Latest / Connor with Honor: AI, Real Estate and Real Life / Home sellers are selling, but the market has started to build in inventory and homes for sale.

Transcript

Home sellers are selling, but the market has started to build in inventory and homes for sale. · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good morning, Santa Clarita, Greater Los Angeles.
• 0:02
  SPEAKER_00: I am Connor McIver.
• 0:04
  SPEAKER_00: Today is the 30th of March, 2024.
• 0:07
  SPEAKER_00: This is going to be your real estate update.
• 0:09
  SPEAKER_00: We're going to be talking about what's happening here in Southern California and also Santa Clarita Valley.
• 0:14
  SPEAKER_00: So today, the local inventory numbers are coming in as follows.
• 0:17
  SPEAKER_00: Within the last seven days, we've seen 12 properties have been added to the coming soon variety.
• 0:23
  SPEAKER_00: Online, on some of the systems, you're going to see those, some you might not.
• 0:26
  SPEAKER_00: But the coming soon basically indicates that properties are going to be entering the market within a particular time frame, typically around 21 days.
• 0:34
  SPEAKER_00: And then that being the case, they're going to be placed on the market.
• 0:37
  SPEAKER_00: They'll be active at the time.
• 0:38
  SPEAKER_00: You might be able to get a little bit of a preview prior to that, depending on if you're subscribed to any of the online systems.
• 0:45
  SPEAKER_00: And especially those agents that are sending you properties, that's realistically where you're going to see it the best because that feed is coming directly from the multiple listing service right into you.
• 0:57
  SPEAKER_00: So there's that.
• 0:58
  SPEAKER_00: Okay, so that's the coming soon.
• 0:59
  SPEAKER_00: New listings, 47 new properties were listed in this last week.
• 1:03
  SPEAKER_00: That's seven days here in Santa Clarita Valley.
• 1:06
  SPEAKER_00: I have to say that correctly because when the video splits and I use another program to pull out the transcript, Santa Clarita sometimes looks like Santa Creta.
• 1:17
  SPEAKER_00: And I've never been there.
• 1:18
  SPEAKER_00: But Santa Clarita, we have those cities of Castac, Kenyon, Country, New Hall, Saugus, Stevenson Rancho, Valencia.
• 1:26
  SPEAKER_00: That's where these numbers are coming from.
• 1:27
  SPEAKER_00: That's 47 new listings.
• 1:29
  SPEAKER_00: And these are going to run the gamut folks.
• 1:30
  SPEAKER_00: These are going to be single-family residences, condominiums, and townhomes.
• 1:35
  SPEAKER_00: That is a lot in a week, but this market is kind of very typical, at least this time of year.
• 1:42
  SPEAKER_00: The only thing holding this market back happens to be the higher than average interest rates, at least as we've seen in the last few years.
• 1:49
  SPEAKER_00: In addition to that, we do have low inventory because the sellers have those lower interest rates, and they have difficulty trying to envision themselves in another property paying a higher interest rate.
• 2:02
  SPEAKER_00: So there's a lot of solves out there, a lot of mechanisms that people are starting to put in place, like allowing people to do more mortgage rate assumption when they're purchasing real estate.
• 2:13
  SPEAKER_00: Something to look into and talk to your professional about that.
• 2:16
  SPEAKER_00: It's a real thing, but also I've seen a couple sites out there that are using this as bait.
• 2:22
  SPEAKER_00: So watch out for that as well.
• 2:23
  SPEAKER_00: Not actual real estate agents, but the lead companies that get the leads, get your personal information to sell to people that sell real estate, people that sell loans, people that do all sorts of selling.
• 2:36
  SPEAKER_00: Watch out for that.
• 2:37
  SPEAKER_00: And if your phone starts ringing off the hook after you've made an inquiry, you'll know what happened.
• 2:41
  SPEAKER_00: You're not dealing with a singular agent, you're dealing with a company that's generating leads, selling all your information to a lot of people back on the horse.
