45% of Americans Say the Government Shutdown Makes Them Less Likely to Make a Major Purchase, Up From 21% in Early October

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45% of Americans Say the Government Shutdown Makes Them Less Likely to Make a Major Purchase, Up From 21% in Early October
Price Premium for Newly Built Homes Falls to an All-Time Low
San Jose Real Property Transfer Tax Increases to homes sold over $2.3 million.
Cupertino Home of the Week 
Willow Glen Home of the Week 
Luxury Home of the Week 
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45% of Americans Say the Government Shutdown Makes Them Less Likely to Make a Major Purchase, Up From 21% in Early October

Have you noticed that your house might not be selling? There's a good reason. At least we think there's a reason, and that's because of the shutdown. People are afraid of what's going to happen. They don't know. So anytime there's any kind of bug in the air. They tend not to buy houses or do major purchases, and that's what we're seeing. 

Impact of the Shutdown on Real Estate

Over the last weekend, I had zero people come through an open house for two days. Nobody showed up to the open house. On my other listing, I had one showing. When you break it all down, it all comes down to fear, and people purchase with confidence in their market, confidence in their ability to have a job and make payments for the next 30 years or 50 years.

I don't know if you heard that or not, but this article right here talks about 7% of Americans with monthly housing payments have missed a payment in the past three months, and 13% have been laid on our payment delayed. Also, another 17%, they're less likely up from eight months. This is a, is the jump right here, rising from 14% to 28%.

They're much less likely to make a major purchase. That means cars, houses, all that kind of stuff. 

Market Opportunities Amidst Fear

The good news is, if you are not fearful, this is a good time for you to take advantage of the market because there are houses out there that will sit and we're gonna go into, the 12 County Bay area. Sales report in a few minutes, but you'll see that houses are still selling just not at the same clip that we saw before.

Even though inventory is back to where we want it, it's not exactly where we want it. We want it higher, but for the season that we're in, being in November, we're at a point where that's it is what it is. 

Statistics and Survey Insights

21% of Americans are delaying a major purchase due to the shutdown. That means you're one out of five people.

One out of five households is not buying a house that they were planning on buying. My sister does real estate here in Las Vegas. I'm in Las Vegas right now, and she just had a BA buyer back out. That's why I don't work with buyers much. I mean, I do, but only if they're selling something, so they have to buy something.

Half of the Americans say the shutdown has harmed their lives. If they're angry, they're probably gonna do the survey and they're gonna do this. I think that's not as exact. I think it's probably closer to 25, 30% of the true American household. Because when they look at this, they don't really tell you how many people.

They probably surveyed 200 people and that's not a really good sample size. If you're gonna do a big sample size of America, you have to do  one or 2% of the population, that's like 300,000 or three million people. So again, this article and the next one are in the blog, and you can get links to the blog.

Challenges with New Home Sales

I saw this and I thought it was just great because realtors have a love-hate relationship with new home buyers, new home salespeople, because those, they tend to be our best friend when times are tough, but when times are good, they forget about us and they screw with us.

I sold a new house, and they pushed us, pushed me away, and kept me from doing the right thing for my buyers, and they wound up getting screwed because of this new home company. New construction home always seems more opulent, but then there's always a trade-off. My gut reaction to pretty much any site is you're gonna get less property for that house.

It's newer and you're gonna pay a premium for it. And typically, you're in an HOA I, and you know how I feel about HOAs, new construction, more affordable per square foot than a resale existing home.  Existing homes become more expensive because their value hasn't really attributed to it, and they've been getting hit on for not disclosing the right fees, using fraudulent numbers to get.

But, inventory's going up, guys, and that means that they have way more margin to play with than an existing home, a resale home. And that's important for you to remember because you can ask for a lot more when you do buy a new home versus.

A resale home, unless that resale home is in some sort of distress. And that distress could be because I need to move. Family Died. I'm in arrears. I haven't been making my payments, and the bank's coming after my house. I need to sell it. There's a lot more of that coming, but right now, new home inventory is growing.

It's gonna stave off., 'cause I know right now that a lot of new home builders are not starting new, new phases, even though they're projected to do so. After all, they need to get the inventory off their books. That's been on the books for thirty, sixty, ninety, a hundred twenty days. So that's what's happening right there.

Cupertino Home of the Week 

Cupertino House of the Week

Enough of that Cupertino House of the Week Estates, East Estates Drive, not my listing. $3.2 million. Five bedroom, three bath, 1700 square feet. Must be Monday. Happy birthday to the Marine Corps. By the way, 250 years is no small feat. I'm proud to be part of that brotherhood. This one's been on the market for two days.

