Lowest Turnover in Decades - 28 Out of 1,000 U.S. Homes Sold This Year—


 


Lowest Turnover in Decades - 28 Out of 1,000 U.S. Homes Sold This Year—
Moving? Avoid Making These Mistakes
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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Current Housing Market Overview

So anyway, 28 out of a thousand homes have traded hands this year, which is the lowest turnover in decades. This is. Mostly because of an inventory problem, but it is also because buyers are being picky as well.

So we're in a conundrum right now where buyers and sellers are at an impasse, 

Buyers' and Sellers' Dilemma
Picky intentions, they're looking for houses that are perfectly priced.

And a lot of sellers are stuck in a place where they're saying, My house is worth X amount of money. I'm not gonna sell it unless I get this much money, and I don't have to move.

So if I don't get it, I'm not going to sell my house. Right now I have two and a half three three and a half percent interest rate, and I'm going into another mortgage, so I need this money to put into a down payment so I can keep my mortgage payment as low as possible. That's what the problem is right now: we're at an impasse, and until the market starts pushing forward again with lower rates, even though rates went lower last week, we didn't see a lot of push.

And so in Blossom Valley, we only had six homes sold, closed this last week, and only a few went into contract. So it's just we're seeing things. Balancing out, which is good, but we also have a lot of ego on both sides, pushing back and forth. So, affordability is a problem, right? Sellers are unwilling to give up their low mortgage rates unless they get the deal that they want.

Economic Uncertainty and Its Impact
Economic uncertainty has made buyers cautious. We don't know what's going on with the economy. That can hurt us. And then there's also the healthcare and food and cars and credit, and job uncertainty. There are a lot of people who just don't know where they're sitting right now, so putting hundreds of thousands of dollars down on a house to make a mortgage payment, it's probably safer for them to rent.

Regional Housing Market Statistics

More houses are being listed in 2025 than in the past two years. It's true. These are the top five turnovers: 35 homes per thousand in Virginia Beach, and Atlanta is 30. Per thousand, San Jose has 14.8 homes per thousand, and that's a drop of 6.2.

LA is seeing something similar, as well as New York. LA is seeing 11 homes per thousand homes sold over the last year. That's from January to August. So sellers are sitting pretty. They have the upper hand, but buyers who are coming in are smartly being picky. That's just the way it is. 



Tips for Hiring Movers
If you're thinking about moving or going to move, make sure that you hire movers before you get into a contract.

Because right now, getting them scheduled for when you need 'em is the smartest thing you can do. Other things you can do are not to hire a shady mover. Years ago, I did. A video of a client of mine who bought a house, and the sellers bought into this shady mover.

They were quoted $7,000. And then the day they were supposed to move, the movers didn't show up, and then they called 'em and said, Hey, guess what? It's not gonna be 7,000. It's gonna be 21,000. And then they forcefully had to pay that money. And then their shipment disappeared.

So they basically held it for ransom. This is not a regulated industry, and my suggestion to you is, don't go with the cheapest guy. Go with the guy who's franchised with Allied, or whatever those companies are. Go with a franchise company because then you have a third support system.

If they screw you over, you can go to the franchise company and talk to them about it, and you probably won't have your furniture held for ransom. Don't mess around with the quotes. Make sure you understand what you're getting into. Make sure every nook and cranny, every little detail, 'cause this is a contract.

Make sure that everyone understands what's going to happen. Like if you're going to pack or they're going to pack, et cetera. 

Decluttering and Packing Tips

If you're gonna pack, don't pack too much stuff. Get rid of half of your stuff, right? There's paperwork. There are photos and pictures and old furniture that really need to be given away or donated, or sold or burned in a big bonfire.

Get rid of half of your stuff. One, it's freeing mentally. Now you're in a mode of moving, and then two, it signals to the buyer, Hey, this house is set up, ready to go. 

They have more than three things on every surface, and it's just crowded. It feels crowded. It feels like they haven't really gotten to the moving part, and that is key. Our job is to help you move, get into the mindset that you're going to move. You need to start packing stuff, getting rid of stuff, getting rid of the old crap, donating it, and throwing it away.

 Schedule your move. Well in advance. I say before you get into a contract, but once you get into a contract, call up movers, get quotes, and decide how you're gonna go. Alright, do it now. And you can always push those dates back. And pack up. Pack up all the stuff that you don't need. If you know you're going into the winter, you're gonna need your parka and your winter boots, and your winter clothes.

Get rid of your summer gear, pack up all the rakes, and all the other stuff that you're not using anymore. Get that stuff packed up, put it in the garage, put it into storage, put it into a moving box, and get rid of it. All right, that's it. 



Featured Houses of the Week
This is the Cupertino House of the week.