• 2:49
  SPEAKER_00: Price changes, 45 listings have experienced price adjustments.
• 2:53
  SPEAKER_00: I did a post on this yesterday.
• 2:55
  SPEAKER_00: Basically, I did a snapshot of the price-reduced properties.
• 2:59
  SPEAKER_00: Yesterday it was around this about 47-ish, I believe.
• 3:02
  SPEAKER_00: That's tracking a seven-day history.
• 3:04
  SPEAKER_00: Today the seven days is 45.
• 3:06
  SPEAKER_00: But looking at those numbers, those are price reductions.
• 3:09
  SPEAKER_00: For the most part, there were a handful of properties that had their prices increased.
• 3:15
  SPEAKER_00: To talk about that, people want to know well, why would that be?
• 3:19
  SPEAKER_00: It could be that they went a little lower than they had thought they should have.
• 3:23
  SPEAKER_00: But whenever you take a property, you list it on the multiple listing service and the online channels, and you do a price increase, especially in this market, it could serve a couple different ways.
• 3:35
  SPEAKER_00: It could be that people already view the property as being overpriced, so they're not going to even approach it now, especially because they just up that number and it makes people uncomfortable, or it spurs off a buying decision or gets people excited because then, oh my gosh, I wonder if they made a mistake.
• 3:51
  SPEAKER_00: Maybe the property is actually better than it is and they increase the price.
• 3:54
  SPEAKER_00: There's a lot of psychology to it.
• 3:56
  SPEAKER_00: Most times when those prices are increased, the agent had published it before double checking the price they put in.
• 4:05
  SPEAKER_00: And thereby they went back and looked and said, Oh my gosh, I published a listing, published a real estate listing that actually is less than what I intended to do.
• 4:14
  SPEAKER_00: So they go back and they change it and thereby seeing a price increase.
• 4:19
  SPEAKER_00: Can't climb out of that box once it's built, folks.
• 4:21
  SPEAKER_00: Once that listing's published, you're not going to be able to pull it off there.
• 4:25
  SPEAKER_00: So make sure the agent you're hiring is paying great attention to detail.
• 4:29
  SPEAKER_00: And of course, yes, we could all mess up, but that's kind of a big deal.
• 4:34
  SPEAKER_00: I double check that field about 23 times before I transfer in, just like I checked the stove about 19 times before I can finally get out of the house and leave.
• 4:43
  SPEAKER_00: Back on property, uh back on market properties.
• 4:46
  SPEAKER_00: These are properties that have actually had their escrow's canceled.
• 4:49
  SPEAKER_00: There's 14 of those.
• 4:51
  SPEAKER_00: These are listings that were in escrow, and for whatever reason, they came out.
• 4:55
  SPEAKER_00: I did explain a lot more of that on the show yesterday.
• 4:58
  SPEAKER_00: Basically, a lot of people look at this as potentially something that they found wrong in the residence.
• 5:03
  SPEAKER_00: That's why those buyers are pulling out and canceling.
• 5:06
  SPEAKER_00: In most cases, that's actually not it.
• 5:08
  SPEAKER_00: It's not a house thing, it's a buyer financing thing, a buyer change of mind thing, and not really even about the house.
• 5:15
  SPEAKER_00: I've seen some incredible fights happen between folks buying real estate and not between a seller and a buyer.
• 5:22
  SPEAKER_00: I'm talking about the buyers that are involved in the same transaction.
• 5:26
  SPEAKER_00: I've seen this breakdown quite a bit.
• 5:28
  SPEAKER_00: And unfortunately, that comes down to a lack of communication between the parties.
• 5:34
  SPEAKER_00: It was never established between one and the other what they're looking for in a home.
• 5:40
  SPEAKER_00: Even though I tried to align that in the beginning, there were some things that just weren't acceptable to either party, but they didn't have the conversation.
• 5:49
  SPEAKER_00: So when we started to get involved in the process and moving through, one of the parties said, Kings X, I cry, uncle, I'm tapping out.
