Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita Real Estate: 62 Price Drops & 23 Homes Back on Market: Your Next Move?
Transcript
- 0:00this is your senator real estate market Watch September 2024 welcome to today of course let's take a look at the most recent activity shape in our local market here's what's happening in real estate right now coming soon listings in Santa Feta Valley we have 14 properties that are gonna hit the market within the next 21 days it's gonna be either one day or 21 it depends on that listing age and the sellers different strategy so if you're actively looking make sure you keep your eyes peeled for new inventory the way to see those is you have to team up with an agent and ask them to set you up on a search then you'll see all of those coming soon listings 84 new listings have hit the market for sale last seven days new homes have been listed for sale again also adding some variety and options for buyer 62 properties had their prices changed indicating sellers are eager to attract offers or adjust to market conditions 23 homes went back on market they were previously under contract they re entered the market potentially presenting new opportunities for buyers who may have missed out initially active under contract properties that's 33 these are in the final stages before closing reflecting the high demand quick turnover for well priced homes 48 homes are pending currently in escrow further showing that the market does remain active 57 closed sales these homes successively closed escrow making it official for those lucky buyers seven properties expired in this last seven days removed from the market after not selling within the listing period and 12 listings canceled homes had these listings canceled which could indicate sellers are reconsidering their strategies are waiting for a better time eleven listings have been put on hold in this past seven days temporarily off the market which may re enter soon and of course we don't have any listings that have been withdrawn what this means for buyers and sellers for buyers the market remains competitive but with new listings and price adjustments there are still opportunities to find the right home pay attention to the back on market and price change categories as these homes could present some flexibility and negotiation for sellers the steady demand continues but making sure your home is priced correctly from the beginning will help avoid price reductions or sitting on the market for too long the number of homes going under contract quickly shows that buyers are ready to make offers especially on well presented in competitively priced properties and today's Market Watch Real Estate Roll Caller Briefing whether you're thinking of buying or selling I want to be your source I'm here to help you navigate the Santa Feta real estate landscape behind me here this is my website Santa Crude Openhouses com and what I asked it to do was search for the current open houses and the ones that are gonna be scheduled this coming weekend so as you can see here right now there's 59 that have been scheduled there's going to be more put into the calendar and you'll see those here at Santa Clarita open houses now the thing with open houses if you happen to wanna go out and view them over the weekend maybe you don't wanna contact an agent maybe you wanna have some kind of anonymity when you go into the new house or the housing that happens to be open let's say you're not interested in getting the big spiel by the agent in the house more than likely you'll be able just to say I'm represented I have a buyer broker contract between me and my agent and then that'll be it then they'll typically leave you alone now if you have questions that doesn't preclude you from asking and saying hey what kind of plumbing does it have do you know when the roof might have been replaced last how's the electrics electrical system what about the HVA do you know how the neighborhood is do they talk about their neighbors whatever you wanna engage with that's fine and in fact I would look at that as being a good reconnaissance expert if you were actually able to go get information like that from them in fact when I go out and I'm looking at listings with my buyers I always tell them if we happen to encounter a seller don't hold back become the pleasant Percy or the the corresponding khalifas you know just talk be happy that I can't believe I just said what I said but enjoy that conversation talk to the sellers and find out different things maybe find out what their motivation is maybe they're really just testing the market which I've actually had that circumstance come up maybe they actually are seriously wanting to sell and in fact maybe there an escrow on a house that they have to close in a certain amount of time which might indicate you could have a particular advantage now this market it's difficult for buyers to get a lot of advantage just for the simple fact that the markets moving so quickly because our real estate inventory is consistently low we're just about over 500 units about five 20s five 30s that's typical that's double the inventory we saw in January but still not enough to move this market anywhere near a buyers market so if you are real estate buyer and you're wanting to purchase real estate great you still have certain tax advantages of owning homes also you get the value of the house if it happens to appreciate but you also get to enjoy the cycle if it happens to have a downturn as well all things being equal over time it's still a fantastic investment but patience is