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Castaic real estate update from your first responder realtor · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: 24 G'day everybody.
• 0:01
  SPEAKER_00: I am Connor with Honor.
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  SPEAKER_00: This is going to be a Castac Real Estate Update.
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  SPEAKER_00: Of course, Castac is one of the cities in the Santa Clita Valley.
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  SPEAKER_00: Castac's wonderful, just north of Santa Clarita proper.
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  SPEAKER_00: So to get access to Castac, you just stay on the five, two more exits past Valencia and three more exits past Newhall.
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  SPEAKER_00: And there you are.
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  SPEAKER_00: Castac is known to be a little bit more separate as far as housing goes.
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  SPEAKER_00: Not everything is built too close together.
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  SPEAKER_00: In addition, you do have some larger properties that have livestock as well in certain areas.
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  SPEAKER_00: Also, of course, the biggest attraction is Castac Lake.
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  SPEAKER_00: But let's talk about the real estate inventory overlooking all of Santa Clarita Valley.
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  SPEAKER_00: I do that update tomorrow, but just to give you an idea of a market watch before I get into Castac specifics, we have eight coming soon listings that have been posted for sale.
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  SPEAKER_00: 60 new listings have hit the market in the last seven days throughout all of Santa Clarita Valley.
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  SPEAKER_00: 72 properties have had their prices changed.
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  SPEAKER_00: 16 properties have gone back on the market.
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  SPEAKER_00: This is not just Castic, all of Santa Clarita.
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  SPEAKER_00: These are properties that were in escrow.
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  SPEAKER_00: Somebody wanted to buy them.
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  SPEAKER_00: They went through the entire offering process.
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  SPEAKER_00: Their offer was vetted.
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  SPEAKER_00: They probably had counter-offers back and forth between sellers and buyers and agents and so on.
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  SPEAKER_00: And then finally they got into escrow, and for some reason, they have decided not to continue forward with escrow.
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  SPEAKER_00: Could be a couple different things.
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  SPEAKER_00: Buyers, sometimes, when they're in escrow, and this is a tip I put in my book, and you can see that if you just go to Amazon Santa Carita Real Estate Guide, what happens is buyers, while they're in the escrow process, they change something financially.
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  SPEAKER_00: They pay something off.
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  SPEAKER_00: And while you might think paying something off would actually improve a person's debt-to-income ratio and maybe improve FICO score, it's not always the case.
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  SPEAKER_00: Some cases, whenever you pay off a debt, credit card companies are pretty quick to say, oh, well, they're going to pay it off.
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  SPEAKER_00: Maybe they don't need it, so they lower credit limit.
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  SPEAKER_00: Then all of us, all of a sudden, you're like, ugh, what happened?
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  SPEAKER_00: And then you mess up the deal.
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  SPEAKER_00: So what we always say with regard to any buyer financing, don't go buy the new truck, don't buy the Wendobago, don't finance the Harley.
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  SPEAKER_00: Just try to keep everything the same.
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  SPEAKER_00: And if you are gonna get excited and go pay something off or change your payment schedule within the time you're in escrow, talk to your lender.
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  SPEAKER_00: After you talk to your lender, follow up with them to make sure you understood what they said, especially if they're saying, sure, no problem, go ahead and pay it off.
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  SPEAKER_00: We'll be just fine.
• 2:32
  SPEAKER_00: And then when it turns out to be not just fine, you going back to them and saying, you know, with discussion, yeah, I remember that.
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  SPEAKER_00: And then we have a problem.
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  SPEAKER_00: Everything follow up in email.
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  SPEAKER_00: I don't care if it's a text message, go back to the email and follow that up and say, hey, Jack talked to you on text earlier.
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  SPEAKER_00: You talked about maybe me paying this off.
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  SPEAKER_00: You mentioned that it's not going to harm me in any way, shape, or form.
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  SPEAKER_00: I just want to make sure that's the case.
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  SPEAKER_00: All right, so we have those properties.
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  SPEAKER_00: We have 26 properties that went into escrow.
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  SPEAKER_00: 47 properties went deeper into escrow, and then 46 sold this past week in Santa Crita Valley.
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  SPEAKER_00: We are seeing an uptick in canceled listings and expired listings.
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  SPEAKER_00: People are, I guess, waiting until next year.
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  SPEAKER_00: The issue with that is we're not sure what's going to happen.
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  SPEAKER_00: And if the economy really improves that much, and it seems like more money is going to be coming in, how are interest rates for mortgages going to adjust?
• 3:26
  SPEAKER_00: If the economy's better, usually interest rates are higher because more people are making more money and able to.
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  SPEAKER_00: Anyway, don't wouldn't pull out of the market as of yet if you have your house listed for sale.
• 3:41
  SPEAKER_00: Next year, in addition to that, you're going to have more buyers that are in the market, more inventory in the market.
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  SPEAKER_00: When those buyers are writing offers, they're going to have more properties to choose from next year.
