Latest / Connor with Honor: AI, Real Estate and Real Life / How long does it take to sell a home in Santa Clarita CA in July/August/September 2024?
Transcript
- 0:00what do you get for the last day of July July 31st, 2024 you get one of the best market updates you'll ever hear actually not a lot has changed in the past few weeks in Santa Clarita real estate but as of today we have 467 total active units for sale across all of the Santa Clarita Valley cities this is going to include the cities of Castaic Canyon Country Newhall Saugus Stevenson Ranch and Valencia we've been seeing some normal market trends as this market continues to develop it's not so much stagnant because all most of listings that are hitting the market are going out without within seven to 14 days so they're actually getting into escrow within that time frame and then after that you have a typical escrow time frame which is anywhere from 30 to 45 days depending on the lending type or the loan type if you are a seller and you're entertaining offers from buyers that are using federal type loans there could be some delays regarding appraisals on those it's just going to depend on the lender source for the appraiser and what type of loan program is going to be used for example Veterans Veterans Administration loans for those military folks out there in some cases to order that appraisal might take a little bit longer but it's also going to depend on your lender and how forward thinking they are in preparation and how many VA loans that they actually do some lenders are approved in VA but don't do very many some are approved in VA do a whole bunch the ones that do a whole bunch they're very versed in it and they know those timelines usually their closings can be very much the same as a conventional closing which would be 30 days in some cases less but they're at the mercy of the Veterans Administration as far as the scheduling of different things that the VA has to do to be able to make sure that the property fits within their guidelines so currently we have 467 total active units on the market for sale across Santa Clarita Valley cities this is going to include single family residences condominiums and of course town homes let me give you that quick breakdown eight coming soon 81 new listings have been placed on the market in the past seven days 80 properties have experienced price changes these are properties that for the most part were overpriced in the beginning now the sellers are making particular adjustments in order to get those listings back to the top of the syndication sites online so more people are seeing them in addition to that you can also research the price changes www.SantaClarita openhouses.com back on market properties 23 we have 38 properties go active under contract so actually go into escrow this past week we do have 52 properties that have gone into a deeper form of escrow so all total we are 38 50 to 90 properties that are currently in escrow of those properties we can see that in the current seven day snapshot we have 23 properties that have come back on the market for sale that's very typical somewhere between 20 and 30% of the properties actually won't make it all the way to the end some people ask the question whether it's the sellers fault or the buyers fault in some cases both could be at fault both parties sometimes the sellers aren't willing to do what the buyers are requesting and the buyers aren't willing to accept the property without those changes credits or repairs whatever it may be and sometimes they pull out for that reason in addition in this particular market I've been watching as financing could become an issue for a real estate buyer if in fact they're not keeping up with their lender or they're going out and paying things off believe it or not if you have a credit card and you're in process of buying a property and you might have a little bit of extra money to pay off this credit card let's say it doesn't have much of an amount on and you go ahead and do that without getting your lenders approval then what ends up happening is it could be that maybe that credit card company says well you know what they haven't used the card maybe they won't use it so we're gonna reduce the credit amount thereby could be harming your Fico score or maybe we're going to basically stop the card off together which is another issue so before you pay anything off even though you think it might help make sure you speak with your lender first alright so we have 58 properties have closed this past 7 days 5 expired 11 canceled 9 have been put on hold 3 of withdrawn now regarding regarding this market it is moving with opportunities buying or selling is really going to dependent be dependent on where you are today do not purchase anything predicated on somebody's promise that interest rates are going to be reducing here in the next couple months however we are looking at September maybe that is going to be the time when interest rates do this break that they've been talking about for the past several months and people are looking forward to it the build up has been so great in that regard hopefully it's not gonna be like just a fart in the wind hopefully it will be something memorable if in fact they lower interest rates it's gonna kick off another very exciting market a market that sellers and buyers really don't appreciate being a part of and that is even on the sellers side while that might be like the heyday for sellers where they would be so excited to have multiple offers on their properties when people to start to overbid listing prices that really put sellers into a frenzy and in addition to that that also makes buyers not a stable in a different market what I mean by that is now they're overpaying they're exceeding the listing price not overpaying they're exceeding the listing price on the sellers property in order to compete with the other buyers in the market after they win then it's not a shiny anymore sometimes and they start to go through and they start talking to family and of course dear old dad dear old mom dear old insert the title is going to say wow you paid that much more for the property back in my day we never paid extra for anything that might be the word on the street watch out for the advice but before you do pay more than listing price for property make sure that it's truly worth it for you because it might take a while if you're going above comparable value injecting cash into the transaction it could take even longer for you to catch up and start building equity in the residence depending on how the market dynamics are I'm Connor MC Iver this has been your real estate update today is the last day of July in 2024 we will be back tomorrow August 1st that will bring us into an entirely new month will get closing fix figures from July so I'll be able to give you what's happening in that realm of the market please check out SantaClaritaOpenhouses com you can Google Connor with honor find me everywhere when you're ready to reach out please share and I do appreciate you watching today's Real Estate update I will be back tomorrow ladies and gentlemen boys and girls and everyone we'll talk to you soon thanks for watching be well I'm Connor MacIvor over and out