Latest / Connor with Honor: AI, Real Estate and Real Life / The market is moving, but how much longer until we will start building inventory levels indicative of a buyer's market in Santa Clarita CA
Transcript
- 0:01everybody it's Connor Macivor Today's July 17th this is your daily Santa Clarita real estate update few happenings on the local market but let me give you the numbers today 463 total active listings currently on the market throughout all of Santa Clarita Valley cities we have seen that as an increase over the past several weeks slow increase nothing too quickly that's why to determine whether or not this is gonna be a change in the real estate market is a little bit far from happening at least the way that the listings are still being sold as they're being put onto the market we have a little bit more than usual but those numbers are up 30 or 40 units it's not a massive amount enough to change a lot of things at least now 11 coming soon 88 new listings in the past seven days 59 properties of other prices changed we also have 18 back on the market 33 active under contract 47 pending 50 closed for expired 10 canceled 14 have been put on Holden for have been withdrawn let's break it down by property type of course we have residential income lease we do have different types of properties as well commercial also but right now today's show as we typically do is focused on residential only single family residences condominiums and town homes throughout Santa Cruta Valley differentiation points between the town home and a condominium typically condominiums or you can imagine them as maybe a apartment style rectangular boxes usually all of the living spaces food preparation location storage and all that on the same level and usually you're gonna be sharing walls either behind maybe ceilings and floors with other units or other property owners or other people that are renting or leasing that's a condominium usually the parking situations there are not assigned and it's going to depend on location as to whether or not they're gonna have maybe covered parking carports or potential garages coming to mind in Santa Clarita I can think of all of those scenarios being the case whether it's in the resale market or also the rental or lease market if we look at town homes those typically are going to be multiple storey at least with some entry point maybe on the floor of a ground floor or maybe up a few stairs in addition usually there is some kind of a garage with a town home it might not have direct access meeting from inside the residence to the garage I can think of some property types out here that have that situation or it could be you have to go through a small private yard to get to the garage I can think of those in Santa Clarita in addition there are also some have a different location for the garage itself you might have to walk you know a couple hundred yards to get there whatever it is and some then of course direct access where you come down to a lower level you get garage access and then town hosts because they're multiple story usually you're not sharing much with anybody but it could be that you have maybe a wall in common or something else and another property type I'd like to talk about today happens to be attached single family residences now if you look at a single family residence typically that's imagined as something that stand alone on its own lot not really interfering or touching with anybody else and really your soul and separate property apart from the neighbors now the for single family residences you're gonna have bordering properties on most sides potentially not in front unless you have some kind of a fancy property with some sort of an easement but besides that typically you know if you remember basically in the front of the house that's where you walk out you have the street and so on but you do have sides and back with a single family residence but all the sides of the yard usually you're not gonna have somebody needing to get access to your yard to do something to your neighbor's home we have in Santa Clarita detached condominiums sometimes they have these lots that have one of your neighbor's house walls in your yard so there isn't some fence separating and it's literally you walk out into your backyard and you have your neighbor's home one of the walls here so that being the case that could be considered and maybe it was recorded by the builder as a detached condominium I know now we through the definition completely out with a baby with the bathwater scenario rights all gone but really yeah so these are ways that the builders are able to basically classify properties and I would bet you dollars to donuts to get 100 houses designated as detached condominiums probably cost the builder less money than to get them classified as single family residences while at the end of the day the appraiser is gonna get both those properties probably more weight towards single family residences than a condominium it's just something to know as you get into the market now there's also attached single family residences where you're gonna be sharing maybe a garage wall or even a residence wall with a neighbor in those cases excuse me frog it's important to know what the insurance profile looks like for those because let's say in some point in the past and this could affect your insurance rate as a home buyer or than homeowner what will happen is if there was some kind of an insurance claim maybe because a flooding issue or something of the neighboring home but then it affected the property that you're gonna buy that could change your insurance rate and then we have of course possibilities of those things happening in the future just things to know and understand before you jump in full force into the real estate market now as far as what's happening out here in Santa Cleta Valley besides those property descriptions we have seen inventory continue to move about the same pace as it has been interest rates haven't relaxed much at all in fact we don't think we the powers that be everything I read all day long about real estate they don't believe that we're gonna have any future break at least this year in interest rates and if there is going to be a break it's going to be very small here's something not to fall into don't fall into the trap of lenders teasing you into giving up your personal and private financial information before you're ready they're gonna need your stuff eventually if you're gonna actually work with those lenders and become pre approved for a home loan but the no need to jump in too quickly at least until you find somebody you like because once you give them all your numbers they're running your credit and that's fine too it's not that hard to say listen Jack don't wanna work with you anymore I'd rather work with this person that works but you know let's try that let's try to make a good decision out of the shoot if we can that's what I try to help my clients do I'm Connor with honor thank you for watching the seventeenth of july this is our update 2024 when you're ready make sure you go to WWW.SantaClaritaopenhouses.com I'd love to help you with your real estate needs thank you so much for watching you be well Santa Clarita