Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita Open House dangers to watch out for as a home seller brought to you by SantaClaritaOpenHouses.com

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Santa Clarita Open House dangers to watch out for as a home seller brought to you by SantaClaritaOpenHouses.com · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Hey everybody, welcome to June 13th, 2024.
• 0:03
  SPEAKER_00: I'm Connor with Honor, and I would like to debut a new website.
• 0:07
  SPEAKER_00: We do have Santa ClaritaOpenhouses.com coming soon.
• 0:10
  SPEAKER_00: That's going to be on the 18th.
• 0:11
  SPEAKER_00: Your real estate data for today is as follows.
• 0:14
  SPEAKER_00: 14 new coming soon listings have hit the market in the past seven days, 85 new listings total.
• 0:20
  SPEAKER_00: 47 properties have had their prices changed.
• 0:22
  SPEAKER_00: 19 properties have gone back on market.
• 0:24
  SPEAKER_00: Active under property, active under contract properties, 29.
• 0:27
  SPEAKER_00: Those are properties going into escrow.
• 0:29
  SPEAKER_00: Then we have the pinning sales at 52.
• 0:31
  SPEAKER_00: These are also properties in escrow.
• 0:33
  SPEAKER_00: So we're sporting about 113 listings that are actually currently in escrow that's in the process of selling.
• 0:40
  SPEAKER_00: In the Santa Cruz Valley, typically we're going to see somewhere between 20 and 40 percent of those not make it all the way.
• 0:48
  SPEAKER_00: That seems to be about the average that we're watching.
• 0:50
  SPEAKER_00: And these properties are considered back on market properties.
• 0:54
  SPEAKER_00: So what ends up happening is they go back onto the market, they're gonna have a historical score that's gonna basically show that they were for sale, then they weren't, they went into escrow, and now they're for sale again.
• 1:06
  SPEAKER_00: And that does create a lot of questions for real estate buyers like why.
• 1:09
  SPEAKER_00: And some of the buyers mistakingly look at that as if that's gonna give them some advantage with regard to being able to maybe undercut the seller.
• 1:18
  SPEAKER_00: Now, in some cases, that might be the way that the sellers look at it, but if both sides have a really good agent, the agents will explain, well, first they'll have to display or let be known why those buyers cancel.
• 1:34
  SPEAKER_00: Now, if it was for personal reasons, or maybe the buyers had a change of heart, or maybe uh they lost their ability to qualify for the property, something of that nature, that's that's fine.
• 1:44
  SPEAKER_00: That doesn't have anything to do with the house.
• 1:46
  SPEAKER_00: But if it has something to do with maybe the seller not willing to do something that's really necessary, a health and safety issue, or maybe the buyer's discovering something the seller really could do nothing about and they don't want to proceed forward with the purchase of the property.
• 2:01
  SPEAKER_00: Those things should be known to the next buyer that comes in, but it's not always the case, as you could see some from some examples that I gave, those examples I gave, it's not always the case that in fact there is something wrong with a seller's house.
• 2:14
  SPEAKER_00: So when you see properties come back on the market, it could have just been one of those things.
• 2:18
  SPEAKER_00: Now, what ends up happening is a lot of people aren't monitoring that channel.
• 2:22
  SPEAKER_00: So if you're a buyer out there, make sure that your real estate agent is.
• 2:26
  SPEAKER_00: And it's very important also, if you as a buyer have written an offer on a property and then your offer was rejected or it wasn't even countered because maybe it was so much lower than the rest, or whatever the the thing happened to be.
• 2:40
  SPEAKER_00: Your agent should continue to follow up, even if your offer wasn't accepted, because as I said, those odds averaging out to about 30% of the properties not completing escrow and coming back on the market, that's actually a pretty substantial number if you might be expecting to be in that second position.
• 3:02
  SPEAKER_00: Then if it does fall out, you get that call your agent does at least because they've been doing their due diligence following up with the seller's agent.
• 3:09
  SPEAKER_00: So these are the inner mechanics of real estate, and it's really good to know I do share these and I will be hosting these at santaclarita openhouses.com soon.
