Powell casts doubt on December rate cut | What you get for $1MM in SILICON VALLEY

 

 

Powell casts doubt on December rate cut
Court filings reveal new details in Fannie Mae lawsuit
Mortgage Rates this week 
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist
What you get for $2MM in Santa Clara County 
AIDA: Attract, Interest, Desire, Action 
What you get for $1MM in SILICON VALLEY 
Inventory And Supply Charts 
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist


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Powell casts doubt on December rate cut.
 I think. I'm pretty done with it,t you know, everybody comes in and gives their opinion, and it's like, who cares?
How do I put food on my table? I get what this guy's doing. I get it. He just seems to be playing this power game and whatever. I don't care. It doesn't really affect me. I'm still gonna sell houses. I'm still gonna put food on my table. On my kids' table. That's the point, right? At the end of the day, what does this mean to you?

Impact of Rate Changes on Real Estate

So he dropped the point. But our rates went up. Like I said yesterday, I think the rates are probably gonna go up because we did this. We lowered rates in anticipation of yesterday. And I said, when he drops a rate, quarter percent, we'll probably see it go back up into equilibrium.

Which is normal, and I think that's totally normal. But now he's saying that all December, we might not have a cut. And I don't know because rucka ruck,

It's all the ease tensions. Put little poise into it. How does this affect me? So let's talk about that. 





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All right. So rates went up five one-hundredths of a percent, so you can still go underneath 106%. That's one point. It's basically a point, right? Point nine nine nine two. Rounding error is a point. Yeah, let's keep it at that and then 30-year update it. 5.7981. So yeah, you're looking at $11,000 a month payment. An average-priced home in San Jose, California, and Santa Clara, California, that's it. Fees and points of $19,000 mean you're paying a point of 480 thou or $48,000 towards the down payment.

And you can also always ask sellers to help you out with that. Okay. 



Real Estate Listings in San Jose
What do you get for a million dollars in San Jose? Santa Clara County, Silicon Valley, this is Coast Avenue, not my listing. $1 million, two-bedroom, one bath, 1,230 square feet, built in 1908. And you think, oh, it's not so bad because it's located near Lincoln Ave.

In Willow Glen. Not supposed to say that this, because it's steering, but it's not a neighborhood I would move into.

See this right here. Those are trains. Those are freeways. People don't like being close to loud noises and the freeway. Oh, and by the way. Airport. So there you go. Okay. Take a quick look inside. One thing that caught my eye was other people's problems. Look at this. For a cool million dollars, you get something with some drywall on some water damage.

Yeah, it has a cool rustic look to it, but you're buying other people's problems here. Wow. You actually took the time to stage it, even though

In that kitchen, it's the hodgepodge of whatever they can put together.

I have a feeling this is a shotgun. No, it's okay. It's okay.Thiss is a good, good, two-bedroom and a bonus room. It means you can put your cat there. So this is tech, technically a shotgun room, a house where you just kind of go into it, but not really, because it has, there's no hallwa;y that's the problem.



So I have a friend who had a house like this. It was a little bit taller. So there you go. That's what you get for a million bucks in Santa Clara County. Whado t you get for $2 million? 9, 5, 1, 2, 5. Again, this is Willow Glen. This is Bellow. $2 millio,, three-bedroom two. I get an extra bedroom with that and a couple of extra square feet built in 1948.
So it's half its age. Yeah, this one's nicely done. Looks like it needs. A little bit of work, a little bit of tuneup. Probably would've painted those dated. Same thing with the kitchen, the bathroom, but you know, it is what it is.

People are just gonna be like, I'm not doing anything and I still think my house is worth $10 million. All right. That's it.  

Market Trends and Final Thoughts
I haven't done October because October's not done yet, so these numbers haven't really moved or changed.
We're still in a seller's market, believe it or not. All right. That's it. Oh, and Monday. I didn't really go through what's going on here with our market. Nothing really crazy is going on right now, other than Blossom Valley. Only had nine sales last week. We're slowing down quite a bi., Santa Clara should be about 400 to 500 sales per week, but we're not, right?
We're losing value in our median sales price. We're losing value in the average sales price by taking bips, right listings per week. We have 175 new listings, but the average home is staying on the market 20 days. 75 days. Yep. That's a great place to go.

Move to, I, however, want to move to Monterey, so there you go. I think Blossom Valley's doing great. I think Santa Clara County's doing great. I think Alameda Contra Costa and San Francisco, believe it or not, San Francisco County is knocking it out of the park, in my opinion.

So if there are places that you want to move, my goodness, I am dark. Must be all the sunning that I'm doing. So if you wanna move, let me know. We can have a conversation about all sorts of different things. I'm moving people to different states, different counties, different cities, different neighborhoods.

That's what we do. I'm Vito with Abano. Thanks for watching. We'll see you out there.

 


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🔴 Video Living in San Jose in the No. 4 spot. in the US  https://youtu.be/hxw5k739OKU?t=521

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vitos@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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