• 5:58
  SPEAKER_00: I'm done with this.
• 6:00
  SPEAKER_00: And that's the reason these cancel.
• 6:02
  SPEAKER_00: And then usually that ends up in a breakup after that and another tragedy.
• 6:07
  SPEAKER_00: Stop with that.
• 6:08
  SPEAKER_00: Active under contract, 28 homes went into escrow.
• 6:11
  SPEAKER_00: 53 homes switch from being an escrow to a pending status, which is still in escrow.
• 6:16
  SPEAKER_00: So that's good.
• 6:16
  SPEAKER_00: So we're pushing 80 homes, it looks like.
• 6:18
  SPEAKER_00: Closed houses, 58 properties closed in the last seven days in Santa Clarita Valley.
• 6:24
  SPEAKER_00: Four listings expired, seven sales were canceled, which is interesting in this market, indicating typically those homes were incredibly overpriced.
• 6:34
  SPEAKER_00: That being the case, those sellers maybe weren't able to sell at this time.
• 6:38
  SPEAKER_00: Sometimes in those cases, sellers are looking for a reset.
• 6:42
  SPEAKER_00: So when that property gets relisted in the future, it doesn't carry that previous time on market, and that's going to need 90 days between listings.
• 6:50
  SPEAKER_00: Between time on the market and the new listing date, you're going to need 90 days.
• 6:54
  SPEAKER_00: At least that was the MLS rules not too long ago.
• 6:57
  SPEAKER_00: I haven't looked into that lately, but I believe it is 90 to have the listing show up fresh and brand new as if it's never been listed before.
• 7:05
  SPEAKER_00: So that's that rule.
• 7:06
  SPEAKER_00: If you're seeing listings online that fit that criteria, you kind of understand what that's about.
• 7:11
  SPEAKER_00: So that's uh seven sales were canceled.
• 7:13
  SPEAKER_00: 11 properties are on hold.
• 7:15
  SPEAKER_00: They have moved their status from being active on the market to being held.
• 7:19
  SPEAKER_00: Lots of different reasons.
• 7:20
  SPEAKER_00: There could be trauma involved there, uh, maybe people moving out, maybe other things those sellers need to maybe work on something happened.
• 7:30
  SPEAKER_00: Maybe the house flooded or they had a fire.
• 7:33
  SPEAKER_00: There's a lot of different reasons why properties are put on hold.
• 7:36
  SPEAKER_00: They're not supposed to be put on hold for the reason that we have multiple offers.
• 7:39
  SPEAKER_00: There's so many people interested.
• 7:40
  SPEAKER_00: The agents need to breathe their.
• 7:42
  SPEAKER_00: We're professionals, folks.
• 7:43
  SPEAKER_00: That's not the reason to put a property on hold.
• 7:45
  SPEAKER_00: But if the seller has something that they have to attend to and they can't have that property being shown for a particular period of time, hey, hold hold works great.
• 7:52
  SPEAKER_00: But if you're seeing those, that's typically what happened.
• 7:55
  SPEAKER_00: So moving into what's going on with these 12 properties that are coming soon, you can get a preview of that, but you're gonna need to get whatever your criteria is, put that together and then contact your local real estate professional and say, listen, Jack or Connor, hey, I want to have a search done for this.
• 8:16
  SPEAKER_00: That way you'll be able to see those coming soon listings as they get generated.
• 8:19
  SPEAKER_00: Once they hit the market for sale, you'll see them first.
• 8:23
  SPEAKER_00: Well, basically at the same time they're published.
• 8:25
  SPEAKER_00: It's basically speed of light instantaneous, pretty quick.
• 8:28
  SPEAKER_00: So you'll be getting that and you'll be able to see those, and then you'll be able to make decisions whether you want to see them when they do come available, or reach out to your agent and say, hey, Connor, do you happen to you think you can get us access to this property before it hits the market?
• 8:43
  SPEAKER_00: You never know.
