America's Housing Market Favors Buyers

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America's Housing Market Favors Buyers—But Their Advantage Is Finally Starting to Shrink
Zillow Sues MRED and Compass Over Private Listing Battle
PROBATE AND ESTATE SALES
How your Home will be Marketed
Los Gatos Home of the Week 
Santa Clara County Price Reductions 
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Vito Scarnecchia,
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Abitano.com DRE01407676 408.479.2427
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Real Estate Reality Check

I could watch that a million times, but that is so true. Tell you, being in real estate is five times its great and 20 times it's not so great, and it is what it is. And everybody's "Oh, you're overpaid." Yeah, pay me a salary and then we can talk, right? I- it's like running a business. You have costs.

I have marketing, insurance, and everything else, and nobody's paying for it except for me. And then I have buyers that say, "I wanna buy a house," and then I never hear from them, and I wasted a lot of time dealing with them, and then they're gone. Or the same thing with sellers. I want my house to be 20 ti- 20% more than what it's worth, and no, and it is what it is

Exactly how it is selling a house. All right. 

Foreclosure Rates Snapshot

Let's talk about the news. US foreclosure rates by state April 2026. This is all compiled from last month, so it's pretty dagum near. The top state that has foreclosures is Delaware. It's only because there's li- not that many houses in Delaware.

But it's per capita, per however many houses there are in that area. So, one in 1,700, that's not bad. That's not great. In Nevada, it's one in 2,400. In Idaho, it's one in 2,700. And California does make the list. It's way down below. Where is it? Find California. Oh, it's 15. 15 one in 3,300, down from one in 4,400, and we've actually declined almost 20%.

However, we're gonna go into the numbers today, and we'll see what's going on with the market. 

America's Housing Market Favors Buyers—But Their Advantage Is Finally Starting to Shrink

Buyer Market Headlines

America's housing market favors buyers, but their advantages are finally... This is nationwide, right? Again, these are nationwide pro- articles talking about what's going on across the United States. And every- everyb- everybody knows who watches my show understands that it's micro markets.

I was in Winnipeg, and Winnipeg has 10 different little micro markets in it. In San Jose, you have hundreds of different micro markets because even in ZIP Codes, it's different little micro markets. It's on that side of the freeway or this school or this or whatever. So it's very different, so don't go crazy when I'm telling you that it's some- it's a buyer's market, 'cause it's not, especially in San Jose or the Bay Area, unless you're in Vallejo or Solano County.

Buyers are coming back faster than sellers, helping to close the gap. Meh, across the board, yes, not so much in California. Sellers gained ground in 19 markets. There are seven seller markets, the most in nine months. And San Francisco is one of them. And if you saw Monday, you saw that the average price in San Fr- San Francisco surpassed Santa Clara County.

Yep, I'll show it to you in a minute if you hold on and listen or watch. The new construction c- can have a significant influence. A lot. The strongest buyer markets are in the Sun Belt, so just take that into account. Okay, here's another one. 

Zillow Sues MRED and Compass Over Private Listing Battle

Zillow Lawsuit Pocket Listings

Zillow sues MRED. I don't even know what MRED means. MRED is Chicago, Midwest Real Estate Data Exchange, right?

Zillow sold them, sues them because of this online coming soon or off-market selling homes. Now is not the time to sell your house as a pocket listing or off-market or coming soon or this private listing battle thing going on. You're not capturing the entire market. You're not exposing your house to the entire market.

It's a stupid thing. If it's something where you're older, your parents are like, "I don't wanna have 1,000 people in my house. I just don't want an open house," I totally understand, and you're not gonna get the top dollar. You're not. The only reason why the companies are battling for this, Real Broker, RE/MAX Compass, Anywhere, all these other companies are battling for this, is because they want to be able to control the entire transaction from the sell side to the buy side, which means that they double their commissions.

That's the only reason. There's no value to the buyer. There's no value to the seller. It's the value... And, as an agent, as your broker, we owe you a fiduciary duty to sell your house for the most money, and this is just corporate greed. Enough said. 

