Latest / Connor with Honor: AI, Real Estate and Real Life / 50 price changes in the past week in Santa Clarita real estate, but are they all decreases?

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50 price changes in the past week in Santa Clarita real estate, but are they all decreases? · Connor with Honor: AI, Real Estate and Real Life

• 0:06
  SPEAKER_00: Hello everyone, I'm Connor with Honor, Connor McIver, your dedicated Santa Clarita real estate agent since 1998.
• 0:12
  SPEAKER_00: I've had the privilege of helping a lot of people buy and sell real estate.
• 0:16
  SPEAKER_00: And as always, my mission has always been to preserve and protect my clients.
• 0:21
  SPEAKER_00: And that's important.
• 0:23
  SPEAKER_00: So let's get into the daily real estate activity.
• 0:25
  SPEAKER_00: Today is March 28, 2024.
• 0:28
  SPEAKER_00: I'm, of course, Connor McIver, and I'll give you that intel right now.
• 0:32
  SPEAKER_00: So when I'm looking at the market, I take a seven-day snapshot every single week, but I do daily presentations and I keep everybody up to date as to what's gone on in the past seven days in the Santa Carita Valley cities.
• 0:44
  SPEAKER_00: That's going to be Castac, Kenyan Country, New Hall, Saugus, Stevenson Ranch, and Valencia.
• 0:51
  SPEAKER_00: In each of these cities in Santa Clarita, you will find there are homes for sale, different types.
• 0:57
  SPEAKER_00: We have single-family residences, condominiums, townhomes, lots of different types of residential real estate.
• 1:04
  SPEAKER_00: Some new construction as well.
• 1:06
  SPEAKER_00: For all of those residences, you can have somebody represent you if you're looking to purchase real estate.
• 1:13
  SPEAKER_00: If you're considering selling something again, hire somebody good that you trust, interview me, interview others, but at least interview more than one so you can figure out what's happening, how the world works in real estate, especially with all the changes.
• 1:28
  SPEAKER_00: So don't limit yourself.
• 1:29
  SPEAKER_00: So let's get into what's happening here.
• 1:31
  SPEAKER_00: Let's take a look at the latest from our Santa Clarita real estate market this past week.
• 1:35
  SPEAKER_00: Eight properties are on the horizon as coming soon.
• 1:38
  SPEAKER_00: These opportunities are eagerly awaiting your discovery.
• 1:41
  SPEAKER_00: There have been 43 new listings.
• 1:44
  SPEAKER_00: Each of these offer unique potential for buyers and sellers alike.
• 1:48
  SPEAKER_00: And of course, with 50 price changes, that's something that indicates the market is straining in a way where potentially sellers are wanting to get more further properties than buyers are willing to pay.
• 2:01
  SPEAKER_00: So they are letting their property sit on the market for a while.
• 2:05
  SPEAKER_00: Then they're kind of having a coming to the Lord moment and say, you know what, maybe we're overpriced.
• 2:11
  SPEAKER_00: And then they do that readjustment.
• 2:13
  SPEAKER_00: Those are the majority of the price changes we've seen on the market.
• 2:16
  SPEAKER_00: Those 50 properties, that's most of them what they're doing.
• 2:20
  SPEAKER_00: They're actually having their prices reduced.
• 2:22
  SPEAKER_00: So that's something to watch for.
• 2:24
  SPEAKER_00: Again, the market is still very much a seller's market, but this is giving indication that potentially the interest rate might be offsetting the sales prices just a little bit.
• 2:35
  SPEAKER_00: Again, we do have inventory increasing in Santa Clarita, but we still have a high fast sales rate as well.
• 2:43
  SPEAKER_00: So we're still closing those escrow very quickly, but getting those properties into escrow in very short order within a few days.
• 2:51
  SPEAKER_00: That's something to consider when you're looking to sell real estate, how fast that market happens to be moving.
• 2:57
  SPEAKER_00: In addition to that, if you're considering selling, you also want to find out what kind of concessions are typically expected to be paid out in this type of market as a real estate seller.
• 3:09
  SPEAKER_00: Are you going to be expected to any kind of repairs?
• 3:11
  SPEAKER_00: Should you even do anything to your house in the first place?
• 3:14
  SPEAKER_00: Give me a buzz, let me swing by, I'll have a look.
• 3:16
  SPEAKER_00: All right.
• 3:17
  SPEAKER_00: So besides that, 19 properties have actually come back onto the market in the last seven days.
• 3:23
  SPEAKER_00: These are cancellations of escrow, folks.
• 3:25
  SPEAKER_00: These are properties that were moving through the escrow process.
