Latest / Connor with Honor: AI, Real Estate and Real Life / What Newhall real estate buyers and sellers need to know as we close out 2024

Transcript

What Newhall real estate buyers and sellers need to know as we close out 2024 · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Hey, good day everybody.
• 0:01
  SPEAKER_00: We are at the 21st of November, 2024.
• 0:04
  SPEAKER_00: Today's going to be your New Hall real estate show.
• 0:06
  SPEAKER_00: I do a daily update, one for each of the cities here in Santa Clarita Valley.
• 0:10
  SPEAKER_00: Today is going to be New Hall, so we're going to talk about what the local inventory looks like.
• 0:14
  SPEAKER_00: And then also get into something that we've been talking about a lot lately as we get into the holidays, the price changes that are occurring in New Hall, California and other Santa Clarita Valley cities.
• 0:25
  SPEAKER_00: And then also finally, some buyers are they they find the house that they like, but then they see that it's priced higher than they had expected or maybe beyond their ability.
• 0:36
  SPEAKER_00: And maybe it's not that much, but they still don't write offers on it.
• 0:41
  SPEAKER_00: Maybe for some emotional reason, maybe they believe they're going to be let down or the seller's not to be going to be negotiable, and maybe it's going to equate to them being sad.
• 0:51
  SPEAKER_00: I would say in this market, write your offer and see what happens.
• 0:57
  SPEAKER_00: If the seller has given a rule to their agent not to respond to what they consider frivolous offers, and that frivolous would mean below a certain price point versus what the property is actually for sale, and that that lower that amount, then you're golden because you just won't get a response.
• 1:15
  SPEAKER_00: And I'm sure your agent will have communicated to the listing agent or the seller's agent, and then they will have informed them, and then they'll come back to you and say the seller gave a rule and stated that they're not going to entertain certain listings or certain offers below a particular threshold.
• 1:32
  SPEAKER_00: So don't worry if you're writing lower than asking priced offers.
• 1:37
  SPEAKER_00: At least you tried.
• 1:38
  SPEAKER_00: And in most cases, that's usually a beginning point to get the negotiation started.
• 1:43
  SPEAKER_00: And of course, those sellers out there are probably nimble enough and have had it explained to them that it's important that they actually entertain these offers coming in and maybe see maybe the three-quarters of the waypoint or a halfway point that can be achieved.
• 1:58
  SPEAKER_00: All right, so that's real estate.
• 2:00
  SPEAKER_00: Today's November 21st, like I said, week 47 of 2024.
• 2:03
  SPEAKER_00: And let's get into the market snapshot for New Hall.
• 2:06
  SPEAKER_00: So currently, in the last seven days, we've had three new listings added.
• 2:10
  SPEAKER_00: Six properties have had their prices changed.
• 2:12
  SPEAKER_00: I'll get into that in just a moment.
• 2:13
  SPEAKER_00: Four properties have gone back on market, three have gone under contract, one have gone into pending, and five actually sold this last week.
• 2:20
  SPEAKER_00: We had one expired, three canceled, one withdrawn.
• 2:23
  SPEAKER_00: For you that have been watching real estate, if you saw a listing that was on the market, now it's gone.
• 2:28
  SPEAKER_00: You see no history of it.
• 2:29
  SPEAKER_00: There's a few different things that could have happened.
• 2:31
  SPEAKER_00: Could have been canceled, could have been withdrawn, and then it also could have been put on hold by the agent as dictated by the seller, because maybe they don't want to show it at this particular point because they've had some kind of an event happen.
• 2:45
  SPEAKER_00: A good example would be somebody in the house came down with COVID, so they're going to hold off until everybody's healed up.
• 2:50
  SPEAKER_00: So that could be a potential result of not seeing that property.
• 2:55
  SPEAKER_00: That could be what happened.
• 2:56
  SPEAKER_00: All right, so looking at the key listings and highlights here for the new listings, this luxury single-family home, five-bedroom, three and a half bath home built in 98, over 3,600 square feet, and that lot is 35,000, listed for 2.2 million.
