America’s first-time homebuyer is now 40


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America’s first-time homebuyer is now 40 
Zillow hit with class action over alleged mortgage steering
Cupertino Home of the Week
Willow Glen Home of the Week
Luxury Home of the Week
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The Age of First-Time Home Buyers
America's first-time home buyers are now 40 years old. What does that mean? As you know, back in my day struggled with money and finances, and credit. I was 20-ish, you know, and not making a ton of money, and it was just barely out of reach that I could figure out how to buy a house. I always wanted to buy a house and own a house, and I understood the multiplicity of it and how that actually creates wealth over time, but.

Challenges of Home Ownership for Younger Generations

For the newest generation, how frustrating it must be knowing that you're just going to be a renter for the rest of your life unless you do something completely different to change old ways or old habits. Affordability is so crazy right now that home buyers, renters are holding off until they can actually make some kind of substantial money because it costs so damn much to buy a house.

I think it's pathetic that we can't come up with some kind of program that allows the standard home buyer to buy a home. I don't know if it's just a change in attitude, a change in discipline, I don't know. I just don't understand where we are with this, and it's sad because. I always dreamt of becoming a homeowner, and I'm a homeowner, right?

It's what it is. You build your wealth through that. Must be frustrating for the engineer that lives here, and he can't afford a fricking house, even though he makes way more than pretty much anybody else in the world. And, it's sad, but this is all across the United States, too.

Economic Factors Affecting Home Buying

So wages are not keeping up with inflation; eventually, they will, right? But we're in a kind of quagmire of the top of the market inflation, fear of recession, fear of massive job loss, fear of World War III, all these different things. And I think it has a lot to do with what the media is telling us right here.

The Supply Problem in the Housing Market

It has a supply problem. For the last 20 years, we've not built enough homes all across the United States to keep up with demand. So you see all these crash bros saying, Oh, it's this market's crashing, or this market. It's not gonna crash. It's not like in 2008 because people have equity in their houses. 

The Reality of the Current Housing Market

We don't have those types of loans where you can just jump into a house with, you know, no money down and do a pick and pay or negative amortization, and then all of a sudden they're upside down. That is right now where the car market is, the automotive industry is right now, and you hear if you open your eyes in your ears, you hear and see reports on how poorly the automotive manufacturing is.

We still have people who want to buy a house. They can't afford it here. So where do they go? They relocate to another place and earn a little less money, but they can actually afford a house.

But still, it's a nice, nasty conundrum. It would be great if we had a massive crash so people could again buy homes. I know it's kind of self-defeating, considering the fact that I'm a homeowner. However, if you sell a house. You don't necessarily have to buy a house. You can buy a business.

You can buy into a REIT or a syndication. You can buy all sorts of different things with that cash. But where are you gonna live? 





Zillow's Class Action Lawsuit and Mortgage Steering
Zillow is hit with a class action. So a class action lawsuit over an alleged mortgage steering scheme. And it's true the way they force you into it. You should know about what's going on because why this affects you is that, are not allowed to tell you which lender to use or which inspector, which title company, or which vendors that we work with. We suggest a few, right? And that's it. That's all we can do. We have a list of, I have a list of handymen.

They bring 'em in, they give quotes, and then you decide, I don't care which one you use. If you have yours, that's great, but you have to control 'em, 'cause I don't have a relationship with them. Same thing with blending. I don't care who you use. I have three guys that I use that I offer up. And you know, I tell you, go to your credit union too.

 I have no stake in the game. Zillow does. 

The Issue with Lead Aggregation Sites

Zillow is a lead aggregation site. Kind of like when you say, Hey, I wanna look at my insurance. And all of a sudden, now you get all these ads on advertising for insurance, and all of a sudden you're getting, you fill out a form, and now you're getting 20 calls a day.

Yeah, it's an aggregator site, and that's what they do. So you ever fill out a form on Zillow or Realtor or whatever, Redfin, they all go to a lead aggregator site, meaning a ton of people are gonna be calling you and annoying the shit outta you until you tell 'em to stop calling you or you settle with somebody.

That's how these sites work. Zillow is no different, and it's become so sophisticated that they. Work with specific agents, and they take upwards of 25 to 40% of their commission. So if you were working with me and I told youOhoh no, I charged 3%, they're taking 30% of that. They're taking a huge chunk just for delivering the lead to me. No other value other than they're delivering a lead to me, and now I have to do all the work, and they get all the money. On top of that, my broker takes a big chunk out of that. On top of that, I have to pay insurance and continuing education, all these other fees.

So to me, it's not worth it. I don't do that. But when I'm in the system, if I were in the system, I would also be judged on Steeringou or pushing you towards their other vendors, which they have a lender company, and they have all these other companies that they work with. And if I don't push them or have you use that, their lending company, Zillow loans, whatever the hell that is or whatever it's called, I get gigged on it.

