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Renters Now Spend Less than a Quarter of Their Income on Rent
Regional divides emerge in quarterly home price trends
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Renting vs. Buying: The Big Debate

It is cheaper to rent now than to own, but the long-term value is that you're not building equity and you're paying someone else's mortgage. So, it's a big decision: should I rent or should I buy with housing? Affordability, Crazy high as it is, it's understandable that some people are choosing to rent.

Now, renters are spending less than a quarter of their income on rent, which is way better than paying more than 50% towards their mortgage. Granted, you get to write some of that off. You get to do all sorts of different things on taxes, et cetera. 

Regional divides emerge in quarterly home price trends

Regional Rent and Housing Market Trends

Nowadays it's in regions. It depends on where you are.

Like in San Jose, it's not gonna be that easy 'cause you're gonna be paying like 25 to $4,500 for a house per month. And that's about equal. But let's take a quick look at this real quick. Drop this here so you can see my mug. Renters are now spending less than a quarter of their income on rent, and this is typical of households.

23% of income is now rent in September, down from 25% a year ago in the market. Posts 26 annual straight decline in the second monthly dips since March. Rents declined in September, according to the realtor, but here's the index right here. Miami, Los Angeles, New York, Boston. Five major metros, right? The affordable rent ratio.

Everything's down. Actually, it's super cheap to live in San Diego compared to San Jose.

Something to think about. Share of income 33. These are high-end. This is low-end. Now you average it out becomes 24-point blah numbers. The Austin Round Rock area is now 16%. Oklahoma City, 16%. Columbus 18. Minneapolis is 18% and Bloomington doesn't. Show up for some reason. I don't know why that's there. Rental markets with the most improved affordability.

Jacksonville, San Diego, Miami, Denver, Austin. Funny how San Diego was on the top, but now it's down 3%. You're still spending 31% of your income, but it's down 3.4 over the last year. Which is good, rents are coming down. 

Affordability and Market Dynamics

So the question is, do you rent or do you buy? And a lot of people are opting to buy right now.

But I can tell you the market has absolutely come to a standstill. We do have houses that are going into contract, but it's not as many, and what we're seeing is crickets a  open houses. We're not getting a lot of traffic. It's almost like everybody's kind of in a holding pattern, trying to figure out where the market's going to go.

And a lot of people are thinking, Oh, I'm just gonna wait until the market crashes or comes down, and then I'll buy. But if everybody's doing that, that means there'll be more competition when the FOMC and the Fed lower the rate by another quarter percent this month. 

And I think a lot of people are actually gonna wait until November to see if they come down a third time, which makes it three-quarters of a point drop overall in the last three months. That would be a huge boost to bring more buyers into the market. I know we're talking about retail pricing on the fed rates, but it all translates.

Greatly into real estate because it's still kind of a retail thing, but it's short-term rates. Anyway, regional divides in quarterly home price trends. No, with everything that says here shows that there's a positive, and there's not a lot of charts to look at, but understand that prices are continuing to hold all over the place except for in certain pockets.

Like Las Vegas, Austin, St. Louis, and certain areas are Florida, pretty much all of Florida. They're all kinda those places are losing value, but other places are gaining value. So overall in those regions, they're increasing 2.2% nationally. It's crazy, right? Midwest. Prices in the Midwest rose 4.6%, and in the Northeast it's 5.6% 0.4 in the south, and 0.2 in the west.

So housing, pricing. Maintaining overall. There are some regions where you can go and get a great deal, but you probably won't get it in Santa Clara County, San Jose, Silicon Valley, the Bay Area, outside of areas like Napa or Hollister type areas. 

REO of the Week 

Current Listings and Market Conditions

90 days on market. This is San Lorenzo Drive in nine five.

Four bedroom, two bath, 1600 square feet. Built in 1968, it's right near Cahalan Park, and it's been on the market 138 days. Because sellers don't need to sell. And that's what the price was worth. Back in April, when we tipped the market, that was the peak of the market.

It was April. If we had been old in April, it wouldn't have been a problem. But you waited. You waited until June, 'cause you're like, ah, just gonna wait. See what happens. But the market always slows down in the summer. So there you are. This house will not sell at 1 7 5. They're waiting for the buyer to come along.

And honestly, guys, if you're not in the market to find a good deal, a lot of these houses have stubborn sellers, and there's nothing you're gonna do about it, outside of you gotta move on and find something else, right?

This is a bank-owned property of the week. This is in San Jose, 9 5 1 1 2, not my listing. 13th Street, $1.2 million, 1300 square feet, three bedroom, one bath. And this thing looks like it's a hundred years old, and it's right off of Old Oakland Road and 101, and yep. Been on the market 55 days cause it's overpriced.

This thing should be selling for 800, 600. But the bank says we're gonna wait. We're gonna find the right buyer. And there are a lot of homes in, well, I'm gonna say four homes, five homes in Santa Clara County that you can look at right now if you're interested. There's even one in Santa Clara in Santa Cruz.

Two-bedroom, one bath, detached home built in 1956.  That might be a great buy for you. If the floor plan works, but this is a fixer-upper, and it's priced right. How many days on market? Let's take a quick look. 

Three days. So this thing's gonna get snapped up. All right. 40 days on market's going up and up and up. Everything's kind of slowing down for the market, like we expected. Because rates are still high. We don't have the inventory, and whoever does want to sell is not in a necessary situation unless the bank owns or short sale.

But those are very, that's like 1% of the inventory right now. 90 days on market, climbing a little bit. We're at 1:21, and if you look at the graph right here, 90 days is red. You're seeing it slowly. Climb and California climbed a little bit as well. The Bay Area, we got a fresh set of inventory for sale, sorry, San Jose numbers right here.

We're seeing things kind of dwindle down, inventory shrinking, but that's because sellers would rather take 'em off the market than sell lower. After all, they don't have a need to sell. They have a desire to sell. Same thing in Santa Clara County. We're seeing the inventory go down, days on market, and expired withdrawals, and back on the market are climbing.

As a matter of fact, we can take a quick look back at the market. In Santa Clara County, we have 83 homes go back on the market in the last seven days. What does that mean? It means they got into a contract. Something didn't work right? Whether it was the buyer or the seller, the buyer didn't like it. The buyer couldn't qualify.

The seller said no to any repairs. They said, screw you. We're going back on the market. I just did that. We just got contingencies lifted yesterday after them being late for seven days; I had to be patient with them. I couldn't be a dick and push them on it because if they pulled out, we probably wouldn't have gotten the price that we got.

So it's just one of those things where you just have to be kind of patient in this market. 

Negotiation Strategies in a Shifting Market

You have to work with agents, and buyers know that. So if you come here and say, I'm the king of the hill and everything I touch is gold, you're gonna be sadly mistaken because just, it's not working that way.

The market has definitely shifted. Sellers can't be spoiled anymore. You have to work with buyers. And it's just, it is what it is. You say you come in as is, and then all of a sudden you ask for $75,000 off. No. You know, you can say no, we'll put it back on the market.

But then, you know, there are different ways of negotiating, and you can be a pit bull or you can do it diplomatically. Or you can do it the quiet way and get things done. And that's what we're doing with this other listing that I have. So houses are still selling, you know that's out there.

Deals are to be had. If you look at a house that's on the market for 90 days, something's wrong with it. It's either a stubborn seller, it's overpriced for the condition, or they got out of outta market. And now those are times where you can go in and take advantage of that. All right. 

Conclusion and Final Thoughts

That's it for now. All right, that's it for now on Veto with Abano. Thanks for watching. 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

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Vito Scarnecchia

Real Estate Broker, Veteran, Dad

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