Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita Real Estate Market Update - July 30, 2024: Inventory Trends, Price Changes, and What to Expect in August - Insights from Top Realtor Connor MacIvo
Transcript
- 0:00good day Santa Clarita and beyond I am Connor MacIvor Today is July 30th, 2024 I'm gonna give you your real estate update for today it's gonna bring in past seven days of real estate activity and I do these shows daily you can find them all at www.SantaClaritaopenhouses.com it's just after 5am producing the show this morning doing the Real Estate Data poll 468 total active real estate listings across all of Santa Clarita Valley this is gonna be covering single family residences town homes condos let's dive into today's market head the hill highlights of it we have market overview coming soon property 6 in Santa Clarita Valley new listings 83 82 properties of experience price changes that seems like a large number that's a little bit more than most days that we've been seeing however that number is very typical of this current market I've been watching this price the price changes start to increase about 8 9 weeks ago and now they seem to be pretty consistent about 82 and it seems to be reminiscent and reflective of the new listings that are entering the market both numbers are about the same right now and they have been like that for the past four and a half weeks I'll continue to watch that if we start to get more and more price changes thereby having the real estate market slow down then we're gonna know that we're starting to build more inventory that can be sold at the present time frame and we might see an expansion of our real estate market to involve longer time frames to sell houses however it's still moving very quick folks we haven't seen much of a change even with the additional inventory we're still selling that as fast as it's coming on the market so we're not seeing that overbuilding of real estate inventory that would start to indicate that the market is switching from being a sellers market into a buyers market again I'm seeing larger amounts of listings on the market in total only in the high two hundreds at the beginning of this year now we're in the four 60s four 70s four 80s however that being the case those properties are not being building on the market they're still moving out as quickly as they're being placed onto the market for sale and again those days are market time frames for Santa Clarita Valley you're gonna be looking seven to 14 days of Valencia probably less than 10 and Stevenson Ranch and then we expand out from there so it doesn't take very long to get a property into escrow and about a third of those fall out of escrow so we do see that these properties the back on market properties 23 those are 23 properties that were in escrow in the process of being sold and they are no longer in escrow many different reasons for that I post those up one of the concerns sellers have is it their thing is it their problem does this happen because of their house and it's cute in a way because some sellers take it very personal and it shouldn't be it should be business if the buyer has a request and that request is not something that's normal and maybe there's another reason behind the request IE wanting to get a price reduction because they believe they offered too much in the beginning maybe there was super high competition in the beginning and that buyer then pulls back a little bit and says oh my gosh I just paid $80,000 more to be able to buy this house because I was in competition with other buyers three weeks is gone on and I've been doing my inspections and while everything is as expected I'm wondering if I could get the seller to do a price reduction so I'm gonna send out some of these inspectors and investigators and people to look into the residence and see what I can find that might I might be able to use as a catalyst to help me get the seller to reduce that price that is a very slippery slope ladies and gentlemen I do understand that when you are requesting a repair or a credit it's your right to request it but on the other side of it it's also the seller's right to deny it I have seen circumstances where in some cases buyers have attempted to go to the seller trying to get reductions that really weren't fitting for the property for example they would say that they're wanting a reduction because of the horrific electrical condition of the residents and then looking at the electricians report it is not horrific at all it's missing a couple ground fault circuit interrupter outlets GFCI's the GFCIs that you put near a source of water like on a sink and I might be messing up exactly what those letters stand for but it's those outlets that have those buttons on the front so you have the two outlets the buttons they help with if water hits that outlet or something that's plugged into it has a is exposed to water then what happens is that outlet supposed to trip and shut off so that person doesn't get electrocuted yes is that technology priceless absolutely especially if you have somebody angry trying to throw hair water at you or hair dryer plugged in hair dryer while you're taking a bath but besides that yes that's very valuable but the outlet itself is $20 to have it put in just if an electrician had to come out and just switch out an outlet to that probably a hundred bucks so when the buyers come back in that circumstance and ask for a 3,000 dollar price reduction because of the horrible electrical condition you see the point moving into the rest of these we have 33 properties that have gone active under contract 53 pending 58 have closed this last week having sold five expired 12 cancel eight have been put on with hold and three have withdrawn that's very common for this current market here in Santa Cruta Valley what I will say moving into September of this year I believe we're gonna have um some kind of a relaxation of interest rates pre election which is very very exciting that happens we're gonna see the current inventory that we have on the market start to reduce quickly because now buyers are gonna even start to move quicker in the real estate market if your real estate buyer waiting for that to happen when that does happen just understand that your competition levels are gonna be incredibly high they're gonna be a lot of buyers competing with you and if that's your flavor if you like that if you have the tools necessary to compete at a high level great if you have the extra money sitting around you have people you can borrow money from in case you wanna increase the price maybe you are qualified at a very large amount of money and you're only gonna need to purchase a property using half of what you're qualified for that's a very good spot to be in in addition maybe you're somebody handy or maybe you know very personal and close friends with contractors and home inspectors that's also very good cause they can come out and they can give you an idea where the property condition really is because them not only being the service provider and professional on top of that they're your friend and usually friends don't wanna hurt other friends cause you still have to see that other friend at parties and that sort of thing you wanna try to do even a better job than you normally would I would suppose in those circles unless you're baked from a standpoint that you wanna do a great job for everybody which is really how it should be looking at the rest of the real estate market here in Santa Clarita Valley will keep monitoring the inventory will know here in the next five or six weeks what's gonna be happening as soon as we get through August which we're about to break into we'll find out where those numbers were July ended up and I'll report those back here I'm Connor with honor thank you so much for watching today's broadcast it is of course Tuesday we will be back tomorrow with our Hump Day edition I'm here when you're ready be well I'm Connor MacIvor over and out