Sellers Are Pulling Their Homes Off the Market at Near-Record Rates
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Sellers Are Pulling Their Homes Off the Market at Near-Record Rates
PROBATE AND ESTATE SALES
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Willow Glen Home of the Week
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Sellers Are Pulling Their Homes Off the Market at Near-Record Rates
Private Listings Exposed
This law professor wrote a good opinion piece in the Wall Street Journal about the private listing network. 30%, that's how many listings at America's biggest brokerage you can't find right now, not on Zillow, not on realtor.com, not anywhere. And some of you don't even know that this was happening.
Compass is keeping a growing share of its homes in what they call private exclusive or private exclusives. Only Compass agents and their buyers get access, and that's according to this opinion piece here. They pitch it as a giving sellers more control type of thing, but Zillow studied millions of sales and found that sellers who skip the MLS lose about $5,000 per home.
In California, that number is $30,000. Do you believe this protects sellers, or do you believe it protects the brokerage? Compass actually sued Zillow over this, saying Zillow was a monopoly for requiring listings to be shared openly. A federal judge threw it out. Couldn't even prove Zillow had monopoly power.
The industry just paid $418 million in the NAR settlement because the old system was built to serve agents over clients, and now the biggest brokerage in the country is building a new version of that same wall.
Off-Market Pros and Cons
All right, so Private exclusives, sorry, private exclusives are not your friend. Remember that. They have a purpose. They have a need for a specific set of homeowners who want to sell their properties off-market. I totally understand that. You might wanna have privacy. You might not just wanna have people coming through and thumbing through your house.
But understand, in California, that's taking away thirty thousand dollars out of your pocket as a home sal- seller just so that you can have that, so is it a good thing or not? I don't know. You tell me. All right, let's get into this.
Why Homes Get Delisted
Sellers are pulling their homes off the market at near-record rates.
Five point eight all across U- US homes are taking off-market. That means six percent of homes that get listed are not being sold right now. They're being sold, they're not being-- they're being taken off either by expiration, cancellation, or withdrawal because they're frustrated with the results, right? A lot of it is because homes are taking longer to sell because of affordability.
Rates are at, Rates are high, and it makes it even more affordable because six years ago, we had historically low rates, and now they're still-- we're still playing catch-up. Playing catch-up because we're waiting for either rates to come down, prices to come down, or income to go up to match where those prices were.
When you have an artificially low interest rate or some other incentive for people to go out and buy houses, and then what happens is that it becomes a bidding frenzy, and people put three and four hundred thousand dollars over list price. Happens all the time. If your house is properly marketed and priced, and it's in decent condition, your house will sell.
And when it's a firestorm, it doesn't matter what it looks like, period. Inventory is rising faster than demand. It's true. If your house hasn't sold in thirty days, it's because of the price. We'll go into this in a minute, but I can tell you right now that some of my houses that aren't selling are because the price is not where the market requires it to be, period.
You've tried two or three times, and you're like, "Yeah, it's still not gonna sell," because some sellers still have pandemic-era price expectations. Pricing contract, pricing expands. Sometimes when you take a listing, and you time it poorly, as I did on a couple of listings, your houses will not sell.
There's nothing you can do. You can have open houses after open houses after open houses. I can spend tens of thousands of dollars sending out marketing and advertising, et cetera, and if you're not getting an offer or you're getting low-ball offers, it's because your house isn't in the condition you thought it was.
Economic uncertainty is making both buyers and sellers cautious. Yep, we don't know where else to go with it. Delisting can be a strategic reset. I tried that with m- with the listing that we're gonna look at in December, and we put it back on the market, and it still hasn't sold because... I don't know, because of pricing.
We didn't have it staged. They chose not to stage it. Whatever the reason. Delisting is most common in Atlanta. Bay Area homeowners are relisting at a high rate, four point two in San Francisco, three point eight in Boston. Oakland is three point seven. It follows that San Jose has four point one are being relisted right now.
Now these terms, these numbers are s- dynamic, so you can go and try to look for those numbers again, and those numbers will be different, but just keep that in mind. All right?
PROBATE AND ESTATE SALES
When to Sell Anyway
I don't think... I think we're between a rock and a hard place, and if you need to sell your house. If you're waiting for a great price, this is not the time to do it, period.
If you're in probate, estate sales, or putting your parents into an adult community, and you need help with getting everything done and who to talk to, let me know. That's what we do. We help you work with lawyers, as well as accountants, escrow, and the county, so you know exactly what's going on.
We do it in a specific way so that you're not overwhelmed, and r- all the while we're getting your house ready to sell or package up so you can rent it or you can move in. So let me know if you're interested. You can always just give me a call.
Cupertino House Pick
Cupertino house of the week is Cass Place. Ten-- one nine eight T- Cass Place, not my listing.
