Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita Real Estate Shake-Up: New Listings, Price Drops & Buyer Tips You Need Now

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Santa Clarita Real Estate Shake-Up: New Listings, Price Drops & Buyer Tips You Need Now · Connor with Honor: AI, Real Estate and Real Life

• 0:01
  SPEAKER_00: Good morning, Santa Clarita.
• 0:03
  SPEAKER_00: Today is the 302nd day of 2024.
• 0:07
  SPEAKER_00: We're October 28th.
• 0:08
  SPEAKER_00: I'm Connor McIver.
• 0:10
  SPEAKER_00: We're going to talk about the seven-day snapshot, what's happening.
• 0:13
  SPEAKER_00: Also, I want to talk about some multiple listing service rules about and the Board of Realtors code of ethics talking about needing to submit offers.
• 0:21
  SPEAKER_00: So if you have a property on the market for sale and you're getting an offer from your agent that seems ridiculous, again, they have to submit that offer unless there's something else in that process.
• 0:33
  SPEAKER_00: I'll explain that.
• 0:34
  SPEAKER_00: And then also new homes and that paperwork that happens if you, in fact, choose to be represented by a real estate agent when it comes to new housing.
• 0:43
  SPEAKER_00: They might have additional local disclosures, but I'll talk about that here in just a moment.
• 0:47
  SPEAKER_00: So as far as the market overview, this week we're looking at total active inventory of 553 residential properties.
• 0:54
  SPEAKER_00: That's across all of Santa Crita Valley.
• 0:56
  SPEAKER_00: Breaking that down, we have 12 coming soon listings.
• 1:00
  SPEAKER_00: These are properties that are just about to hit the market.
• 1:02
  SPEAKER_00: These offer buyers an early chance to prepare.
• 1:04
  SPEAKER_00: Heads up like this can definitely be a game changer in a competitive market.
• 1:09
  SPEAKER_00: 59 properties are brand new posted in the last seven days.
• 1:12
  SPEAKER_00: That is very typical for this time of year.
• 1:15
  SPEAKER_00: We have those listings.
• 1:16
  SPEAKER_00: They do bring fresh opportunities for buyers ready to make a move and also for sellers.
• 1:21
  SPEAKER_00: It means new competition, so that's something to watch out for.
• 1:24
  SPEAKER_00: Timing is definitely key, so buyers should stay prepared to act quickly, especially with inventory moving as fast as it is currently.
• 1:32
  SPEAKER_00: This week we had 89 price adjustments.
• 1:35
  SPEAKER_00: That trend seems to be continuing.
• 1:38
  SPEAKER_00: A lot of properties are having price reductions.
• 1:40
  SPEAKER_00: This is significant because these price shifts do indicate motivated sellers.
• 1:45
  SPEAKER_00: And of course, if you're a buyer, you can watch these price changes closely.
• 1:49
  SPEAKER_00: They can also signal an opportunity to negotiate.
• 1:52
  SPEAKER_00: Sellers definitely pay attention here too, as it tells you where the market may be softening or where competition for you may be heating up.
• 1:59
  SPEAKER_00: 24 properties return back after falling out of escrow.
• 2:03
  SPEAKER_00: Sometimes this is due to buyer financial issues, financing.
• 2:06
  SPEAKER_00: Other times it could be also inspection related.
• 2:09
  SPEAKER_00: More often than not, though, it typically is on the buyer side of it.
• 2:12
  SPEAKER_00: Buyers, this could be your chance if you did miss out on these properties that first time around.
• 2:17
  SPEAKER_00: For sellers, it's a reminder of the importance of fully vetting offers and definitely staying prepared for negotiations.
• 2:24
  SPEAKER_00: There are some things, though, that you cannot prevent buyers changing their mind.
• 2:28
  SPEAKER_00: That's definitely something that we talk about in our episodes and also at SantaClaritaOpenhouses.com.
• 2:34
  SPEAKER_00: We have 32 properties currently active under contract.
• 2:37
  SPEAKER_00: These homes are where sellers have actually accepted an offer but are open to backup offers.
• 2:42
  SPEAKER_00: So if you're a serious buyer and you see a property that happens to be in that status and you really want it, make sure your agent reaches out to that listing agent and then gives them information, talks a little bit about you.
• 2:54
  SPEAKER_00: Just in case it does fall out, you might be able to be next in line.
• 2:58
  SPEAKER_00: 31 properties are now pending.
