Latest / Connor with Honor: AI, Real Estate and Real Life / Valencia CA price changes and sellers scrambling to get sold by closing of 2024

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Valencia CA price changes and sellers scrambling to get sold by closing of 2024 · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Welcome to today's market update for Valencia, California, where I'm going to break down the latest trends and opportunities in the Santa Clarita Valley's bustling real estate market.
• 0:09
  SPEAKER_00: I'm, of course, Connor with Honor, your first responder realtor.
• 0:12
  SPEAKER_00: Today we're going to be diving deep into what's happening in Valencia, looking at that seven-day market snapshot that I post every day, each day in for Santa Clita Valley, has its own day of the week.
• 0:23
  SPEAKER_00: Today's Valencia, tomorrow's Stevenson Ranch, Wednesday's going to be Saugus, Thursday is going to be New Hall, Briday Canyon Country, and then Castac on Saturday.
• 0:34
  SPEAKER_00: And I do an act and Aquadulce, all of Santa Clita overview on Sundays of every week.
• 0:39
  SPEAKER_00: So please stay tuned.
• 0:40
  SPEAKER_00: You can go to Santa ClaritaOpenhouses.com to see all of those updates that I do daily.
• 0:46
  SPEAKER_00: So let's look at the market totals right now.
• 0:48
  SPEAKER_00: For all Santa Crita Valley cities, the city just mentioned, here's the snapshot for the past seven days.
• 0:54
  SPEAKER_00: Two coming soon listings, 23 newly into the market, 31 have have properties have had their prices changed.
• 1:00
  SPEAKER_00: This is important for the people out there that are currently selling and even buyers because you'll see that the market's starting to change because we get into the holidays, things slow down a little bit.
• 1:10
  SPEAKER_00: And we're also seeing that sellers are incredibly serious at this time of the year.
• 1:14
  SPEAKER_00: We have 31 properties that have had their prices changed.
• 1:17
  SPEAKER_00: 11 properties have fallen out of escrow and came back on the market.
• 1:21
  SPEAKER_00: 26 properties are active under contract, which means they're in escrow.
• 1:25
  SPEAKER_00: 26 properties are pending.
• 1:27
  SPEAKER_00: 53 closed this last week.
• 1:29
  SPEAKER_00: We have 10 properties that expired, seven canceled, 13 have been put on hold, one have been taken off the market.
• 1:35
  SPEAKER_00: So this snapshot shows active movement in the market with numerous properties changing status for those tracking the market.
• 1:42
  SPEAKER_00: Keep an eye on price changes, which can indicate shifts in sellers' motivation.
• 1:47
  SPEAKER_00: Valencia, California, as promised, here's the detailed stuff.
• 1:51
  SPEAKER_00: We have one listing coming soon.
• 1:53
  SPEAKER_00: Eight new listings have entered the market in the past week.
• 1:55
  SPEAKER_00: 19 properties have had their prices changed.
• 1:58
  SPEAKER_00: This is a big number for a singular city in Santa Cruz Valley.
• 2:01
  SPEAKER_00: Almost 50% of the price changes have happened in Valencia with regard to the real estate.
• 2:07
  SPEAKER_00: It's an indicator that the market is changing.
• 2:09
  SPEAKER_00: But if you look at those prices overall, they were higher than what previously sold.
• 2:15
  SPEAKER_00: So sellers were doing their best to adjust with the market, just like the banks did back in the day.
• 2:20
  SPEAKER_00: They would always have us base the sales prices of the real estate-owned listings or the foreclosures based on a 90-day in the future estimate of value, which we're very glad to do.
• 2:31
  SPEAKER_00: But that market was increasing because this was pretty much the bottom of the market back at the end of 2011 and the beginning of 2012, after the 2006-2007 real estate collapse, where we have that all of the history that we created and basically a resetting of sales prices.
• 2:49
  SPEAKER_00: Some areas in Valencia and Santa Clarita were cut 40 to 45% from the high numbers to the low point when the market finally collapsed and got to the exact or the bottom.
• 3:01
  SPEAKER_00: And if we all had a crystal ball and of course a suitcase full of money, that would have been the perfect time just to spend everything on real estate and then wait until the market gets high and then of course sell it all off.
• 3:14
  SPEAKER_00: Okay, so let's get here.
• 3:15
  SPEAKER_00: Valencia does continue to lead with us with strong market activity.
• 3:19
  SPEAKER_00: Buyers should note the numbers of price changes 19, which, as I said, can be opportunities for negotiation, while sellers can benefit from understanding the competitive dynamics of active and closed listings.
• 3:32
  SPEAKER_00: Now, for buyers right now, opportunity in price changes with 19 price adjustments this week.
• 3:39
  SPEAKER_00: Now's a good time to negotiate, particularly on properties that have been on the market for more than 30 days.
• 3:45
  SPEAKER_00: The 30-day rule is typical in the banking industry.
• 3:48
  SPEAKER_00: That does seem to overflow into the regular real estate resale cycle that I've been watching since 1998.
• 3:54
  SPEAKER_00: Inventory levels, new listings may provide fresh opportunities, but make sure you act quickly, at least as quickly as you're comfortable with.
• 4:02
  SPEAKER_00: Valencia homes that are priced correctly tend to move very fast, especially those that are priced correctly, as I stated.
• 4:08
  SPEAKER_00: Loan types accepted.
• 4:10
  SPEAKER_00: Most sellers are open to conventional FHA and VA loans, so ensure pre-approval for a smoother process.
• 4:16
  SPEAKER_00: I'll talk a little bit more about that.
• 4:18
  SPEAKER_00: So for the conventional buyers out there, typically that indicates a 20% down loan.
• 4:23
  SPEAKER_00: For FHA and VA, it's going to depend.