Richwood Drive, not my listing. $3.8 million. Three bedroom, two bath, 1500 square feet, built in 1959. And the reason why I picked it is that it is really close to the Apple headquarters. Yeah, you're gonna have to drive, but it's a two-minute drive on a good day. So there you go. And this is a nice house.

It's older, it's not updated. I mean the floors and the can lighting, but the kitchen's old. The carpet's old. The bathrooms are old. But I can tell you one thing. Thank you, agent, for putting out the floor plan. It's nice that you did that. I appreciate it. Buyers appreciate it. People who are skimming your house on the internet.








On the MLS appreciate it because they need to see that flow. I've put my floor plans on the second or third picture so that people can get right into it and understand what they're buying or looking at. This is the Willow Glen House of the week. This is gorgeous. It's $3.2 million, four bedrooms, one full, one half bath, 2,400 square feet, built in 1900.

This is a beautiful house. It's walking distance to Lincoln, which is the main street, and there you go. It's just a beautiful house. Everything about this house, every nook and cranny, is just fully detailed. It's gorgeous. I would love to have this house. Now, the negative thing about a historic call is that you have to continue using their architecture.

Setup. So, like these sash windows, you have to continue using the paint, the look and feel. You have to get everything approved through the Historic Society, which is this Campbell house thing right here. And they go through and tell you what you can do and can't do. Kind of like an HOA, but it's only to preserve the beauty and richness, and architectural design of an older home.

If you buy this, understand that's what you're getting into. That looked like a stain, but it's actually a drawing of roses. That's cool. All right. 




Luxury Home Spotlight
Luxury Home of the Week. Barry Lane, Bari. If you remember, Bari from HBO. There's a series. He's an assassin.

He's also a Marine, and the reason why I brought that up is that in a few days, it's the Marine Corps's 250th birthday. So happy birthday to all my Marines out there. $25 million. Six bedrooms, seven full baths. Two half baths. 11,000 square feet built in 2012.

And let's take a look inside. This is a gorgeous Tuscan castle. Every little detail, I mean, when you walk inside this, you're just gonna fall in love with it. Everything has been detailed out, and it's gorgeous. Just imagine having your summer parties out here, your barbecuing. Having some booze.




You're drinking, you're having some fun, and then you go for a swim later on. This is a great house. If you haven't done this yet, make sure that you take a minute to download this home inspection checklist. It's very important to get your repairs done ahead of time, whether it's carpet or appliances or windows or plugs, switches, et cetera.

Make sure everything's working because when you have your property inspector come through, then he'll disclose everything that's working on it, but he'll also find stuff that doesn't work on i,t and then attack that as well. Get stuff done, get the little things fixed, get the big things fixed, because buyers right now are being very picky.

They see one little scratch or dent, or cracks in the walls. They're gonna start looking a little bit deeper into your house. Get it fixed now. 

Market Trends and Statistics
45th week of the year, we're pacing 153 closes in single-family homes in Santa Clara County per week. In 2024, we were pacing 159. In 2023, we were pacing 1:37.
We're below last year's and we're below, far below where we were in the pandemic. We have higher interest rates, and we have fewer homes per sale. We have picky buyers.

We have. Stubborn sellers. We have people who are not coming to an impact to come together. And that's the hardest part about being in real estate is waiting for the right buyer to come along and understand, I want to work with deal with you, but it's gonna be on my terms, et cetera. We had 134 homes go into escrow last week in Santa Clara County. Alameda and Contra Costa are way above that. A hundred forty-two, a hundred forty-eight. Everything else is kind of Petsky San Benito had six homes go into contract, that's the same as Blossom Valley area 12, where I live. So things are kind of in a very murky state.

Right now, we're at $16 billion in sales. Now in Santa Clara County, the average home costs $2.4 million, and the median is $2 million, basically. Right? And it takes 20 days to sell. Same thing in Blossom Valley, the 19-day average home price in Blossom Valley is $1.5 million. So we have a lot more homes that sell under 2 million than we do over 2 million.

And Contra Costa. Napa, we have had 663 sales so far. That's 10% of what Santa Clara has done, right? They had 16 sales this week, and it takes 73 days to sell. It's the best place to buy a house if you're looking for a deal. The only thing is you're gonna have to drive a little bit if you work down in Silicon Valley.

But Napa's gorgeous. Sonoma. You can get a house 97 cents on the dollar, and we've had 58 sales so far this year. And how many closings? Oh, we've had almost 3,200. So, half of what Santa Clara County does. The good thing about that is the average price, which is a million dollars, far better than 2.4.
And you're kind of close to the country. If you want me to start looking at different types of statistics, I'm happy to help you out with that.  Just let me know because I'm happy to help you out, walk you through something so you can better understand it.


And that's it for now. Thanks for watching. I'm Vito with Abano.  


🔴 Gorgeous Custom Built Estate 1036 Ridgemark Dr https://www.youtube.com/watch?v=SiP41bXXA0E

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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