Latest / Connor with Honor: AI, Real Estate and Real Life / More inventory added to the Santa Clarita real estate market will it be enough to put the market into the buyer's zone?
Transcript
- 0:00good morning Santa Clarita Today's your market watch for July 22nd, 2024 we are at Monday fresh new week we're about to close out July so I'm gonna give you the numbers as they apply this morning 475 total active listings that's about normal that we've been seeing the last two to three weeks we have seen an increase though so we were at early four hundreds high three hundreds now we're at the 4 75 Mark will watch as that inventory will potentially continue to build as long as interest rates stay pretty much where they are now the interest rate question that people are asking they're talking about in the future what's gonna happen if interest rates come down if interest rates come down into the force of the fives we're gonna see inventory start to sell hand over fist very quickly and we're gonna watch the market go into that frenzy that we saw about a year and a half two years ago where we had multiple buyers on properties which we have multiple buyers now on most properties that are listed for sale that are priced well but however we're gonna see multiple buyers that are now willing if the interest rates come down now willing to compete at a much higher level than currently we're not seeing many properties go for 70 to 100 to 100 and twenty thousand dollars more than the listing price which would be the comparable price or the current market value we're not seeing that currently but if they do lower interest rates we will see that trend probably emerge again which is going to be a whole new market and we'll watch that as it develops so coming soon listings 11 in Santa Clarita 80 new listings 58 properties of other prices change 19 properties have gone back on the market 33 properties active under contract 48 properties have gone pending fifty eight properties closed this week three expired six cancelled 14 put on hold and three have withdrawn this isn't anything new as of right now but I still do these daily real estate updates because these trends are starting to change a little bit change meaning we're building more inventory than we've seen in over two years that is something to pay strict attention to but we still have a very high buyer drive so we have nothing of a stagnant market or a slow market I heard another local agent discussing how the market has slowed down to this crawl maybe in their business model it has but as far as sellers go properties are still moving we are watching though as properties do have their escrows canceled but that's still in the 20 30% range and that is very typical of most markets in Santa Clarita Valley we don't see a jumping ship from listings to get something else it typically is a fall up mechanism the sale actually falls apart excuse me because of an issue that the buyer has had happened with regard to their financing we had a buyer last week that was prepared another agents buyer happened to be with a seller but they were prepared to purchase real estate everything was fine we were in escrow and then the buyer went out and actually financed a vehicle without getting his lenders approval and that actually sunk the entire ship the person that particular buyer not able to move forward any any longer with being able to obtain financing because too much money going out not enough money coming in especially when you now keep on top of all of the other payments per month 1100 dollar GMC truck payment that does definitely stop the real estate mechanism for moving forward so watch out for that new listings condo and single family residences 80 of those are new we do have various townhole listings that are coming soon so make sure you check that out at SantaClaritaopenhouses com now with these 80 new listings they're definitely fresh opportunities across a range of prices whether you're looking for a starter home or larger family residence now is a good time to explore the market with regard to price changes I'd like to bring that up we have 58 properties that have adjusted their prices definitely a dynamic time for both buyers and sellers if you've been eyeing a property now might be the time to make an offer to re evaluate your particular listing price back on market properties we have these renewed opportunities nineteen properties came back on the market and that still falls within that 20 to 30% average that we've been watching over the last several months develop with regard to properties cancelling and coming back on the market if you are writing offers on real estate and there's a property you wrote on and if you go to the effort of writing on a property if you've ever done this before you'll know that you really want this property the reason why I say that for those new buyers out there that have never written an offer there is quite a bit of preparation to be done prior to putting penned to paper prior to typing out an offer via your agent because you have to consider the overall property in addition to that you have to have all your financial backing to accompany the offer so it's not just you deciding you wanna buy real estate there is some preparation that needs to take place how long does that go from you deciding to buy real estate to you being able to write your first offer that's going to depend on the agent that you're selecting how nimble and fast they are and if they have the proper people in place to be able to help you with the loan and the other aspects of preparation to write offers 12 hours 24 hours it's gonna depend also on the lender they tie you to or the lender you know and how nimble they are and how quickly they can get you pre approved but I've seen people get it done within 2 3 hours in a super hot market go from not even even considering buying real estate to then purchasing is it a good idea to make decisions that quickly it depends on the person a lot of times they work out but doing your homework or at least having those trusted advisors on your side that have done this before me since 1998 and other professionals I know it's good to have that sit down discussion and again that could be done over zoom in person in a coffee shop but typically telephone communications some kind of video system if in fact the person doesn't wanna meet face to face at least at the beginning we'll always have time to meet looking at properties together and in fact a lot of times that whole face to face introduction that's the typical time when actually you handshake how you doing Connor MacIvor thanks for watching me it was great talking to you this is how the procedure works and then I go down and I explain how I like to show properties to my buyers and how I like to lock the door when we get inside so we don't have anybody else walking in on us how this scheduling works and then what I like to point out as we get into the property like to look at the roof like to look inside the furnace cabinet if I can find it look at the HVAC system I like to look at these things like to look at the grading on the outside like to look at the condition of the electrical if that's possible to have access to it and then look at the other items is there any kind of indication there might be a plumbing issue what kind of plumbing is it is it a copper reppipe are they using PEX is it something that might have the old galvanized system that probably isn't very good anymore and then also with regard to electrical there are certain areas in Santa Clarita that happen to have copper electrical aluminum I believe was aluminum wiring but different things like that to really watch out for so when you see it you've experienced it you can carry that onto your buyer and say this is probably gonna be a 10,000 dollar Bill to be able to get this up to code and those sorts of things some sellers take immaculate care of their real estate some sellers keep every receipt every time that they make a move on their property they write it down so they have basically a journal of sorts attached to the residents it's awesome to be able to hand that stuff over to a buyer because now they know that that seller really took care of their house if you're starting out in life and you have real real estate you purchased something or you're about to not a bad idea to start a file hold on to that file keep everything in it for the house cause when it comes to selling it you'll be surprised at how much more money you might be able to get because you're not just a regular seller you're a seller that is prepared and you're a seller that's done their due diligence over the years and that definitely does increase the value of your residence because of who you are and your due diligence to take care of what you own so when it's time to transfer that to someone else they come into it looking great I'm Connor with honor I hope this update helps you it is Monday we will be back tomorrow with another daily market update when you're ready reach out love to help you and we will be there for you don't forget to check out www.SantaClaritaopenhouses.com I appreciate you watching today's update will be back tomorrow I'm Connor MacIvor over and out