Latest / Connor with Honor: AI, Real Estate and Real Life / Valencia CA real estate update and price reductions are happening as we close on Black Friday

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Valencia CA real estate update and price reductions are happening as we close on Black Friday · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Welcome to November 25th, 2024.
• 0:03
  SPEAKER_00: Good morning.
• 0:04
  SPEAKER_00: I wanted to get into the Valencia real estate update.
• 0:06
  SPEAKER_00: This is Valencia specific for today.
• 0:09
  SPEAKER_00: I'll also give a seven-day rundown for everything happening in the Santa Clarita, but today is definitely going to be Valencia's Day.
• 0:16
  SPEAKER_00: So if you're looking in one of the neighborhoods or any of the residential real estate, trying to find out what things are priced at, please go to Santa Clarita Openhouses.com.
• 0:25
  SPEAKER_00: You'll find all those resources there.
• 0:27
  SPEAKER_00: You'll find every single listing listed for sale.
• 0:29
  SPEAKER_00: And of course, access to that site is free, does not require any personal information.
• 0:35
  SPEAKER_00: So whether you're a buyer looking to make your first move, a seasoned homeowner considering an upgrade or selling, wanting to understand those market trends, this breakdown is going to provide the insights that you need.
• 0:48
  SPEAKER_00: The seven-day overall market snapshot for Santa Clarita Valley's activity during the past week, covering all the neighborhoods.
• 0:55
  SPEAKER_00: We have two summing coming soon listings.
• 0:57
  SPEAKER_00: 50 new listings have hit the market.
• 0:59
  SPEAKER_00: 56 properties have had their prices changed.
• 1:02
  SPEAKER_00: These are majority of reductions, folks, from listing price to a new lower listing price.
• 1:07
  SPEAKER_00: Back on market property 16, 27 properties have gone active under contract, basically in escrow.
• 1:13
  SPEAKER_00: 33 pending 70 or 69, very close to 70 have closed escrow in this past week actually selling.
• 1:20
  SPEAKER_00: We have six properties expired, 12 canceled, 12 have been put on hold, seven have been pulled off the market completely.
• 1:26
  SPEAKER_00: And this data does show a steady flow of inventory and market movement with price changes leading the trends.
• 1:32
  SPEAKER_00: Sellers are adjusting to buyer expectations, ensuring continued negotiations.
• 1:38
  SPEAKER_00: Overall, seven-day Valencia market snapshot, specifically one coming soon listing.
• 1:44
  SPEAKER_00: We had 19 new listings placed onto the Valencia, California real estate market for sale this week.
• 1:49
  SPEAKER_00: 18 properties have had their prices changed.
• 1:52
  SPEAKER_00: Almost as many price changes as we've seen new listings enter the market.
• 1:56
  SPEAKER_00: This is indicating that sellers are starting to adjust as we get into the slower season into the holidays, reducing those listing prices, thereby getting offers and getting their houses actually closed prior to Christmas.
• 2:09
  SPEAKER_00: We have five properties that went on back on market, active under contract contract properties, five.
• 2:14
  SPEAKER_00: Ten properties have gone pending, 24 listings in Valencia closed this past week, three expired, four canceled, three have been put on hold, and one have been withdrawn.
• 2:24
  SPEAKER_00: So the breakdown for the past 30 days, when I was analyzing Valencia's last 30 days of data, I find the following trends.
• 2:32
  SPEAKER_00: So median prices by property type in Valencia, California, single family residences, prices are ranging from$750,000 to$1.5 million with newer builds edging towards the higher end of that dynamic.
• 2:47
  SPEAKER_00: If you are looking for a new house, make sure you look on Santa Clarita Open Houses.
• 2:52
  SPEAKER_00: I do have a new home tour.
• 2:53
  SPEAKER_00: Before you go the first time, it's important that you speak to an agent so they can explain to you how that entire negotiation process works and hopefully save you$10,000,$20,000,$30,000 depending on the builder, depending on who they know at the builder community and how they can help you.
• 3:12
  SPEAKER_00: We have condos in Valencia typically listed between$400,000 and$800,000.
• 3:18
  SPEAKER_00: That's going to depend very much on the size and location.
• 3:21
  SPEAKER_00: And townhomes, they're going to be mid-range properties priced between$600,000 and$900,000.
• 3:26
  SPEAKER_00: Two bedroom units starting around$450,000 for condos and$650,000 for single-family residences.
• 3:34
  SPEAKER_00: We have three bedroom units, most common configuration with prices ranging from$700,000 to over$1.2 million.
• 3:41
  SPEAKER_00: Four more bedrooms, luxury properties, and larger homes dominate this range with prices going on that one point, going beyond that$1.5 billion price.
• 3:51
  SPEAKER_00: Days on market properties generally are seeing condos down homes 30 to 50 days on average.
• 3:57
  SPEAKER_00: Single family residences in Valencia, California.
• 4:00
  SPEAKER_00: And I'm looking at sold data from 30 days, 92-ish listings have closed in that time frame.
• 4:06
  SPEAKER_00: 60 to 90 days are what we're seeing for average days on market time frames for single family residences.
• 4:13
  SPEAKER_00: And luxury homes take even longer to get closed, actually, into escrow and closed.
