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Santa Clarita real estate don't spend more than 30 percent of your after tax income on a mortgage · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: November 8th, 2024.
• 0:01
  SPEAKER_00: Good day, everybody.
• 0:02
  SPEAKER_00: It's Friday.
• 0:03
  SPEAKER_00: Today is the 313th day of 2024.
• 0:07
  SPEAKER_00: I know we are post-election pre-presidency, and we're going to give you the real estate update, what's happening in the local market right now.
• 0:14
  SPEAKER_00: 530 total active listings on the market for sale.
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  SPEAKER_00: I'm looking for buyers for each one of these homes, and they're also attached and detached single-family residences, condominiums, and town homes all across the Santa Crita Valley Cities.
• 0:28
  SPEAKER_00: I'll give you some specific city breakdowns as far as those numbers, but feel free to go to my website, w.santaclarita openhouses.com, and you'll be able to see all the available inventory.
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  SPEAKER_00: Now, if you watch online some of the experts out there, before I get into the daily, what's happening in Santa Cruz for our seven-day market snapshot, they're talking about how much you should be putting of your total after-taxed income into a property each and every month.
• 0:56
  SPEAKER_00: And the experts out there, including Kevin O'Leary, they're saying somewhere in the neighborhood of 30%.
• 1:01
  SPEAKER_00: Don't exceed 30% of your after-tax income per month on a mortgage.
• 1:08
  SPEAKER_00: Now, Santa Crita Valley, we're definitely higher than the national averages as far as houses being for sale, somewhere in the 800s, approaching$900,000.
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  SPEAKER_00: This is going to span most of the Santa Crita Valley, but even our most expensive cities, you could potentially find something in those price ranges there.
• 1:25
  SPEAKER_00: That would be Valencia and Stevenson Ranch.
• 1:28
  SPEAKER_00: Looking today, we have out of the 530 active residential units for sale.
• 1:34
  SPEAKER_00: I did do a complete breakdown as to what's happening.
• 1:37
  SPEAKER_00: So in the last seven days, we've had 59 properties enter the market for sale.
• 1:42
  SPEAKER_00: 75 properties have had their prices changed.
• 1:44
  SPEAKER_00: And looking at those price changes, we're seeing that a majority of those are reductions from listing price to a new listing price previous to properties actually entering escrow, which would be different than if we had the other option is if properties were in escrow, fell out of escrow, and then the price change was enacted.
• 2:06
  SPEAKER_00: We're not seeing a majority of that happening.
• 2:09
  SPEAKER_00: We're seeing this pre-escrow price reductions where sellers are trying to more adjust to the real estate market.
• 2:16
  SPEAKER_00: And post-election, those numbers really haven't changed, but again, we've only been in this week for a few days as far as finishing it out.
• 2:23
  SPEAKER_00: So we'll have to keep an eye on that.
• 2:25
  SPEAKER_00: So currently the breakdown of totals for what's available and active for sale currently in Castell, California, we have 35 single family homes, Canyon Country 80, New Hall 40, Saga 70, Stevenson Ranch 30, and Valencia 100.
• 2:41
  SPEAKER_00: And then we can break that down further by condos and townhomes.
• 2:44
  SPEAKER_00: Castell currently has 15 condo townhome variety residences for sale, Canyon Country 40, New Hall 20, Sauga 30, Stevenson Ranch 10, and Valencia 60.
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  SPEAKER_00: This is that breakdown of what's uh the local inventory out here.
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  SPEAKER_00: Now, also one of the things to discuss is the time on market based on market frames.
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  SPEAKER_00: I did do a complete video yesterday on Valencia, California.
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  SPEAKER_00: And whenever you see an agent start to extract overall data, if they're looking at all of the Santa Cruz Valley as a whole, that's okay for a very wide, expansive aerial view.
• 3:23
  SPEAKER_00: But to be able to drill it down into a particular community, especially if you're considering selling, that's a very important dynamic to hold on to.
• 3:32
  SPEAKER_00: So if somebody is estimating value of your property based on the overall picture of Santa Clara Valley and not by specific city, then they're doing you an injustice.
