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Building your own home in Santa Clarita CA is cheaper but much harder to be sure - or is it just different? · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good day, everybody.
• 0:01
  SPEAKER_00: We are at the 10th of July 2024.
• 0:04
  SPEAKER_00: I'm Connor with Honor.
• 0:06
  SPEAKER_00: This is going to be your real estate update for Santa Clarita.
• 0:09
  SPEAKER_00: Wednesday hop day.
• 0:10
  SPEAKER_00: We're going to talk about some of the changes in the multiple listing service, and you'll be able to see what's going to how that's going to reflect online.
• 0:17
  SPEAKER_00: For those of you out there that are looking to buy real estate, there are systems in place that will allow you to look at what's actually for sale.
• 0:26
  SPEAKER_00: Of course, you'll know those, the big syndication sites.
• 0:29
  SPEAKER_00: But may I give you a different advantage if you look at a local system, one that's owned and operated by a local agent, you're going to see that direct access through the multiple listing service at an online system like www.santaclarita openhouses.com.
• 0:46
  SPEAKER_00: So there's my selfless plug.
• 0:48
  SPEAKER_00: Let's get into what's happening in the real estate world.
• 0:51
  SPEAKER_00: Now currently, they we have a report via the CRMLS.
• 0:55
  SPEAKER_00: That's the multiple listing service that governs most of Southern California and especially here in Santa Clarita Valley.
• 1:01
  SPEAKER_00: We are watching as they are changing their guidelines because of a lawsuit that was recently settled.
• 1:07
  SPEAKER_00: That particular lawsuit has to do with the commissions being offered in the public view.
• 1:13
  SPEAKER_00: In the multiple listing service, currently, you can go on there and you can look and find what people are paying to that buyer's representative out there to bring somebody to their residence, an actual buyer, and to have them buy the house.
• 1:29
  SPEAKER_00: There are amounts of compensation put in the MLS that are being offered.
• 1:33
  SPEAKER_00: However, that is not going to be around after the 13th of August of 2024, because that day is when the CR MLS is going to put all the changes in place.
• 1:45
  SPEAKER_00: So you're not going to be able to see commissions being offered in the multiple listing service.
• 1:51
  SPEAKER_00: The point of that is not giving any unfair advantage to any other seller out there in the world.
• 1:58
  SPEAKER_00: And in fact, you as a buyer are now going to have to potentially sign an agreement after that date in order to purchase real estate through the agent that you select to be your buyer's agent.
• 2:12
  SPEAKER_00: And that is incredibly important who you choose because if you choose incorrectly, as dad used to say, you're going to be dealing with that every day for the rest of your life.
• 2:23
  SPEAKER_00: Don't choose incorrectly.
• 2:24
  SPEAKER_00: Here's the thing I will tell you when you're going and talking to agents, you want to see what they're doing online.
• 2:30
  SPEAKER_00: What kind of information are they providing?
• 2:32
  SPEAKER_00: And what are they saying?
• 2:34
  SPEAKER_00: Watch what they talk about, and you will be able to make better determinations as to who you're going to select as your real estate representative.
• 2:43
  SPEAKER_00: Looking at the Santa Clarita Valley, I did do our update for today, and I'll give you an idea as to what's happening here in our current market.
• 2:51
  SPEAKER_00: Now, we will still be able to negotiate our commissions with the buyers and the sellers out there.
• 2:57
  SPEAKER_00: However, that's still going to be up to you as to what you want to pay for compensation.
• 3:04
  SPEAKER_00: So you're going to want to find out what that number is.
• 3:06
  SPEAKER_00: And in some cases, sellers are still probably going to offer something, but again, the entire market's changing.
• 3:14
  SPEAKER_00: We'll have to watch as that breaks through the new developments and as everything pretty much finds its happy medium and happy place.
• 3:22
  SPEAKER_00: All right.
• 3:22
  SPEAKER_00: So on this episode of Santa Clita Open Houses, besides covering the compensation fields being removed, we're going to talk about actually what's happening in the local inventory.
• 3:32
  SPEAKER_00: And we have 10 coming soon listings this week.
• 3:35
  SPEAKER_00: 50 properties have are brand new coming onto the market.
• 3:39
  SPEAKER_00: 49 properties have had their prices changed.
• 3:41
  SPEAKER_00: 13 properties have gone back on the market.
• 3:43
  SPEAKER_00: 25 properties have gone active under contract.
• 3:46
  SPEAKER_00: 46 pending.
• 3:47
  SPEAKER_00: 30, excuse me, 47 closed, 3 expired, 10 canceled, 4 have been put on hold, 2 have withdrawn, and that gives us a total of 439 currently as of today, active real estate residential listings that are for sale.
• 4:00
  SPEAKER_00: Now with this dynamic market, I I constantly go through the inventory every day for my clients because, of course, people are looking for something specifically.
• 4:10
  SPEAKER_00: Have a set of clients looking for a larger yard.