• 3:00
  SPEAKER_00: That means they're in the final stages before they close escrow, and they'll probably close within the next few days or maybe a week.
• 3:07
  SPEAKER_00: Tightening inventory definitely even further for active buyers.
• 3:11
  SPEAKER_00: And this week we had 46 properties officially close, making successful sales.
• 3:16
  SPEAKER_00: Every closing, of course, impacts the market by either confirming recent trends or signaling a shift in demand.
• 3:23
  SPEAKER_00: It's an essential indicator for both buyers and sellers watching the neighborhood stability and property values.
• 3:29
  SPEAKER_00: A property has expired without a sale.
• 3:31
  SPEAKER_00: That means a property didn't move.
• 3:33
  SPEAKER_00: And it's often due to price or condition.
• 3:36
  SPEAKER_00: Sellers, if your property sits on the market too long, it may be worth reevaluating your pricing strategy.
• 3:43
  SPEAKER_00: And finally, of course, we have 14 listings that were canceled this week.
• 3:47
  SPEAKER_00: For sellers, that could this could definitely indicate a result of them changing their plans or maybe the need to reposition the property for a future sale.
• 3:56
  SPEAKER_00: For buyers, it's another reminder that timing does matter.
• 3:59
  SPEAKER_00: What's available today might not be there tomorrow.
• 4:03
  SPEAKER_00: And as far as properties that have been put on hold, that's nine.
• 4:06
  SPEAKER_00: And of course, we didn't have any that have been pulled off the market this week.
• 4:10
  SPEAKER_00: So let's talk about the rules of submitting offers.
• 4:15
  SPEAKER_00: A lot of sellers, because they don't have the talk with their agents, the agents don't offer the information, they're under the assumption that if an offer is received that is not at the listing price, or maybe ridiculously lower than the listing price, the agent can just arbitrarily get rid of it and then not even report it or talk about it with a seller.
• 4:38
  SPEAKER_00: That does create issues, and in actuality, that is against the law and the rules established by the Board of Realtors or the National Association, the Code of Ethics.
• 4:48
  SPEAKER_00: I believe it's 1-7.
• 4:51
  SPEAKER_00: That being the case, it's important to at least have a conversation with your agent.
• 4:57
  SPEAKER_00: If you don't want to see anything but at listing price, you can discuss with them and say any offer that isn't at this amount, I don't want to see it, but that has to be done in writing.
• 5:07
  SPEAKER_00: So until you do that, and a lot of agents won't even have this conversation because typically if somebody comes in a little bit lower than list price, that's where people tend to negotiate.
• 5:19
  SPEAKER_00: If you have a whole plethora of offers to choose from, then it really doesn't matter what everybody else is writing because eventually you're probably going to have somebody get to your listing price, or maybe one of those offers was already there.
• 5:31
  SPEAKER_00: That being the case, if you don't want to see anything but at listing price or higher, make sure you have a conversation with your agent and then put that request in writing so that if something does happen in the future, the agents cover and they're not breaking the rules with the board.
• 5:47
  SPEAKER_00: Let's talk about new housing.
• 5:49
  SPEAKER_00: Some people go to agents and agents take them into new housing and they represent them at least partially with regard to the new house.
• 5:57
  SPEAKER_00: They take them in there, they talk to the new home builder, they talk about the phases, they talk about potential discounts.
• 6:04
  SPEAKER_00: There are some incentives that are offered by the new housing centers for buyers that are utilizing their service providers, their lender, and so on.
• 6:13
  SPEAKER_00: As far as escrow goes and title goes and those types of things within purchasing real estate, even in a regular resale transaction, that has usually assigned a seller right to it.
• 6:27
  SPEAKER_00: The seller typically chooses those services.
• 6:29
  SPEAKER_00: So with a new home builder, it's not uncommon and typically is the way that it is, they have escrow, they have the escrow company they use, and they're selling hundreds of houses.
• 6:41
  SPEAKER_00: So they probably have some kind of a deal.
• 6:43
  SPEAKER_00: So they use their escrow company, and then they also use their title company.
• 6:47
  SPEAKER_00: So to be able to extract those things out of the new housing as a real estate agent working for a different broker when you're representing a buyer at a new house, it just doesn't make sense, and nor would they agree, nor is that even a possibility.