• 3:29
  SPEAKER_00: They had agreed on contracts.
• 3:31
  SPEAKER_00: They were moving through that process and then something happened.
• 3:34
  SPEAKER_00: A lot of people have a question and they are curious, you know, why did the escrow actually cancel?
• 3:40
  SPEAKER_00: There are many, many reasons for this.
• 3:42
  SPEAKER_00: A lot of people assume that it has something to do with what was discovered during some kind of an inspection.
• 3:49
  SPEAKER_00: Whenever you're purchasing real estate or even selling real estate, there's a time frame for inspections unless it's been pulled out of the contract because of mutual agreement by all parties and somebody doesn't want to do the inspection part.
• 4:02
  SPEAKER_00: But again, dangerous, but some people do that, and that's their choice, but they should have it at least explained to them how important inspections, when you're purchasing something so expensive, really, really are.
• 4:13
  SPEAKER_00: And with inspections and inspectors, there's a lot to look at as well because they need to carry the proper certification, they need to have the proper education, they need to have been doing this a while.
• 4:26
  SPEAKER_00: Nothing against new people, I get that, but it's really good to cut your teeth with a professional in those industries to learn from them.
• 4:37
  SPEAKER_00: So then you're really not new, you're working with somebody that's got 20 plus years in the business, being very productive in those 20 years, having people that actually like what they produce for them in those 20 years.
• 4:50
  SPEAKER_00: That's somebody when you would start who you would start with.
• 4:53
  SPEAKER_00: Home inspectors aren't oblivious to that concept.
• 4:56
  SPEAKER_00: A lot of times people will go and they'll try to saddle up with a home inspector, kind of just work for them.
• 5:03
  SPEAKER_00: I want to say entrepreneurial ship, but that's actually not an internship.
• 5:07
  SPEAKER_00: There you go, internship.
• 5:08
  SPEAKER_00: So they might have an internship with a home inspector, one of these other service providers that are within the real estate realm, because purchasing real estate isn't just as simple as looking at the residence, making the decision, I want to buy it, and then having a contract written and then closing escrow 30 days later.
• 5:24
  SPEAKER_00: Within that 30-day period, there are a lot of things that you need to have somebody active on your site doing, not only for you, but with you, so you can both make the best decisions about this journey that you're about to embark upon.
• 5:38
  SPEAKER_00: Not poetic.
• 5:39
  SPEAKER_00: All right, let's do this.
• 5:40
  SPEAKER_00: So Twe did uh that one, 19 properties, return to the market.
• 5:44
  SPEAKER_00: So these are cancellations.
• 5:46
  SPEAKER_00: And again, I was saying that, you know, sometimes it's not realistically the resonance that I want to do a segue.
• 5:51
  SPEAKER_00: Sometimes it is the resonance.
• 5:53
  SPEAKER_00: Sometimes they discover something that it goes beyond a buyer's capability.
• 5:58
  SPEAKER_00: And that some of that has to do with a buyer's vision.
• 6:01
  SPEAKER_00: Um, they might be new in the world and not have a great vision, maybe don't have a good support system, and it's difficult to believe the salespeople that are trying to sell you something.
• 6:11
  SPEAKER_00: So on the other end of it, it could be that they're gonna maybe got cold feet.
• 6:16
  SPEAKER_00: Maybe they see that the problem that the house posed via the inspector as being very, very big and critical.
• 6:24
  SPEAKER_00: But maybe the home inspector said, you know what, it has this issue, but you might want to hire the service provider, maybe or hire this other inspector that's a specialist and whatever that was.
• 6:35
  SPEAKER_00: That being the case, it's important for you to have that other inspector vetted.
• 6:41
  SPEAKER_00: But depending on the cost, you might want to check it out because they might tell you, yeah, it could be a concern.
• 6:48
  SPEAKER_00: This is how you remedy it, and you figure out that it's not that big of a deal.
• 6:52
  SPEAKER_00: The question is, well, what's that going to cost you?
• 6:55
  SPEAKER_00: Because it could also go the other way.
• 6:57
  SPEAKER_00: Find out that, oh my gosh, it's worse than you thought.
• 6:59
  SPEAKER_00: Those are some of those reasons why escrow cancels as a result of something found in a property.
• 7:05
  SPEAKER_00: On the other end of it, it could be as simple as a buyer figuring out that it's too much for them to bite off at this time.
• 7:12
  SPEAKER_00: And should have they should they have known that prior to sure, but sometimes the lenders drop the ball and they really don't explain chapter and verse, penny for penny, to a real estate buyer, and therefore they get a little confused, right?