what it's gonna take usually when you buy a house your payoff isn't gonna be seen for several years this brings me into another discussion that I'm currently working on expanding with that happens to be the delay gratification prospect if you buy a residence and you pay your mortgage every month you don't pull money out you take care of it you put a little extra money into it every once in a while you have a separate savings account and you and your significant other you and yourself if you're alone you just have that set up so you take care of your residents over time if you happen to do that in your 20s or thirties in that too long five 10 15 years depending on the trend and the cycle you could have successfully maybe even doubled the money that you've put into the residence and then you have that as leverage for other things in life or retirement or whatever but that's pretty good but you need the patience it's not gonna happen overnight for those fast payoffs there's a lot bigger risk involved real estate it seems to work out very well over time so the people that say well I don't wanna buy it's too expensive I'm not sure how long it's going to take for this market to reduce in price and when it does what that's gonna look like so that last cycle ran pretty long when we had the collapse in 2,007 we've been climbing since about the end of 2011 the beginning of 2012 so 2007 we had the foreclosure crisis housing economy the whole nine yards so that happened 2007 about the first quarter ish late 2006 beginning 2007 and that all kicked off because a big lender subprime bank claimed bankruptcy and then it was like a house of cards everything just collapsed great so then we saw the increase of foreclosures the banks started buying other banks bad assets certain banks ceased to exist short sale departments opened up at banks where you didn't have anybody Manning a short sale line or short sale entity within any bank you know usually the REO agent they might have one cause their REO profile wasn't much real estate own that's the bank's foreclosure Booker lion item in a tally sheet but basically REO Real Estate owned it's a foreclosure that the bank has has and it's theirs those started to be traded you know hand over fist bank to bank they would trade you know hundreds of these properties so they were moving back and forth and it's a shell game that appeared but who knows what it ends up being in the end but as we went through those properties trickle through his foreclosures you might remember a big short sale market people having bought real estate in that very recent past for some special reason a hardship came up where they could no longer afford their mortgage payment in some cases some banks needed some showing approve some banks really you know just for them to ask you had the short sale granted well that market tracked and trended down from that time in 2007 to the end of 2011 the beginning of 2012 that was the bottom so if you had the proverbial suitcase full of money that's when you would have wanted to buy last that would have been just beautiful then from that point the market starts going up and here we are continuing to go up there's been slight pauses in the market areas of flatness but as it ends up this continues all the way through and we're actually sitting very well today but also pretty much of the highest point we've ever seen where's that gonna end up well if you hold off and wait for the next cycle I don't know when that's going to be and I also don't know how much properties are going to appreciate between now and then and then how much impact that cycle is gonna have on real estate if you remember the first foreclosure cycle that collapsed or if you don't it was because there seemed to be a lot of people that were borrowing money for ridiculously overpriced real estate that had started going up in some cases because the massive competition numbers in the area of you know 2050 excuse me 20 to 50 to $100,000 every month massive increases in what real estate was worth buyers were climbing over themselves to buy new housing was booming everything was just like in a perfect storm and people were able to borrow money that probably had no business borrowing money at least of the levels they were but they were approved well all of that changed when that deck of cards collapsed and of course then the government had to jump in and bail everybody out all of well we all have the banks and other things that being the case we're back in that cycle we are great with price highest we've ever been I just don't know when that breaks gonna be and how low that breaks gonna go point being if you're waiting to buy real estate for that you might be waiting a while and it might not end up being as great as you thought now that doesn't mean don't have something that you could hold on to and save so you can at least do something if the market happens to go low by maybe retaining your assets or maybe having a separate account to maybe purchase real estate at a very low point or the lowest point possible at that time I've caught without a thank you for watching have a fantastic we we are hump day of course Wednesday will be back tomorrow with another show again Santa Crude Open Houses and right now we're showing 59 currently I'll do a refresh I'll do a refresh and the refresh is now 52 so we had some houses that while we were just talking we had around 6 homes come off and they're no longer being posted open so more than likely they had offers accepted this morning I hope everybody has a fantastic day I'm Connor with honor over and out