Latest / Connor with Honor: AI, Real Estate and Real Life / Fed Meeting today post 2024 election in Santa Clarita real estate and how that may change things

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Fed Meeting today post 2024 election in Santa Clarita real estate and how that may change things · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, welcome to the 7th of November, 2024.
• 0:04
  SPEAKER_00: There are three things that I'm passionate about: real estate, fat loss, and muscle building, and longevity, living as long as I can.
• 0:13
  SPEAKER_00: And that doesn't cover the core principles that are ingrained in me, part of my system, which are belief in God, and of course, humanness and truth.
• 0:25
  SPEAKER_00: These are things that I work on every day trying to make myself the best human possible.
• 0:33
  SPEAKER_00: But today we're going to talk about real estate.
• 0:35
  SPEAKER_00: That's one of my passions.
• 0:36
  SPEAKER_00: So we're going to get into the numbers today.
• 0:38
  SPEAKER_00: Right now, I have 524 listings that I need to sell by the end of the year.
• 0:43
  SPEAKER_00: These are listings placed all over Santa Cruita Valley.
• 0:46
  SPEAKER_00: There's a breakdown of those.
• 0:47
  SPEAKER_00: They're going to be condominiums, townhomes, and single-family residences.
• 0:50
  SPEAKER_00: Some of those single family residences are going to be attached, others detached.
• 0:55
  SPEAKER_00: These are going to be properties that actually share maybe a common wall for the attached ones.
• 1:00
  SPEAKER_00: It could be a garage wall, it could be an interior wall.
• 1:03
  SPEAKER_00: One of the special things to look for on those properties is to check the insurance claims of the adjoined property, the property that's joined to that.
• 1:12
  SPEAKER_00: Just a little tip.
• 1:13
  SPEAKER_00: It's important.
• 1:14
  SPEAKER_00: Most insurance brokers can do this.
• 1:16
  SPEAKER_00: I know I work with Scott Wilk out here, and he's fantastic.
• 1:19
  SPEAKER_00: They'll be able to pull a report that shows if there have been any claims on the subject property, and then you can find out how that was impacted and so on.
• 1:28
  SPEAKER_00: But it is going to help, at least from purposes.
• 1:32
  SPEAKER_00: Looking at the seven-day market snapshot, we have three listings coming soon.
• 1:36
  SPEAKER_00: 54 new listings have been added to the market.
• 1:38
  SPEAKER_00: 69 properties have had their prices changed.
• 1:41
  SPEAKER_00: 19 properties have gone back on the market.
• 1:43
  SPEAKER_00: Active under contract properties, 29.
• 1:45
  SPEAKER_00: These are 29 properties that have gotten to escrow.
• 1:47
  SPEAKER_00: 33 pending, 65 closed, 14 have expired, 16 canceled.
• 1:52
  SPEAKER_00: Big number this week.
• 1:53
  SPEAKER_00: Six have been put on hold, and six have been withdrawn from the market.
• 1:57
  SPEAKER_00: These are listings that uh the ones that actually expired are ones that didn't sell within the contractual time frame, whatever that agent noted and had the seller execute on a contract.
• 2:09
  SPEAKER_00: Typically three months to six months, it's going to depend on the agent and of course the seller.
• 2:15
  SPEAKER_00: Big news today in the Fed, they're meeting today, and yeah, I meant last September, but we just had an election.
• 2:21
  SPEAKER_00: They're meeting today.
• 2:22
  SPEAKER_00: What could that mean?
• 2:24
  SPEAKER_00: Probably a reduction in the rate that the banks borrow, known as the Fed rate.
• 2:28
  SPEAKER_00: So their rate's going to come down.
• 2:30
  SPEAKER_00: More than likely, that's going to translate into more savings for people looking to get mortgages.
• 2:35
  SPEAKER_00: So if you are in that escrow process, uh you want to have that conversation with your lender after the meeting today, if that's in fact what happens, and say, hey, what do you think?
• 2:44
  SPEAKER_00: Is this going to affect me?
• 2:46
  SPEAKER_00: In addition, if you do own a house and you're in that 7% or 6.5%, and we get into the fives because of this reduction in the next few weeks, you'll find out that you're going to start getting calls from lenders and maybe the lender that you actually work with in securing the residence and the loan on the house.
• 3:05
  SPEAKER_00: That being the case, see what those fees are and ask them what it's going to cost you to use them to refi.
• 3:13
  SPEAKER_00: Another idea might be, and it depends on loyalty and those aspects, and maybe they are going to give you the best deal.
• 3:20
  SPEAKER_00: But in some cases, rumor is I'd be able to call that particular loan servicer, wherever, whoever's sending you your bills for your mortgage, maybe contact them and say, hey, what do you think about doing a refinance?
• 3:35
  SPEAKER_00: What's the interest rate you'll give me, and what's the charge for that?
• 3:38
  SPEAKER_00: In some cases, some have the streamlined refines and different things.
• 3:42
  SPEAKER_00: Maybe it's going to be no cost.
• 3:44
  SPEAKER_00: But again, I'd definitely give it up for your original lender and at least get an idea what they're going to charge.
• 3:50
  SPEAKER_00: More than likely, because of this Fed meeting today, I believe we're going to see an interest rate reduction as well coming up.
• 3:57
  SPEAKER_00: Now, talking about those core principles, so real estate's definitely a passion.
• 4:02
  SPEAKER_00: Looking at the market and how it's really formed up, we do see that post-election, I know it's only been a day, and it's he's not the new president is not in place yet, but it seems like the economy seemed to like have a big tick right after the election results were announced.
• 4:21
  SPEAKER_00: You can check that out for yourself.
• 4:23
  SPEAKER_00: And I do believe that's going to be positive in the world of real estate, and that's going to help more buyers make better decisions, be able to buy a low interest rate.
• 4:31
  SPEAKER_00: That's going to help the other people that home that own homes that bought when the interest rate was higher, get those amounts reduced, and then of course have a lower payment as a result.
• 4:42
  SPEAKER_00: You are refined, just be wary.
• 4:44
  SPEAKER_00: If you have been paying for quite a while on your mortgage, you're going to really have to do some specific math to see if it makes sense to be able to absolve the cost of what that refi is going to be and how long that's going to take you to recoup that.
• 5:22
  SPEAKER_00: Today's my passion about real estate.
• 5:24
  SPEAKER_00: I always talk about fat loss, muscle building, and of course, getting into that whole longevity mode.
• 5:30
  SPEAKER_00: And again, never discount your core principles.
• 5:34
  SPEAKER_00: Everybody needs them.
• 5:36
  SPEAKER_00: Minor God, humanness, which of course involves family, and truth.
• 5:41
  SPEAKER_00: Super important.
• 5:42
  SPEAKER_00: I'm Connor with honor.
• 5:43
  SPEAKER_00: We'll see you on the next one.
• 5:44
  SPEAKER_00: See you tomorrow.
• 5:45
  SPEAKER_00: Take care.