• 3:12
  SPEAKER_00: And there's affordable condos also, priced around 450 to 485.
• 3:16
  SPEAKER_00: Square footage 850 to 1,000.
• 3:19
  SPEAKER_00: Some of those are going to be apartment conversions or condominium or apartment conversions to condos.
• 3:25
  SPEAKER_00: That happened in the day.
• 3:26
  SPEAKER_00: One of the things that I always tell my buyers when they're looking at condominiums, if they are that type, typically you're going to see that they don't have laundry facilities, at least not within the units.
• 3:37
  SPEAKER_00: Now there are possibilities of that being put in at, of course, your expense as a buyer over time.
• 3:44
  SPEAKER_00: And I've seen that happen in different areas out here that were those apartment conversions going to condo.
• 3:49
  SPEAKER_00: But again, you're really not losing much except for the luxury of having a washer and dryer in your unit.
• 3:56
  SPEAKER_00: But again, when you have that, then the price point does increase.
• 3:59
  SPEAKER_00: But it's something to know about the new hall market.
• 4:02
  SPEAKER_00: Also, there's properties of that same nature in Saugus and also some in Canyon Country, just to kind of give you an idea.
• 4:09
  SPEAKER_00: And the main single family residence is three-bedroom, two-bath, built in 1951, about 1,585 square feet, priced at$829.
• 4:17
  SPEAKER_00: Now, these price changes, what I wanted to talk about, and this seems to be very indicative of the current market.
• 4:22
  SPEAKER_00: A four-bedroom, four-bathroom home reduced its price$80,000 very recently within the last seven days.
• 4:29
  SPEAKER_00: Condominium reduced its price$15,000.
• 4:32
  SPEAKER_00: That's a two-bedroom, one bath, went from$465 to$450,000.
• 4:36
  SPEAKER_00: And then we have a four-bedroom, two-bath that dropped$75,000 from a million seventy-five to one million dollars.
• 4:44
  SPEAKER_00: Strategically, probably not the best price reduction.
• 4:47
  SPEAKER_00: And I'm not talking about amount, but to be at that million dollar is probably a fight, I would guess.
• 4:53
  SPEAKER_00: I don't know.
• 4:54
  SPEAKER_00: But I'm saying you'd want to be below that next threshold because if people are searching, usually that 9999s are good.
• 5:02
  SPEAKER_00: Eights are even better from a new numerological standpoint for people that have that thought process.
• 5:10
  SPEAKER_00: And not that there's anything wrong with that, and there's not.
• 5:13
  SPEAKER_00: But you can use that as a seller because people like nines.
• 5:16
  SPEAKER_00: Nine looks less expensive.
• 5:18
  SPEAKER_00: 999,000 is a lot different than a million, even though it's only separated by a thousand.
• 5:25
  SPEAKER_00: But again, that's a thing to think about.
• 5:27
  SPEAKER_00: Your agent should have offered you that and even been able to show you statistics showing how nines are more advantageous, and they wouldn't have to do a lot of heavy lifting to show you this.
• 5:36
  SPEAKER_00: All they would have to do is basically just pull it up online and show you how those nines and eights actually help in the sale of a property.
• 5:45
  SPEAKER_00: I know it's crazy, but it works.
• 5:47
  SPEAKER_00: You'll see, and that's why all the people that are selling things on the television, on the internet, and even in stores, they play on the eights and the nines.
• 5:55
  SPEAKER_00: It works fantastic.
• 5:56
  SPEAKER_00: All right, so we had$75,000.
• 5:58
  SPEAKER_00: A four-bedroom, two-bath home dropped$22,000.
• 6:00
  SPEAKER_00: Another one dropped$15,000.
• 6:02
  SPEAKER_00: A condo dropped$5,000.
• 6:04
  SPEAKER_00: These price reductions are very strategic in nature.
