Welcome to Silicon Valley Living! This is a community-based blog focused on events, updates, and things that are happening in the Silicon Valley!
Abitano– is a community based real estate company that is involved, experts, and gives back in order to make all our lives better.
– Local Family owned business since 2003.
WHEN IT'S TIME TO MOVE: -$15,000 off the list fee if we don’t sell it within the first 15 Days -Repairs and upgrades managed and paid at closing -Your home sold guaranteed, or we’ll buy it -Inspections paid at closing -Staging included -360 Virtual Tour
Vito Scarnecchia, Broker, Realtor, Dad Abitano.com DRE01407676 408.479.2427 Call today to get started! Offer Valid until 5/1/2026
Is there a correlation between oil and Interest rates. Let's go into it a little bit deeper. This is a historical 30 year mortgage rates. And everybody's complaining that rates got high. Yes. We went unseasonably high for a little bit because we're so used to it being down to two and a half, 3%, which is no longer happening because we're not in COVID anymore.
Okay. Because of what happened in COVID, rates went down un like unnaturally too low, and it caused artificial inflation of most everything. From eggs to toilet paper, to fast food, to cars, to houses.
It's normal for us to see prices naturally go back down We were paying 14, $16 a, dozen or a half a do whatever for eggs and now they're coming down. gas is going up ' cause we're in the middle of a war right now. But before the Iran War started, people were kind of going, yeah, this is awesome.
Gas is cheap. Fast food businesses are going outta sale out of business because they artificially inflated their cost for a hamburger or what have you, and people stopped going and they said, this costs the same thing for me to eat a hamburger at BJ's or Lazy Dog or wherever, I'm just gonna go there and I'm gonna enjoy the atmosphere instead of having to unwrap a sweaty burger.
Crude Oil Charts Explained
Let's go back into this crude oil, which is coming down today. It's down at 88 instead of the 110 that it was last month, we're gonna see prices come down a little bit, right? But because of the artificial, the war prices won up a little bit. So now that we're easing out of it, we're coming back and this is the 50 year chart for.
crude oil. Here's the historical chart and this basically the same thing. Yeah. Just I think this is 50. I don't know why they're different, but they are. This is the historical chart, and now we're up to a hundred. Well, this is a hundred. Back in April, 2026, which if we go back here, we did see it at a hundred, right?
April 6th. Now it's coming back down. To 84 and it's gonna chop back up, but I think we're gonna continue to see it go back down. A healthy market is between here and here, right? I'm not an economist. That's what I'm saying. That's where we want to be and we just need to come down a little bit more and we'll be happy again.
Yeah, I might not know what I'm talking about, but I do know that I can read a chart fairly easily. There we go. This is it right here. This is what I wanted right here. I lost it for some reason. So we're seeing you go creep back up after 2020 ' cause it was artificially low. We don't like that. Because when change happens and it hurts us because of inflation, we tend to start slowing things down.
Let's go back to the rates here, right? Prices went up, but they were also pretty dig on low. So here's your 20 year, here's 2020 right here, right? And even the price of oil went down. In 2020. Why? Because nobody was using oil.
Oil started slowing down because people weren't driving to work. Everybody stayed at home, kinda like what I do right here, right? But then prices bulked back up. Everybody freaked out. 2022 happened and then now we're in the middle of the war and we're seeing mortgage rates come down.
We're at five 6.52. People don't like being above 6.52 for a couple days. When I went down to 5.99, everybody started buying houses. Remember yesterday I showed you we had this big, huge bump of new home or homes being sold and it just, it was perfect timing. And then people rushed to go to market and then rates went up and now we're seeing prices dwindle and sit, and that's normal.
Is There a Correlation
But is it, does it have anything to do with the, any correlation to prices going up for crude oil? Yes and no. When, Prices go up in oil because they're trying to stave off inflation. It's the same thing with mortgage rates, right? It's all has to do with all that, but it also has to do with consumer confidence.
The fact that they're buying product and they're actually going to work. And the fact that there is now, earlier this week I was saying that prices are tending to, stagnate for homes. Home sales are stagnating because people are faring loss of their jobs potentially. It's still kind of happening, but it could happen.
And there's no true disparate. Actual correlation. They are indirectly connected to the market, right? Everything is connected. The healthcare industry, credit card tech. Aerospace, everything. It all gets connected. So when you see the price of oil go up, you're going to see a lot of things. Other things go up to slow down the economy and put brakes on it.
