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Canyon Country Real Estate Update: Are Interest Rates Going Up and Would You Buy? · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, today's November 22nd, 2024.
• 0:03
  SPEAKER_00: We are at the 327th day of the year, 47th week of 2024, as we have been all week.
• 0:10
  SPEAKER_00: Today is the Canyon Country real estate update.
• 0:13
  SPEAKER_00: I do have some questions to pose to people that might be contemplating buying or selling, even those that aren't thinking about it in the least.
• 0:22
  SPEAKER_00: But just to let other people know what the general consensus is is whether now is a good time to sell or a good time to buy real estate.
• 0:30
  SPEAKER_00: So we'll talk about that in just a little bit.
• 0:32
  SPEAKER_00: But let's get the market overview.
• 0:34
  SPEAKER_00: I've been following Canyon Country for this past week.
• 0:36
  SPEAKER_00: So we do an overall update for all of Santa Clita Valley.
• 0:40
  SPEAKER_00: So if you're wondering what's happening in Acton or Aqua Dulce, that's going to be the Sunday show.
• 0:45
  SPEAKER_00: Mondays we have Valencia, Tuesdays, Stevenson Ranch, Wednesdays New Hall, Thursdays we post up the Saugus information.
• 0:53
  SPEAKER_00: Fridays, of course, is Canyon Country.
• 0:55
  SPEAKER_00: Tomorrow, Saturdays, Castic, and then the Acton Aqua Dulce, all of Santa Clita market update on Sunday, so you can be aware of exactly what's happening in real estate.
• 1:04
  SPEAKER_00: So right now, past seven days in Canyon Country, 13 new listings have entered the market.
• 1:09
  SPEAKER_00: Probably the most active city to have real estate listings for sale posted on a weekly basis.
• 1:15
  SPEAKER_00: That's a big number.
• 1:16
  SPEAKER_00: Other cities are single digits, uh, at least this last week.
• 1:20
  SPEAKER_00: Eleven price changes have happened.
• 1:21
  SPEAKER_00: That's also very active.
• 1:23
  SPEAKER_00: That's probably the most also that we see.
• 1:25
  SPEAKER_00: But Canyon Country tends to carry more real estate listings for the most part just because it is larger.
• 1:31
  SPEAKER_00: And price point a little bit more friendly, I think, for buyers out there looking to enter into the real estate world and buy their first home.
• 1:40
  SPEAKER_00: We do have 11 price changes.
• 1:42
  SPEAKER_00: That's also larger than the rest of the Santa Cruz market.
• 1:45
  SPEAKER_00: Three homes have come back on the market, 10 homes active under contract, five are pending.
• 1:50
  SPEAKER_00: These are properties that have entered escrow this past week, so that's 15, 16 closed sales, so 16 Kenya Country homes have sold this past week.
• 1:59
  SPEAKER_00: And then, of course, we have minimal withdrawn and canceled listings.
• 2:04
  SPEAKER_00: Sellers changing their mind, maybe they've run into an issue where they don't want to continue with the sales process and they decide to cancel, and then those properties are now finished as far as now goes.
• 2:15
  SPEAKER_00: If you are looking to purchase real estate, that's not a bad place to look.
• 2:19
  SPEAKER_00: I do know agents that hunt those types of listings.
• 2:23
  SPEAKER_00: So what they'll do is if a seller does cancel their listing or withdraw from the market, or if if it expires, those agents are then going to start to make a whole lot of phone calls to these sellers trying to figure out if they can be the right agent.
• 2:37
  SPEAKER_00: Because apparently the first time, the first go-around, these sellers didn't hire the right agent, whatever that means.
• 2:43
  SPEAKER_00: But again, that's when you need to vet them.
• 2:46
  SPEAKER_00: In addition, let me throw this out before I get into the rest of the Canyon country information.
• 2:50
  SPEAKER_00: You need to watch out.
• 2:51
  SPEAKER_00: There's a lot of websites that are saying how easy it is to utilize their service in selling your house.
• 2:58
  SPEAKER_00: Well, that happens kind of with everybody.
• 3:01
  SPEAKER_00: Um, you go to a particular website, push a button, and they give you an offer on your house.
• 3:07
  SPEAKER_00: I don't know where the cost is with that.
• 3:10
  SPEAKER_00: For example, if they're going to be paying you for your house, how much are they going to pay you?
• 3:15
  SPEAKER_00: And how what are they to do in that process of convincing you that they're going to be able to give you the most money or pay you a particular amount?
• 3:25
  SPEAKER_00: How how much information are they going to give you that might sway you into that world where if you go on the regular market, have your home compete with every single buyer out there in the market, and then have those buyers compete to buy your house, that's always going to be more money for the seller than hiring somebody that's going to come buy your house with cash and then put it on the market and try to sell it at a profit as well.
• 3:49
  SPEAKER_00: So there's a difference there.
• 3:51
  SPEAKER_00: Just watch out for those systems.
• 3:52
  SPEAKER_00: They're all over the place and now they're being advertised everywhere.
• 3:56
  SPEAKER_00: Okay, here's here's the questions.
• 3:57
  SPEAKER_00: If you were selling a home in Canyon Country or anywhere else, would you say now's a good time to sell, or would you wait and why?
