Latest / Connor with Honor: AI, Real Estate and Real Life / 166 Open Houses: Santa Clarita Real Estate Market Watch

Transcript

166 Open Houses: Santa Clarita Real Estate Market Watch · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Saturday, June 29th, 2024.
• 0:02
  SPEAKER_00: I am Connor with Honor.
• 0:04
  SPEAKER_00: We are with Santa Clarita Open Houses.
• 0:06
  SPEAKER_00: This is going to be your daily update for Santa Clarita.
• 0:09
  SPEAKER_00: Currently, Santa Clarita Openhouses.com is tracking 166 active open houses that have been scheduled as being held open.
• 0:17
  SPEAKER_00: You'll be able to see those split between Saturday, Sunday, even.
• 0:21
  SPEAKER_00: I've seen some coming soon listings that have open houses posted the following weekend after July 4th and so on.
• 0:29
  SPEAKER_00: So you'll be able to see all the information there.
• 0:31
  SPEAKER_00: Coming soon listings, eight have entered the market.
• 0:33
  SPEAKER_00: 85 new listings have entered the market for sale.
• 0:36
  SPEAKER_00: Total listings, 449.
• 0:38
  SPEAKER_00: That's actually up over this last seven days.
• 0:41
  SPEAKER_00: So we're watching as we see an increase.
• 0:43
  SPEAKER_00: I'm not seeing how that's corresponding yet because that is new information to whether or not we're going to see house housing prices maybe relax a little bit.
• 0:52
  SPEAKER_00: But we did some get some news on the wire yesterday.
• 0:55
  SPEAKER_00: They're talking about the Fed.
• 0:56
  SPEAKER_00: If they are going to reduce their rate down to that 5.5% level, which apparently is that magic spot that's going to really kick the market off in a frenzy, as we saw a few years ago, in order for that to happen, it's probably not going to happen very quickly.
• 1:11
  SPEAKER_00: In order for that to happen, there's going to have to be some time apparently injected into it so that the economy can continue to adjust.
• 1:18
  SPEAKER_00: But right now, as we were promised, look like interest rates were going to come down considerably.
• 1:23
  SPEAKER_00: Doesn't look like that's the case now.
• 1:26
  SPEAKER_00: But again, people, if you're considering purchasing, most people are definitely basing that on what that interest rate is today.
• 1:33
  SPEAKER_00: Now, of course, there are clever ways to do it.
• 1:36
  SPEAKER_00: There are different buy-down options where a seller could contribute in a way to buy down your rate for a particular number of years.
• 1:44
  SPEAKER_00: That does cost the seller money, but in some cases, with the fear of high interest rates, that's kind of like hoping for a refi opportunity sometime in that time period as your interest rate is artificially lower, purposely low because the seller paid to have that particular option for you, known as a buy down.
• 2:03
  SPEAKER_00: If you are going to be signing something like that, so questions to ask are if I'm going to participate in this buy down, thank you very much, Mr.
• 2:12
  SPEAKER_00: Seller.
• 2:12
  SPEAKER_00: But if I'm going to participate, can I actually refinance at any time during that period or after?
• 2:19
  SPEAKER_00: Let's say I hit a hard ship and wanted to sell the house.
• 2:21
  SPEAKER_00: Could I sell the house at any time or after?
• 2:24
  SPEAKER_00: You want to find out what other requirements are built into that particular buy one buy down that you're being offered by the seller.
• 2:32
  SPEAKER_00: And it could be that your agent is also asking for this.
• 2:36
  SPEAKER_00: It could be that the lender is asking for this as well.
• 2:39
  SPEAKER_00: Whatever your source on asking for a buy-down option when it comes to purchasing real estate, you definitely want to explore and make sure you understand everything written in contract.
• 2:48
  SPEAKER_00: All right, so we have we do have 61 properties that have had their prices changed.
• 2:51
  SPEAKER_00: They're in this past seven days.
• 2:53
  SPEAKER_00: 25 homes have been placed back on the market.
