Latest / Connor with Honor: AI, Real Estate and Real Life / Price per square foot Santa Clarita real estate this is a rarely used metric in real estate sales

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Price per square foot Santa Clarita real estate this is a rarely used metric in real estate sales · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Morning, Senator Clarita.
• 0:01
  SPEAKER_00: I'm Connor with Honor, trusted real estate expert here.
• 0:03
  SPEAKER_00: Today is May 24th, 2024.
• 0:06
  SPEAKER_00: Trusted by who you ask?
• 0:07
  SPEAKER_00: Well, I don't know.
• 0:08
  SPEAKER_00: Just uh ask somebody.
• 0:09
  SPEAKER_00: Here with your daily real estate update, seven-day snapshot.
• 0:12
  SPEAKER_00: Coming soon, listings 11, new listings 49.
• 0:15
  SPEAKER_00: We've had 61 price changes in the last seven days.
• 0:18
  SPEAKER_00: 21 properties have actually come back on the market.
• 0:20
  SPEAKER_00: 22 properties have gone into escrow.
• 0:23
  SPEAKER_00: 57 have gone deeper into escrow.
• 0:25
  SPEAKER_00: 71 properties closed this week.
• 0:27
  SPEAKER_00: That's actually up from the previous two weeks.
• 0:30
  SPEAKER_00: Expired.
• 0:30
  SPEAKER_00: We have three properties, six canceled, 14 have been put on hold.
• 0:34
  SPEAKER_00: Three properties have been withdrawn from the Santa Clarita real estate market.
• 0:38
  SPEAKER_00: California's real estate market slow shows resilience.
• 0:42
  SPEAKER_00: In addition, there was another headline that was talking about interest rates after coming down after seven weeks.
• 0:48
  SPEAKER_00: Interest rates are fluctuating, folks.
• 0:50
  SPEAKER_00: The best gauge to find out what yours would be is to contact that local lender that understands the local market and find out where your credit worthiness is.
• 1:01
  SPEAKER_00: And then they'll be able to give you whatever rate adjustments happen to happen during the time that you get prepared to purchase real estate.
• 1:08
  SPEAKER_00: And if you tell them, hey, Jack, let me know when the rates get at five or five and a half, I'm sure they will be absolutely happy to give you that phone call.
• 1:18
  SPEAKER_00: I promise.
• 1:19
  SPEAKER_00: So people go online and they see all these headlines about interest rates, it drives them nuts.
• 1:25
  SPEAKER_00: It's not a big deal.
• 1:27
  SPEAKER_00: If you are interested in purchasing real estate, again, waiting for an interest rate change probably isn't the best strategy.
• 1:36
  SPEAKER_00: If interest rates come down, real estate is going to get more expensive a lot faster.
• 1:42
  SPEAKER_00: If interest rates stay the same, we still have a current solid buyer drive.
• 1:48
  SPEAKER_00: It's very much a seller-oriented market here in Santa Clarita.
• 1:52
  SPEAKER_00: Just things to consider.
• 1:53
  SPEAKER_00: Whenever you get ready, reach out.
• 1:55
  SPEAKER_00: We'll be able to put all the connections for all the dots together.
• 1:58
  SPEAKER_00: All right, so moving on here with a couple other things this morning.
• 2:02
  SPEAKER_00: Valencia Zipco 91355, average price per square foot for a single family home is currently around 460 bucks per foot.
• 2:11
  SPEAKER_00: If you're looking to sell a three-bedroom home in this area, you can expect to list it at competitive rates based on this metric.
• 2:18
  SPEAKER_00: Price per square foot is a big deal back east.
• 2:22
  SPEAKER_00: The further west we get, we see price per square foot not being something that's talked about as much.
• 2:28
  SPEAKER_00: But it does exist on every real estate listing.
• 2:31
  SPEAKER_00: And if you go to talk to a contractor and say, hey, Jack, how about this addition to the outside of the house?
• 2:37
  SPEAKER_00: They're probably going to say, hey, that's going to be$200 a foot, or you can expect to pay$300 a square foot,$400.
• 2:43
  SPEAKER_00: So if you're building a 500 square foot room, you do the math, and then it's like, oh, okay,$25,000 makes sense.
