Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita housing inventory up and those numbers will continue to climb as long as interest rates don't come down

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Santa Clarita housing inventory up and those numbers will continue to climb as long as interest rates don't come down · Connor with Honor: AI, Real Estate and Real Life

• 0:02
  SPEAKER_00: April 5th, 2024.
• 0:04
  SPEAKER_00: I'm Connor with Honor.
• 0:05
  SPEAKER_00: Thank you so much for tuning in.
• 0:07
  SPEAKER_00: We're going to talk about Santa Cruita Real Estate, what's going on.
• 0:10
  SPEAKER_00: Currently, we're going to do the daily inventory as of this morning, running it through all of Santa Crita Valley cities.
• 0:17
  SPEAKER_00: That's going to include all the cities, Castella, Canyon Country, New Hall, Saga, Stevenson Ranch, and Valencia.
• 0:23
  SPEAKER_00: 372 total listings on the market for sale.
• 0:26
  SPEAKER_00: That's single-family residences, condominiums, and townhomes altogether, everything.
• 0:32
  SPEAKER_00: That's it.
• 0:33
  SPEAKER_00: That inventory has been creeping up since January.
• 0:36
  SPEAKER_00: In January, we were just below 300 active units for sale.
• 0:41
  SPEAKER_00: Now we're in the 370s.
• 0:43
  SPEAKER_00: We're going to see more listings even coming on the market here in the future.
• 0:46
  SPEAKER_00: However, there's holdback on more listings, even more, which might change the market from being where it is currently, totally a seller's market into more of an even market or a more fluid market.
• 1:00
  SPEAKER_00: We don't see that happening just because there's so many sellers out there sitting on incredibly low interest rates.
• 1:08
  SPEAKER_00: And where they are, them wanting to move, maybe desiring to leave the state or desiring to downsize or maybe even upsize the pain point of that higher interest rate, just isn't doing it for them.
• 1:20
  SPEAKER_00: So they're going to sit tight.
• 1:22
  SPEAKER_00: That'll probably change here in the next several months.
• 1:25
  SPEAKER_00: We also see that there's rumors of interest rates coming down towards the end of this year, 2024.
• 1:31
  SPEAKER_00: They were talking about more robust changes to the interest rates out there.
• 1:36
  SPEAKER_00: We'll have to keep our eyes on it.
• 1:38
  SPEAKER_00: We do have an election year.
• 1:39
  SPEAKER_00: And, you know, as well as I do in election years, everybody wants to make everybody happy.
• 1:44
  SPEAKER_00: So we'll see what happens if, in fact, the interest rates get changed and lowered.
• 1:49
  SPEAKER_00: But if they do, you can bet dollars to donuts.
• 1:52
  SPEAKER_00: That's the cop in me, that there's going to be a massive market uptick.
• 1:56
  SPEAKER_00: In fact, we're probably going to be starting to see real estate selling sales even higher than the numbers we're recording now.
• 2:03
  SPEAKER_00: And in addition to that, we're going to see properties on the market even less time.
• 2:08
  SPEAKER_00: Currently, running out the numbers, we have a total days on market timeframe for properties in Valencia and Stevenson Ranch once they hit the market.
• 2:15
  SPEAKER_00: If they're priced right, a total of 40 to 60 days.
• 2:19
  SPEAKER_00: That includes the time that they're marketed and advertised.
• 2:23
  SPEAKER_00: So as far as closing on properties that quickly, that is remarkable.
• 2:28
  SPEAKER_00: And that's showing us that we still have a very solid seller's market, and buyers are still willing to move through escrow.
• 2:35
  SPEAKER_00: No matter what they discover on the residences, with some exception, they'll cancel.
• 2:39
  SPEAKER_00: But for the most part, they're pushing forward because the inventory is limited.
• 2:43
  SPEAKER_00: And in this particular market, most buyers have gone out, been searching for homes for a while, and even lost out on many.
• 2:50
  SPEAKER_00: Have an upcoming book as far as real estate goes, the Santa Clarita Real Estate Guide.
• 2:55
  SPEAKER_00: It will be updated and ready to view here in 2024, and it's updated as of April.
• 3:01
  SPEAKER_00: So it's going to be everything you're going to need to know about purchasing real estate and also selling real estate here in the Santa Clarita Valley cities.
• 3:10
  SPEAKER_00: It'll talk about different things, different areas, Melaruse tax.
• 3:13
  SPEAKER_00: It'll talk about negotiation.
• 3:15
  SPEAKER_00: It'll talk about the entire offering process, the lending process.
• 3:19
  SPEAKER_00: It's going to go into all information that sellers need to know in agent selection and what networking groups mean and all this fancy terminology with regard to artificial intelligence and the new commission model and all of these things.
• 3:32
  SPEAKER_00: It's going to be just an up-to-date guide on the best way to do it.
• 3:35
  SPEAKER_00: I'll also include in there my vendor list, the most trusted people, the contractors, the roofers, the people that I use the most, and my clients have given me positive feedback.
• 3:45
  SPEAKER_00: It'll also include those local utility companies.
• 3:48
  SPEAKER_00: If you're buying a house, it's really good to know who you should be calling to turn on the power and the gas and the phone and the cable and the internet and all those fancy things.
• 3:58
  SPEAKER_00: So I'll have that book out pretty soon.
• 4:00
  SPEAKER_00: It'll be on Amazon, and I think you'll enjoy it.
• 4:03
  SPEAKER_00: So back to this.
• 4:04
  SPEAKER_00: So currently, under the new listings, to highlight the influx, we do have 80 new listings that hit the market this past week.
