Latest / Connor with Honor: AI, Real Estate and Real Life / Two away from 500 homes for sale in the Santa Clarita Valley by multiple brokerages with various pricing strategies
Transcript
- 0:00you have to give it to me we are two units away from having 500 residential real estate listings in Santa Clarita what does that mean to you as a real estate buyer or potential real estate seller probably not a lot at this time I have been watching this inventory build over the last over two years and that being the case we still have a very high buyer drive even with interest rates in the sixes and sevens and of course that depends on your own personal credit profile but interest rates higher not overall higher as far as an entire real estate markets concerned but when we had interest rates in last couple years in the twos now we're in sixth and seventh it does cause a little bit of shock in all my suggestion is just know where you are currently and then if interest rates do relax in the future that's definitely a benefit for property owners that are locked in at a higher interest rate they can simply do a refinance of course if that makes sense because a lot of times when a refinance market comes people are gonna be telling you how it's free and when you look at the small pen print you really are paying something if you're looking at refine as well make sure you also factor in the time you've been paying on your mortgage because if you're gonna refine after you only have now you're gonna start a brand new mortgage at thirty albeit with a lower interest rate those numbers might not make sense but right now what buyers and sellers now from a seller's perspective it might be a concern because we have building inventory it would be a concern if the inventory was not moving at the same rate it was when we had less homes for sale that's a good thing for all of Santa Clarita total for buyers this extra inventory could mean to you less competition I haven't seen that pound out pan out as of yet but if we go and we read have interest rates reduced September or even before by the Fed that bank rate that's the rate that the banks get to borrow money back and forth at if in fact that rate is reduced that's probably gonna trickle down as it usually does to the home buyers out there so we'll see a substantial decrease in mortgage rates if rumors are true now predicated on somebody's promise of interest rates coming down to give you perspective if you're just fresh into the real estate market we've had promises of these interest rates lowering since late late 2023 and course all of this year it is an election year some of the things you might wanna look for or look at regarding that is where the future economy may potentially be with either candidate how is that going to affect your real estate decisions if in fact interest rates come down lower and we see the economy improving then of course real estate numbers will continue to increase if we do see this interest rate come down also properties are gonna start increasing in price very quickly basically overnight please be careful watch the market I am here to report to you every single day I'm Connor with honor over and out need to be concerned about is where inventory is going do not buy a property do not sell a property