• 2:49
  SPEAKER_00: Then with the square footage, it's going to depend on semblance of shape and upgrades and additions and updating with regard to the residence as well.
• 2:58
  SPEAKER_00: Price per square foot is important as it applies to that also, especially in Santa Clarita.
• 3:03
  SPEAKER_00: And what the beautiful thing about where we live is everything's organized by track.
• 3:08
  SPEAKER_00: So I can go into a neighborhood and I can show you who the builder was, how many different models or elevations there were, how many different models there were, what the options do you know, do they have these extra rooms available?
• 3:20
  SPEAKER_00: Was it originally a three-bedroom and you can pay for a four-bedroom?
• 3:23
  SPEAKER_00: Was the bathroom downstairs a half and you could pay to have it made into a full?
• 3:27
  SPEAKER_00: Did it come with that deck on the outside?
• 3:29
  SPEAKER_00: All these questions get answered.
• 3:31
  SPEAKER_00: And in Santa Clarita, when we're making those comparisons online, it's very easy to see.
• 3:36
  SPEAKER_00: And price per square foot is incredibly applicable in that regard.
• 3:41
  SPEAKER_00: When you go to Beverly Hills and you have one mansion that's 30,000 square feet, and then next door you have another mansion that's only 15,000 square feet.
• 3:51
  SPEAKER_00: Well, there are issues, right?
• 3:52
  SPEAKER_00: But you can't do that same comparative approach with evaluating those two pieces of property, even they're next door to each other, because this one is absolutely custom, as is this one is absolutely custom.
• 4:08
  SPEAKER_00: Anyway, there's that.
• 4:08
  SPEAKER_00: So that's Valencia.
• 4:10
  SPEAKER_00: Buyer tip for buyer-seeking homes in Valencia.
• 4:12
  SPEAKER_00: Here's what you can expect: three bedroom homes.
• 4:15
  SPEAKER_00: We're back to zip code 91355.
• 4:18
  SPEAKER_00: You can expect to pay about$460 a foot.
• 4:21
  SPEAKER_00: But when you're comparing properties, that's important.
• 4:24
  SPEAKER_00: At first glance, you'll be able to get better valuations based on other metrics in the local market.
• 4:31
  SPEAKER_00: Your real estate agent should share more of that with you.
• 4:34
  SPEAKER_00: All right, a couple listings popped up, canceled.
• 4:37
  SPEAKER_00: Oh, let me throw this at you real quick.
• 4:39
  SPEAKER_00: We have two listings that actually had uh their contracts canceled, so they're no longer for sale.
• 4:46
  SPEAKER_00: One of them is in on Delight Street, that one was canceled at$8.50.
• 4:52
  SPEAKER_00: And the other one was Aldercrest, that one was canceled at$1.195 million.
• 4:56
  SPEAKER_00: Don't know why they were canceled, they weren't my listings, but as a strategy for a home buyer, maybe have your agent also do their investigations with regard to anything that cancels that happens to be within your price range or your ability to purchase, and maybe matches.
• 5:14
  SPEAKER_00: Maybe cancellations as first part of the process should be the introductory search that the agent does for you, as I do for my clients.
• 5:24
  SPEAKER_00: So that way we have covered everything that's been canceled within, you know, two, three, four months.
• 5:30
  SPEAKER_00: It's gonna depend and reach out and try to make contact with those particular people.
• 5:34
  SPEAKER_00: If the house fits your criteria, might be able to make a deal happen between buyer and seller.
• 5:40
  SPEAKER_00: There you go.
• 5:41
  SPEAKER_00: I'm Connor with Honor.
• 5:42
  SPEAKER_00: Thank you so much for watching.
• 5:43
  SPEAKER_00: I hope your week is fantastic.
• 5:45
  SPEAKER_00: I know we're here Friday, got soap in my eye.
• 5:48
  SPEAKER_00: There's that.
• 5:49
  SPEAKER_00: Everybody have a fantastic rest of your weekend.
• 5:51
  SPEAKER_00: We will be back tomorrow to talk more.
• 5:54
  SPEAKER_00: Also, have an open house schedule.
• 5:55
  SPEAKER_00: That'll be awesome.
• 5:56
  SPEAKER_00: Be well.
• 5:56
  SPEAKER_00: Connor with honor, over.