Dishonest Seller Disclosure
Seller was dishonest on seller disclosure. What do you do? Well, I can tell you what you can do. You can talk to your broker, your agent, and say this, I don't think this was disclosed properly. What are my options? And the first thing a broker's gonna do is say, I don't give legal advice. I can't tell you legally what to do, but since we worked on this together, let's go figure it out together. Let's go talk to a lawyer. Let's go talk to a contractor.
Let's go talk to the inspector. Let's go talk to the permit department. And figure out what's going on before we make a big to-do about it, right? This person said they bought a house for $255,000 in Georgia, and it was flipped, and it had been previously involved in some pretty serious fire. Now, everybody has their opinion,
I'm not a, I'm not a permanent department. I'm not a lawyer. I'm not giving legal advice. What I'm saying is. The advice I'm telling you is educate yourself on what the truth is based on everybody else's expertise. I said, go talk to a contractor, the permit department, the inspector, let's go do that. It's my job to make sure you're aware of what's going on. Yeah. My job is to make sure you understand what you're buying, or what you're selling as Well.
And do flippers tend to tuck things under the rug when they're selling houses? Yeah, for the most part. Not everybody, generally speaking. Yeah, they're going to do that because they're not going to fix every nook and cranny, everything that they know about in the house.
Permits Due Diligence
This argument that they're saying is that they didn't pull permits on certain things. Like they, they redid the bed bathroom that was burned. They did the kitchen that was burned down. They did all this stuff, and then down here a contractor was saying.
One person's flip flipping out. Did you not check the permits prior to closing? Yeah, you always check permits prior to closing. Is it the listing agent or the seller's job to give those to you? They could, but they could also be hiding stuff. So a good buyer's agent would go in and say, Hey, let's go and find out what permits were pulled and which ones were completed, and if there's anything red tag that you need to know about, that's called the due diligence period.
And that's what a buyer's agent's supposed to do. If you're a listing agent, it's not responsible for doing that because they can make a mistake. So it's the buyer's responsibility to do the D that during the due diligence period, right? They a hundred percent misrepresented that. Okay. Maybe so. But here's the thing, right?
Couple days ago we talked about redoing a bathroom. Does it need to have a permit? Depends. If you're pulling a countertop in sinks and you're putting a new countertop top and sinks and faucets, do you need a new, a permit? Some jurisdictions will say yes, some will say no.
Okay. I'm a broker. In gc, a building permit may not have been required for the things you mentioned. Generally speaking, if you're replacing something like a light socket or a light, some jurisdictions would require a permit, some don't. Even if you gut a home down to the studs, you may be chasing a dead end.
How can you find out? Go to the building department, meet with the inspector liaison, not their job title, but their job function. Let them know that the home was a flip. They will look at the permits and tell you if there was an issue. Then they're gonna tell you what their point of view is, right? If you're in San Jose, they're gonna tell you, yes, We want you to do a permit for everything, including tying your shoes, pulling a tree out of the hou yard. Then we want everything right? It's a for-profit part of the government.
Different jurisdictions will give you different answers. You go to Sunnyvale, Saratoga, Cupertino might be different. Right. Plumbing items. Redid electrical, structural. Yeah. Here's the thing though, right?
if there was a fire and it burned the electrical conduit or the arx. I would replace the romex. Are you replacing it? Are you improving it? Are you remodeling it? Are you shifting different things? Just pulling up the old and putting in the new, does that require a permit? It depends on your jurisdiction, right?
The only check for open permits, not everybody has. And if you wanna read the all these articles, that's great. I think this is a great article, but Here's the bottom, line,
and this is not legal advice.
Legal Remedies and Proof
If you're a buyer and you feel you got duped by the seller because you did not disclose something, What is the bottom, line? The seller can say, well, if you don't like it, I can always take the house back.
Or the judge or arbitrator might say, here's a fine for not doing this or disclosing it. They might fine for judgment, but then how do you get that money back from them? I had a friend who bought a house in New Felds, Texas. After I sold their house, they moved to Texas and they bought a house where the seller knowingly had foundation issues.
