Latest / Connor with Honor: AI, Real Estate and Real Life / Valencia CA real estate update what you need to know as we close out 2024 by Santa Clarita open houses
Transcript
- 0:00everybody we're gonna be at December 16th, 2024 I'm Connor with honor we're gonna talk about the overall Santa Clarita Valley update and then I'm gonna focus back down into Valencia so you can get some ideas what's happening with the numbers now currently in Valencia or all across Santa Clarita Valley I should say 494 active real estate listings you can find all of those at Santa Clarita Openhouses com priced anywhere between 160,000 and 5.1 million medium price in this regard is $829,990 average price per square foot 4 51 and 53 cents now this is what's happening with regard to sales we're seeing that average days on market is 68 days and the median days is 55 and this is suggesting that homes that are competitively price are definitely moving faster we know that we're getting into holidays and here we are just past mid December we're watching as real estate buyers are still active but they're being a little bit more cautious one of the things that's floating around out there's people wanting to wait until next year the issue is there's gonna be higher competition on both ends as there always is as we get into the springtime because of the school situation most people moving a majority have school age kids and that's why they're looking for those proper schools and then we also get a large influx of people from San Fernando Valley Los Angeles into Santa Clarita Valley because they're in most cases well in a lot of cases they're paying for private schools as they get into Santa Clarita value they don't need to pay for private schools because our schools a lot of them are blue ribbon and nature anyway so that's not necessary let's break down Valencia now currently out of those 494 active listings one hundred and twenty three currently are active in Valencia California breaking that down into single family residence is 50 condominium is 48 and then town homes 25 when you're looking at the condominium and town homes one of the things that I suggest is make sure besides the price you look at how much the homeowners association DOS are there are some out here that exceed $500 a month 500 yes you heard me correctly now what do you get for that that's gonna depend on where the property is located what offerings you're going to get it's not like the West End or these fancy hotels and even the large mega condominium and town home complexes in those high rises downtown you're not gonna get a door person you're probably not gonna get catered lunch in the morning or catered breakfast or conciers system but there are gonna be certain amenities you might get you need to see though if the value is there with regard to the homeowners association I'll tell you one more thing if you're a condo buyer or a town home buyer and you're using FHA or VA financing Federal Housing Administration loan which is about three and a/2 percent down payment a lot less than a 20% down conventional product or if you're going to be using a Veterans Administration loan meaning you're a veteran then I would also make sure that you check and if you're my client will check and find out if these complexes that you happen to be interested in for condos and town homes are actually approved for those loan types it is not the case that they all work for those they have to be approved so knowing that medium price in Valencia California $950,000 average price per square foot in Valencia$470 median days on market 45 now in the my book Chapter 2 I talk a lot about location and neighborhood assessments and in Valencia we have the pasales there's pools and parks depending on the homeowners association that's something that they add value with and of course there's some properties in Valencia have very low HOA fees and you get a lot for that money 55$65 a month versus 4 500 where you're not really seeing where the money is going but these are more established neighborhoods in Valencia the summits and maybe Old Orchard Valencia 1 Valencia Hills they're gonna carry that really low hua they were very market savvy and smart with the way that they have handled their money over the years plus they've been established for a very long time a lot of the newer communities you're gonna be paying a higher HOA at the beginning and as lots sounds as far as new construction goes when they start to sell they start to become more populated then the homeowners association comes down a little bit everybody paying equally one of the things to check before buying into these associations finding out how much they're actually going to increase what that limit looks like so you're not getting into an area where all of a sudden next year you're facing a two or three hundred dollar increase in the homeowners association and finally in my book I do talk about home inspections how important they are I'm going to be doing a revision to the how to buy and sell Santa Clarita's Real Estate book here in the next coming months it's going to include a page that has some of the best home inspection services on the planet located there in so you'll be able to call on that plus great plumbers great handy people great electricians those sorts of things that really help homeowners actually get repairs and things done to their property and in some cases you might not need a general contractor to get particular work done and it's going to depend on what type of work the scope of that labor and then also what I give a rundown with when I'm investigating investigating the too much cop when I'm looking at as far as to get them ready for sale I'm looking at competition figures then I'm looking at making sure that whatever investment you put into the property to bring it up to date to change something out you're going to get better than dollar for dollar return on that initial investment to get that property into Espro and that's gonna be a big difference between these companies online that say we're gonna sell your house easy and you've seen those commercials it's not that I'm not easy it's just I do a lot more investigations besides trying to undercut your property 20 or 30% so I can then turn it around and flip it and make more money on the other end it does not any more inconvenient to be able to sell your property at fair market value and reap as much of that profit as possible and for you buyers out there looking for an agent understand that Assembly Bill 2992 was actually approved and that's going to be part of the 2025 rules where if you're purchasing a house you're gonna be having to sign a contract to be able to look at residential real estate with an agent most of these contracts are gonna come from the California Association Realtors but in some cases some brokerages are gonna come up with their own document a few things to know 90 days is the maximum relationship established by the contract on that contract is gonna include who pays what are you gonna be paying your agent or is the agent going to get those money's from the seller or is it going to be split but there is gonna be a maximum number on there understand that number could impact your ability to have your offer accepted depending on what your agent is asking for if they're asking for everything to make their payments for the next year more than likely the sellers gonna look at that number and probably reject your offer something to consider is what your agents asking so you need to find out what value there is and then also the types of properties you're looking at that's going to be also specified if you want to hire that agent and you're gonna have them show you everything residential great that's fine but if you think that maybe this agent is better versed with only golf horse golf course homes or homes with ocean front views well that might be another selection you can make on the document just read through it it'll make sense but at the end of the day if your agent isn't going to be compensated by the seller then that's gonna be your fee and make sure that you have the wherewithal to be able to do that and understand why that values there there's something in real estate called dual agency that's when a buyer goes and works with a seller's agent it's outlawed in some states and also Canada so that's something to consider because it is completely lawful here in California to hire that same agent that the agent knows your bottom line the agent knows the sellers bottom line and some sellers don't like that some sellers like to have their own agent on their side 100% of the deal and don't like it when those agents bring those buyers to their properties because apparently they're a bit more savvy that is something to consider going in my dad used to always say get your own get the one that's on your side 100% before embarking any into any type of business venture I'm Connor with honor thank you so much for watching Santa Clarita Openhouses com you'll see the book you can get it on Amazon let me know when you're ready this has been your Valencia real estate update will be back tomorrow with Stevenson Ranch be well everybody talk to you soon