• 7:02
  SPEAKER_00: Now, in a resale scenario, maybe if the market is a buyer's market and the buyer's agent writes an offer that basically states that I want this escrow company used and this title company used, even though sometimes the seller selects services, that is a negotiation point.
• 7:20
  SPEAKER_00: With new housing, they don't play.
• 7:22
  SPEAKER_00: They use their service providers and that's it.
• 7:25
  SPEAKER_00: Some documentation that if you are represented by an agent going in is going to involve additional disclosures.
• 7:33
  SPEAKER_00: Disclosures that maybe the new home builder is using blanket language, language that covers a lot of things.
• 7:40
  SPEAKER_00: Basically, you're buying this house, accepting everything.
• 7:43
  SPEAKER_00: The disclosures that I'm talking about that they might not be privy to happen to be the local disclosures, specific Santa Clarita disclosures.
• 7:52
  SPEAKER_00: So that shouldn't cause an issue.
• 7:56
  SPEAKER_00: It's not that your agent's trying to outdo them.
• 7:59
  SPEAKER_00: It's your agent wants to give you all of the information so you can make a good decision when it comes to purchasing the new house.
• 8:07
  SPEAKER_00: It makes sense and it's something to think about before you get into purchasing the new house.
• 8:13
  SPEAKER_00: Have these discussions with your agent so they can inform you.
• 8:18
  SPEAKER_00: In addition to that, whenever you have your agent representing you or going in with you to the new housing, they will offer your agent a commission.
• 8:26
  SPEAKER_00: That commission, whatever it may be, is not going to interfere with your process.
• 8:32
  SPEAKER_00: It doesn't come out of what you're paying.
• 8:35
  SPEAKER_00: It doesn't cost you anything.
• 8:38
  SPEAKER_00: It is from the builder to the brokerage that is representing you and who that agent is thereby working for, unless you're working with directly with a particular broker, somebody that has their broker's license, has their own company, and so on.
• 8:53
  SPEAKER_00: But again, that is part of that process.
• 8:56
  SPEAKER_00: So don't get too wound up thinking that if you do go into an open house with an extra set of expert eyes, somebody that's that's been able to successfully negotiate open house prices, get additional discounts and concessions for their buyers.
• 9:13
  SPEAKER_00: Don't let anything else distract detract you and thinking that you're going to be able to save more money or get an extra benefit if you don't have an agent to represent you, or you do have an agent to represent you, and then they're being paid.
• 9:28
  SPEAKER_00: That's the way the process works.
• 9:30
  SPEAKER_00: The new home builder builds in a commission for your agent at no cost or harm or problem for you.
• 9:37
  SPEAKER_00: That's something else to consider.
• 9:38
  SPEAKER_00: But typically, most companies do have those additional disclosures, and it's the same thing when we have an agent that is not in our area that lists a property, not a member of our local board, they're not privy to some of these local disclosures, and there could be a potential for legal issues by not having those.
• 10:00
  SPEAKER_00: So if they're going and if I'm approaching a property that's listed by an outside agent representing a buyer, and I go in there when I'm filling out information and paperwork, if they don't have these documents as part of their process, I make sure that my buyer gets that, and thereby the seller gets it.
• 10:19
  SPEAKER_00: If they want to sign it or not, it doesn't matter, but this is informing my buyer of what's happening with this property, the area it's located in, and whatever other things that need to be disclosed so the buyer can make better decisions.
• 10:33
  SPEAKER_00: I'm Connor with Honor.
• 10:35
  SPEAKER_00: This has been your real estate update.
• 10:36
  SPEAKER_00: We will be back tomorrow.
• 10:38
  SPEAKER_00: Also check us out at Santa Clarita Openhouses.com.
• 10:41
  SPEAKER_00: I posted coming soon listings, so all you have to do if you go to the URL, www.santaclarita openhouses.com forward slash coming soon, you'll see that page where I talk about the coming soon listings and how you get access to those.
• 10:57
  SPEAKER_00: And the only way is not on the syndication sites or the great real estate sites online.
• 11:02
  SPEAKER_00: The only way to get access to those particular properties is going to be if, in fact, you have an agent emailing you those listings.
• 11:11
  SPEAKER_00: I'm Connor with Honor.
• 11:12
  SPEAKER_00: I hope everybody's fantastic.
• 11:13
  SPEAKER_00: Please reach out when you're ready, and thank you for watching my daily update.
• 11:17
  SPEAKER_00: Be well.
• 11:18
  SPEAKER_00: We'll see you tomorrow.