• 2:55
  SPEAKER_00: Ready for new offers.
• 2:57
  SPEAKER_00: These are properties that have fallen out of escrow.
• 2:59
  SPEAKER_00: It does happen in every market.
• 3:01
  SPEAKER_00: That's very common to see about that number.
• 3:03
  SPEAKER_00: We're looking anywhere from 20 to 30 percent of every listing that enters escrow typically come back around for another chance.
• 3:11
  SPEAKER_00: So if you buyers don't have your agent looking for those houses that you've written offers on and following them through escrow and seeing if in fact they get ready to cancel because your agent did their due diligence.
• 3:23
  SPEAKER_00: Called up, hey, it's Connor.
• 3:24
  SPEAKER_00: Hey Marsha, I got a couple clients.
• 3:26
  SPEAKER_00: Remember, we showed your uh property on Brighton Village the other day.
• 3:30
  SPEAKER_00: Yeah, they they loved it.
• 3:31
  SPEAKER_00: I know you accepted a different offer other than ours, but I was oh, oh, really?
• 3:36
  SPEAKER_00: Really?
• 3:38
  SPEAKER_00: Okay, very good.
• 3:40
  SPEAKER_00: Is it for sure?
• 3:41
  SPEAKER_00: I mean, do you do you think there's gonna be any issue them just going right with us?
• 3:45
  SPEAKER_00: No?
• 3:45
  SPEAKER_00: Oh, great.
• 3:46
  SPEAKER_00: It happens.
• 3:47
  SPEAKER_00: It really does happen.
• 3:48
  SPEAKER_00: That's happened more often than I can tell, but it doesn't happen if the agent isn't doing their due diligence, continuing to follow up on those properties.
• 3:57
  SPEAKER_00: Again, I like to talk about that.
• 3:59
  SPEAKER_00: Ron Popele, remember him?
• 4:01
  SPEAKER_00: He had that rotisserie oven.
• 4:03
  SPEAKER_00: I'm probably mispronouncing his name, but when he was the actor on there presenting it, you would set it and then the crowd would respond, forget it.
• 4:12
  SPEAKER_00: In real estate, as a home buyer, it's easy for me to set up a home buyer on a real estate search.
• 4:18
  SPEAKER_00: Very simple.
• 4:19
  SPEAKER_00: It just takes a few minutes.
• 4:20
  SPEAKER_00: All you need to do is get some basic criteria.
• 4:22
  SPEAKER_00: Oh, yeah, Connor, I want to buy between 900 and 1.1 million.
• 4:26
  SPEAKER_00: Great.
• 4:26
  SPEAKER_00: I want at least four bedrooms, perfect.
• 4:28
  SPEAKER_00: I'd like a private pool for sure, awesome.
• 4:30
  SPEAKER_00: And I'd like to be in this particular school district or this zip code because I have kids that want to go to school.
• 4:36
  SPEAKER_00: Great.
• 4:37
  SPEAKER_00: So I put it all together.
• 4:38
  SPEAKER_00: I can set up a search like that very simply and just send it to the client.
• 4:42
  SPEAKER_00: And then just sit back and fold my hands behind my head and act like I'm on vacation.
• 4:47
  SPEAKER_00: The problem with that is my client now has to go through these listings, which is fine.
• 4:52
  SPEAKER_00: Most people are going to be searching on their own anyway, despite what their agent is sending them.
• 4:56
  SPEAKER_00: It's really hard for us as human beings to believe that our agent has the only source, when in essence, that's actually how it works.
• 5:03
  SPEAKER_00: If you're falling into this trap of coming soon listings, potential properties coming on the market for sale, pocket listings.
• 5:10
  SPEAKER_00: Some of that's true, but a lot of it's just a good hook.
• 5:14
  SPEAKER_00: So be weary with that.
• 5:15
  SPEAKER_00: As a real estate buyer going into the process, having a little bit of armament doesn't hurt.
• 5:22
  SPEAKER_00: Just reach out, and if they're asking you to sign something, and this brings us to open houses.
