Pending home sales plunge in December
Pending home sales plunge in December
Plugging the leaky bucket: Why housing preservation matters
PROBATE AND ESTATE SALES
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Willow Glen Home of the Week
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Pending home sales plunge. Let's really dig into this now. This is Scottsman, your Scotsman's guide. December did suck, but compared to what?
Analyzing Home Sales Data
This chart right here is just a picture, right? We're talking about percents 7% I think, is what we really dropped from the month before, year over year.
I know it seems, oh my God, everything in the world is falling. It was cold. We're in a place where we don't know if you have a job. We don't know if it's affordable. We don't know if. The economy's gonna crash. We don't know if the rates are gonna come down. Buyers are being apprehensive and thinking, why would I buy anything right now unless it was the perfect deal, which means I want 10, 15, 20% off, the going rate, because I have time.
They have until March to decide whether or not they're going to buy a house. The buyers in the market right now are sitting, and all my listings are sitting because we had a price too high and the market contracts. Here's what you wanna look at: this is the high over the year. homes. 79,000 units in Jun and July. Right now, 71. Compared to last year, it kinda sucks, but not that much. It's not a big Deal.
So just keep in mind that when you see headlines. It's all designed to get you to click and read the article. Understand. Go deep into what this is pending. Home sales sink, 9.3%. Seasonally adjusted from November to December despite consistent improvements in affordability.
We need to do a little bit more on the affordability, on the economy, on the jobs reports, in order to have more buyers enter the market. Even though we're going to have a lot of homes for sale this year, buyers are still going to be picky.
Tips for Home Sellers
So what do you do?
You make your house look nice, curb appeal, get all the repairs done, and make it so it's easy for your buyers to say yes. If you price it too high, you're gonna have a lot of buyers walking or going somewhere else. That's just the way it is. Go down a hundred thousand, 200,000.
If it's really there, then you know that the market's going to sell. Right now, the house is going, don't play the, I think I'm gonna price it out game. Especially if you have an older home that has been neglected or not maintained as well as it should. Probate and estate sales are the primo deal for me because I get to help them fix it up and make it look pretty again, and stage it. After all, it helps them.
It helps the seller. It helps the seller's children of the seller to take care and make sure that the house gets sold for the maximum amount of money at that time. All right. And this little pre-inspection checklist, you download this and put in your name. If you have questions about who you should talk to about putting your parents into adult communities or care facilities, we have that available for you.
It's available on the internet too, but there you go.
Featured Listings and Market Insights
Cupertino House of the Week, prim Rose Way, $2.6 million for a standard ranch house that needs work. 1400 square feet, three bedroom, two bath. Built in 1961, 2 $0.6 million, and it needs work. Isn't that awesome? Yep. You need to putin a new kitchen.
You need to get rid of that paneling. You need new flooring, new carpet, new windows, new lighting, new everything, but it's still $2.6 million. I would love to see what this thing sells for when it does sell. At least the agent got the floor plan. That's nice.
Does it even have cooling?
Cooling, none. It is crazy to me that houses in this day and age still do not have cooling. It's a standard. I know it was built in 1961, and houses didn't come with air conditioning back then, but dang gum it. I just did one here,e and there were for 9 5 1 3 6, which is north of 9 5 1 2 360 $8,000 different on the average.
That's over the last 12 years. That's what the price is contracting. It's a viable, valuable cost, and the cost to put it in was $12,000. We just had that priced out. Is the seller going to take advantage of that? Probably not. I don't know. It doesn't really matter to me because the house is still gonna sell.
Just I see. $12,000 as a very small investment for what you can get. There you goThehe Glen House of the week, and the value is in the land. Million-dollar two-bedroom one bath, built in 1941, 1032 square feet. It's a 7,500 square foot lot. So this is going to become a McMansion.
The only problem is it's in Minnesota. There aren't even inside pictures 'cause it's so trashed inside. You probably don't even wanna let people know, but are you willing to spend a million? It's probably gonna go for 1.5. Six, because I sold, well, that one was a quarter acre last year.
I sold it one in Willow Glen, and I went for 1.7, 1.8 because it was a quarter acre, not an eighth of an acre.
Luxury Home Spotlight
Sausalito, California, the luxury home of the week, not my listing. $28 million. I'm sending this to my buddy Sean, 'cause he and his wife Jennifer live up in Sausalito, and I think it'd be a great one for them to take a look at,t just in case they can afford $28 million.
$28 million, eight bedrooms, six and a half baths, 8,700 square feet, built in 1893. This is like a kitchen. This is like a restaurant.
It's right on the water, it's almost a half-acre plot of land, and it's been onthe market. Let's see how many days on market? Five whole days. Yeah, that's this thing's gonna. Fire pit balcony. Okay, well, let's take a look. Inside has, luckily,t only 50. I hate it when they do more than 50 pictures.
Yeah, it's nice. I mean, it's not exactly modern, but it's nice.
And if Iwere aa billionaire and I wanted something with a view, that's the other side. Not necessarily San Francisco. You can see San Francisco off on the side there, which is nice.
I think I'll write a check today. Look, you have a little balcony on top of the house. That's awesome, dude. That's the way you live right there. Meet Joe Black. All right. Nothing else is coming.
Market Trends and Final Thoughts
I just updated the numbers. These numbers will come down considerably over the next couple of weeks once we adjust.
For the months of inventory, we're not out of January yet, so understand that these numbers are still not a hundred percent correct. San Mateo is still the highest, most expensive, average sales price in all of the Bay Area, and Santa Clara County has the highest.
Volume,e we're still in the beginning of January. These numbers don't really mean anything 'cause they're gonna ebb and flow.
So that's it.
Super Bowl Plans and Farewell
One last thing,s I want to say congratulations to Seattle and New England for making it to the Super Bowl. I'll be in Costa Rica. Watching it at my buddy's bar, JPS Bar and Grill, and Playa Flamingo. I'm excited to go. We go on the fourth, and we get to watch it. So there you go.
That's it for now. Thanks for watching on Vito. We'll see you out there.
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vitos@abitano.com
FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia
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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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