Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita home buyer frenzy, 20 homes snapped up over this past weekend!

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Santa Clarita home buyer frenzy, 20 homes snapped up over this past weekend! · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Hey everybody, February 26, 2024.
• 0:02
  SPEAKER_00: I'm Connor with Honor.
• 0:03
  SPEAKER_00: Let's talk about your real estate news.
• 0:05
  SPEAKER_00: This week, we are at Monday.
• 0:07
  SPEAKER_00: We had 20 listings more as we entered Friday when I did that show.
• 0:11
  SPEAKER_00: And today we're at 274 active real estate listings on the market for all of Santa Crita Valley.
• 0:18
  SPEAKER_00: That's important because the listings just didn't vanish.
• 0:20
  SPEAKER_00: They actually went into escrow over the weekend.
• 0:23
  SPEAKER_00: So that's about the absorption rate we've been seeing as far as listings go.
• 0:27
  SPEAKER_00: So those of you that are considering selling, it's a wonderful time for that.
• 0:33
  SPEAKER_00: Those of you considering buying, we should talk.
• 0:36
  SPEAKER_00: But again, what's going to end up happening with this market if interest rates do come down?
• 0:40
  SPEAKER_00: And that is the ongoing rumor by many sources, including people that have a vestrate interest in loaning you money.
• 0:49
  SPEAKER_00: But they are talking about interest rates coming down.
• 0:51
  SPEAKER_00: It looks like that could be a big possibility if the Fed happens to follow through on the rumors they've been spreading.
• 0:59
  SPEAKER_00: So there's that.
• 1:00
  SPEAKER_00: So hopefully we'll see that.
• 1:02
  SPEAKER_00: But basing a buying decision on lower interest rates in the future, not a good idea.
• 1:08
  SPEAKER_00: So make sure that if you are buying today, you have that all in figure.
• 1:12
  SPEAKER_00: And I've seen this happen more often than not recently, where people don't know the cost to purchase real estate.
• 1:20
  SPEAKER_00: I know we see the sticker price, right?
• 1:22
  SPEAKER_00: We see the house is$500,000 or$700,000 or whatever the money is.
• 1:27
  SPEAKER_00: But we see that price.
• 1:28
  SPEAKER_00: There are other costs associated to purchase purchasing real estate, things that don't even involve me, depending on how the commission is structured.
• 1:37
  SPEAKER_00: But for the most part, still the seller is paying both the agent representing them and then the agent representing you.
• 1:44
  SPEAKER_00: So the seller is still paying for that.
• 1:46
  SPEAKER_00: But there are other costs associated with buying residential real estate, and that's going to run into about 3%, depending on what your lender's fees are going to end up being.
• 1:56
  SPEAKER_00: These numbers are easy to find out.
• 1:58
  SPEAKER_00: All you have to do is talk to your lender.
• 2:00
  SPEAKER_00: My suggestion is always start with the real estate portion of it first and get from them information and questions and the best ways to watch out for yourself financially when you do get to that lender step.
• 2:14
  SPEAKER_00: But the lender step does need to be taken pretty soon, close to the beginning, right when you start to consider purchasing real estate.
• 2:22
  SPEAKER_00: So what I do is I talk to my clients, I sit them down, I have our little briefing, our real estate roll call, if you will, like I used to do on the job, but not about crime now, as it is selling houses.
• 2:33
  SPEAKER_00: So I sit the clients down either in person or on Zoom or face-to-face or whatever it may be, and I discuss with them the dynamics of real estate.
• 2:42
  SPEAKER_00: The best ways to prepare, how to look at each individual property, and also how to look at properties as an investor would.
• 2:49
  SPEAKER_00: Because the first steps, if you are the younger end or potentially maybe buying a home for your first time, it is good to look at the residents as whatever they are, houses, condominiums, townhomes, from the vantage point of somebody that is a savvy real estate investor.