So much so that he hid the cracks. In the walls, in the ceilings, and they weren't settling issues. They were, and they had inspections done, and the buyer's agent had inspections done, and it wasn't caught until after the close. And then the house started shifting again because it wasn't done properly and the house had to be to, destroyed, taken down on the buyers, on my friend's cost.
What are the legal remedies? Well, you gotta go talk to a lawyer, but generally speaking, you could go and sue the seller for not disclosing that. But the onus is on you to be able to prove in a court of law. Again, I of advice that you, the seller, knew that the foundation had issues or that in this case that stuff was done without a permit.
I mean, if he tells you specifically the house was burned down, I had to replace the kitchen, the bathrooms, the floors, the windows, the light bulbs and everything else. And he did disclose it, but not the way you like. Yeah, you might not have a case. But that's totally up to you to decide to do that. And that's outside the realm of real, the real estate agent, right? Again, this is not advice, right? Georgia's caveat, mTOR estate, since the property was sold as is, it may be difficult. Here's your challenges. Sellers have to disclose known latent defects.
And here we call it material facts. But you have to. Proved that the seller knew the shower was leaking The seller could argue that they hired a contractor and assumed permits were pulled. You would have to prove that they knew that contractors weren't actually.
acting lawfully permit records.
Disclose Disclose Disclose
The bottom line is, if you're a seller, disclose it. And I tell my sellers this all the time. I would rather scare away a mamby pamby.
Afraid of his own ghost buyer because you disclosed that there was something wrong with the house, whatever it is, a broken window. Somebody threw a rock at your window and it broke, or somebody broke into your house or what have you disclose it. What do you got to lose peace of mind if you just, if you don't disclose it just keep in mind, always disclose, you know, in real estate, we always say, The truth is it's disclose, because all you're asking for is just a heap of trouble. And last year I fired a seller because one thing.
He was delusional about the price and the condition of the house, but he also dec decided he didn't want to disclose certain things. And now that house is in contract, and I hope that buyer realizes what they're doing. Good luck to him. 90 days on market. This is Venita Espania. I have a listing coming up over here when the market gets better. But this one's been on market for 137 days. Why? Started off a hundred, $1.4 million at 1.45. Now it's down to 1.43. It's on Anita Espania, which is a filter street. It's not a busy street, but what's wrong with it?
There's nothing wrong with this house other than. Other than the market's kind of dropping right now when I'm saying that the houses on the east side of 17 and 87, they're kind of slowing down, right? Everything on the, on the west side, they're going no problem. So just keep that in mind. This is awesome.
I love this per big pergola. This is an outdoor enjoyment house. This is awesome. The colors are a little dated. the cabinets are a little dated, but nothing a paint job couldn't handle. This is a great good price. I'm not a big fan of the wallpaper. That's nice. That is awesome. I love the party lights everywhere. Yep. Nice, but they didn't do a floor plan, so shame on you. Okay. Bank owned of the week This is via seven via Del. Sold. Not my listing just came on market for $628,000. Standard ranch house, three bedroom, two bath, 1800 square feet.
Built in 1975 on 1.41 acres. It's in Santa Cruz, actually. Corletos, which is near Watsonville. But this is a great buy, guys. You're, you could be in the fire plan, the fair plan area, but understand that this is a great price for his house. This one's going to sell fast.
I don't care what it looks like in cyclists could be studs. Now look, that's nice. There's nothing $600,000 for this man. That is nice. I'm gonna go take a look at it. If you're interested, let me know. Then we can compete.
Rates Inventory Wrap Up
Prices are 6.5% right now, but look, guys, telling you, we'll talk about this tomorrow, 5.62. You can drop it, look, put a point towards your loan and see what it does. You're gonna be below 5.5%, right? I know it sucks, but it is what it is right now and then here, nothing really to worry about. Here, 40 days on market, kind of chopping up a little bit, but that's absolutely normal,
right? That's normal for that to happen, especially when you have high rates and wars going on. Same thing here with San Jose. Weekly Homes for sale. You're seeing inventory hit the market. We're at 1400 right now, right? 1400 homes actively for sale right now, which is good. We need to be at 2000 to be a buyer's market, to be a balanced market.
Santa Clara County's doing the same thing. We're seeing prices or inventory come on up 'cause we're going into the selling season now. We're just need rates to come down and I would love to see that the minute you see rates, on my posting. Get your house on market 'cause your house is gonna sell quick.