• 4:13
  SPEAKER_00: They want at least 15,000 square feet of usable outyards outdoor space.
• 4:18
  SPEAKER_00: That's what they love, and they definitely don't want any backyard neighbors.
• 4:22
  SPEAKER_00: So when I do my search, if you look in the MLS, I have to combine that with a map so I can figure out what's behind them if I'm not absolutely ultimately super familiar with that neighborhood.
• 4:34
  SPEAKER_00: Now some of them, you know, I can tell where the streets are because I've been in there so much.
• 4:38
  SPEAKER_00: It's just going to depend.
• 4:39
  SPEAKER_00: But it's in a if it's in a place that I haven't been, then I'll rely on the map, the Google Earth, and different aspects, even phone calling, phone calling, calling the agent to find out how the back looks and if it fits with my particular buyer's profile.
• 4:55
  SPEAKER_00: Unfortunately, you're not going to see a lot of that online, but because of that, I will give you this information here.
• 5:02
  SPEAKER_00: In Valencia, right now, West Ridge Estates, there's properties up to$2.65 million.
• 5:07
  SPEAKER_00: And the average price per square foot in that subdivision, a subdivision like area in Valencia, is$457 a square foot.
• 5:15
  SPEAKER_00: In Saugus, subdivisions like Santa Crita Hills, we're averaging$440 to$442 a square foot.
• 5:24
  SPEAKER_00: Galloway 55 Plus community that's a senior community.
• 5:27
  SPEAKER_00: We now have that around$380 a foot.
• 5:30
  SPEAKER_00: In Canyon Country, we're looking at Providence at Canyon Crest.
• 5:34
  SPEAKER_00: That's goes up to$1.17 million.
• 5:36
  SPEAKER_00: And we have that averaging out to$308 a foot.
• 5:40
  SPEAKER_00: And of course, luxury homes can be priced right now.
• 5:43
  SPEAKER_00: In Canyon Country, we have one up there at$5.2 million.
• 5:46
  SPEAKER_00: Stevenson Ranch, Crestview Cottages homes are averaging$592 a foot.
• 5:52
  SPEAKER_00: Larger properties in the area can list for$2 million or more, and that's around$439 a square foot.
• 5:59
  SPEAKER_00: So if you're looking at real estate from a price per square foot vantage point, most of the systems, including Santa Clita Open Houses, which is my local system, it's going to give you that information.
• 6:10
  SPEAKER_00: And again, it's going to depend on the amenities and the way the house is put together.
• 6:15
  SPEAKER_00: If you're going to build your own custom home and you're pricing out price per square foot, as you notice as you talk to the different contractors, or maybe you have a big sub and then they're going to take care of everything in general and then they're going to sub everything out.
• 6:30
  SPEAKER_00: At the end of the day, it's going to come down to that price per square foot.
• 6:33
  SPEAKER_00: So if you're going to have Honduran mahogany and Egyptian marble, if there is such a thing, and very, very fancy stuff in your residence, that price per square foot on a build from zero to hero might not be a hundred bucks a foot.
• 6:46
  SPEAKER_00: It might be three hundred or four hundred or five hundred dollars a foot.
• 6:50
  SPEAKER_00: But building a residence typically is less expensive than buying something that's already put together because usually when you look at building a residence, the land part isn't included, so that's a different purchase.
• 7:01
  SPEAKER_00: When you're looking to do something like that, definitely you want to have a good guide and you want to understand that that process, if it were made, if it were to be easy, everybody would do it.
• 7:14
  SPEAKER_00: But doing it is half the thing.
• 7:16
  SPEAKER_00: So learn how to do it.
• 7:17
  SPEAKER_00: Educate yourself.
• 7:19
  SPEAKER_00: Same thing with real estate.
• 7:20
  SPEAKER_00: I think everybody can have a go at it.
• 7:22
  SPEAKER_00: Just make sure you're well protected and you have good guides.
• 7:26
  SPEAKER_00: Now, finally, in this week, we saw 439 active listings being added.
• 7:31
  SPEAKER_00: That's the current what we have in our significant in our market.
• 7:34
  SPEAKER_00: That's definitely significant.
• 7:35
  SPEAKER_00: 10 new listings, 50 price changes in this past seven days.
• 7:39
  SPEAKER_00: Santa Clarina is definitely moving.
• 7:41
  SPEAKER_00: I appreciate you watching today's daily update.
• 7:44
  SPEAKER_00: I am Connor with Honor.
• 7:45
  SPEAKER_00: When you're ready, reach out to me.
• 7:46
  SPEAKER_00: I'm more than happy to walk you through the entire process, whether it's to sell something or to buy something, or if you have family you want to refer friends, I'm here for that as well.
• 7:56
  SPEAKER_00: Thanks for watching, everybody.
• 7:58
  SPEAKER_00: Be well.
• 7:58
  SPEAKER_00: I'm Connor with Honor, over and out.