Latest / Connor with Honor: AI, Real Estate and Real Life / Bidding for real estate, might as well start bidding for your equity also...

Transcript

Bidding for real estate, might as well start bidding for your equity also... · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, good day.
• 0:00
  SPEAKER_00: We're at March 9th, 2024.
• 0:02
  SPEAKER_00: I'm Connor with Honor.
• 0:04
  SPEAKER_00: Let's talk about your real estate update here in Santa Carina Valley.
• 0:08
  SPEAKER_00: I know I've been pulling some numbers recently, and I've seen quite a few listings that have entered the market for sale.
• 0:14
  SPEAKER_00: One of the things I will tell you is because of the additional listings, people are under the false presumption that now sellers have become much more negotiable in this market.
• 0:27
  SPEAKER_00: So buyers are able to make these great advancements and score some fantastic deals on real estate.
• 0:34
  SPEAKER_00: It's not just seeing it, folks.
• 0:35
  SPEAKER_00: It's not there because even with the additional inventory and houses for sale, we are still not seeing enough to be able to change the market dynamic from being solely a seller's market to a buyer's market.
• 0:50
  SPEAKER_00: And in order for that to happen, well, it can happen a few different ways in our current market because of the real estate inventory and not being a lot of houses for sale with a high buyer drive.
• 1:02
  SPEAKER_00: The only thing that's going to change this market is either buyers stopping wanting to buy, thereby the sellers and the properties that are on the market currently have much less of a demand.
• 1:14
  SPEAKER_00: So the sellers get a little desperate and say, you know what, we're going to have to sell for less than we expected.
• 1:19
  SPEAKER_00: Thereby changing the market into a buyer's market.
• 1:22
  SPEAKER_00: So that's one way.
• 1:24
  SPEAKER_00: Another way could be keeping a high buyer drive, yet getting more and more real estate inventory to sell.
• 1:31
  SPEAKER_00: That could happen either with new housing and that can happen with resale housing.
• 1:37
  SPEAKER_00: But in order for new housing, in order for that to happen, they're going to have to ramp up building.
• 1:41
  SPEAKER_00: In order to do that, they need more supplies to build residences.
• 1:46
  SPEAKER_00: Still not a lot of supply.
• 1:48
  SPEAKER_00: Then on the other side of it, if we're looking at the home buyers out there, they have to look at the resale market.
• 1:54
  SPEAKER_00: And for more of those properties to come on the market, those sellers have to get an answer to the question that really presses on them.
• 2:02
  SPEAKER_00: Two questions, really.
• 2:03
  SPEAKER_00: Where are we going to move?
• 2:05
  SPEAKER_00: And how are we going to get this great interest rate we have to come with us?
• 2:09
  SPEAKER_00: Or how am I going to swallow?
• 2:11
  SPEAKER_00: Here's three.
• 2:12
  SPEAKER_00: How am I going to swallow having a six or seven percent interest rate?
• 2:16
  SPEAKER_00: Or do we have enough money to cash out and maybe go buy something?
• 2:19
  SPEAKER_00: These, this is the dilemma.
• 2:21
  SPEAKER_00: And that's why our market is going to currently stay where it is, being a seller's market.
• 2:28
  SPEAKER_00: And we will keep you posted on that.
• 2:30
  SPEAKER_00: All right, so right now we do definitely have quite a bit going on in Santa Crita Valley for your Saturday update.
• 2:38
  SPEAKER_00: We have exactly 16 listings that have come onto the market in the last 24 hours.
• 2:44
  SPEAKER_00: And we've been seeing quite a bit of additional inventory added, but nothing crazy high.
• 2:51
  SPEAKER_00: But we're doing anywhere from 15 to 20 new listings a day.
• 2:55
  SPEAKER_00: We're still having that same inventory bought, purchased, gone into escrow about that same pace.
• 3:02
  SPEAKER_00: So we're really not building much of anything as far as inventory goes here in Santa Crita Valley.
• 3:07
  SPEAKER_00: Current numbers as of right now were at 8:15 a.m.
• 3:10
  SPEAKER_00: Saturday, March 9th, 2024.
• 3:12
  SPEAKER_00: 328 active listings total on the market for sale.
• 3:16
  SPEAKER_00: That's all residential real estate, single-family residences, condominiums, and townhomes.
• 3:22
  SPEAKER_00: Greater Antelope Valley has very similar numbers.
• 3:25
  SPEAKER_00: They've almost doubled that as far as coming onto the market, but that area is a lot larger when you're looking at the Greater Antelope Valley versus Santa Clarita Valley.
• 3:34
  SPEAKER_00: A couple things out there.
• 3:35
  SPEAKER_00: I know I did a new housing talk this last Thursday.
• 3:40
  SPEAKER_00: Yesterday we did talk about some open houses and also a couple online things that have popped up.
• 3:46
  SPEAKER_00: Things meaning somebody got really smart and tried to change real estate.
• 3:52
  SPEAKER_00: And what they do is they have now sites that allow you to bid on properties.
• 3:56
  SPEAKER_00: So basically, if you are looking to sell your house and you contact an agent, the agent might have a lot of different whiz-bang fancy 2.0 techniques, sales things that they use in order to get you to trust them and to use their real estate services.
• 4:13
  SPEAKER_00: It could be that one of those things happens to be something that looks like some kind of a bidding contest online, almost like an auction house website.
• 4:22
  SPEAKER_00: So your house, the agent says, is going to be put on this website and it's going to be all fantastic and wonderful.
