Latest / Connor with Honor: AI, Real Estate and Real Life / SantaClaritaOpenHouses.com presents the Daily Real Estate digest for Santa Clarita real estate June 10, 2024

Transcript

SantaClaritaOpenHouses.com presents the Daily Real Estate digest for Santa Clarita real estate June 10, 2024 · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good morning, everybody.
• 0:01
  SPEAKER_00: Today's June 10th, 2024.
• 0:02
  SPEAKER_00: I'm Connor with Honored.
• 0:04
  SPEAKER_00: Well, hopefully you can recognize my face.
• 0:06
  SPEAKER_00: Let's get into the daily real estate inventory.
• 0:09
  SPEAKER_00: Currently, we had in the last seven days seven new listings that have been placed on the market is coming soon.
• 0:13
  SPEAKER_00: This is something that sellers use as a strategy to get their listings in front of people prior to them actually hitting the real estate market.
• 0:21
  SPEAKER_00: New listings are 95 this past week.
• 0:24
  SPEAKER_00: That is definitely a major turn for listings being placed on the market.
• 0:28
  SPEAKER_00: So the competition with sellers out there is going to be start to get a lot more from seller to seller.
• 0:34
  SPEAKER_00: Also, if you sellers or people that are potentially considering selling, make sure you reach out and get your neighborhood update.
• 0:41
  SPEAKER_00: And it'll all you need is an address.
• 0:43
  SPEAKER_00: Go to Connorwithonor.com, hit me up, put your address in there, and I will be able to give you everything that's happening in your neighborhood so you can see what your neighbors are pricing their homes for.
• 0:54
  SPEAKER_00: So check that out, Connorwithhonor.com.
• 0:56
  SPEAKER_00: Back on market listing 16, these are properties that have been can't had their escrow's canceled, come back on the market.
• 1:02
  SPEAKER_00: This is a very common thing.
• 1:05
  SPEAKER_00: People do not expect when they go in and they look at a residence and they want to purchase it, they write the offer.
• 1:10
  SPEAKER_00: For whatever reason, their offer wasn't accepted, more than likely because the seller got more from a different buyer, and I understand that.
• 1:17
  SPEAKER_00: But what happens is those particular buyers believe they've lost out forever.
• 1:22
  SPEAKER_00: If that property is important enough for a buyer to write an offer on, my suggestion is to have your agent monitor that property and also call that agent every few days to check in on the process.
• 1:33
  SPEAKER_00: And trust me, the agents aren't going to get too upset about this.
• 1:36
  SPEAKER_00: In fact, they might actually appreciate it because if that property happens to fall out, the first call is going to go to your agent.
• 1:43
  SPEAKER_00: So that's important to remember.
• 1:45
  SPEAKER_00: Active under contract properties 34, these are properties that have gone into escrow.
• 1:49
  SPEAKER_00: 68 have gone deeper into escrow into pending status.
• 1:51
  SPEAKER_00: We've had 56 listings sell in the last seven days.
• 1:54
  SPEAKER_00: Five properties have expired.
• 1:56
  SPEAKER_00: Nine have canceled, 21 have been put on hold, three have withdrawn.
• 2:00
  SPEAKER_00: On hold, what does that mean?
• 2:02
  SPEAKER_00: What's supposed to happen is if a seller has some type of an event they can't show the house for a temporary period of time, that's what hold means.
• 2:10
  SPEAKER_00: So it could be that maybe there's some event that's occurring in the sellers' lives.
• 2:14
  SPEAKER_00: They have to hold off on showing, or maybe they're doing some kind of a re-evaluation, but that's what that means.
• 2:19
  SPEAKER_00: Withdrawal listings are three, basically pulled off of the market nine have been canceled.
• 2:24
  SPEAKER_00: Usually cancellations as well as price changes in this current market being a seller's market are indicative of sellers having priced too high and have lost hope.
• 2:33
  SPEAKER_00: If you are one of those sellers, do not lose hope.
• 2:36
  SPEAKER_00: Just make sure you re-evaluate your selection process when it comes to your next real estate agent.
• 2:42
  SPEAKER_00: Now, with new 95 listings, this is new and I'll I'll recap this in just a second.
• 2:47
  SPEAKER_00: But with 95 new listings, definitely it's a great time to explore your options as a buyer.
• 2:53
  SPEAKER_00: Make sure you're pre-approved for a mortgage to stand out in a competitive market.
• 2:57
  SPEAKER_00: Most buyers go in or pre-approved.
• 2:58
  SPEAKER_00: What's going to put you apart from other buyers is going to be that underwriter approval letter.
• 3:04
  SPEAKER_00: And in addition to that, make sure that your lender is nimble enough to be able to speak with the agent that's representing the seller if you happen to be a buyer.