• 3:18
  SPEAKER_00: All right, so we went through that.
• 3:19
  SPEAKER_00: We did sell 61 properties this past week.
• 3:22
  SPEAKER_00: These are going to be all single-family residences, condominiums, townhomes, all of Santa Clarita Valley, including the cities of Castac, Canyon Country, New Hall Saugas, Stevenson Ranch, and Valencia.
• 3:33
  SPEAKER_00: And then, of course, on the other end of it, five properties didn't sell during their contractual time frame.
• 3:39
  SPEAKER_00: A lot of properties are taken in the Santa Clarita Valley, anywhere from listings.
• 3:43
  SPEAKER_00: They could go 30 days, 60 days, 80 days, 90.
• 3:46
  SPEAKER_00: They could go 180.
• 3:47
  SPEAKER_00: Usually I'll take 180 listing, 180-day listing, that's six months.
• 3:52
  SPEAKER_00: That's because the sites out there, the syndication sites, at least for now, they do monitor that ending date of the contract.
• 4:00
  SPEAKER_00: And in some cases, from what I've heard, they give a little bit more weight, just like a domain name that might have been registered for 10 years instead of the one year.
• 4:09
  SPEAKER_00: It's looked at as being a little bit more substantial because the people that are purchasing it want it to continue.
• 4:14
  SPEAKER_00: Same thing with those real estate contracts, but that's definitely a discussion to have with your agent, and then you can crawl down that rabbit hole and see if what I'm saying makes sense and if you can find that verification that I've seen online regarding length of time with listing.
• 4:28
  SPEAKER_00: Canceled listings 10.
• 4:30
  SPEAKER_00: These are properties that uh the sellers canceled the listings on.
• 4:34
  SPEAKER_00: So if you see or happen to have been monitoring that, and then these properties are no longer there, maybe you were kind of hesitant in making an offer, still reach out to your agent and say, hey, listen, you know what happened with this listing?
• 4:47
  SPEAKER_00: I was kind of interested, it just kind of disappeared.
• 4:50
  SPEAKER_00: We see that a lot in real estate, and sometimes people will drive back by the property to investigate what the for sale sign says.
• 4:58
  SPEAKER_00: Folks, there is no mandatory requirement for an agent to go stick an Nescrow sign or a sold sign on the sign that they post in the yard of the listing that they're going to be selling.
• 5:08
  SPEAKER_00: There is no requirement.
• 5:10
  SPEAKER_00: Some agents do that in order to spur off market activity, maybe have the neighbors see, oh my gosh, look, they're so good they put the property in escrow, or they're so great they put the property sold, but there's also nobody enforcing that regulation either.
• 5:24
  SPEAKER_00: And there really isn't a regulation.
• 5:25
  SPEAKER_00: An agent can just leave the sign, it goes all the way through, then one day you don't see the sign anymore.
• 5:30
  SPEAKER_00: Some agents do their open houses as well differently, and a lot of agents don't even host their own open houses for their sellers.
• 5:38
  SPEAKER_00: They have other agents going in and doing it for them, which is fine, but just as long as those sellers are aware that it's not going to be the agent that signed that contract.
• 5:48
  SPEAKER_00: Important note.
• 5:49
  SPEAKER_00: All right, so we finished this.
• 5:51
  SPEAKER_00: We do have uh 16 properties put on hold, and two properties have been withdrawn from the Santa Clarita Valley Market.
• 5:56
  SPEAKER_00: Now, a couple new listings, these popped up.
• 5:59
  SPEAKER_00: We have an Atlento, uh Alento property.
• 6:03
  SPEAKER_00: It's a beautiful four-bedroom, two and a half bath.
• 6:05
  SPEAKER_00: That one popped up at 1.25 million, and it's really located in one of the best neighborhoods, most sought-after neighborhoods in Santa Clarita.
• 6:12
  SPEAKER_00: We also have a new American in the Bokeh Canyons, a charming three-bedroom, two bath priced at$7.20.
• 6:18
  SPEAKER_00: All of these will be available currently.
