15 housing markets with the biggest home price declines ... REDDIT Are we entering real estate Crash?






 


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15 housing markets with the biggest home price declines ...
Reddit Question of the week!  
Are we entering a real estate Crash?
PROBATE AND ESTATE SALES 
REO of the Week
Apple Home of the Week 
Mountain View Home of the Week 
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Wednesday Real Estate Snapshot 🦅 🌎 ⚓️


 

 Yeah. That was hilarious. Did you know that? So, the next big question that we have today is, are we entering into a real estate crash? And your guess is as good as mine because we might see the market, know the market. We don't know what's going on. Nobody can tell you what's going to happen. I've been waiting for a crash since 2018, and we haven't seen one.

And you know what? You wanna know why? You wanna absolutely know why? 




Why Prices Stay High

It's because we keep propping up the market. We keep propping the economy, and, uh, now we're having affordability problems, and we have prices for everything outpacing the cost of employment or the cost of labor, and it just makes it really, really difficult.

So what we're seeing now is the market slowing down. We do not have a selling season right now, technically. Tech-- Some houses are selling, some are not, but they're priced right. And when I say priced right, it probably means a little bit lower than what they should be going for. Now, I mean, when you look at the luxury market, it really doesn't affect them.

Never has, never will. But, uh, the houses you and I have, the tract houses that have been built for the last fifty, sixty years, those ones are gonna take a little bit of a dive. Not in every zip code. Understand, it's-- we're in a different market, right? Everything is different. 

Market Slowdown Signs

So let's take a quick look. Are we entering a real estate crash?

No gold purchase, fuel price about to soar. It will block-- block money, which creates blah, blah.  Owners seldom panic. Sell here. I don't know what that means, but that does make sense. O-owners who-- If you've been through this crash before, if you've been through a crash once or twice, you know that this is just a bad time, and we'll get through it.

Could be six months, could be three months, could be eighteen months. We will get through it. It is part of life. Just like everything. 

Timing Buys and Sells

You never buy on the way down. I'm sorry, you buy on the way down, not on the way up. Buying on the way up is smart because you know the currency. But when you're at the peak, you stop buying because you don't know what's gonna happen.

If you get a good deal, absolutely, right? So if you were selling, February was the time to sell. We just don't know. And nobody had a crystal ball. Just is what it is. 

Rates and Deal Strategies

For a weekend, we had prices go down below s- or interest rates go down below six percent, and the market flooded, and then everything slowed down, and we're going back to normal, and normal is six and a half percent.

So if you want to do a deal, you stay with the price and lower the rate or lower the rate... Keep the rate and lower the price, or you pay both. It is-- There are a lot of different ways to make things happen. Americans thought the same in two thousand and eight happened, yeah, yeah, yeah. Uh, we take it for granted that our population creates a certain inertia in some markets.

You're allowed to read this. The link is in my blog. We're gonna go through this. 

Correction Not Collapse

Here's my thought. Even if we did go through a correction, I don't think we're gonna see an economic crash. I don't think, and I, this isn't political. I think what we're seeing right now is we're seeing a little bit of a correction right now, which we've been trying to do for the last five or six years.

And in COVID, we dropped prices or rates down so much that we artificially inflated the housing market, and I think it's just a matter of time to correct it. My thoughts are, unless your holding position is that of toothpicks and chopsticks holding up your val- your estate, your net worth, if you have houses and you've under-- you've, you bought them correctly, you didn't overpay for the mortgage, you didn't overpay, I think you're in good standing.

I think you're, you're good to go. I think just hold onto it for another couple of months, coup- and things will turn around. That's what I think. 

Hold or Sell Advice

If you're in dire straits, sell it. Absolutely. If you're in a divorce situation, you absolutely have to get rid of it. You can't afford it. You took over your parents' house, and Proposition 13 is screwing you over because you're not making it your primary residence. Sell it. Absolutely sell it, right?

There are a thousand reasons why you should sell it, but there are a lot of good reasons why you should hold onto it too. So if you think the market's going to crash right now, you're not gonna get a premium price for your house. I think we're at the premium price, and houses that deserve it will get it, and houses that don't deserve it won't get it.




