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Is It Time to Sell? Deep Dive into Santa Clarita's Real Estate Market - April 2024 Update with Connor with Honor · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good day, everybody.
• 0:01
  SPEAKER_00: April 19th, 2024.
• 0:03
  SPEAKER_00: I'm Connor with honor, Connor McIver.
• 0:05
  SPEAKER_00: We're going to do the daily real estate broadcast today.
• 0:07
  SPEAKER_00: I'm going to get into what's going on with our inventory.
• 0:10
  SPEAKER_00: Also, I'm going to talk about what that thumbnail is all about.
• 0:13
  SPEAKER_00: Is now a good time to sell?
• 0:14
  SPEAKER_00: That's a good question to be asking if you open if you own real estate, have been watching the news and the cycle, people are a little panicked out there, wondering when the best time to do it.
• 0:24
  SPEAKER_00: It's not that as a seller, they're lacking interest from buyers and they think that they might not be able to sell.
• 0:31
  SPEAKER_00: It's not for those reasons.
• 0:32
  SPEAKER_00: It's when's that right timing?
• 0:34
  SPEAKER_00: And what does a seller need to consider before uphing a potential 2-3% interest rate and getting into something that might be higher in the sixes and the sevens and maybe the eights.
• 0:46
  SPEAKER_00: So we'll talk about that.
• 0:47
  SPEAKER_00: But for right now, the inventory in Santa Clarita Valley, I ran the numbers this morning.
• 0:52
  SPEAKER_00: And currently we have 359 total listings on the market for sale.
• 0:58
  SPEAKER_00: And I will give you the other numbers as well.
• 1:00
  SPEAKER_00: So the breakdown, we have 79 new listings in the past seven days.
• 1:03
  SPEAKER_00: 46 properties have had their prices changed.
• 1:06
  SPEAKER_00: 55 properties have been closed, actually selling during this past seven days.
• 1:10
  SPEAKER_00: That is not uncommon at this time of year, and especially with this market.
• 1:15
  SPEAKER_00: And then, of course, we did get some of the real estate news talking about the cost of owning homes is definitely at an all-time high.
• 1:22
  SPEAKER_00: However, this week's average 30-year fixed mortgage rate, it hit 7.50%.
• 1:28
  SPEAKER_00: And this is due to unexpected inflation, delayed interest rates by the Fed.
• 1:32
  SPEAKER_00: Home prices, well, they're up too, with the new median home price now at$380,250.
• 1:38
  SPEAKER_00: This is all across the United States.
• 1:40
  SPEAKER_00: We have a much more expensive market here in Santa Clarita.
• 1:43
  SPEAKER_00: The changes are pushing the median monthly housing payment to a record of$27.75.
• 1:48
  SPEAKER_00: That's in that market, in that$330,000,$380,000,$390,000 home.
• 1:54
  SPEAKER_00: If we want to go into a different market, explore more expensive properties like here in Santa Clarita Valley, that payment's going to be considerably higher.
• 2:02
  SPEAKER_00: Now, despite the high prices and interest rates, I will tell you Santa Clarita does remain a very, very strong seller's market, but it's tough out there.
• 2:11
  SPEAKER_00: Existing home sales have dipped month over month and year after year just because of the lacking inventory, and we're seeing that affecting the local buyer drive and the buyer market because they're not finding what they're looking for.
• 2:23
  SPEAKER_00: In addition to that, they're not finding it.
• 2:26
  SPEAKER_00: Sellers that are considering moving aren't finding it either.
• 2:29
  SPEAKER_00: One of the things to consider as a seller is potentially being able to transfer your mortgage to someone else.
• 2:36
  SPEAKER_00: Maybe there is somebody in a different market that you want to move to that wants to get into your market.
• 2:41
  SPEAKER_00: So maybe a trade of sorts if they're locked in at a similar interest rate.
• 2:45
  SPEAKER_00: And even if not, trades like that actually work out.
• 2:48
  SPEAKER_00: And of course, all the costs have to be looked at on either side.