• 6:19
  SPEAKER_00: They're available at Connorwithonor.com, and then once we get Santa Clarita, openhouses.com, up and running, you will be able to see those there.
• 6:27
  SPEAKER_00: All right, so just a couple things with regard to price changes.
• 6:32
  SPEAKER_00: We have seen quite a few price adjustments in the valley.
• 6:35
  SPEAKER_00: We're running anywhere from 50 to 60 every seven days.
• 6:39
  SPEAKER_00: These are price changes.
• 6:41
  SPEAKER_00: A majority of them are reductions from listing price to listing price, but there are maybe 10 to 15% that happen to be price increases, and you might be asking why.
• 6:52
  SPEAKER_00: A couple of reasons for this: a price increase or a decrease does create a new wave of activity online and the syndication systems out there.
• 7:00
  SPEAKER_00: So those real estate websites that you see your house on that your agents advertising there, all those are going to be picking up the new feed and the new information.
• 7:08
  SPEAKER_00: So they're going to start to populate or pay a little bit more importance.
• 7:12
  SPEAKER_00: Their algorithm will pay a little bit more importance to the change of the listing because they want to be the most accurate systems out there for the people that are going to those websites.
• 7:22
  SPEAKER_00: Plus, of course, they monetize the people's information that go visit those syndication sites and they sell their information to those local agents.
• 7:29
  SPEAKER_00: Sometimes, if you go on there and you ask a question on one of the big syndication sites like Realtor.com or Zillow, more than likely you're going to start getting a phone call, especially when you ask a question, you have entered your personal information, your name, email address, and phone.
• 7:45
  SPEAKER_00: Just give it a hot second.
• 7:47
  SPEAKER_00: And I would say you put a phone number in there, you'll probably get called within seconds.
• 7:53
  SPEAKER_00: It's pretty amazing.
• 7:54
  SPEAKER_00: So watch out for that.
• 7:56
  SPEAKER_00: If you're looking for that local data, Santa Clarita Open Houses when it comes out June 18th.
• 8:01
  SPEAKER_00: It'll have everything.
• 8:02
  SPEAKER_00: I'm going to unlock the system.
• 8:05
  SPEAKER_00: You'll be able to go there and you'll be able to follow it up with any city in Santa Clarita Valley, openhouses.com.
• 8:11
  SPEAKER_00: So we'll have that in place.
• 8:13
  SPEAKER_00: All right.
• 8:13
  SPEAKER_00: So as far as sellers go, one of the things when we talk about open houses, some of the things to watch out for is make sure that you lock up your valuables.
• 8:22
  SPEAKER_00: We do a really thorough walkthrough the very first time we're hosting an open house, even if the sellers might have left and we get there, because a lot of times we like to start it fresh without anybody present.
• 8:33
  SPEAKER_00: But again, if the sellers want to stay, that is their prerogative.
• 8:36
  SPEAKER_00: But in most cases, we do have that look around very quickly.
• 8:40
  SPEAKER_00: And then if there are things that the seller left out in the public view that we believe might compromise their position and maybe put them a little bit at risk for folks that might have sticky fingers, we take those things and we secure them at least to the best of our ability.
• 8:55
  SPEAKER_00: Now, when people are walking through residences, it's really kind of a thing that they don't open drawers.
• 9:02
  SPEAKER_00: They might feel funny about opening closets, but sometimes opening a closet does have a basis or a reason, and that's because they want to see maybe depth.
• 9:12
  SPEAKER_00: If it's a walk-in closet, that's one thing.
• 9:14
  SPEAKER_00: But if there's jewelry boxes set on sitting on top of counters or in the agents are having their the people are opening these, the agent needs to step up and say, I'm sorry, that's not part of the residence.
• 9:25
  SPEAKER_00: And in fact, the dressers, if they're not included or not for sale, or don't have some kind of a tag on them, says, open me up because I'm for sale, then that should a buyer should stay away from those things.
• 9:37
  SPEAKER_00: But in an open house situation, as we try to explain, anybody can come into the open house.
