing Changes
FHA moves to shorten the affordable housing leash. They're making it easier for low-income buyers to buy homes. That's fantastic. We absolutely need this. What they're doing isn't making it easier for people to buy homes. We're lowering the cost. You can go 80% of the low income, average, et cetera. Problem though.

Challenges in High-Income Areas

The problem, though, is if you're trying to buy in a high-income area, like, I don't know, Santa Clara County, Silicon Valley, San Jose, Mountain View, wherever, low income's not gonna get you a house. It's not gonna get you a condo, right? It's not gonna get you anything. So that means you're gonna have to drive. That's the problem in California. Now, it says here, under current housing control, 25% of the mortgages they purchase should be on properties in low-income census tracts.

They're forcing it up to 50% or higher. How are you going to index that so that people can actually buy property? Because here's the problem you have. If you come in and say, I can only afford this much, and you have two or three other offers saying I can afford this, this much, then obviously you're gonna go with somebody that can afford more because greed is capital's king.

It's just what it is. I don't have a problem with this. It's just that they need to structure out the mechanics all the way through and think it all the way through. So, great. Good for you. FHFA makes it easier for people to buy homes. I appreciate that. But let's also have that conversation with the jurisdictions where high-income people live in high-income areas are struggling to buy homes.

I don't know. Call me crazy. There's a huge disconnect, and I think that's problem with the government on the whole, is that they're implementing all these rules without the foresight of how it's going to be implemented without understanding that infrastructure and the mechanics and how it's going to do it, and who's going to do it, and who's going to step up and do it.

They don't have those answers. They're just making these rules arbitrarily.



Flipping Houses: Tips and Insights
Five necessary steps to fill. Flipping a house. This is a basic, basic. If you ever thought about getting into flipping a house, I only did it once, and I bought a new home, and I turned around and sold it, made some profit, and I was done with it.

I didn't spend the time and energy to do it. When I put a house up on the market, I send it out to all my investors, unless it's a turnkey.

They usually come in about 60% of where we're thinking. I am a buyer at Bur. I'm like, yeah, okay, thanks. At least I have that in my head. I know that we have some sorts of offers in my head. They know what they're talking about. Here you go. You have to understand the market. You have to understand every little nuance.

I would never buy a house down in Palisades, where the fires were, but people are buying up lots knowing that the value is going to go up. If you're buying a beater of a house here, you need to get it locked in about 60 to 70% of an RV after repair value.,
They have the money to buy it, close on it, make payments, hold it, pay the utilities, pay the taxes, pay the insurance, and then also bring contractors in to take care of that. There are ways around that, and we can actually talk to you about that.

If you have the wherewithal and about four or $5 million lying around, you wanna make some profit, we can actually do that. I can show you a different way of doing that. 





Finding and Renovating Fixer-Uppers
Find the right house. That's the toughest part. Every day, I get 5, 6, 7 texts from investors saying, Hey, I am looking for a fixer. That's what you're looking for. You're looking for the worst house on the best block that you can afford, period. Then you gotta go and renovate it. Now are you gonna do it? If you do it, you'd better have skill, 'cause I will pick it apart. I've done it multiple times. I've walked into flips and I've pointed things out.

They're in my videos, they're on YouTube on my channel all the way down at the bottom, and I point out different things where people shortchange the quality of work and come up with these hashtag RE, WT F things that would never pass inspection, so obviously they don't have a permit.

And then the question is, are you gonna do it with a permit or not? You should do it with a permit, but a lot of times people don't because they need to save money. And this is actually a business. That's totally up to you. You need to understand the whole budget, the right way to do it, and understand what a true licensed contractor would do it for. Before you do it, and then get ready to sell, and there's gonna be selling costs, right? There's the seller cost, the buyer's cost, all these other costs, the closing costs, the escrow, and everybody gets their hand greased on this, right?

 The budget is the biggest thing, especially here in the valley. If you can buy a house and you have intentions of adding on or adding an extra room or a bathroom, if, say, you buy a two-bedroom, one bath, and you think you could put a third bedroom and a second bath on it, you're actually gonna get money out of that.

You will get an ROI on that, but it's costly. Because you have to bring in engineering, you have to bring in architecture, you have to bring in the permit and planning, and all that other stuff, and the delays and all that. So just be prepared that you know what you're doing before you do it. And if you want to talk about it, I'm happy to help you out.

Okay. 





Market Trends and Buyer Behavior

Nearly 60,000 home purchases were called off in August, back on the market. It's a normal thing. Today, we don't have a huge problem here. Buyers are skittish and selective. They are being very picky about it, and they know that. 

They have the power. It's a balanced market right now, and sellers are left holding the bag because they think, Oh, we're back in 2021, when anybody was buying things,s and they closed in 15 days, and I got to stay in the house for 1690 days, and they gave me a Porsche or a Tesla on top of that. It's not going to happen right now.

