Steady rise in foreclosure filings continues through third quarter

 

Steady rise in foreclosure filings continues through the third quarter
Buyers will walk if the condition isn’t right
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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Introduction: Market Overview

Buyers are willing to walk.  Yep. A lot of cancellations and withdrawns are, happening right now and not much you can do about it. 

Buyers' Market Behavior

Let me get into this real quick. There you go. It's true.  Here, I think we had 38 over the last week cancel their contract out of 130, 140 different contracts that were in play.

That's a pretty effective ratio there when it comes to it. And here, this is again, Ryan Lundquist, my real estate muse. My chart muse. He's an appraiser up in. Sacramento and he gives me information on how to present charts and all that. 

Pricing and Condition Insights

But it's true, buyers are taking their time. if you're gonna go in there and think you're King Midas and everything you touch is gold, then you're gonna worry about why the house isn't selling.

prices contract. Buyers get picky, We're not in a seller's market, or in a buyer's market, and it's not gonna get any better. If your house is going on the market, keep your head and understand that your house is worth what buyers are willing to pay, not what you think your house is.

Especially when it comes to condition. And if your condition is outta whack, like you need a new roof or new kitchen or new bathrooms or new floors, new walls, new paint, and your pool looks green and you don't have any air conditioning, then guess what? Your house is not gonna sell what you think it's worth.

Just point, in fact, right? If your house is all dolled up and it looks like it's in model condition and everything's updated, everything works on it. Your house still isn't worth what you think it's worth because the market is contracting. So lose the ego. It's the number one reason why houses don't sell.

I just got rid of a seller who, didn't want to listen to what I had to say and refused to agree that the house was worth less. And there you go. 

Foreclosures and Market Trends

Foreclosures are increasing slightly. There's a lot. Crash bros out there that are saying that the market's falling the sky is falling like chicken little, but it's not, it is in certain areas like Texas and Florida.

But overall across the United States and yesterday we looked at a couple foreclosures. We have, I think four foreclosures in San Jose, which is. Not normal because typically we have one to zero, but we just had a new flood of bank owners coming through that said houses are still being sold at a clip.

San Jose Real Estate Tour

what you get for a million dollars in San Jose is this house right here. This house was my first house when I first bought a house. Not this exact one, but the same floor plan. It's a three bedroom, two and a half bath, 1,745 square foot. Same elevation, et cetera. This is the master bathroom. This is a stairwell.

This is one of the bedrooms, the master's on the bottom floor. There's a half bath down here in the kitchen and all that. But the problem was, it was in an HOA and I didn't like paying the HOA, so I got out of it. It's 2 58 a month now. Back in my day, it was 125. We kept it low because of that.

And let's take a look at where the map is. Verano. Yeah, I lived right here on Plaza and Veno. That was my house right there. So there's four different associations in this quadrant right here, and mine was run pretty efficiently. That's the front door.

Yep. Pony wall, that's a dining room. You can close this off and make that into another room if you wanted to. I don't know why you would. Original kitchen with updated counter and stainless steel appliances. It's good. See if it has air conditioning.

Yeah, this one had central ac I remember selling mine for 6 48. The bathroom counters were updated, but still the original cabinets, bathtub was updated. So there you go. And yeah, they're called patio homes. Lemme see if I can get you into, show you the way it looks. See that's the driveway right there.

And then everybody parks their car. And these are the garages. So you have, you're very tightly close next to your neighbors, but they're single family detached homes in an HOA.  

High-End Listings and Comparisons

What you give for $2 million. Doyle Road, not my listing. $2 million, three bedroom, two bath, 1,479 square feet.

And the big difference here is location. This is over by Cupertino and  that's Limb Brook, Bollinger, Kylie Drive, I guess over here. And, let's see, do they have, yep. Nope, no cooling. Not even cooling. So there you go. You have 15 pictures of the front before you get inside darker cabinets. Tile floor, it could be the plank, vinyl plank, which I'm not a fan of, and nicer older backyard.

Here you go. And thank you for the floor plan. All right, that's it. 

Current Market Stats and Rates

Existing home sales in August remain the same as July 4.6 months of inventory. And if you look at our inventory here in Santa Clara County at, we're at 1.4 months, 1.7, so we're. and rates, you can actually get down to 5.5, 5.7% for a average priced home in Santa Clara, which is $2.4 million, 30 or 20% down.

And if you have excellent credit, your rates are looking at 5.592 with $20,000 down or almost a point to bring down that break. So we're at the point of parody. We just have to get a little bit lower, I think. And, I think they testify next week to see if the rates come down. There you go. All right.

I'm veto with Abano. Thanks for watching. We'll see you out there.

 

Videos edited by Vydeoease.com Use Exemption code VEASY
🔴 Video Living in San Jose in the No. 4 spot. in US https://youtu.be/hxw5k739OKU?t=521
Vito Scarnecchia

Real Estate Broker, Veteran, Dad
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408-705-6817
Vitos@abitano.com
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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

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