• 4:28
  SPEAKER_00: And in fact, it's going to show your house apart from a lot of the other real estate listings because of where it's located.
• 4:37
  SPEAKER_00: And in fact, we're going to charge the agent that wants to put the offer in or their buyer$150 to be able to use the website and to be able to make a bid on the property versus everybody else is out there for sale that isn't using a bidding website, which it could indicate a form of distress, maybe, for certain people, because a lot of the auction websites look like they maintain some kind of a discount for people purchasing real estate.
• 5:08
  SPEAKER_00: Here's something to consider.
• 5:11
  SPEAKER_00: So you look at the auction websites.
• 5:13
  SPEAKER_00: It could be an indication of a hardship, like I stated.
• 5:17
  SPEAKER_00: But also here's something else on the other side of it, not trying to get any accolades to anyone, because you know I hate the end of the day, too.
• 5:24
  SPEAKER_00: I've also watched auctions, secret service auctions, federal auctions, where you have normal everyday items selling out because of that auction frenzy.
• 5:36
  SPEAKER_00: People get excited.
• 5:37
  SPEAKER_00: People are there.
• 5:39
  SPEAKER_00: They smell the electricity in the air.
• 5:40
  SPEAKER_00: They have their paddle or their hand or whatever it may be.
• 5:44
  SPEAKER_00: And they're able to kind of show off of everybody else.
• 5:47
  SPEAKER_00: Now, these are locally held auctions with real people versus an online system where you might have a silent bidding, people putting in offers and so on.
• 5:59
  SPEAKER_00: But the frenzy thing, yeah, it still exists.
• 6:02
  SPEAKER_00: If you're thinking about selling your real estate and you find one of those agents that have these auction sites, see what they have to say.
• 6:09
  SPEAKER_00: But be wary at the end of the day, because if they don't perform and sell your house in a quick manner, more than likely the owner and operation of the auction site has something built in where now you will be tasked to having to do a mandatory price reduction if you want to still have your listing being shown on the site.
• 6:33
  SPEAKER_00: Mandatory is a little hard.
• 6:36
  SPEAKER_00: Optional is much better.
• 6:38
  SPEAKER_00: But that's up to you.
• 6:40
  SPEAKER_00: So consider this carefully.
• 6:42
  SPEAKER_00: If you're a home buyer out there looking to purchase real estate and you run into these online systems, just be wary that they exist and know that they are kind of true, but that is easy.
• 6:54
  SPEAKER_00: It's just going to a property, you like it, you write the offer through your agent, the agent submits the offer, and it's all done.
• 7:00
  SPEAKER_00: There's now an additional step that has to be adhered to in order to purchase this real estate listing.
• 7:07
  SPEAKER_00: What's beautiful about the system is they make it look like it's something that it really isn't.
• 7:13
  SPEAKER_00: It's just another sale, but it's being handled with an additional layer of good feelingness.
• 7:21
  SPEAKER_00: I don't know.
• 7:22
  SPEAKER_00: Anyway, that's that.
• 7:23
  SPEAKER_00: All right, so let's get back into a little bit what's happening now.
• 7:26
  SPEAKER_00: They're talking about the uh interest rates.
• 7:29
  SPEAKER_00: Interest rates are a big deal.
• 7:31
  SPEAKER_00: And I get that.
• 7:32
  SPEAKER_00: When it comes down to it, all you have to do is just do the math.
• 7:37
  SPEAKER_00: Maybe now isn't the best time for you.
• 7:39
  SPEAKER_00: Maybe you should wait until interest rates drop, if they do.
• 7:43
  SPEAKER_00: But the if thing is the important question.
• 7:46
  SPEAKER_00: If you do purchase now and interest rates do drop, then good for you, you refinance.
• 7:51
  SPEAKER_00: If you purchase now and they don't drop and they just keep going up, good for you, you probably just made some equity.
• 7:57
  SPEAKER_00: So there's different ways to look at it.
• 8:00
  SPEAKER_00: But when you're ready, you definitely want to sit down with that consummate professional and have a conversation.
• 8:06
  SPEAKER_00: You should be talking about the best things to do to poise yourself in that perfect, perpetual place in order to purchase.
• 8:16
  SPEAKER_00: There's nothing with a P property.
• 8:17
  SPEAKER_00: There you go, there's that.
• 8:19
  SPEAKER_00: So please do yourselves a favor, get some good advice.
• 8:21
  SPEAKER_00: If you're looking for lending or lenders, you're thinking about maybe talking to somebody in that world, have a sit down with them if you can in person.
• 8:30
  SPEAKER_00: It really helps to see them in their eyes, to look at their emotions, look at how they speak with you.
• 8:36
  SPEAKER_00: Very important to do that so you don't get taken.
• 8:41
  SPEAKER_00: Any questions you have, you reach out to me.
• 8:43
  SPEAKER_00: I'm Connor with Honor.
• 8:45
  SPEAKER_00: I want to be your agent here in Santa Crita Valley and Greater Los Angeles and Antelope Valley, Ventura counties.
• 8:51
  SPEAKER_00: Well, pretty much anywhere.
• 8:53
  SPEAKER_00: I have a car and I have a license, so there's that.
• 8:55
  SPEAKER_00: Be well, we'll talk to you very soon.
• 8:57
  SPEAKER_00: Thanks for watching.
• 8:58
  SPEAKER_00: Your Saturday update.
• 8:59
  SPEAKER_00: I am Connor with Honor over now.