This is listed at three million dollars. Four bedroom, two and a half bath, twenty-one hundred square feet, built in nineteen seventy-five. Let's take a look inside. Completely remodeled, right? New floors, new cans. I wouldn't say completely. That's an old-ass oven. They put the Silestone type. So this kitchen was remodeled a while back, the...
And you can tell. But it's still gonna get it because three million dollars for a house in, in, in Ca- in Cupertino, it's awesome. How can you say no? Look at that backyard, it's beautiful. At least it's not a flip. What you get for... Where is this? This is Willow Glen. We're at Arbor Drive. One point five seven five.
Not my listing. Four bedroom, two bath, fourteen hundred square feet. This is a great deal. Let's take a look inside real quick. And yes, it's not exactly walking distance to Lincoln, but it is what it is, right? It's not a busy street. Oh, yeah. Original kitchen
Nothing bad about it. It still works, right?
There you go. Nothing to worry about, nothing to complain about.
Luxury Listing Tour
And then the luxury home of the week is Pine Hill Road, not my listing. Forty million dollars, eight bedroom, ten bath, thirteen hundred square-- or thirteen thousand square feet, built in two thousand twenty-five. And this is where it is if you wanna look at it on a map.
Between one oh one, El Camino, and two eighty. So yeah, it's a beautiful house. It's also like how many acres? Two point seven or two point four acres, or two and a half acres, really. Rounding up, rounding error. So yeah. Guys, I think you should buy this. This is a beautiful house. Let's go take a look at it today.
I-- Let me know when you're available, and we will go look at this thing. It's beautiful. Look at this. And this is nice. You did a nice floor plan. Thank you so much. I know that this was an architectural drawing. This is nice, though.
How your Home will be Marketed
Overpriced Auction Lesson
Thank you for doing this. Okay, so let's take a look inside this house, right?
You do a three-sixty, you do the floor plan, you do photos. We do a little hover around. On the market for ninety-one days. We tried to have this thing on the auction block, and it just did not sell. Why? Because it's overpriced. They can't go any lower, unfortunately, so they're kinda stuck between a rock and a hard place.
See how we do nice floor plans. This is a three-level. That's the garage- or that's the garage. There's a bedroom down here. It's actually a four-bedroom, but because there's no bathroom down there, I scheduled it as a three-bedroom. We're calling it a three-bedroom. But it's a nice house. Guys, there's nothing wrong with it.
It's a good HOA. Even though I'm not a fan of HOAs, so there you go.
Seller Prep Tough Love
If you're thinking about selling your house, let's get your stuff fixed up and ready to go before we do it. I-I'll tell you right now I'm turning over a new leaf. If you come at me and say, "I'm not gonna do half of the things that you recommend," I'm probably gonna drop you as a client.
'Cause when you don't listen, and I tell you this is what you need to get to this price, and then you do half of that, all you're doing is shooting yourself in the foot and making me frustrated. And I can't promise you a rainbow bridge to your heavenly spot unless you understand that I have to take certain steps.
So yeah, that's a little rant. Keep sticking around 'cause we're gonna do months of inventory, 'cause that's updated now.
Bay Area Market Stats
Alamedais is doing really well. Look, Alameda, that starts with Fremont, right? They've had three thousand two hundred sales so far, and their average sales price is one point four. That's all the way up to Oakland and Dublin and all over the place, but it's still a nice area.
Alameda County is a nice area. Fremont's probably gonna be a little more expensive, but if you go up a little bit further, you have very affordable houses. And a lot of homes are being sold up there because some people have to make that trek. They just can't afford a two and a half million dollar house in Santa Clara County.
So if you're interested in affordability and a nice house, you don't have to spend one point four million dollars. You can buy a house for under a million dollars. I have houses on... actually, Regencies in Hayward. I have some other ones a little bit lower than that, and they're coming on sale. And if you're interested in looking at them, by golly, let's take a look.
All right. Marin, the average price is two point four million dollars. San Mateo is two point eight. San Francisco is catching up. San Francisco is doing this, a massive rebound. I don't know exactly what's happening, but they beat out Santa Clara County this week in median sales price. Crazy, right? And of course, San Benito gets pooped on.
Poor San Benito, they have only sold two hundred homes this year. That's a week for Santa Clara County. It's crazy. And then the same thing with Solano. They sold eighty-nine houses so far this week. They've had fifteen hundred sales. And Solano, even though it's a longer trek, if you don't have to come into the county every-- into Santa Clara County every day, that might be a good valuable value for you.
It's a good, it's a good area to live in.
Months of Inventory Wrap
And here's the months of inventory, and we're seeing things slow down. We're seeing these numbers tend to trickle up a little bit overall. So if you're interested in learning more about this and how I do it, just give me a call. Happy to walk you through any of that da- data that I sent you.
And in the comments down below, you'll have a link to my blog. All right?
Final Thanks and Outro
Thanks for watching. I'm Vito with Avotano. See you out there.
Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-705-6817
Vitos@abitano.com
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
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