• 4:04
  SPEAKER_00: For buyers, if your best friend asks if they should hold off or buy now, what would you tell them and why?
• 4:11
  SPEAKER_00: And then price changes happen.
• 4:12
  SPEAKER_00: Do you think sellers are motivated enough to negotiate, or do you still think they're firm on pricing?
• 4:17
  SPEAKER_00: I can answer that one.
• 4:18
  SPEAKER_00: And we do see that properties looking at the real estate data for not just Canyon Country but other Santa Clarita Valley cities, we're seeing that a lot of these listings are actually selling for less than their listed price, showing that sellers are incredibly negotiable.
• 4:33
  SPEAKER_00: So if you're out there and you're not making an offer because you're concerned at offending the seller, trust me, there's a mechanism in place where the seller might not even respond if they're so offended by the offer that you make.
• 4:48
  SPEAKER_00: So don't worry, it's definitely worth your agent's time.
• 4:52
  SPEAKER_00: Interest rates update right now, uh 7.5% right now for a 30-year fixed.
• 4:57
  SPEAKER_00: With the Fed meeting and all these other fancy things, it was supposed to come down a little bit lower.
• 5:02
  SPEAKER_00: At least that's what people expected.
• 5:04
  SPEAKER_00: But, you know, the Fed meetings, that bank rate that they talk about, or that's always the bank rate they talk about.
• 5:09
  SPEAKER_00: It's more so the 10-year bond.
• 5:12
  SPEAKER_00: And some of the other factors out there really influence the mortgage rate, but lots of times when they reduce it for the banks, the banks also do a minor adjustment as well, pass that savings along to the consumer.
• 5:23
  SPEAKER_00: We didn't see a lot of that.
• 5:25
  SPEAKER_00: And we do have a market that's definitely changing, so we'll have to watch this next year.
• 5:29
  SPEAKER_00: What's happening?
• 5:30
  SPEAKER_00: Dual agency, something to talk about as well.
• 5:34
  SPEAKER_00: You have dual agency where the same agent representing the seller now represents the buyer, and that comes about when the buyer decides not to hire their own agent, but to actually use the agent that's selling the house.
• 5:49
  SPEAKER_00: The questions that come up with that, and that's legal in California, but it is illegal in some of the states, and including Canada.
• 5:57
  SPEAKER_00: There's, I think, seven states that where you're going to find dual agency not allowed.
• 6:01
  SPEAKER_00: So the same agent cannot represent the same buyer on that property or vice versa.
• 6:06
  SPEAKER_00: It's legal in California.
• 6:08
  SPEAKER_00: Do you think it's a good idea?
• 6:10
  SPEAKER_00: What would you want your agent negotiating for both sides?
• 6:13
  SPEAKER_00: So they come to you as the seller and they say, hey, the buyers want this thing, and they take what you told them, going back to the buyer, well, the seller said this.
• 6:22
  SPEAKER_00: It's the same agent, it makes it very cumbersome.
• 6:25
  SPEAKER_00: But would you want that to happen, or would you rather have your own dedicated representative?
• 6:31
  SPEAKER_00: Please, you gotta let me know what you think.
• 6:33
  SPEAKER_00: All right, so here's my takeaway.
• 6:34
  SPEAKER_00: Canyon Country Market's active.
• 6:36
  SPEAKER_00: Buyers and sellers make moves every day.
• 6:38
  SPEAKER_00: If you're considering this market, let's have a conversation about the best way to approach it, whether it's Canyon Country, the rest of Santa Clarita, or elsewhere.
• 6:49
  SPEAKER_00: But I definitely want to hear from you, so please let me know what you think about this current market.
• 6:54
  SPEAKER_00: Is it something that you would get into at this time?
• 6:57
  SPEAKER_00: Is it something you'd rather wait through the holidays?
• 6:59
  SPEAKER_00: And then what would be that justification?
• 7:01
  SPEAKER_00: What's the reason for that, whether it's selling or buying?
• 7:04
  SPEAKER_00: I'm Connor with Honor.
• 7:05
  SPEAKER_00: See me online.
• 7:06
  SPEAKER_00: All you have to do is run those three words.
• 7:08
  SPEAKER_00: Connor with honor, you'll find all my properties.
• 7:11
  SPEAKER_00: I have a show about artificial intelligence and other things as well, talking about how that segments into the real estate world and maybe could be advantageous for you to at least learn about, especially if you're like me in your mid-50s or somewhere thereabouts.
• 7:26
  SPEAKER_00: Maybe you're not really sure what this is, but it is something to be aware of that it exists.
• 7:32
  SPEAKER_00: And as Mo God Wat, if I'm saying that name correctly, talks about, we're all frogs sitting in warm water.
• 7:40
  SPEAKER_00: Well, that water is starting to get hot, folks.
• 7:42
  SPEAKER_00: And if you know this about frogs, apparently, when that water goes up slowly and incrementally, the frogs actually cook and they don't realize they're cooking.
• 7:55
  SPEAKER_00: So while we're all frogs in this water and the world's changing very dramatically, be wary if the water starts to get too warm and pay attention to the temperature.
• 8:05
  SPEAKER_00: I'm Connor with Honor.
• 8:06
  SPEAKER_00: Thank you for watching.
• 8:07
  SPEAKER_00: We'll see you on the next one, over and out.