That's it for now. Thanks for watching. We'll see you tomorrow Have a good day.
Wednesday Real Estate Snapshot 🦅 🌎 ⚓️
🔴 Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc Please like and share! 🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41 🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be Videos edited by Vydeoease.com Use Exemption code VEASY Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-479-2427 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
#BedlamWhereChaosResides, What should a realtor do to sell your house,What should you not do when selling a house,Why is home not selling,Is it better to sell as is or fix up,Home much money is lost when selling a house,Is it bas to sell a house as is,Where should I sell my house for money is 2021,Is money from the sale of a house considered income,Do you get all the money when you sell your house,Do you have to buy another home to active capital gains,What happens when you sell a house and make a profit,Can I sell my house and keep the money ,What month is the best to sell a house,How much money do I keep when I sell my house,How to I avoid paying taxes when I sell my house,How do I sell my house in 5 days,Whats the quickest way to sell a house,How can I sell my house quickly ,Is it better to sell my house or rent it out,How do I sell my house in 30 days,What does teh seller have to pay when selling a house,How p[ays closing costs on for sale by owner ,Who pays the title company at closing,Who pays for appraisal buyer or seller,How do I calculate my closing costs as a seller,Can a realtor lie about other offers,Do sellers always pick the highest offer,Can ou sue a real estate agent for lying,How do you make sure your offer is accepted,Can buyer talk to seller directly,What do you say when you reach out to a realtor,Do you tip your realtor,Why do realtors now want buyers and sellers to meet,Do I have to pay my realtor if I decide not to sell,Can you work with multiple realtors,Can you fire your real estate agent,Are realtors rich,Should I interview multiple realtors,Are you obligated to a real estate agent,What should I do to my house before selling ,What sells a house fast,What brings more value to a house,What features sell a house,What to do if a house is not selling,Do vacant homes sell faster,What are the worst months to sell a house,Which month is best to sell a house,Is 2021 a good year to sell a house,What adds most value to a home,How can I increase my chances of selling my house,What makes a house harder to sell,What brings down property value,What are houses not selling 2021,What adds teh most value to a house,What is the most common reason a property fails to sell,What should you not fix when selling a house,What adds teh most value to a house,Does Zillow pay fair prices for homes,How to I sell my house that need repairs,Do sellers have to fix everything on home inspection,Can you sell your own property as a real estate agents,Does a realtor make money on a for sale by owner,Can I use a real estate attorney instead of an agent,Can I be my own buyers agent,Do real estate agents make more than lawyers,Do realtors get paid if a house doesn’t sell,Do agents get paid for open house,Can I ask my realtor to take a lower commission,How much does a real estate agent make monthly,Which real estate agent has the lowest commission,Can I represent myself as a real estate agent,Do brokers make more than real estate agents,Can you bypass a real estate agent,Can I represent myself in buying a house,Can you buy a house yourself,Do Realtors get commission on for sale by owner,Is it better sell your house by owner or realtor,How do you negotiated for sale by owner,Is it hard to sell a house without a realtor,Can you ask a realtor to take a lower commission,What home improvements add the most value,What should you not fix when selling a house,What color carpet is best for selling a house,Which home renovations are your best investments,Which home improvements pay off,What is the best way to renovate a house,What is the most expensive part of a kitch remodel,What home improvements do not add value,Is a 4 bedroom house worth more than a 3 bedroom house,Do home improvements increase value,What features sell a house,What order do you renovate a house,What renovations are worth doing,Is it better to renovate or move,Is it cheaper to renovate or build new,How much does it cost to fully renovate