• 2:52
  SPEAKER_00: So everybody's being fair and equitable in that particular transaction.
• 2:56
  SPEAKER_00: But it's something to consider if you're looking to sell.
• 3:00
  SPEAKER_00: To try to connect those dots, you're going to have to find a forward-thinking agent that is able to search those other markets and look for potential residences having assumable type mortgages, something that's going to come out here in the near future.
• 3:13
  SPEAKER_00: I would imagine people are going to continue to work on that process.
• 3:16
  SPEAKER_00: But when you are ready as a real estate seller, that is definitely a consideration.
• 3:20
  SPEAKER_00: And also, what's that pain point?
• 3:22
  SPEAKER_00: What is causing you to potentially want to move?
• 3:25
  SPEAKER_00: Are you building your dream home somewhere else?
• 3:28
  SPEAKER_00: That's good enough for me.
• 3:29
  SPEAKER_00: Are there other factors involved?
• 3:32
  SPEAKER_00: Sit down and develop a plan.
• 3:34
  SPEAKER_00: If you are considering or contemplating selling, there's pressure coming from somewhere.
• 3:38
  SPEAKER_00: Whether it's financial, trying to make better in the world, money-wise, being able to offload a property now while the market is nice and hot, versus waiting for maybe a market to slow down a little bit or where you won't get as much money for your property as possible, at least currently here as we finish up April 2024.
• 3:56
  SPEAKER_00: We are seeing it's definitely a strong, strong seller's market.
• 3:59
  SPEAKER_00: Tomorrow we're going to be back talking about more real estate.
• 4:01
  SPEAKER_00: Typically on Saturdays, I give a little bit of an insight into the open houses, what's happening in Santa Crita open houses, if you're driving around the neighborhoods, looking for new houses, seeing those signs.
• 4:12
  SPEAKER_00: Just be wary when you are going out there looking around.
• 4:15
  SPEAKER_00: Your information is worth money.
• 4:18
  SPEAKER_00: Your name, your email address, your phone number is worth money.
• 4:22
  SPEAKER_00: Because of that, be careful to whom you give it.
• 4:25
  SPEAKER_00: Also, if you have an agent representing you and you're going into new housing or resale housing at open houses, make sure you make that known, especially with the resale houses.
• 4:37
  SPEAKER_00: That way you don't have to give up your personal and private information in most cases.
• 4:41
  SPEAKER_00: There might be some agents out there that insist, don't play that game again, but it's up to you.
• 4:46
  SPEAKER_00: I'm Cotter with Honor.
• 4:48
  SPEAKER_00: I hope this has served you well.
• 4:49
  SPEAKER_00: If you are a buyer out there, make sure that you have spoken with your lender.
• 4:54
  SPEAKER_00: Any changes in interest rate are going to change your payment.
• 4:59
  SPEAKER_00: If you have been pre-qualified, you're in that search, that search mode to find real estate, to find that house, that condo, that townhome that's going to fit well with you and yours.
• 5:08
  SPEAKER_00: Make sure that you do your research and look at those interest rates when they do morph and change and see how that affects your payment.
• 5:15
  SPEAKER_00: You might be buying in too expensive of a market in a locale to be able to afford and be somewhat comfortable month after month.
• 5:23
  SPEAKER_00: But you know as well as I, when you're comfortable, you don't change.
• 5:26
  SPEAKER_00: When you're uncomfortable, I know that is a major change agent for me.
• 5:31
  SPEAKER_00: I hope everybody's well.
• 5:32
  SPEAKER_00: Thank you for watching.
• 5:33
  SPEAKER_00: I'm Connor with Honor.
• 5:34
  SPEAKER_00: When you're ready, reach out.
• 5:35
  SPEAKER_00: I will be here for you and yours.
• 5:37
  SPEAKER_00: And thank you for watching.
• 5:38
  SPEAKER_00: I bid you good day.
• 5:40
  SPEAKER_00: I'm Connor with Honor.
• 5:41
  SPEAKER_00: Over and out.