• 7:28
  SPEAKER_00: And they get a little concerned, and then when they get the offer written, and after the offer is written, that's the time they're kind of checking in with the lender, and then the lender tells them this is the payment, this is the coming in with money, this is the down, this is this, this is that.
• 7:43
  SPEAKER_00: And then the buyer kind of like locks up a little bit.
• 7:47
  SPEAKER_00: And I understand that completely, all of those numbers need to be worked out beforehand.
• 7:52
  SPEAKER_00: So, but sometimes the buyers figure that out too late, and it's like, oh my gosh, I can't afford this, we're gonna back out, and then they're still within the time frame, so they can.
• 8:01
  SPEAKER_00: Well, it depends on the contracts, and there's a lot of small print.
• 8:05
  SPEAKER_00: But if everything works out, usually if they haven't violated any terms of the contract, there is a grace period in there when you're purchasing real estate that you get out and you get your deposit, minus whatever monies had been spent up to that point as a real estate buyer.
• 8:21
  SPEAKER_00: So, for example, if you purchase a house, you're basically in escrow on the residence, you have your inspection time frames with your agents, you guys show up at the property, got the home inspector there, they point out something you just can't handle, you don't want to move forward with it.
• 8:36
  SPEAKER_00: Usually you're still within that inspection time frame that allows your deposit to be refunded to you.
• 8:42
  SPEAKER_00: But as I said, because of the services provided at the time, you're going to be paying the home inspector to do his inspection on the property at that time of service.
• 8:52
  SPEAKER_00: So that money's gone.
• 8:53
  SPEAKER_00: You'd sacrifice the money, but you found out such a big problem.
• 8:57
  SPEAKER_00: That's what the home inspectors are for.
• 8:58
  SPEAKER_00: So you've probably saved even more money than you would have originally.
• 9:03
  SPEAKER_00: You would have lost even more besides just the home inspector's fee because he discovered something that caused you to rethink your purchase and then change your mind.
• 9:13
  SPEAKER_00: And I'm able to get that deposit the money back that you put into escrow.
• 9:17
  SPEAKER_00: There you go.
• 9:18
  SPEAKER_00: So that's other reasons why properties cancel.
• 9:20
  SPEAKER_00: Sometimes it's not a result of the house.
• 9:23
  SPEAKER_00: It could also be as innocent as this.
• 9:25
  SPEAKER_00: A real estate buyer could go out while they're in escrow, while everything's depending on their credit score remaining stable and do something to interrupt that and cause issues with their credit score.
• 9:38
  SPEAKER_00: And you might say, well, who would be silly enough to go out and finance a car during escrow?
• 9:43
  SPEAKER_00: Well, it's not really a silly.
• 9:45
  SPEAKER_00: I don't know if I would think of them as being silly.
• 9:48
  SPEAKER_00: I would think of them as not informed.
• 9:50
  SPEAKER_00: Somebody drop the ball.
• 9:52
  SPEAKER_00: Everybody's dropping balls everywhere.
• 9:54
  SPEAKER_00: Somebody dropped the ball and said, hey, listen, um, they should have told you that you shouldn't go out and have your credit run.
• 10:02
  SPEAKER_00: In fact, I tell my buyers, any changes to your credit profile, even if you come into a little bit of money, you say, you know what?
• 10:11
  SPEAKER_00: I got that Visa card that's got$5,000 on it.
• 10:14
  SPEAKER_00: It's tapping me out, it's killing me.
• 10:16
  SPEAKER_00: I came into five grand.
• 10:17
  SPEAKER_00: I'm gonna go ahead and pay it off.
• 10:18
  SPEAKER_00: Before you make that decision, especially when you're an escrow, folks, please talk to your lender and make sure that you paying off that credit card isn't going to cause issue.
• 10:30
  SPEAKER_00: A lot of times, you paying that off, it could be that the credit card company doesn't look at that as a great thing.
• 10:38
  SPEAKER_00: Maybe you're overextended in other areas in your credit, so your credit card company does what?
• 10:43
  SPEAKER_00: Oh, thank God he paid.
• 10:45
  SPEAKER_00: We were going to sign this out to the risk management system, but now he paid, we're good.
• 10:49
  SPEAKER_00: Let's go ahead and just cut the credit, or we'll reduce the credit to maybe$1,000 instead of$5,000.
• 10:55
  SPEAKER_00: So then your FICO score changes, and a lot of times that change isn't good.
• 11:00
  SPEAKER_00: So if you were just on the cusp of being approved with a particular type of loan at a particular type of interest rate, because it's dependent on your credit profile, if you were just teetering right there on the edge of the bubble, plus or minus a couple points, you might have just screwed the whole thing up, where now you can't qualify to purchase real estate because you merely tried to help.