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  SPEAKER_00: So also be wary of that.
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  SPEAKER_00: I know choices are great, but what happens is when there's limited inventory, buyers kind of stay.
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  SPEAKER_00: But that doesn't prohibit a buyer looking online and still getting emailed listings from one of the syndication systems out there.
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  SPEAKER_00: Those emailed listings, them seeing somebody say, Well, I want to buy that one, but you're already an escrow on this one.
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  SPEAKER_00: So then that's an entirely other discussion that needs to happen with the buyers as to what kind of adverse effects that's going to have and what kind of issues that might create with a seller, and then what legal issues that could create.
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  SPEAKER_00: Also, and of course, as a buyer, you have the right to buy whatever you want.
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  SPEAKER_00: You can buy anything.
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  SPEAKER_00: Doesn't matter.
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  SPEAKER_00: But when you're in contract with somebody, under contract, in negotiations and in escrow on a property, you might need to think twice about jumping ship and make sure if you are doing it, there's some kind of uh justifiable reason.
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  SPEAKER_00: And of course, you have the right to change your mind too.
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  SPEAKER_00: But changing your mind to go get something else, these are ethical things, and these are also, in some cases, could be legal things creating a problem.
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  SPEAKER_00: All right, so let's look at Castac right now.
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  SPEAKER_00: So I ran those numbers earlier, pulling down, seeing what's happening.
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  SPEAKER_00: Right now, closed properties, last 120 days in Castac, 79 properties actually finished in closed escrow in that time frame.
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  SPEAKER_00: This is gonna be everything, one to four units, single family residences, condominiums, townhomes.
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  SPEAKER_00: That's it.
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  SPEAKER_00: 79 properties are sold in the last 120 days.
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  SPEAKER_00: Current active inventory in Castacks 51.
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  SPEAKER_00: That's gonna run the gamut bequ be from between all the residential types.
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  SPEAKER_00: And of course, if you want to see those preview listings, the coming soon listings, nothing is on the market.
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  SPEAKER_00: It's coming soon in Castac again.
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  SPEAKER_00: We're getting into the holiday slowdown, which for a lot of sellers now is a good time to sell.
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  SPEAKER_00: Less competition.
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  SPEAKER_00: In addition, buyers that are looking for very seriously looking for properties now.
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  SPEAKER_00: If you think about it, if you ever bought or sold real estate around the holidays, you have to really be all in to do it at that time.
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  SPEAKER_00: And there's low enough inventory with enough buyers that's making this work out very well for sellers and of course buyers alike, because their competition level isn't as high as it's going to be as we get into the beginning of 2025.
• 6:21
  SPEAKER_00: You want to see more about the book, please go to Santa Clarita Openhouses.com forward slash book.
• 6:27
  SPEAKER_00: You can get it on Kindle and also in paperback form.
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  SPEAKER_00: It's about 170, 150 some odd pages, I believe.
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  SPEAKER_00: And it's fantastic.
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  SPEAKER_00: What I did, if I do say so myself, what I did is I put things that in my cop brain, more cop than realtor, in my cop brain, what I would ask, what kind of questions I would want a buyer to know and a seller to know before jumping into any real estate market, whether it's Santa Clarita or beyond.
• 6:52
  SPEAKER_00: The Santa Clarita specific edition has to do with our Melaruz tax.
• 6:57
  SPEAKER_00: There are certain housing areas that started out all electrical because it was they were electrical or the uh the the crunch that was back in the 70s, where gas was really something that was tried to put aside, so they tried to make everything electrical.
• 7:11
  SPEAKER_00: There are houses like that.
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  SPEAKER_00: So it's very Santa Clarita specific that shows you if a seller of that type of residence hasn't changed anything or updated what that potential, what that scenario might look like for you if you were interested in purchasing something like that, and then how to do that research accordingly.
• 7:27
  SPEAKER_00: I've Connor with Honor.
• 7:28
  SPEAKER_00: You're wonderful.
• 7:29
  SPEAKER_00: Thank you so much for watching, and I'll see you in the next one.
• 7:31
  SPEAKER_00: Oh, the fight last night?
• 7:34
  SPEAKER_00: Yeah, the fight.
• 7:35
  SPEAKER_00: As I'm concerned, on Netflix, the Tyson and and Jake Paul fight, there were two good fights, and they were sandwiched in the middle between the one at the beginning, which I'm not sure how people hit with the tip of the glove, and then the one at the end, which I just thought he was he just looked shaky and it really made me sad.
• 7:56
  SPEAKER_00: He's three years ahead of me.
• 7:58
  SPEAKER_00: I gotta figure this out.
• 8:00
  SPEAKER_00: Anyway, hope you're well.
• 8:01
  SPEAKER_00: Be well soon.
• 8:02
  SPEAKER_00: Take care.
• 8:02
  SPEAKER_00: Thanks for watching.