Latest / Connor with Honor: AI, Real Estate and Real Life / Swelling inventory in Santa Clarita Valley real estate, this could mean that the market is shifting into a buyer's market, but only time will tell for certain

Transcript

Swelling inventory in Santa Clarita Valley real estate, this could mean that the market is shifting into a buyer's market, but only time will tell for certain · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Hey everybody, it's July 16th, 2024.
• 0:03
  SPEAKER_00: I'm Connor McIver.
• 0:04
  SPEAKER_00: I'm a realtor, and if you're a person that hates realtors, wait until you meet me.
• 0:09
  SPEAKER_00: I don't think that's gonna work.
• 0:11
  SPEAKER_00: We should we should do something else.
• 0:12
  SPEAKER_00: Right.
• 0:13
  SPEAKER_00: So that this is how the inventory goes right now.
• 0:15
  SPEAKER_00: We're about 464 active listings on the market in all of Santa Clarita Valley.
• 0:20
  SPEAKER_00: What that means is our inventory has been slowly increasing over the past couple weeks.
• 0:26
  SPEAKER_00: In fact, we've been on a decline for quite a while.
• 0:29
  SPEAKER_00: We look back two years, two years and about a month.
• 0:32
  SPEAKER_00: June of 2021, we saw very similarly high inventory or inventory as we see it now.
• 0:39
  SPEAKER_00: Today's inventory is a little bit different.
• 0:41
  SPEAKER_00: We still have that very high buyer drive, but over the past couple weeks, it's building a little bit.
• 0:46
  SPEAKER_00: We were at 420, 430 units for sale only about four weeks ago.
• 0:52
  SPEAKER_00: So we're watching that build.
• 0:54
  SPEAKER_00: What'll end up happening if that trend continues and the buyer drive doesn't increase in order to absorb those properties, the market's gonna start to level itself out, where instead of being a seller's market as we see it now, it'll become maybe more of an even market.
• 1:10
  SPEAKER_00: And then if we continue to get inventory with a lessened buyer drive, then we're gonna see the market morph into a buyer's market.
• 1:18
  SPEAKER_00: So that's how it's gonna play out.
• 1:20
  SPEAKER_00: Let me give you today's inventory.
• 1:22
  SPEAKER_00: We have coming soon listings, 14 in the last seven days.
• 1:25
  SPEAKER_00: 88 new listings have entered the market for sale in the past seven days.
• 1:29
  SPEAKER_00: 64 properties have experienced price changes.
• 1:32
  SPEAKER_00: A majority of those are reductions in the listing prices.
• 1:37
  SPEAKER_00: Typically, that's gonna happen depending on the seller and depending on the agent.
• 1:41
  SPEAKER_00: Everybody has their own little way to do things.
• 1:44
  SPEAKER_00: But ultimately, the banks have researched and they believe that a 30-day point, at least in a foreclosure market, is a good time for them to start a price reduction if in fact they've had no activity on the property.
• 1:56
  SPEAKER_00: We see a lot of agents out here running similarly with that type of idea.
• 2:01
  SPEAKER_00: And back in 2006, uh, 2008, 910-ish with Citigroup, they allowed me to work their foreclosures and sell them.
• 2:10
  SPEAKER_00: And with that came a lot of training I had to go through and getting approved.
• 2:13
  SPEAKER_00: But once I got it and had the training, then broker price opinions became something that I would do routinely, and of course, list and sell the foreclosure properties.
• 2:22
  SPEAKER_00: And every once in a while, when we had one listed, it would end up happening where it just didn't go anywhere for 30 days, even though the value had been pretty much established and vetted by even other entities, maybe not an appraiser depending on price, but usually another agent doing a broker price opinion.
• 2:40
  SPEAKER_00: In that world, though, we do see other agents trying to defeat each other, and sometimes the broker price opinions rendered may exceed what the market will bear.
• 2:50
  SPEAKER_00: Of course, the bank wants to get its higher return.
• 2:52
  SPEAKER_00: So going with that BPO agent, you as the listing agent with a foreclosure, now all of a sudden you're hitting your head against the wall because it's not moving because the price is too high, and that's kind of a negative on you, at least in the bank's eye.
• 3:05
  SPEAKER_00: You know, they look at it, there's a whole bunch of people out there, just like kind of at the beginning where I was joking, you know, if you hate real estate agents, wait till you meet me.
• 3:13
  SPEAKER_00: At the end of the day, a lot of people don't like folks in the sales industry.
• 3:18
  SPEAKER_00: Real estate has seemed to have that kind of a guise on it, even thicker.
• 3:21
  SPEAKER_00: The cloud seems to be much more apparent in this business.
• 3:25
  SPEAKER_00: And again, when I was a police officer, the same thing seemed to happen with that industry or that world as well.
• 3:31
  SPEAKER_00: But when I was a cop, I said if I would have would have wanted to have been loved, I would have been a fireman.
• 3:37
  SPEAKER_00: Thank you so much for watching, everybody, and hats off to the sacrifice that was made and everything else going on in this country.
• 3:46
  SPEAKER_00: May God watch over us all.
• 3:48
  SPEAKER_00: Thanks for watching today's real estate update.
• 3:50
  SPEAKER_00: I am Connor with Honor.
• 3:51
  SPEAKER_00: Be back tomorrow, over and out.