Latest / Connor with Honor: AI, Real Estate and Real Life / Competing for the same agent on the same home, how much will you pay?
Transcript
- 0:00August 2nd, 2024 good day everybody in the future of real estate where can we expect ourselves to be I don't know what this means as of yet but with the changes in commission I think that in the future there could be a competition that arises between agents and clients that are interested in purchasing the same residence and maybe somebody is saying that so and so is paying me this amount of money to represent them to get them this house and if you're coming to me you would want to pay me how much to help you get that same house I don't know if that's gonna be a thing but if in fact that does unfold that way but don't require any kind of verification my suggestion even we're speaking about something that hasn't unfolded yet and maybe it won't even unfold that way at all with regard to the commission and the real estate in the concessions changes maybe it's gonna work out to be exactly what the industry needs more transparency but the question remains I guess the solution to that question would be make sure that whomever you're getting information from regarding numbers that they're able to back that up and writing and I don't mean writing on a napkin in a bar I mean actual some of verified proof via the board of Realtors via it some data mining source so then you can make a decision and maybe that decision in that circumstance would be best served by you saying maybe you're not the agent for me I'm gonna find somebody that is more ethical thanks maybe something like that would be a good response alright so Santa 3 to update today we have coming soon listing six 74 new listings have entered the market in the last seven days we have 70 properties that have had their prices changed that number is very consistent over the last six 7 weeks now the properties are having their prices changed a majority of those are of course reductions it's not always the case this number and reduction is big maybe it's $100 or $50 something of that nature and the reason being is whenever there's a price change enacted within the Multiple Listing Service database because they want to reflect the most accurate real estate listings of course for the consumer within reason they have their own algorithms their own programming models that they put together in order to make it easier for you to make decisions that benefit those websites so they have those things in place but when you are looking online when those price changes are conducted it does which is also a strategy in selling real estate being able to go to the seller and say if we were to change the price modify it just a little bit in a downward manner and I would argue in an upward manner as well depending on the market that type of change could also spear off an entirely different vein of activity but either way once the change is enacted online it does cause those syndication sites to pull in that listing does start to propagate more attention than it did before so that could be the strategy in other cases these price changes are massive 30,000 dollar dumps 70,000 dollar dumps and in those cases usually that's more reflective of price range so you're gonna get those larger reductions in those properties that are in the millions versus much smaller ones that are in the mobile home area 200 300 thousand dollar range at least that's out here in Santa Clarita Valley talking about the Platinum Triangle Beverly Hills Hombyhills and over there- Bel Air that's that's gonna a much different prospect and in fact some of those properties that are selling the list price because once you get into that type of luxury your the rules that apply for finance residential real estate although some of those loans some of those residences may be financed but not probably in that typical bank of America fashion but that being the case these properties are you know when price reductions if they do they're usually much more grand and swallow up most other properties below them all right well that went kind of deep let's move into this active under contract properties 33 we had 24 properties that have come back on the market for sale that's around 30% 25 30% what we're seeing a properties that inter escrow eventually fall out at some point within that process and that is a concern to be thought about and concerned about because once that happens then your property coming back on the market there's gonna be that question why did it cancel and then it could be that most buyers and this is indicative of the human nature I guess more philosophy for you I believe that we look for the worst as if there's something wrong with the property that's why it didn't sell when a majority of the time it's actually on the buyer end of it they could have done something as simple as change their mind I really don't wanna go forward with this house um they could a dream there's a lot of things that had nothing to do with the seller or the quality of the home something to realize when you start to see these numbers talked about by the local agents here in Santa Clarita Valley alright painting properties 49 we had 63 closed in this last week 10 expired eight cancelled six have been put on hold and four have been withdrawn from the market the best ways to approach real estate is from a non emotional standpoint if you can approach those professionals and say what where do speak about this topic do you have information that I can read further on this topic they should be able to give you a blog post like I can for my clients send my clients a YouTube video send them one of the podcasts that I've done something that explains a particular part of the process I'm Connor I hope you're well please let me know if I can help you in the future of course this has been your Santa Clarita real estate update August 2nd, 2020 4 and I will be back tomorrow the third I hope everybody's well thanks for watching and if you don't mind share we'll talk to you soon I'm Connor with honor over and out or various other ways that relate to numbers that are told to you somewhere that they can actually show you that this is in fact true the syndication sites then re pull that data spear off that listing to rise to the top of the search engines again