• 4:10
  SPEAKER_00: And again, this is signaling very strong seller activity.
• 4:14
  SPEAKER_00: However, the seller activity could be stronger.
• 4:17
  SPEAKER_00: It's just they have those interest rates that they're sitting on.
• 4:21
  SPEAKER_00: In addition to that, a lot of people seem to be pretty happy and kind of waiting out to see what's going to happen with regard to the overall economy.
• 4:29
  SPEAKER_00: Sales and contracts this last week had 75 closings in the past seven days.
• 4:33
  SPEAKER_00: We have the 42 pending sales that we've been watching.
• 4:36
  SPEAKER_00: And also 33 properties have entered brand new under contract, which is a good sign for the Santa Cruz real estate world.
• 4:44
  SPEAKER_00: And of course, sellers know exactly what's happening because they're the ones that are encountering the multiple offers on the properties.
• 4:51
  SPEAKER_00: They're also still encountering buyers that are willing to give up and shorten the inspection time frames, which is good for a seller.
• 5:00
  SPEAKER_00: And the reason why a seller may want something like that in an offer is to make sure that if the buyer's serious, well, to make sure if the buyer doesn't want to continue, they find out that earlier more than later because it saves them time.
• 5:14
  SPEAKER_00: Also, understand as a seller, once that property goes into escrow online, if it cancels, it shows up at as having been canceled from escrow.
• 5:25
  SPEAKER_00: And sometimes buyers have questions on that.
• 5:27
  SPEAKER_00: And sometimes that second coming around isn't as good as the first time.
• 5:32
  SPEAKER_00: It's something to consider, though, and hopefully your agent is able to explain to the other agents exactly why the property did not make it all the way through escrow.
• 5:42
  SPEAKER_00: And hopefully that's going to come down to either something you were able to take care of or maybe a buyer fault.
• 5:49
  SPEAKER_00: A problem that the buyer had, they didn't want to proceed, having nothing to do with your residence, something to consider.
• 5:55
  SPEAKER_00: All right, so as far as Santa Clarita goes, we can look at the market activity with broader national trends, such as the interest rates, impacts, inventory level, or the economic climate.
• 6:06
  SPEAKER_00: And I've been providing viewers information on this and all of my daily updates.
• 6:11
  SPEAKER_00: Now, what's happening here in Santa Clarita Valley?
• 6:13
  SPEAKER_00: I'll give you kind of an overview of some of the bigger news headlines.
• 6:17
  SPEAKER_00: We do have a major development in San Canyon.
• 6:19
  SPEAKER_00: That's that 259-unit residential project.
• 6:22
  SPEAKER_00: And that's going to begin in San Canyon, that area in Santa Clara near the 14, and of course San Canyon Exit.
• 6:28
  SPEAKER_00: And that's following a successful$95 million construction financing deal.
• 6:34
  SPEAKER_00: And that was secured by Gray Star and the Resmark companies.
• 6:37
  SPEAKER_00: This development highlights the growing interest and investment in Santa Creta Valley.
• 6:42
  SPEAKER_00: There's a little bit of spin there, nice.
• 6:43
  SPEAKER_00: And we do have a lot of residential spaces that are going to be built.
• 6:47
  SPEAKER_00: Something to consider also when you're thinking about purchasing new, understand that a majority of the home builders do include payment for you to have your own agent on your side during the process.
• 6:59
  SPEAKER_00: I believe that's valuable.
• 7:01
  SPEAKER_00: Talk to me about that so we can cover some of my success stories with regard to what I've been able to negotiate for my clients ahead of time at new housing, just because I know when the price reductions or price increases happen and I understand the way it works on the phase releases and what different value steps there are in each one of those.
• 7:21
  SPEAKER_00: And also in some cases, I'm able to find properties in the new housing realm that are getting teetering, about to fall out.
• 7:29
  SPEAKER_00: And in some cases, the new housing is just looking for another buyer to come in and assume that role.
• 7:34
  SPEAKER_00: And in some cases, those discounts are pretty good.
• 7:38
  SPEAKER_00: Something to consider when buying new housing, having a real estate agent on your side throughout the process.
• 7:43
  SPEAKER_00: Again, with the new commission models out there, you want to ask the right questions and make sure you are well informed.
• 7:48
  SPEAKER_00: I'm Connor with Honor.
• 7:50
  SPEAKER_00: I do appreciate you watching today's daily real estate update for Santa Clarita.
• 7:54
  SPEAKER_00: Ladies and gentlemen, we do have a very strong market.
• 7:57
  SPEAKER_00: My suggestion, just make sure you're up to speed, up to date, and educated as far as what's happening and don't get taken out there by people that are looking to get information from you and sell it.
• 8:09
  SPEAKER_00: So watch out on the online systems.
• 8:11
  SPEAKER_00: Let me know if you want to see more information about who I am, what's going on.
• 8:14
  SPEAKER_00: ConnorWithhonor.com.
• 8:16
  SPEAKER_00: Just do a Google search.
• 8:17
  SPEAKER_00: You'll find websites and Instagrams and Facebooks and there's this fancy thing called TubeU or YouTube where you can put videos up online.
• 8:25
  SPEAKER_00: I I I'm being I'm acting older than I am and in jest, but something to look for.
• 8:30
  SPEAKER_00: I'm Connor with Honor.
• 8:32
  SPEAKER_00: Be safe.
• 8:33
  SPEAKER_00: We'll talk to you soon.
• 8:34
  SPEAKER_00: Over and out.