• 4:26
  SPEAKER_00: For VA, that's mostly a zero down loan for the veteran, but it's going to depend on what entities are going to be covering the veteran's closing costs.
• 4:35
  SPEAKER_00: Whenever you buy real estate, you have costs that go above and beyond the actual listing price.
• 4:42
  SPEAKER_00: Closing costs typically pertain to three things prior to this recent change with regard to advertising real estate commission and what they were or were going to be your lender's fee, your title fee, and your escrow fee as a buyer.
• 4:57
  SPEAKER_00: Usually that equates to about 3% of the total purchase price.
• 5:02
  SPEAKER_00: But we see that now the commission is also involved in that.
• 5:07
  SPEAKER_00: But the VA does allow for the seller to pay their buyer's agent's commission.
• 5:13
  SPEAKER_00: So that is something that's been adopted.
• 5:16
  SPEAKER_00: And whatever that fee happens to be is what your agent is able to negotiate with you.
• 5:23
  SPEAKER_00: And so you need to look at their value, you need to see what they're going to be doing to earn that commission.
• 5:28
  SPEAKER_00: And of course, we all do negotiate and all that, but some of us have a more extensive background.
• 5:33
  SPEAKER_00: Being security consultants, basically becoming real estate agents, which are few and far between.
• 5:39
  SPEAKER_00: Having my law enforcement experience does help me bring an extra level to every real estate transaction.
• 5:46
  SPEAKER_00: So that's something you might want to look into as well.
• 5:48
  SPEAKER_00: You can find more information about me and who I am just by Googling Connor with honor.
• 5:54
  SPEAKER_00: You'll be able to see that there.
• 5:56
  SPEAKER_00: Alright, so look, let's look at market timing for sellers out there.
• 6:00
  SPEAKER_00: Listings in Valencia are experiencing quick turnarounds, competitive pricing, staging, and strategic marketing are crucial to stand out, especially as we get into early next year where you're going to have more competition.
• 6:12
  SPEAKER_00: So a seller that's selling the first quarter usually has a lot more other properties that are very similar to theirs.
• 6:21
  SPEAKER_00: But some of those sellers might have put more money into their residences as far as upgrades, as far as renovations, basically loving them a little bit more.
• 6:31
  SPEAKER_00: And then when those properties go onto the market, the buyers definitely see it and they rarely fall out of escrow and the buyers because they found basically this gym, buyers rarely cancel and they move all the way through that process.
• 6:43
  SPEAKER_00: The reason why buyers cancel a lot of times isn't uh has no fault of the seller, but is comes about because the buyer has lost their ability to finance, and that just creates problems because the buyers have gone out and done something credit-wise, which has impacted their FICO score and basically raised red flags with the lending entity, the people that are loaning them money, and that does create a massive problem.
• 7:09
  SPEAKER_00: So if you are an escrow, how you can escape that is just don't change anything financially, even including if your aunt gives you a whole bunch of money so you can pay off some credit card debt, make sure you get that approved with your lender before you do such a thing.
• 7:24
  SPEAKER_00: Although we all look at it and like, well, if I have less debt, that must mean my FICO score could be better.
• 7:30
  SPEAKER_00: That's actually not the case in some circumstances, so make sure you get that vetted with your lender as well.
• 7:35
  SPEAKER_00: So as far as market timing, that's important.
• 7:38
  SPEAKER_00: First impressions, that curb appeal is a big deal.
• 7:41
  SPEAKER_00: Also, those properties that are purely outfitted in the right way with the proper advertising and marketing, and also the price being in the right spot.
• 7:52
  SPEAKER_00: Usually they go within 10 days in Valencia, California, and reviewing reviewing recently sold properties and neighborhoods, both for sellers and buyers, that I post up here with my daily shows, it's incredibly important because those are properties that have been fully vetted by most of them needing loans on them, meeting lenders and buyers.
• 8:12
  SPEAKER_00: Those have appraisals.
• 8:13
  SPEAKER_00: So those appraisers that go out and look at these properties, they've fully vetted them to make sure that they match up and they're worth what those buyers are paying.
• 8:22
  SPEAKER_00: So if you're looking at properties for sale that don't have offers and aren't in escrow, hoping to gather the best offering price, that's a mistake.
• 8:33
  SPEAKER_00: You need to look at those sold properties.
• 8:35
  SPEAKER_00: And also look at the sold properties that are contained within the past 180 days.
• 8:40
  SPEAKER_00: And then if you have some that are older in that realm, be weary because once you get close to the closing table or at least the appraisal table, when the appraiser goes out, if you have some of those sold listings that are about to expire past this 180-day figure, then that could be an issue because they won't be able to be included in the appraisal report unless the appraiser is able to justify why they're using those comps.
• 9:07
  SPEAKER_00: And sometimes they don't want to even get involved in that because it's a lot of extra work.
• 9:11
  SPEAKER_00: And if they have enough listings, besides those older ones to be able to use to establish value, then they're going to do it hands down.
• 9:19
  SPEAKER_00: Alright, so Valencia in the past 30 days has seen a variety of properties, closed escrow, highlighting the robust market activity.
• 9:26
  SPEAKER_00: Homes range from affordable condos to luxury single family residences, and I do appreciate you watching today.
• 9:33
  SPEAKER_00: Please check us out.
• 9:34
  SPEAKER_00: You can see us at Santa Clarita Openhouses.com.
• 9:37
  SPEAKER_00: If you go to that same website on the home page, you'll see the book that I've written, and it's going to be full of information that's going to help you make better decisions and ask better questions as you get into the real estate process.
• 9:50
  SPEAKER_00: And of course, you can contact me anytime you want, and I'll help you out through the process.
• 9:55
  SPEAKER_00: I'm Connor with honor.
• 9:56
  SPEAKER_00: Over and out.