Latest / Connor with Honor: AI, Real Estate and Real Life / If you are buying a Santa Clarita home this pre inspection tip while viewing may help you more than you know.
Transcript
- 0:00everybody welcome to July 23rd, 2024 I am Connor with honor local real estate agent here in Santa Clarita Valley Today we're gonna get to that local market update that we always do every single day 471 active listings currently on the market that is an increase over two years ago and we've been watching that trend increase since June of 2021 as we are in now 2024 we are watching as we're starting to see inventory build the question is going to be is that going to be enough inventory to change the market from where it is currently in a seller's real estate market and switch the needle over to a buyer's real estate market time will tell that will pan itself out in the next several months in addition the interest rate rumor of being lowered has not come to fruition yet but we're watching it looks like potentially September could be the time that interest rates might eke down somewhat if we're watching an interest rates drop more than a point or a point and a half and that we get down into the fives or even the high force what's gonna end up happening to the real estate market all across the country but especially here locally in Santa Clarita Valley will be a repeat of what we saw in the last super hot cycle where we had listings fly off the shelves within moments of them being listed for sale in addition to that those same real estate listings often went out a lot higher than the actual value that they had they happen to be established with those values folks are incredibly important as a real estate seller as you're listing your property or contemplating it I understand there is a particular bottom line when it comes to concessions that's gonna be the new term for commissions or and another term for offerings of monies when it comes to paying the agent that's gonna be listing your house and then of course paying the agent that is gonna represent the buyer if it happens to be different some of the word on the street they're talking about dual agency there are several states that actually outlaw the practice of the same agent representing a buyer and a seller on the same property and they do this in those states apparently for reasons of their own California still allows for the listing agent also be the sales agent or sell it to the buyer in this particular state however there is also rumors on that stopping that practice so each individual would have to have their own agent and I guess in the legal world when you're talking about sensitive information private information an agent knowing the sellers bottom line and then encountering the buyer on the same property then learning the buyers bottom line because they're working with said agent you can see where things might go amiss always recommending to have your own real estate agent your own professional when you're approaching real estate and in addition make sure that you just don't jump into the market because somebody else said it was a good idea make sure you line up your facts as to what makes best sense to you you're gonna wanna get those people that are gonna be living in the residence with you in addition and also go and meet those neighbors before you start getting too deep into escrow after you've established that you've secured the property with the offer that you've written it's good advice because it's important to know those neighbors that are gonna eventually or could potentially impact your property the ones that are gonna be behind the ones that are gonna be next to and of course the ones that are across the street it's nice to take you and your entire people everybody that's gonna be in the residence and maybe even those visiting over to meet everybody so you can get a good feel as to the neighborhood and you know it's good to know who we're living next to so make that part of your early process and Astro and then even before that when you're looking at houses make sure that your agent looks at those main things that cost people the most money in residential real estate and a lot of the things that are most neglected in real estate happens to be the electrical panels the HVAC systems which is the heating air conditioning and cooling and then you also have the plumbing what type is it when was it put in and then what kind of leaks have they had since they've owned the residence if you've had any kind of leaks you'll know that if you don't get to them quickly they can create issues like growing mold inside residential walls depending on humidity levels and the types of mold we see that from time to time out here in Santa Clarita so if you're gonna be looking at disclosure something the seller gives you in escrow that talks about the problems that they've encountered or changes that they made renovations painting everything if you see this document which you will is part of the process make sure your agent goes through it with you so you understand what the seller is claiming with regard to their house if you have to do a further inspection or maybe you've gone out to the house and they mention something you're there with your home inspector it's not a bad idea to drop that bomb on them and say listen in the disclosures the seller mentioned that they had a leak in the attic from the roof and I would like you to at least see what's going on sometimes they'll come back and say thank god you told me about it I wouldn't have seen it because maybe things were covered up maybe things were fixed very well but at least it lets them put their eyes on it to make sure that it was a complete the status the upgrade whatever was done was done the correct way yeah I guess it's the best way to put it I'm Connor with honor thank you so much for watching today's real Estate update we will be back tomorrow and I do appreciate you more than you know when you're ready share this video and please reach out and don't forget to subscribe