So there you go. If you're thinking about selling, download this inspection checklist, and we'll get you started on getting your house ready to sell. 






Listings Spotlight
Probate yada, this is distressed property of the week. I don't know why this is in there. It's not showing up as a short sale or a bank-owned property.





Could be a probate, but it's over here in Basking Ridge. One eight-- $1.8 million, four-bedroom, two-bath, built in two thousand and six. I don't think that's the right price for this one. I think, um, I think it should be lower, a little bit lower, but that's... We know the market. California Street, Mountain View.





Mountain View home of the week. This is $2.7 million, four bedroom, two and a half bath, twenty-four hundred square feet. Walking distance to Castro, so this is a great purchase. It's been on the market for eighteen days, and the walk score is ninety-six. See, when I say it's close to, that's why. It's because it's close to the, to cafes, to restaurants, to bars, et cetera.

It's only been on the market eighteen days, and I think it's priced probably an inch too high, but, you know, you never know until you know. Eight hundred dollars a month mortgage or HOA. So that would be a big no-no for me, but that's just me. That's my personal. Some people want to have an HOA. Totally okay with you.

Totally okay with me. I don't care either way. 





Touring Apple Area Home
This is Apple House of the Week, and this is right down the street from the Space Saucer headquarters. Apple Dawson Drive, not my listing. Two point eight million dollars, four bedroom, three bath, twenty-three hundred square feet, built in 1958 with an add-on.

If you wanna look and see where it is, it's right here, and this is where the saucer is. That's where headquarters is, right there. All right, and let's take a look inside. Bougainvillea. Wow, this is a pretty house. That was not an addition. That was the original floor plan.

Galley kitchen. Slightly updated. Yeah, it's nice.

Very bright and airy. There you go. If you're interested in looking at any of these homes, let me know. Happy to set up a showing for you. 

Local Market Stats Update
And then days on market, forty days on market, we're going up just a little bit. You know, it's the same pri- same one as last year, uh, last week, but it's the same thing.
Ninety days on the market, it went up a bit. REOs went down a little bit. And the pending sales went down. So pending and closed went down. We have a little bit more for sale right now. I think that's going to trickle off as we get into the summer. And just two more weeks, three more weeks until school's out, and now we'll see even more doldrums happening.
So Santa Clara County, fifteen hundred, sixteen hundred... or fifteen hundred and sixteen homes for sale. That means we're higher than we have been for a very long time. That's for San Jose. And yep, fifteen hundred and sixteen, and then that was the peak, May 14th, fourteen hundred and forty-four from last year.
So there you go. What does that mean? Means we have more homes for sale right now than we had all of last year at any given time. Means the market's slowing. Pending sales, we're down just a trickle, but I think this is good and healthy for right now. I think we're a lot less than what we need to be. And last year, you can't really compare to last year because we were still short on inventory last year, so that was a little different.

And then back on the market are ninety homes back on market. This is all in, not just last week. These are all from the last seven days. Eleven days we had eleven-- Sorry, the last seven days we had eleven houses withdrawn, six can- uh, expired, and fifty-nine canceled. This is zero to seven. 

Will We See a Crash

For seven days, we had almost sixty houses cancel out of frustration. So, are we going to see a crash?

I don't know if we're gonna see a crash. I think we're gonna see sellers get knocked back into normal because I think we're gonna see a lot of sellers kind of... Until we see the rates go down again below 6%, we're not gonna see a lot of buyers hit the market. And sellers, if you're thinking about keeping your house price high, uh, understand you're not gonna get a ton of offers, you're not gonna get a ton of traffic, and you will have to offer concessions or accept concessions.

So if your house is worth 1.6 and, uh, you did everything, you can drop it-- you can offer, like, 2% or two points of the loan and drop the rate down to well below 6% and make it motivating for buyers coming in to buy. Something to think about. 

Wrap Up and Goodbye

All right, that's it for now. Thanks for watching. I'm Vito with Abitano.

We'll see you out there.

 

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