That's what this lawsuit is. It's called steering, and it's illegal. Anybody who tells you that you have to use their person for whatever reason. Absolutely. Like my mechanic, I got sideswiped the other day. I took it to my mechanic. He's let me take you to this guy. I go, yep. I know he is gonna get a little vague.

I don't care. He's a good friend. I trust him. I know he gets a little commish off of that. I don't care. He's going to take me to the right person. I don't have to deal with it. It wasn't my fault. This poor little old lady, so sweet, sideswiped me in an accident.

It's metal. I don't care. It's going to the shop today. That's steering, but I can also say, yeah, no, I want to get multiple quotes. I wanna do this. I don't care. If you don't care about your home loan, you don't know what value you're getting, and you are going to wind up paying for something extra at any given time.

Like my vendors. I never take a dime from my vendors. As a matter of fact, when I have 'em do stuff at my house, I pay them, and they're like, oh, I'll give you, and I'm like, No, charge me what you're gonna charge me because I don't ever want to take from somebody that serves me
.
Right on the other side. If I take my painter over to your house and he gives me, I don't know, 10%, 15%. Are you really getting a good deal? Are you gonna get the best service? I can't guarantee that. So same thing with these loans. Zillow home loans, right there. Are you getting the best deal? I don't know.

That's why I give you all my lenders, and I tell you to go talk to your credit union or your bank, right? I want you to get the best deal. I don't care who you use. I want you to get the best deal and the best service, right? I've honed in after 23 years of being in the business, the three top lenders, in my opinion, I have personal relationships with them, right?

I would trust them with my loan. So just keep that in mind. 






Cupertino House of the Week
All right, Cupertino House of the week, Christensen Drive, not my listing. Four bedroom, two and a half bath, 1978, for a measly 4 million bucks. And look at this house. It is boring as hell.

There's nothing sexy about this. $4 million house. Other than the fact that you live in Cupertino and you're right by the Memorial Park, and this is Deza

Boring is $4 million is crazy, and has just been sted three days on market. I.





Yeah, I, yeah. Crazy. Okay. Willow Glen, I just, I'm disgusted how expensive these houses are. Hicks, 3.3 million. San Jose still says it's not gonna be as expensive as Cupertino, but we also don't have the great schools that Cupertino has, or the amazing employment opportunity of Apple. Cupertino has four bedrooms, four and a half baths, AB brand spanking new 3.3.

You also have to pay the meMeasure tax on this. So be careful. And it's on Hicks, which is a semi-busy road. Let's take a look inside. This is a brand new home. If you see an old home, you wanna make that investment, buy a house for one and a half million dollars, tear it down, and put another $2 million into it.

This is what you're gonna get right here, right? You're gonna make a couple of hundred grand off of this. The developer whose construction company is gonna make a hell of a lot more money on it than you are. You take all the risks, they do all the work, right? I get it. 1, 2, 3, 4. Huge two-car garage. But it's custom.

You get to make your choices, and then it becomes $3.2 million. There you go. 





Luxury Home of the Week: Winding Way
Winding way, this is luxury. Home of the week, $25 million, six bedrooms, six and a half baths, four and a half acres, built in 1997, and you get a great picture of the tree that's in front of this beautiful house.

Woodside. Let's see. This just says old world, old money, and just look at the decor. It's older. I get it. I wouldn't buy this house, though. It just doesn't sing to me. Maybe I'm picky in my old age. Who knows. 




Current Market Trends and Conclusion
Hey, if you're thinking about selling your house, now is the time to do it. Get ready for the spring.

Download this inspection checklist and get all the to-dos done before you put it on the market. You're gonna sell your house a lot faster that way.
Nothing crazy's going on. Right now , we're at $18 billion in revenue in sales across the cocountryour sales prices are basically the same. It has been the same all year. There has not been really a huge gain on the averages in Blossom Valley. I think it started at 1.4 this year.
So there's that increase. But Santa Clara o,n the whole ,is holding still. Same with San Mateo. Actually S,an Mateo went up, I think 10% over, yeah, since the beginning of the year. The inventory is. Supply and demand. We still have the demand. We just have picky buyers a,nd we have stubborn sellers.

So nothing really is going to change until things get shaken up. We either increase the supply or increase the demand and make things more affordable by lowering the rates. Make things just more affordable, so we need more supply. That's just the continuing story of this whole   ar, is we need more supply.

We need to build more homes. Here in Silicon Valley, yes, but all across the United States, we have demand for tens of millions of homes. We're not building enough.

If we do build, we ask for too much. And that's nuts to me. It's capitalism a,nd capitalism ebbs and flows. The market ebbs and flows. Thanks for watching. I'm Vit, and we'll see you out there.

 





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Vito Scarnecchia

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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg


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