• 3:14
  SPEAKER_00: I know that when I'm representing my sellers, it is wonderful for me to be able to call up the lender.
• 3:19
  SPEAKER_00: For each buyer that has taken the time to have an offer written for them, to call those lenders and to explore who the buyer is, what the lender knows, what information have they gathered from the buyer, what documentation have they reviewed, and then how far up the chain or up the flagpole have they sent this information in order to get it verified, vetted, and to see exactly if that buyer's qualified to purchase real estate or obtain a loan, and of course, in the price range that the sellers happen to be selling their house for.
• 3:50
  SPEAKER_00: That's important to know.
• 3:51
  SPEAKER_00: And in fact, as a buyer, you should be able to explore those options yourself.
• 3:55
  SPEAKER_00: Now, price changes, it's important to also keep an eye on the 50 properties that have had price reductions.
• 4:01
  SPEAKER_00: These definitely could prevent or present new opportunities at a lower cost to purchase.
• 4:07
  SPEAKER_00: Back on market property 16, that gives you another chance at a potentially great deal.
• 4:11
  SPEAKER_00: These properties do fall out, as I had mentioned.
• 4:13
  SPEAKER_00: Now, for home sellers, some of the strategies out there that seem to be really working in this market is the coming soon of the real estate listings, and you can utilize this coming soon status to generate early interest in your property before it actually hits the market.
• 4:28
  SPEAKER_00: And the new listings, ensure your listing stands out by highlighting unique features.
• 4:33
  SPEAKER_00: You know, as they say, you never get that second chance to make a first impression.
• 4:37
  SPEAKER_00: That's the case with real estate as well.
• 4:39
  SPEAKER_00: That listing that you're about to put on the market through your agent, they should have everything prepared before releasing it into the wild.
• 4:48
  SPEAKER_00: That includes a really good narrative that explains the property above and beyond all the typical buzzwords and real real estate, open and airy, light and bright, contractors dream, those sorts of things.
• 4:59
  SPEAKER_00: But actually being specific, what is a buyer going to experience as they start in the neighborhood?
• 5:07
  SPEAKER_00: Then on the street, is there ample parking?
• 5:09
  SPEAKER_00: Is it a cul-de-sac?
• 5:10
  SPEAKER_00: Are there views?
• 5:12
  SPEAKER_00: Then in front of the residents, and I did an entire series on this, explaining to buyers the best ways to look at real estate before they write that offer.
• 5:20
  SPEAKER_00: And that's during that offering stage.
• 5:22
  SPEAKER_00: I also have the video broken into where I'm standing in front of the property covering the stucco, the exterior, the elevation.
• 5:29
  SPEAKER_00: In addition to that, the way that the groundwater would potentially move away from the property or towards the property, if it has a grading issue and that's a problem, we don't get a lot of rain out here.
• 5:40
  SPEAKER_00: But when we do, you don't want that rain and the water coming back in to your residence.
• 5:45
  SPEAKER_00: You want it to go away from the residence.
• 5:47
  SPEAKER_00: Things to look for, massive video series.
• 5:49
  SPEAKER_00: Hit me up for more information on that.
• 5:51
  SPEAKER_00: Now, speaking of vibrant communities here in Valencia, I guess I didn't even mention anything about vibrants, but here we go.
• 5:57
  SPEAKER_00: Let's talk about some of the more popular neighborhoods.
• 6:00
  SPEAKER_00: What I've done is I've been able to compile average price per square foot for four-bedroom homes, three-bedroom homes.
• 6:06
  SPEAKER_00: Price per square foot isn't something normally a lot of people look at when they're looking at real estate.
• 6:11
  SPEAKER_00: They're looking at the overall comparables, but price per square foot does tell the story, and I'm able to supply that to my home buyers to give them ideas as to where properties are differing in price.
• 6:22
  SPEAKER_00: The price per square foot, if you compare it to sold properties, from sold properties to active properties, truly tells a story.
• 6:29
  SPEAKER_00: And it gives you a much better idea, especially when you're comparing the exact same model that was sold a couple months ago to the exact same model that's on the market currently for sale.
• 6:38
  SPEAKER_00: And look at how that price per square foot is different.
• 6:41
  SPEAKER_00: Even if they're apples to apples, you might see an increase for no other reason besides the market just moving on.
• 6:48
  SPEAKER_00: Again, open to your investigation and your comment.
• 6:51
  SPEAKER_00: I'm Connor with Honor.
• 6:52
  SPEAKER_00: Thank you so much for watching today's real estate update.
• 6:55
  SPEAKER_00: It is Monday, June 10th, 2024.
• 6:58
  SPEAKER_00: I'm Connor with Honor.
• 6:59
  SPEAKER_00: We'll talk to you soon and over and out.