• 3:43
  SPEAKER_00: I also, I that's what together my market updates as a first responder realtor that are going to show exactly what's happening in a particular housing type in a particular city, and then I can even drill it down even further to a particular neighborhood.
• 3:59
  SPEAKER_00: The thing that really does exist out there, and we see this happening quite a bit, is whenever an agent that isn't a member of our local board lists a property for sale, because maybe somebody picked them up online or they said they're the cheapest and somebody's gonna go ahead and hinge their bet on being cheap.
• 4:17
  SPEAKER_00: That's that works too.
• 4:18
  SPEAKER_00: But in some cases, whenever they hire these agents, they're not members of our local board.
• 4:23
  SPEAKER_00: So what ends up happening is whenever that listing is put into the multiple listing service, if there are buyers out there that have been in the market quite a while that are searching by neighborhood, they're not going to see it because that particular neighborhood is not a choice when they're entering that property information into the system in that board because it's not local.
• 4:44
  SPEAKER_00: So they're not seeing that property for sale if in fact they're searching by neighborhood.
• 4:50
  SPEAKER_00: Now eventually they might catch it, but it might be too late, especially if those buyers have been looking and they're already frustrated because of either high competition or the prices.
• 5:01
  SPEAKER_00: But now we have a relaxation of interest rates due to the Fed meeting, so we'll have to see how that plays out during the month of November.
• 5:09
  SPEAKER_00: So keep an eye on that.
• 5:11
  SPEAKER_00: If you've been locked recently with regard to interest rate as well, not a bad question to ask would be to your lender hey, if interest rates drop before we get close to this, can you relock me and what does that look like?
• 5:23
  SPEAKER_00: In some cases, some lenders are able to do that.
• 5:26
  SPEAKER_00: In a lot of cases, after you're locked, then it costs money to be able to change that and relock you.
• 5:33
  SPEAKER_00: And then you need to look at that variable.
• 5:35
  SPEAKER_00: What's it worth to you?
• 5:37
  SPEAKER_00: Would it be worth to absorb that cost and pay it to have that rate re-locked at the lower, or would it be better just to hold off a little while and see what happens to rates in the coming months?
• 5:48
  SPEAKER_00: I'm Connor with Honor.
• 5:50
  SPEAKER_00: Please check out Santa ClaritaOpenhouses.com.
• 5:52
  SPEAKER_00: I post information daily here under our blog.
• 5:56
  SPEAKER_00: So feel free when you go here at the very top part, you'll see my blog, or you can scroll down here and click on read the articles, and then this is going to be information.
• 6:07
  SPEAKER_00: I have 30 of these pages.
• 6:09
  SPEAKER_00: This is the information I pulled together on Valencia yesterday, and you can see here that I did do the days on market sales, uh days to sell median, which are the green fields here, and then sales price median, which are the blue fields.
• 6:23
  SPEAKER_00: And a median is a better indicator than average for real estate purposes.
• 6:28
  SPEAKER_00: In most cases, unless you get into a much more dynamic market or maybe a higher-end property, then maybe the average is better out, uh better quate to better data and knowledge just because there's not as many.
• 6:42
  SPEAKER_00: But median typically is the best thing to look at when it comes to sales prices and different median sales price trends in an entire year.
• 6:51
  SPEAKER_00: I'm Connor with Honor.
• 6:52
  SPEAKER_00: Thank you so much for watching.
• 6:54
  SPEAKER_00: We'll be back on the next one.
• 6:55
  SPEAKER_00: Also, this weekend hosting Open Houses.
• 6:58
  SPEAKER_00: Please check out Santa ClaraOpenhouses.com.
• 7:00
  SPEAKER_00: You'll see the one that we're going to be at.
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  SPEAKER_00: So please feel free to stop by if you want more information about the market or just to make that connection.
• 7:08
  SPEAKER_00: Be well, Santa Clara.
• 7:09
  SPEAKER_00: We'll talk to you tomorrow.