You have to be able to work with the buyers and make it work, and you can't be arrogant. Negotiator, you have to go in knowing that this has to be a win-win on both sides. There are more sellers right now than there are buyers. They say that there are 500,000 more sellers on the market than this is across the United States. The Bay Area is a little bit different. Still a seller's market. We're not really worrying about that. 





Importance of Inspections
Inspection and repair issues are a top driver for home sales cancellations. 443 agents. 70% said home inspection. Repair issues caused deals to fall through. You need to get your stuff fixed up and repaired before you do inspections.

I always say do the inspections ahead of time 'cause it will wind up. Costing you in the long run. It costs anywhere from a thousand to $2,000 to get inspections done. You want your pest report done. You want your roof, you want your foundation, you want your home, and your property inspection. If you have solar, you want that to run through.

You can have PG and E come through and do a safety check. You can do all sorts of different inspections. Make sure you disclose everything upfront, and here is accepted. In other parts of the state and other parts of the country, it's not normal for the buyer to do the inspections. So just keep that in mind.

Inspections are a huge issue right now, especially in houses that are lacking repair or fixers. Florida has one of the highest rates of home purchase cancellations cause to the insurance.  I would also go out to an insurance company and say, if I'm in a high fire zone or hurricane area, if I'm in Florida, I'd be like, Hey, how much is this house going to cost to insure in the next year?

And then throw that into the disclosures, saying this is a quote I got from an insurance broker. You should shop around. But here you go. This is a quote I have. So you're fully aware of what you're buying. If you're buying up in the Los Gatos mountains, you're buying a fair plan.

This is fire season. We're gonna get a lot of fires coming in, a lot of wildfires. And Santa Clara County is not a stranger to fire zones. We had a massive wildfire here in Santa Cruz. The federal park is there. A couple of years back, it was going to happen.

It's not, if it's going to happen, it's when it happens. So insurance companies are not caring in these areas, so just be careful. That's it. If you're thinking about selling your house, not today or tomorrow, but in the next couple of months, March, April, May. 

Download this inspection checklist. This doesn't take away inspections. This is for you to go through and look at the house, say, that should be fixed. That should be fixed. That should be fixed. And you either fix it, or have a handyman or contractor come in and fix it, and then you disclose that you fixed it.

But this is going to help you save tens of thousands of dollars because you go through and get those things done. And yes, it's going to cost you money to fix a house and get it ready for sale. 




Featured Properties of the Week
Bank-owned property of the week. This is in Willow Glen. This is on Cherry Avenue, $2.5 million, four bedroom, three bath, just listed, not my listing.

2230 43 square feet, which was built in 1971, and it's right here. Willow Glen, south Lincoln, is right here, so it's right off of Hillsdale. This is a great buy. I think this is gonna sit on the market a little bit, but it's a HUD home. It's not a bank-owned property. So HUD took over for whatever reason.

I don't know that information, but I do know it's a HUD home. Way too many outside photos before you get in. So you've already lost people, which is good for you. Looks like this was a flip. Looks like they flipped it. Good for them. All right, nice. I bet this thing's gonna sell pretty quick, no matter what.



Okay, this is Apple House of the Week. This is the Apple campus right there. I just drove by it yesterday, and here it is. So you can actually walk to work if you work at Apple.

Really nice. This is $2.7 million, Laurenne Way, not my listing. Four bedroom, two bath, 2000 square feet. Built in 1973. Look, let's look inside. I like this modern chic. It's an ADA flat roof type. Structurally, it's just an older, cheaply built house, but it looks like they updated it a little bit. So good luck. I hope you sell it.

I hope this sells quick. Looks like they did a really good job. They did a good tongue and groove inside a garage. That's, wow, that's pretty cool. You have a fancy pool, a little dated. I just sold a house with that same system in there, but the coping is a little dated. The back of the house looks a little bit dated.



Looks like they just redid the surface. Nice flat roof. There you go. Mountain View home of the week is Mariosa. Looks like it's a duplex. I don't know why. It's two different addresses. Five-bedroom, three-bath, 2,600 square feet, built in 1963, for $2.2 million list price decrease.



It's been on the market 28 days, and it's walking distance to Castro Street, which I think that's it right there. You're closer to the tracks, but that's okay. It's Caltrain. You don't get a lot, ton of traction or a lot of noise. Let's go take a look inside. Why is this a bedroom?
Kitchen. I don't see the fifth bedroom. Let's see what this really means.
Oh, is it a DU? Maybe.
Yep. A DU. Nice. I could see myself renting this side out and then me living in the back as an old man, and here you go. Right now. We're seeing that normal inventory is going down, Days on, and markets are going down. That's standard because this is the winter we refall, but we're going into winter, and it's normal, and rates are still high.

Affordability is still high.  Our inventory is shrinking, and sales are still pretty nominal. Nothing's spiked outta the way. Same thing with Santa Clara County. 

Conclusion and Contact Information

All right, that's it for now. Thanks for watching. I'm Vito with Ano. We'll see you out there.

 


🔴 Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc

🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41

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

Videos edited by Vydeoease.com Use Exemption code VEASY

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-479-2427

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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