PROBATE AND ESTATE SALES

Foreclosure Flood Watch

Yesterday, we talked about this flood of foreclosures happening.

The dam is bursting. They say that there are cracks in the dam already. Something to watch. I'm asking you to watch this. I'm not gonna give you my opinion on it because I can't tell the future. Watch it, come back to me, and tell me what you think. All right? Probate sales. If you're thinking about selling your house, get it done now before the dam breaks if it breaks.

Los Gatos Home of the Week 

Los Gatos House Pick

Okay, in Los Gatos, House of the Week. This is Ed Del Len Avenue, not my listing, and this is a big, huge monstrosity of a Victorian. Two and a half million dollars, two bedroom, two and a half bath, 22,000 square feet, built in O-O-O-O. I don't know when it was born. And if you're wondering where it is, it's right off of University on the Main Street side of Los Gatos.

When I say Main Street, it's Santa Cruz, because there is a Main Street, but within walking distance of downtown and all the fun and enjoyment and restaurants and bars. But look at this thing. It's just a big, huge monstrosity. Th- th... Architecturally, yes, Victorian maybe. Maybe there's some hint of it, but jeez, it's like they just went overboard.

They just did it just to... I don't know. I just don't like the look of the foot, and then they put laminate in there and carpet. Yeah, I don't know, man. I don't know. I'm gonna have to say no to this one. Again, the link is in my Blog. All right. And then here we go. 

Santa Clara County Price Reductions 

Luxury vs Budget Sales

Highest price sold house showing you that the haves still have it, $13.5 million.

They paid 100% of the list price. The lowest one was seven hundred and ten thousand. That's up in the mountains. They sold it for eighty-nine percent of the list price. The highest list price sold for one hundred and forty, and the lowest sold for sixty-six. Let's go take a quick look and see what that looks like, real quick.

See if that actually makes any difference. Actually, it doesn't 'cause I did the wrong thing.

Okay, let's bring this over here so you can take a look. Client full. This was food

So 140 l- off of list price, that's this one right here. 40%. Went for a million dollars more than what it sold, l-listed at, or $1.5 million. Took six days to sell, three-bedroom, one bath. Tell you what, when you're in Palo Alto, that's what it's worth, and then this is the highest sold price house in Santa Clara County in Palo Alto.

Seven bedrooms, six and a half baths, 5,600 square feet, $13 million. And then the lowest list price to sales... The lowest list price, sold price house is 710,000. Took 64 days to sell, one bedroom. Your b- and your lot is only three... 3,900 square feet. And you have a monthly HOA to top it all off. Love that.

And this is the lowest list price to sales price, which sold for 66% of the list price. This is Maricopa Drive. Took 55 days to sell. Four-bedroom, two-bath, 1,400 square feet, built in 1958. They were trying to sell it for 20 or $3 million, then they dropped it down to $ 2.2 million, and it sold for two. That's what happens when you chase the market. That one, see if we can take a look.

Oh, yeah. So this looks like it's the children or the parents who sold it, and they just said, "It's gotta be worth this much money," and this agent took it and said, "Sure, we'll take it, take the listing," and then finally listed it. So there you go. Okay. 

Price Cuts Market Stall

Single family homes climbing. Price reductions are climbing.

One thing I do wanna point out is that almost 24% of the listings that are active right now have a reduced price. Crazy, right? Sold 100-- almost 200 this last mo- week, but I think that's coming off the folly, and we're gonna see things slow down. And we have more actives than we've had in a long time, even since last year.

And yeah, 362 of them have been reduced in price. So the market's kind of stalling, is what it is. It's not the end of the world. Not yet. Not until the dam breaks, if the dam breaks at all. So we don't know. All right. 

Wrap Up and Goodbye

That's it for now. Thanks for watching. I'm Vito with Abitano. We'll see you out there.

Santa Clara County Highs and Lows
🔴  5 Cities Near San Jose | Moving to San Jose https://youtu.be/sDkdDq42vo8?t=46  
🔴 The Five Biggest Turn-Offs For Homeowners https://youtube.com/shorts/lwknH5DCS5c 
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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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