• 3:07
  SPEAKER_00: That being the case, you can then structure the residence you're purchasing so in the future it becomes a great rental for you to be able to rent out to someone else.
• 3:18
  SPEAKER_00: So then you can leverage that property to buy another and then just rinse and repeat the process all the way through.
• 3:25
  SPEAKER_00: So I have that discussion with my clients, whether they're first-time buyers, they've been buying forever.
• 3:29
  SPEAKER_00: A lot of times there's stuff that I bring up that they haven't even thought about.
• 3:33
  SPEAKER_00: And that is, in fact, a blessing for a lot of them.
• 3:35
  SPEAKER_00: Now, you sellers out there wondering what we're gonna do, where are we gonna move, that's the problem you're facing.
• 3:41
  SPEAKER_00: In fact, I don't have the answer to that question, unfortunately.
• 3:44
  SPEAKER_00: There's a lot of real estate that happens to be for sale, but does it fit your bill?
• 3:49
  SPEAKER_00: And how long is it gonna be on the market?
• 3:51
  SPEAKER_00: And are we gonna be able to get your house sold and close the next one at the same time?
• 3:57
  SPEAKER_00: That's difficult, especially if your purchase is dependent on you having to sell something.
• 4:04
  SPEAKER_00: If you have to sell your residence in order to buy another one in this market, because you're coming up against buyers that don't have that contingency, buyers that don't have anything to sell, they're just buying.
• 4:16
  SPEAKER_00: They have nothing dependent on having something else needing to happen.
• 4:20
  SPEAKER_00: Those buyers are a lot cleaner than you when it comes to approaching a seller of property.
• 4:25
  SPEAKER_00: Now, we can argue all day who's going to offer more, but I would say that a buyer that isn't contingent could be worth more even at a less offering amount than a seller who is contingent on selling his property.
• 4:38
  SPEAKER_00: The best place for you sellers to be in this current market would be to have your house in escrow.
• 4:43
  SPEAKER_00: Then we're able to go look at other properties and make offers on properties, being in a stronger position.
• 4:48
  SPEAKER_00: In addition to that, I always make sure that I give my sellers all of the information to have it packaged regarding the house that we're selling for them.
• 4:57
  SPEAKER_00: Also, I put together the buyer's package for that residence and who those buyers are.
• 5:01
  SPEAKER_00: Even if I'm not representing them as well, but they're coming to me through another agent.
• 5:05
  SPEAKER_00: I have an entire package put together.
• 5:07
  SPEAKER_00: So when we as real estate sellers, now you become real estate buyers and we go out and look at residential real estate.
• 5:15
  SPEAKER_00: Now we have everything in order.
• 5:16
  SPEAKER_00: We have all our ducks in a row, our wagons are circled.
• 5:19
  SPEAKER_00: I love all these analogies, but we have a complete package.
• 5:23
  SPEAKER_00: So we go out, we see something we like.
• 5:26
  SPEAKER_00: I'm able to send not only your offer, and yes, it is contingent, but I'm also able to give proof of where we are and really take away the concern that somebody would have over accepting your offer versus someone that's non-contingent.
• 5:42
  SPEAKER_00: There are definite ways to structure.
• 5:44
  SPEAKER_00: Just make sure you're working with a professional and you'll be given what you need to be given, and you'll be able to receive what you have intended to receive.
• 5:54
  SPEAKER_00: Guaranteed.
• 5:55
  SPEAKER_00: Real estate market Monday's update.
• 5:56
  SPEAKER_00: We do have markets moving.
• 5:58
  SPEAKER_00: The real estate market is no different.
• 6:00
  SPEAKER_00: Please stay tuned.
• 6:01
  SPEAKER_00: You can find me online, ConnorWithHonor.com, and I hope this message greets you well.
• 6:06
  SPEAKER_00: Everybody, take care and let me know when I can help you.
• 6:09
  SPEAKER_00: I am Connor with Honor, over and out.