It's on Bollinger and Blaney, if you know that area. And let's take a quick look inside here.

So what I see is that it's updated with dated materials. The tile on the entry. It's a little old. The kitchen, while the appliances look new, the counters are granite, which I love. But you can look here on this picture right here and you can see that they're the oak style cabinets. Nothing wrong with it, but if you're asking the premium price, you'd better have a nice value to it.

In the master bedroom, the bathrooms are dated. Nothing wrong with it. By the way, they're just not new, modern gray. These are the 1990s to the 2000s, maybe the early 2010s. But these are dated upgrades here.

This house is probably gonna sell. It's only been on the market for two days, so it's, Cupertino can't help it. People just go crazy at it. This is what is this? 

Willow Glen Home of the Week 

Willow Glen House of the Week

Willow Glen House of the week, ET right there. Garfield Ave. Brand new on the market. This is a perfect opportunity for you to buy one of these properties right here and then tear it down and put a 5,000 square foot monstrosity on it and profit.

This is a great opportunity here. 1.65. I did one of these earlier this year in Willow Glen. It's been on the market for 70 days. I would've listed it at 1.5 and got it sold quickly. But this is what people are doing.

They're buying these properties, tearing down the old. A hundred-year-old structure. It's a two-bedroom, one-and-a-half-bath, 1100-square-foot house. They're selling it as a single-family house, but really, what it is is a quarter acre, about a quarter acre of land. And that's all you get. You get the same picture twice.

So that's a great value, and it's right here. And here's the other thing, too. You're closer to the freeway. You're on the north side of Willow Street. Most of the high-end homes are down here. And this area right here, and this one really should have been listed at maybe 1 3, 1 4, 1 5 to get it sold. It's cresting over close to 120 days on market right now.

Sorry, 70 days. So cresting close to 90 days on market. That's crazy luxury. 

Luxury Home of the Week 

Luxury Home of the Week

Home of the week. Mandarin Way, not my listing. $24 million, seven bedrooms. Seven full baths. Two half baths. 10,000 square foot home built in 2014.

If you can afford $24 million, you're probably not scrubbing your own toilets. Anyway, this is how the other half live. This is a nice colonial country. Home. Everything's updated. Look, everything. See, this is the type of bathroom I'm talking about. Brand new, right?

This is the gray grge. It looks new. Opulent. Love the wood floor, not the vinyl plank flooring. Don't get me wrong, for rentals, vinyl plank flooring, whatever that's called, is great for your home, for normal wear and tear, ar for your h, home and your feelings. Spend the extra money and go. Either laminate. I don't even like the laminate.

I would say engineered wood or a full wood. If you're gonna do it, spend the money; it'll work out a lot better. This is nice too. Look at this. It has a workout room. It's a movie room. It has this, which looks like this is the basement, which is, man, I can't imagine how much wine you have to drink to have that nice laundry room.

a DU guest house. Yeah, this is nice. I think this is a great buy. And it's in Atherton. This has been on the market for four days, so there you go. All right. 

Santa Clara Sales Report

Sales report November 10th. Week 46, we're on track to be closing 153 homes a week, and Santa Clara hit 152 homes this week. So we're below average technically, but on the straight line, we're exactly at average right now.

We're not seeing any. Major downpour of housing.  Ou, sales are still strong in Santa Clara. However, in Blossom Valley, we only had six sales this last week, and we had nine new listings,

Santa Clara got over $17 billion in home sales so far this year, which is almost twice what San Mateo has. Even though San Mateo is a more expensive market, Santa Clara is such a high-volume county. 

But that's why we have the most agents per capita in Santa Clara County. It's a very competitive market. But that's because we have that compared to Santa Cruz's, almost 1200 sales year to date, versus 1200 in Santa Cruz, San Benito, and 373 sales so far this year.

And in contrast, Santa Clara County still hits at almost 7,300. And that means we had 123 homes go into contract this last week.

Not too shabby. Not too shabby at all. All right. 

Personal Reflections and Conclusion

Oh, that was a crazy weekend. I wanna say congratulations to my niece. She did her second competition. She does the muscle thingy fitness competition. And I saw all those guys who were like Olympians. You know, the flexi guys. Very impressive. Love what they do.

I love the effort. I appreciate the effort. Something I can't do. But to maintain my life, I feel like being 57 fit and flexible in my fifties is paramount for my lifestyle to continue the way I like, being less in pain. You're gonna have pain every day, especially when you get older. But you know, I see people.

Not exercising, not going out, getting vitamin D, and walking. And I think that watching what these guys do really motivates me to get back out there and go for a walk. So happy Monday. Happy Marine Corps 250th birthday.

 

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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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