• 5:28
  SPEAKER_00: Some of the agents hosting open houses, not us, not Santa CretaOpenhouses.com, but some other agents, when you go in there, they're gonna say, Hey, you know, I'd love to work with you.
• 5:38
  SPEAKER_00: I have a buyer broker agreement.
• 5:39
  SPEAKER_00: This is gonna guarantee that we have a relationship that goes beyond just the that's wonderful.
• 5:45
  SPEAKER_00: Do you really want to work with that agent?
• 5:47
  SPEAKER_00: And before you, I mean, that's like not even going out for coffee first.
• 5:51
  SPEAKER_00: That's like going right to dinner.
• 5:52
  SPEAKER_00: Well, actually, it's like going to after dinner, after drinks the whole nine yards.
• 5:56
  SPEAKER_00: So that's way too quick, way too fast.
• 5:58
  SPEAKER_00: Personally, I believe.
• 6:00
  SPEAKER_00: Whenever you're going into new housing or open housing, you always lay the risk of potentially locking out the agent that you're selecting, more so with new houses than uh resale residential on the open house end of it.
• 6:14
  SPEAKER_00: Good rule of thumb.
• 6:15
  SPEAKER_00: Personally, I just wouldn't sign anything right away.
• 6:17
  SPEAKER_00: You know, give it some time, feel them out.
• 6:20
  SPEAKER_00: If you like them, great.
• 6:21
  SPEAKER_00: You know, talk to them a little bit, talk to them a couple more times.
• 6:24
  SPEAKER_00: If they're a good fit for you, then absolutely say, listen, what kind of agent are you?
• 6:28
  SPEAKER_00: You want to you're gonna treat me like a rotisserie oven, or you're gonna actually be active and do your due diligence and hunt for properties for me.
• 6:35
  SPEAKER_00: That's really the trick for a buyer out there.
• 6:38
  SPEAKER_00: I'm Connor with Honor.
• 6:39
  SPEAKER_00: Thank you so much for checking out the real estate update.
• 6:41
  SPEAKER_00: We did have 66 houses that actually closed this last week.
• 6:45
  SPEAKER_00: That is about normal.
• 6:46
  SPEAKER_00: Uh, we've seen new listings up to 103, 104 being added and also closings reflecting that, but it depends on the week.
• 6:53
  SPEAKER_00: Overall picture of Santa Clarita real estate.
• 6:56
  SPEAKER_00: We are continuing to move forward as we have been.
• 6:59
  SPEAKER_00: Properties aren't staying on the market very long.
• 7:01
  SPEAKER_00: It will depend, though, however, that price point and also where the property is located and if it has particular attachments with it.
• 7:08
  SPEAKER_00: Sellers face this all the time, like Melaruz Special Assessments.
• 7:12
  SPEAKER_00: Is there a homeowners association?
• 7:13
  SPEAKER_00: How does the insurance insuranceability of the area look?
• 7:18
  SPEAKER_00: Lots of questions to ask.
• 7:20
  SPEAKER_00: I'm Connor with Honor.
• 7:21
  SPEAKER_00: Thanks for watching.
• 7:21
  SPEAKER_00: Be well Saturday.
• 7:22
  SPEAKER_00: Remember 1 p.m.
• 7:23
  SPEAKER_00: today.
• 7:24
  SPEAKER_00: If we ever have host an open house with Santa Cruz Openhouses.com, you'll be able to find that easily just by going to the main site and that first listing that you see pop up there held open.
• 7:35
  SPEAKER_00: 1 p.m.'s perfect, sharp.
• 7:37
  SPEAKER_00: Remind me, we'll do a bio briefing as many as want.
• 7:39
  SPEAKER_00: Be well.
• 7:40
  SPEAKER_00: We'll talk to you soon.
• 7:41
  SPEAKER_00: Thanks for watching.
• 7:42
  SPEAKER_00: I'm Connor with honor.
• 7:43
  SPEAKER_00: Over and out.