Latest / Connor with Honor: AI, Real Estate and Real Life / Newhall California a cowboy city and this week's market update - Happy Thanksgiving 2024
Transcript
- 0:00Happy Thanksgiving Today is November 28th, 2024 I hope everybody is gonna have a fantastic day and I wish everybody the best this is gonna be your Newhall Real Estate update I'll give you the complete overview for Santa Clarita Valley just to give you an idea where we are today and of course I do these shows every single day of the week doesn't depend rain or shine I'm here and today's the new haul real estate update so that's gonna be the focus so right now price reductions and all of Santa Clarita Valley we have been seeing 57% of the properties have been selling below their listing price for example
- 0:34a property on Bella Court initially listed at 9:50 sold for 9: 20 so we're watching as these price reductions continue now these aren't actually reductions in overall prices in the Santa Clarita Valley or even Newhall these are sellers being a bit overzealous and their pricing strategy maybe they're getting bad advice from the online systems like Zillow most other sorts of things that are actually gauging a lot of their data and trying to influence a buyer or seller trying to do something so if you are a seller they might show your property actually worth more than it really is and that of course is gonna get you to what wanna list it and then for buyers out there might show properties are a better deal than they really are and that could give you a reason to maybe want to buy a property or move into that particular realm when you normally would not so looking at that sold that is incredibly important and I'll give you that New Haul breakdown right now so 43% of properties maintained or exceeded their original listing prices we do have a luxury segment of New Haul over $1 million 15% of those properties sold in that range and that one actually went out 98 days after it been on the market now we do see 30% of homes sell within the 10 day time frame or less this does indicate a very strong buyer demand for the well priced homes we had a home on women's selling zero days so this property actually went on the market and it finished very very quickly and course that got it into escrow it was a cash transaction so that continued then finally closed properties lingering on the market for over 60 days or about 25% of all sales that is very indicative of this time of the year as we start to get into the holiday season things do tend to slow down but as I always tell my buyers and sellers sellers that are now are very very serious buyers are looking to buy now again also very very serious most loans are gonna be the conventional that was the most common financing type used in 62% of the properties that were sold in new all over the past 180 days we had one in Green Mountain Drive was purchased with that method at $785,000 now for conventional loan typically that's 20% down that's the old style there are different levels of conventional loan you get summit 3% sum at 5 and so on some USDA loans those types of those types of loans depending on if the property configures for that is actually zero down kind of like VA looking at FHA and VA we have 28% of sales reflecting those types of loans if you are gonna be using a VA or FHA loan to purchase a condom in your town home and sometimes single family residences are subject to the standard they need to look at the where with all of the property and there are other things that have to make that the property has to meet certain levels as far as ownership and those sorts of things also the HOA and their books everything has to be in order but in order for that property be certified usually you go in it's already certified to try to get a certification within the purchase process isn't easy but there are some lenders out there that do talk about spot approvals and that seems to help buyers if they are looking at a particular place that might have been FHA approved isn't anymore and they wanna see if they can get it FHA approved again so they can write that particular loan on it because FHA is a very very much not much level but three and a half percent down it's really hard to beat that and it and the isn't jacked up for any reason it's actually a very good a solid loan in the interest rate is very much where the market tends to be single family residences those sales made up 72% of the sold properties in the past 180 days in Newhall California one of the things I like to talk about with my buyers the sold data is really where it is also sellers need to hear this too when you're looking at sold properties these are properties that have actually completed the entire process from beginning to end so there's gonna be certain indicators as to how the markets trending they'll also be indicators and sold properties as to what buyers are expecting and what sellers are willing to do for example if most sellers are willing to pay particular concessions whenever they are selling their properties you'll know that by looking at the sold data so those buyers can make better offers and what other sellers are usually doing for those particular buyers also on the seller side when you're sitting down with your agent have them cover the sold data if you see listings that are comparative to yours and you're excited because those prices are high yet they're about to fall off the appraisal standard which is about six months so if they're coming up on month 5 that old having closed that long ago and you're about to put your property into the market it could be if that's a really good high comp it's not gonna be able to be looked at because by the time your property gets into escrow if you happen to be in escrow with a buyer that's gonna need an appraisal like a buyer that's gonna need a loan to get your property that could come back and that property could be not on that list anymore and if that's the case that it might not be included now an appraiser can include properties that are sold more than six months ago but if you're in there with five or six others that have sold even more recently but have a lower price point the appraisers going to do their adjustments and that's gonna equate to your property probably not being able to sell as high as that one that just fell off that particular list because it was already old at that time and then once you get your property onto the market a buyer makes the offer and again you get through that escrow process it won't be seen or used by the appraiser they're gonna use other properties these are incredibly incredible incredibly important have with your agent to make sure you're not overpricing and in addition your price where that market is because we see properties that are priced correctly do go rather quickly and don't get overzealous in your pricing just look at those standards the syndication sites again they're built around showing you results with a particular reason and those reasons happen to be they want you to reach out to them so they can sell your information to those agents paying for you in the form of leads don't be too much of in a hurry to get into that whole dynamic because you will then your phone won't quit ringing and your email won't quit filling up with inquiries condos town homes in New Hall those represented 28% of the sales often appealing to first time buyers and also those downsizing condo on Avenue with the Oaks sofa
- 7:423: 45 again great areas here in Newhall California and Newhall was the original city here in Santa Clarita Valley and if you do a little research you'll find Newhall was a surveyor and made an investment into a lot of land that hadn't been developed and I guess if you read a little bit more into the history his wife wasn't very happy with them spending the life savings on the land but it did pay off generationally very very well the price per square foot across all properties was $457 condo's average about $480 a square foot slightly higher that's because the smaller square footage single family homes average about $440 a square foot that should be indicated on any site you're looking on I know on my system Santa Clarita Openhouses com I do often refer to price per square foot and it's good gonna depend on the property and how it's outfitted what types of improvements or upgrades does the property have when you're comparing two properties and you see one that has a considerably higher price per square foot look in and see why that would be it could be that they have marble and they have Honduran mahogany and they have all of these other upgrades that the other property doesn't have thereby causing it to actually be more expensive in the price per square foot realm but if you don't see anything different then maybe look at other factors maybe it's got a view maybe it has a pool and the other one doesn't that was chosen by that particular buyer or the original buyer that the other property doesn't have and that could be in the form of another interior bedroom or something else or maybe a full downstairs bathroom things like that are gonna add to that price per square foot but if you don't see anything it could be the case that the sellers wanting more for their property than the current market will bear but that also is very dependent on the buyer drive out there because if there is a buyer that's been looking in a particular neighborhood in Newhall or anywhere else in the Santa Clarita Valley or Southern California for that matter and they do see a property come out of the market that they've been waiting for that might be in a particular area that school where the school is fantastic and very important to this buyer they're gonna jump on that property even at a premium because they know that they're gonna get their money out of it maybe not in the purchase side of it that are not having to pay for private schools for their kids because of the such highest highly in that particular area lots to consider I did write a real estate book how to buy and sell Real Estate it's been updated for 2025 it's the Santa Clarita edition you can go there by going to Santa Clarita openhouses com forward slash book and you'll be able to get it on Amazon it is worth it and you will see why when you buy it I hope you're well I'm Connor with honor we'll talk to you in the next one tomorrow we're gonna be back with let's see we have new haul so tomorrow is going to be Canyon country be well we'll see you then take care based on what other buyers are trending to do maybe it had some builder addition