• 4:19
  SPEAKER_00: As far as new listings go this past week, the 19 new properties entering the market this week, Valencia offers fresh opportunities for buyers.
• 4:27
  SPEAKER_00: Many homes feature desirable upgrades, including open concept layouts, modern kitchen and energy efficient designs.
• 4:35
  SPEAKER_00: Back in the day, you had that one room that mom wouldn't let you into.
• 4:39
  SPEAKER_00: Everything was covered in plastic, and you wouldn't dare having any having a moment to yourself in that room.
• 4:46
  SPEAKER_00: It's only for company.
• 4:47
  SPEAKER_00: And as I remember, I'm not sure we ever had company come over to fill that room.
• 4:52
  SPEAKER_00: But right now, that concept, as far as design goes, if you go to any of the new housing with me, you'll see that these are large open rooms.
• 5:01
  SPEAKER_00: So typically when you walk in and get past that entry point, maybe past the staircase into the upstairs if it has one, then you have an open concept, and that's where the hub of the property is going to be, including kitchen, live-in-family room, access to the backyard, and so on.
• 5:17
  SPEAKER_00: Price adjustments, big deal.
• 5:19
  SPEAKER_00: Sellers are showing flexibility as reflected by the 18 price reductions for buyers.
• 5:24
  SPEAKER_00: This signals opportunities to negotiate more favorable deals.
• 5:28
  SPEAKER_00: And we had 24 sales closed this week in Valencia.
• 5:31
  SPEAKER_00: That highlights the continued desirability in Valencia, California.
• 5:35
  SPEAKER_00: Homes are well priced, well presented.
• 5:37
  SPEAKER_00: They often move quickly when that happens.
• 5:40
  SPEAKER_00: Key advice we have some buyers information.
• 5:43
  SPEAKER_00: Make sure you're pre-approved.
• 5:44
  SPEAKER_00: That strong pre-approval letter really is important.
• 5:47
  SPEAKER_00: It can make your offer stand out in such a competitive market.
• 5:51
  SPEAKER_00: Properties in prime Valencia neighborhoods like West Hills or Bridgeport, they don't last long on the market.
• 5:56
  SPEAKER_00: And also HOA's fees, HOA fees, the homeowners association fees, ask your agent how they can be increased and by how much.
• 6:05
  SPEAKER_00: That's going to be a factor that could be important because if an HOA can run rogue and go up a lot every month or every six months or every year, and all it requires is the board to meet.
• 6:18
  SPEAKER_00: You want to decide who's on the board of these people that have nothing better to do and they just like to make other people's lives difficult.
• 6:25
  SPEAKER_00: Or are they really adding value to being a board member at that homeowners association?
• 6:31
  SPEAKER_00: So check that out.
• 6:32
  SPEAKER_00: For sellers, make sure you're pricing your property strategically.
• 6:36
  SPEAKER_00: And there's a lot of online systems that are going to tell you what your house is worth.
• 6:40
  SPEAKER_00: You really got to nail it down.
• 6:42
  SPEAKER_00: There are these systems, and buyers are also falling into this trap.
• 6:47
  SPEAKER_00: They're looking at systems that aren't based on any real data.
• 6:50
  SPEAKER_00: It's based on uh basically they're building their algorithm to influence some kind of decision.
• 6:57
  SPEAKER_00: So if you're a buyer and you've been searching online, the internet's very smart.
• 7:01
  SPEAKER_00: They have artificial intelligence built into all of these things.
• 7:05
  SPEAKER_00: They're gonna basically tell you that this property is priced at a certain level to try to get you to want to buy.
• 7:12
  SPEAKER_00: If you're a seller, they're gonna say your home is worth a certain amount to try to get you to want to sell.
• 7:18
  SPEAKER_00: So watch out for that.
• 7:19
  SPEAKER_00: And also right now, breaking loose all over online, you're seeing all these commercials that are talking about, well, they give an idea that it's really difficult to sell real estate and that you can do it very simply just by one or two clicks on your cell phone with a particular app that you download.
• 7:36
  SPEAKER_00: And you know what?
• 7:37
  SPEAKER_00: That works with any agent as well.
• 7:40
  SPEAKER_00: If you want to sell something, you might as well work with that local agent, not get caught up in some lead generation system that's basically making the owner of that website a ton of money.
• 7:51
  SPEAKER_00: And that agent paying into that is also probably going to relay that cost to each individual buyer or seller.
• 7:59
  SPEAKER_00: So be considerate and try to think of yourself first.
• 8:04
  SPEAKER_00: And when you're looking online, find out where the money's flowing.
• 8:08
  SPEAKER_00: And the best way to do that.
• 8:09
  SPEAKER_00: If you see somebody online that's not represented in that pay-per-click realm, you might look at them a little bit closer, especially if they're publishing local market content, because they're going to have this organic approach and they should be able to pass the cost savings on to you.
• 8:26
  SPEAKER_00: I'm Connor with Honor.
• 8:28
  SPEAKER_00: Thank you so much for watching today's Valencia update, and we will talk to you very soon.
• 8:32
  SPEAKER_00: I'm Connor with Honor, over and out.