• 6:07
  SPEAKER_00: Back on market properties in New Hall, California, six-bedroom, three-bath single-family loan home listed at$1.3 popped back on the market.
• 6:15
  SPEAKER_00: And also a town home priced at$534.9.
• 6:18
  SPEAKER_00: Three-bedroom, three-bath also popped back onto the market.
• 6:22
  SPEAKER_00: Five closed this past week in New Hall, a four-bedroom,$2.5 bathroom home sold after 50 days on the market.
• 6:30
  SPEAKER_00: That's for$800,000.
• 6:32
  SPEAKER_00: And that one finished finally.
• 6:34
  SPEAKER_00: And we have a two-bedroom, what bad condo built in 73 that closed out at$349,000.
• 6:41
  SPEAKER_00: So if you look at condominiums and townhomes, they definitely are more in the sales.
• 6:46
  SPEAKER_00: We see a lot more of those selling because there happens to be more of those on the market.
• 6:50
  SPEAKER_00: But currently, we're still very much in a seller's market.
• 6:53
  SPEAKER_00: So don't lose hope.
• 6:55
  SPEAKER_00: Just continue the process.
• 6:57
  SPEAKER_00: And I might suggest to buyers out there just to look and see how the market's trending.
• 7:03
  SPEAKER_00: And if there are properties that have a longer days on market time frame, why not make an offer that fits within your budget and see what happens?
• 7:12
  SPEAKER_00: And I'm not talking hundreds of thousands of dollars if you're looking at comparables and they're showing that you're really undercutting the market that much.
• 7:19
  SPEAKER_00: This isn't the market for that.
• 7:20
  SPEAKER_00: But I will tell you that it is worth a shot if you are rather close to see what might happen by approaching the seller through their agent and having your agent write the offer.
• 7:32
  SPEAKER_00: Something else, and people talk about dual agency a lot where you have agents representing the same people that are buying it as the people that are selling it.
• 7:41
  SPEAKER_00: So that's known as dual agency here in California.
• 7:44
  SPEAKER_00: Well, it's known as dual agency, period.
• 7:46
  SPEAKER_00: That being the case, going to that listing agent and having them write this lower than asking price offer, in some cases, you might get a little bit of pushback.
• 7:56
  SPEAKER_00: So maybe it might be better to find your own agent, have them write that offer for you, and then they're the ones that can fight, but you need to make sure they're worthy of the fight, and they're not just going to send it in embarrassed, but they're going to stand up and say, these are the comps, these are what I'm looking at.
• 8:10
  SPEAKER_00: This is what my buyer wants to offer.
• 8:12
  SPEAKER_00: And go back to your seller and show them this data as to where the market's trending.
• 8:17
  SPEAKER_00: And if they really want to sell their property, they'll probably start some kind of negotiation with my buyer.
• 8:23
  SPEAKER_00: At the end of the day, it's only been small moments of time, and I know time is very valuable, but it might actually end up working for both parties.
• 8:32
  SPEAKER_00: So give it a shot, agents out there.
• 8:35
  SPEAKER_00: And you buyers out there, don't be scared to ask.
• 8:37
  SPEAKER_00: I'm Connor with Honor.
• 8:38
  SPEAKER_00: This is your new haul update.
• 8:40
  SPEAKER_00: We will be back tomorrow.
• 8:41
  SPEAKER_00: Tomorrow's Canyon Country.
• 8:42
  SPEAKER_00: Then, of course, Castac.
• 8:44
  SPEAKER_00: And then finally, we have Act and Aquadulce in a full Santa Clarita Valley overview on Sunday.
• 8:49
  SPEAKER_00: Thanksgiving next week.
• 8:50
  SPEAKER_00: And you let me know if we can help you.
• 8:52
  SPEAKER_00: We will be there, of course, always.
• 8:54
  SPEAKER_00: Be well.
• 8:55
  SPEAKER_00: I'm Connor with Honor.
• 8:56
  SPEAKER_00: Over and out.