• 8:44
  SPEAKER_00: You're not supposed to, but I'm always willing to try something for my buyers or sellers as long as it's legal, ethical, and moral, and a phone call inquiring isn't a sin, it works well for my clients because then they understand a larger picture of what's happening.
• 9:02
  SPEAKER_00: Let me talk about this for a moment.
• 9:05
  SPEAKER_00: Whenever listings are on the market for sale, and I'm vetting those from my real estate buyers out there, I have to make contact with that seller's agent.
• 9:13
  SPEAKER_00: Now I have to call the seller's agent and talk to them.
• 9:16
  SPEAKER_00: I don't mean just a text message or a voicemail and hoping.
• 9:20
  SPEAKER_00: I really need to speak with them because I have questions I need to ask on the behalf of my home buyers so they have all the information.
• 9:28
  SPEAKER_00: Well, they have as much information as possible going in, at least what I can glean from the agent.
• 9:34
  SPEAKER_00: And if the agent is being a stick in the mud, not sharing with me the answers to the questions I need to ask on my buyer's behalf, well, then that's their problem.
• 9:43
  SPEAKER_00: And I come right back to the buyer and I say, listen, this particular seller's agent, not very nimble, not very happy, not very helpful.
• 9:51
  SPEAKER_00: It's your decision if you want to proceed with viewing of the residents and then making other decisions.
• 9:56
  SPEAKER_00: And yes, folks, 90 to 95% of the time, even if you hire a crappy agent, the other agents are going to probably still show the residents to their buyers.
• 10:05
  SPEAKER_00: But that information that I'm asking for is really invaluable and will help save a lot of heartache and time for all people involved: the seller, for their agent, for the buyer, for me, for everyone.
• 10:20
  SPEAKER_00: So it's really cool to answer that phone.
• 10:22
  SPEAKER_00: So please do that.
• 10:24
  SPEAKER_00: But something that we're seeing lately is a lot of agents don't.
• 10:26
  SPEAKER_00: So then when they take their pro their clients to look at properties and they get done and they see and they're so excited, right?
• 10:32
  SPEAKER_00: They really want to write an offer because it really does fit everything they're looking for.
• 10:36
  SPEAKER_00: The price is good, area is good, the school district's good, the proximity to the freeway for commutes, good, it's not too far from the mall.
• 10:43
  SPEAKER_00: There's a lot of nice walking paths around.
• 10:46
  SPEAKER_00: Sound like I'm describing Valencia.
• 10:48
  SPEAKER_00: And there, that being the case, they then want to move forward.
• 10:54
  SPEAKER_00: But those questions have to be asked.
• 10:56
  SPEAKER_00: So when we start going into the properties and looking at them, we know what's happening with regard to those.
• 11:02
  SPEAKER_00: I'm Connor with Honor.
• 11:03
  SPEAKER_00: Thank you so much for watching this particular update.
• 11:06
  SPEAKER_00: We're gonna this is Saturday, folks, so I'm gonna have another one tomorrow.
• 11:09
  SPEAKER_00: We're gonna talk a little bit about the open house market and what's going on.
• 11:13
  SPEAKER_00: You'll be able to research those at ConnorWithHonor.com.
• 11:17
  SPEAKER_00: Have a great, fantastic Saturday.
• 11:19
  SPEAKER_00: Stay dry, Santa Clarita, because it is raining.
• 11:21
  SPEAKER_00: Cats and dogs.
• 11:23
  SPEAKER_00: Cats and dogs and dogs.
• 11:24
  SPEAKER_00: Be well.
• 11:25
  SPEAKER_00: We'll talk to you very soon.
• 11:26
  SPEAKER_00: I am Connor with Honor.
• 11:28
  SPEAKER_00: Please share and let me know if you need my assistance or know anybody that does.
• 11:33
  SPEAKER_00: Be well.
• 11:33
  SPEAKER_00: We'll talk to you soon.
• 11:34
  SPEAKER_00: I'm Connor with Honor.
• 11:36
  SPEAKER_00: Over and out.