• 9:43
  SPEAKER_00: They don't have to be approved, they don't have to have an agent, they don't even have to really want to buy a house.
• 9:49
  SPEAKER_00: They could just be a neighbor that's kind of curious at your stuff.
• 9:52
  SPEAKER_00: So be prepared for that as well.
• 9:54
  SPEAKER_00: Depersonalization with regard to an open house is also critical because you're having people go in there that haven't really been vetted, and not that people are going in to try to caper or try to do you wrong.
• 10:08
  SPEAKER_00: But you know how that works.
• 10:10
  SPEAKER_00: So please watch out for yourself.
• 10:12
  SPEAKER_00: You know, luck does favor the prepared.
• 10:14
  SPEAKER_00: I love that saying, and I will use it again.
• 10:17
  SPEAKER_00: All right, so buyer beware tips.
• 10:19
  SPEAKER_00: One of the things when you go into a residence, and I do have a series of videos on YouTube about this, as a buyer, that first big step, and you should have your agent or remind them of this, when you get to a property, don't be so quick to run inside.
• 10:33
  SPEAKER_00: Stand out in the street for a moment.
• 10:35
  SPEAKER_00: And if you're not going to get run over, stand out in the center of the street in front of the house.
• 10:39
  SPEAKER_00: If there aren't cars or it's a cul-de-sac, this really works well.
• 10:43
  SPEAKER_00: Because especially if the property has a prime location like a cul-de-sac, or maybe a bad location, maybe it's underneath high frequency power lines, and as a buyer, you don't like that.
• 10:52
  SPEAKER_00: So there's pros and cons to all of these things.
• 10:55
  SPEAKER_00: But again, you at least will know so, and it's better that you forget it now than go in, don't notice something, write the offer, have the offer accepted by the seller after countering back and forth and going through all of the drama.
• 11:10
  SPEAKER_00: Then finally you're an escrow, and then you're going into your home inspection and you're standing out in the street and you see something that is a deal breaker for you that you completely missed the first time because you just didn't take that extra moment.
• 11:26
  SPEAKER_00: So I tell my buyers as we stand there in the street, let's take just a moment and be quiet and listen and see what we hear, and then we can talk about that.
• 11:35
  SPEAKER_00: You might hear airplanes flying overhead.
• 11:38
  SPEAKER_00: You might hear a train horn in the distance, you might hear uh a shopping center that's a couple blocks away, some truck blowing its air horn to signal the people inside the ready to drop off.
• 11:49
  SPEAKER_00: These are things, uh schoolyard bells, speeding cars, motorcycles, sirens, ambulances, things to listen for, and also as you're standing out front smell, maybe you get the little whiff of cannabis coming from a neighboring community that seems to be quite prevalent.
• 12:06
  SPEAKER_00: Maybe you hear dogs barking, maybe you hear the kids' boy band in somebody's garage muffled, but the garage opens and out comes more of the smoke, and well, you know the rest of that story.
• 12:16
  SPEAKER_00: It's good to do that as a buyer.
• 12:18
  SPEAKER_00: Do not discount yourself.
• 12:19
  SPEAKER_00: You're spending a lot of money.
• 12:21
  SPEAKER_00: Typical loans in real estate fake 30 years to pay off, and I've met folks over the last 26 years selling houses.
• 12:28
  SPEAKER_00: I've met very few that have actually made it and paid off that mortgage.
• 12:32
  SPEAKER_00: Be one of those that pays it off.
• 12:34
  SPEAKER_00: Not a bad idea.
• 12:35
  SPEAKER_00: That's other things to talk about as well, because there will be people out there that say, Are you kidding?
• 12:40
  SPEAKER_00: Paying off your mortgage, you should always use your house and equity to leverage other real estate transactions, which there's also a book on that.
• 12:48
  SPEAKER_00: I'm Connor with Honor.
• 12:49
  SPEAKER_00: I do appreciate you watching today's update.
• 12:51
  SPEAKER_00: Today's June 13th, 2024.
• 12:54
  SPEAKER_00: I'm Connor McIver, over and out.