More Californians are able to afford a home | Winners and Losers

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More Californians can afford a home, as housing affordability hits a 4-year high, new figures show.
Flood Of Home Foreclosures Ahead This Year As "Dam Is Bursting" | Melody Wright
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Cupertino Home of the Week 
Willow Glen Home of the Week 
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Trump on Agent Licenses

Trump has joined the fray regarding real estate agents and believes that someone should not be able to get their real estate license unless they themselves own a home. And what do you guys think about this? They say that you should not be able to sell the American dream unless you actually are a 

p- isn't that just convenient?

Now, look, I totally believe in this, and I remember going through sales training when I was a young man, and I went through Dale Carnegie, and he said, "If you're going to sell pans, you better be able to know everything about the pans. You better own the pan." And if you don't own real estate, why are you trying to sell it?

You're in it just for the money. It's just if you sell cars a- and you sell Toyotas and you don't, and you have a Hyundai, how the hell do you know how that thing works outside of the specs and, oh, a couple of test drives? This doesn't work like that. 

Raise the Bar for Realtors

To top it off, for the last 23 years I've been doing this, I've always said that having a real estate license should just be that.

You should also, on top of that, be required to take that test and have a master's degree. And the reason why I think a master's degree is that it's not a doctorate, it's not a doctor-level thing, but you should at least have a degree or a master's degree in real estate to practice real estate.

And y- the reason why is our profession tends to bring in the bottom ten percent of every industry. Whether you're a rocket scientist, an economist, a sales guy, whatever, doesn't really help you understand what's going on. The reason is that it's so easy to get your license, and people can make a really good living off of it.

You tend to get the bottom ten percent of people that just trickle out of wherever they don't belong, and then they come in because three classes, you take three classes, and you can take them online, and then you can pass a test with a sixty percent. It's more difficult to become a hairdresser. Nothing against hairdressers, 'cause I-- Lord knows I need a haircut.

It's more difficult to become a hairdresser or an appraiser than it is to become a real estate agent. And you look at how many agents that are out there and how many are actually producing and how many actually do a good job over years and years and you'll see why real estate has such a hard nose...

hardline nose about how the-- It's they're almost as bad as car salesmen. I totally agree with this guy. The link is in my blog if you wanna watch that whole TikTok or Instagram or whatever that was. But yeah, let's get into it now. 

More Californians can afford a home, as housing affordability hits a 4-year high, new figures show.

California Affordability Claims

Okay, sorry about stopping you there. Californians are m- are able.

This is such crap. Cal- more Californians are able to afford a home as housing affordability hits a four-year high, new figures show. Now, this is coming out of Oakland, but here's the thing: the numbers are all skewed, and it's not right. It's almost more difficult right now because of the high interest rates and what we've seen happen over the last five years since twenty-twenty-one.

And since twenty-twenty-one, when we had historically low interest rates, prices went up, almost doubling in some areas. But here this report on channel two, KTVU, is saying that 22% of the state's home buyers could afford to purchase a medium-priced existing level single-family home in California.

Maybe all of California, maybe in Modesto or Stockton or up in the hills, but not in the Bay Area. It's just not that ex- it's not that easy, 

right? 

Compared to the rest of the country. Yeah. Compared to the rest of the country, we didn't see prices artificially increase as crazy as they did here in the Bay Area.

It just didn't, right? 

Bay Area Prices Reality Check

Bay Area figures, local perspective. Not surprisingly, the Bay Area was exorbitantly higher with the median income coming in at one point three million, which is not true maybe for the Bay Area, but like in Santa Clara County, the median price today is... Where is it? Median sales price: two million dollars.

Crazy, right? Most affordable, least affordable. Among the nine countries, Solano was the most affordable. I've been saying that for ten years. Had the biggest jumps. Napa County also had the same year-over-year increase, nineteen to twenty-four percent, after Solano-Contra Costa. And we have those things right here, in the Bay Area.

We follow that every week. Quarter-to-quarter drop. Enough of that. If you wanna watch-- read this whole article, go to my blog.

Foreclosure Fears and 2008 Talk

I'm not sure what to take from this. This lady right here has no skin in the game outside of just reporting what she is. She's an analyst, and she gets to talk about what's going on in the market, and she seems to think that in the last quarter, we're going to see an increase in foreclosures, and it's very possible.

Again, this link is in my blog. If you want to re-watch it, comment on it, and let me know what you think. I would love to hear. But she seems to think there's no way out of this, and the economy's headed for a massive drop in the... It's gonna be 2008 all over again. I don't know. I don't know, and I don't think it's-- if it does, it's not going to be because of the housing market, because it's just not there.

But she seems to think it's because of the housing market. So read or watch her, blog here, and let me think-- let me know what you think. 

Cupertino Home of the Week 

Cupertino House of the Week

Cupertino House of the Week, Wallace Drive, not my listing, two point nine million dollars, three bedroom, two bath, fifteen hundred square feet, built in 1952. And it is right here on 280 and 880 85.

To the inside. So the floors were updated. The kitchen's a little dated, but it's newer than 1935 or whatever year it was built. When was it built? 1952. Yeah, that's good. Yeah, look, these houses are gonna last forever, and it looks like it was updated over time, right? It looks like a cedar closet.

There's an updated laundry room, so nothing bad, and it's a Cupertino address. You get to... I think this one goes to Cupertino High School, which is right here in this area, right here off of Fremont. Okay. And then let's see. 

Willow Glen Home of the Week 

Willow Glen and Luxury Picks

Willow Glen House of the Week, Britton Ave, not my listing, 2.7 million three-bedroom, three-bath, 2,500 square feet, built in 1937

Nice. This is well-appointed. Older cabinets, but they've been painted, and new countertops and a new backsplash, so it looks nice. And then let's see. This is the luxury home of the week, $25 million, six bedrooms, seven and a half baths, 7,400 square feet in San Francisco. Look at that. Beautiful. Just the archaeology...

Arc- archaeology. Architecture in this, and look at the views. Wow, yeah, this is worth every penny. Let's go take a look.

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Home inspections. If you're thinking about selling your house, get this downloaded today. Let's get it moving. 

Market Snapshot and Wrap Up

In here, nothing crazy is going on right now outside of San Francisco, which had a big jump from the 122 list price to the sales price. I don't know. I don't know why it's so crazy right now, but San Francisco seems to be the place you wanna go.

There you go. Do you know the way to San Francisco? All right, that's it for now. Thanks for watching. I'm Vito with Abitano. We'll see you out there.

 

This Week's Winners and Losers - 12 County Bay Area Real Estate Report

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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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