a house ,What should I renovate first,What makes property value increase ,What negatively affects home appraisal,Do home appraisers look in cabinets,Do appraisers look in showers,What matters in a home appraisal,How can I maximize my home appraisal,Is land a good investment 2020,Is buying land a building a house cheaper,Is it better to buy land first,How to I buy money with no money,Is land a bad investment,Does age of house affect value,Are 100 year old houses safe,What is the average age of a house,What age is a house considered old,How do I price my house,How is property value determined,What are the 5 methods of valuation,How do I determine fair market value of my home,How does a bank value a house,Why is my tax assessment so high,What brings down,calhoun.savingmoneyonhomes.com
Santa Rosa Real Estate,Petaluma Real Estate,Rohnert Park Real Estate,Sonoma Real Estate,Sebastopol Real Estate,Windsor Real Estate,Healdsburg Real Estate,Cloverdale Real Estate,Cotati Real Estate,Calistoga Real Estate,Forestville Real Estate,Guerneville Real Estate,Penngrove Real Estate,Glen Ellen Real Estate,Geyserville Real Estate,Occidental Real Estate,Kenwood Real Estate,Cazadero Real Estate,Fulton Real Estate,Monte Rio Real Estate,Bodega Bay Real Estate,Stewarts Point Real Estate,Jenner Real Estate,The Sea Ranch Real Estate,Bodega Real Estate,Graton Real Estate,Annapolis Real Estate,Valley Ford Real Estate,Duncans Mills Real Estate,Camp Meeker Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Oakland Real Estate,Fremont Real Estate,Hayward Real Estate,Berkeley Real Estate,San Leandro Real Estate,Livermore Real Estate,Pleasanton Real Estate,Alameda Real Estate,Union City Real Estate,Dublin Real Estate,Castro Valley Real Estate,Newark Real Estate,San Lorenzo Real Estate,Albany Real Estate,Emeryville Real Estate,hayward real estate,Piedmont Real Estate,Byron Real Estate,Sunol Real Estate,Canyon Real Estate,Farwell Real Estate,Brookshire Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Petaluma Real Estate,San Rafael Real Estate,Novato Real Estate,Mill Valley Real Estate,San Anselmo Real Estate,Sausalito Real Estate,Corte Madera Real Estate,Tiburon Real Estate,Fairfax Real Estate,Kentfield Real Estate,Larkspur Real Estate,Ross Real Estate,Belvedere Real Estate,Bolinas Real Estate,Nicasio Real Estate,Point Reyes Station Real Estate,Dillon Beach Real Estate,Woodacre Real Estate,Lagunitas Real Estate,Inverness Real Estate,San Quentin Real Estate,Tomales Real Estate,Marshall Real Estate,Olema Real Estate,Stinson Beach Real Estate,San Geronimo Real Estate,Blakes Landing Real Estate,Salinas Real Estate,Watsonville Real Estate,Seaside Real Estate,Monterey Real Estate,Soledad Real Estate,Marina Real Estate,Greenfield Real Estate,King City Real Estate,Carmel-by-the-Sea Real Estate,Pacific Grove Real Estate,Gonzales Real Estate,Castroville Real Estate,Carmel Valley Real Estate,Aromas Real Estate,Moss Landing Real Estate,Del Monte Forest Real Estate,Big Sur Real Estate,Del Rey Oaks Real Estate,Bradley Real Estate,Chualar Real Estate,Sand City Real Estate,Jolon Real Estate,San Simeon Real Estate,San Ardo Real Estate,Lockwood Real Estate,San Lucas Real Estate,Hollister Real Estate,San Juan Bautista Real Estate,Aromas Real Estate,Paicines Real Estate,Tres Pinos Real Estate,San Francisco Real Estate,San Mateo Real Estate,Daly City Real Estate,Redwood City Real Estate,South San Francisco Real Estate,San Bruno Real Estate,Menlo Park Real Estate,Pacifica Real Estate,Foster City Real Estate,Burlingame Real Estate,San Carlos Real Estate,Belmont Real Estate,East Palo Alto Real Estate,Millbrae Real Estate,Half Moon Bay Real Estate,Hillsborough Real Estate,Woodside Real Estate,Atherton Real Estate,Portola Valley Real Estate,Brisbane Real Estate,Emerald Lake Hills Real Estate,Moss Beach Real Estate,Colma Real Estate,Pescadero Real Estate,La Honda Real Estate,Montara Real Estate,San Gregorio Real Estate,Loma Mar Real Estate,San Jose Real Estate,Sunnyvale Real Estate,Santa Clara Real Estate,Livermore Real Estate,Mountain View Real Estate,Milpitas Real Estate,Palo Alto Real Estate,Gilroy Real Estate,Cupertino Real Estate,Morgan Hill Real Estate,Campbell Real Estate,Los Gatos Real Estate,Los Altos Real Estate,Saratoga Real Estate,Stanford Real Estate,Los Altos Hills Real Estate,San Martin Real Estate,Monte Sereno Real Estate,Lexington Hills Real Estate,Mount Hamilton Rea
Comments
Post a Comment