• 11:23
  SPEAKER_00: In real estate, make sure that you don't help too much on your own.
• 11:28
  SPEAKER_00: You definitely want to talk to somebody.
• 11:30
  SPEAKER_00: And if for any of a reason, maybe your pride's getting in the way, ego, you know, you want to try to figure it out on your own, you're gonna YouTube video it, you're gonna try to find it on Google, ChatGPT, AI, all that stuff.
• 11:41
  SPEAKER_00: Give your, do yourself a favor and double check on every part of the process.
• 11:48
  SPEAKER_00: You can do your inquiries, but make sure that you're following up and you're asking the questions and put it on somebody else's shoulders.
• 11:55
  SPEAKER_00: That's fine.
• 11:56
  SPEAKER_00: Put it on me, put it on the lender, put it on the other service provider, ask them the hard questions and get their response, and then verify and back up their response in writing.
• 12:08
  SPEAKER_00: Please do that.
• 12:10
  SPEAKER_00: Because then you have a record.
• 12:12
  SPEAKER_00: I can tell you all day long how beautiful it is, how wonderful things are, how it's a golden brick way, and you know, we're gonna have fried gold forever, and it's just beautiful, and everything's fantastic.
• 12:23
  SPEAKER_00: But I'm in sales, right?
• 12:25
  SPEAKER_00: Of course, I pride myself on honesty, protection, service because of my law enforcement background.
• 12:32
  SPEAKER_00: That's ingrained in me where I don't want to see people taking advantage.
• 12:35
  SPEAKER_00: Plus, when I boss my bought my first house, I got screwed royally, almost to the point of losing it all.
• 12:43
  SPEAKER_00: But I was able to get it fixed at the very end, but it wasn't easy.
• 12:48
  SPEAKER_00: Thereby, that was my entryway into the real estate profession back in the mid-90s when I made that purchase.
• 12:55
  SPEAKER_00: A couple years later, I got my license.
• 12:57
  SPEAKER_00: And here we are 22 or 23 years later, that was 98.
• 13:01
  SPEAKER_00: Let's finish this out and I'll get off the soapbox.
• 13:04
  SPEAKER_00: But I hope this information has been valuable to you because a lot of times it's not explained, and buyers get involved in the real estate process and things break down, and then all of a sudden they're trying to call and get information, and their agents teetering on the other end, panicked that they're going to cancel the deal.
• 13:23
  SPEAKER_00: It doesn't matter.
• 13:24
  SPEAKER_00: The deal isn't as important as the buyers and their choices and what they want to do.
• 13:31
  SPEAKER_00: If they want to change their mind, that is their option.
• 13:35
  SPEAKER_00: If there's a penalty that comes along with that, I hope that part was explained to the buyer so they know exactly what's going to happen if they change their mind at a particular point.
• 13:48
  SPEAKER_00: But you need to tell them that as part of your presentation at the very beginning, when you're talking to them about purchasing real estate.
• 13:56
  SPEAKER_00: And the same goes for real estate sellers.
• 13:58
  SPEAKER_00: They might have sold a thousand houses, but I might, every week there's something new, and it's important for them to know that information to keep themselves out of legal harm.
• 14:10
  SPEAKER_00: Legalities are big deals.
• 14:12
  SPEAKER_00: We have ethicals, we have real rules, we have laws, we have all these things.
• 14:17
  SPEAKER_00: There's a lot of changes and a lot of litigation in real estate.
• 14:21
  SPEAKER_00: Just look at all the headlines.
• 14:23
  SPEAKER_00: Do yourselves a favor, hire yourself a good agent, make sure they have seasoning, they've been in the business, they're producing some kind of online content other than their latest brand new Mercedes purchase or their traveling adventures to Istanbul or wherever a good place to go is.
• 14:40
  SPEAKER_00: You see, I don't even travel.
• 14:42
  SPEAKER_00: I'm here working.
• 14:43
  SPEAKER_00: All right, done.
• 14:44
  SPEAKER_00: Done with that.
• 14:45
  SPEAKER_00: All right.
• 14:45
  SPEAKER_00: So we have uh 29, 29 homes are now active under contract.
• 14:49
  SPEAKER_00: These are houses that actually are starting the beginning stages of their escrow process.
• 14:53
  SPEAKER_00: 42 properties have gone to the pending status in the last seven days in all of Santa Clarita.
• 14:58
  SPEAKER_00: That's everything.
• 14:59
  SPEAKER_00: That's a change from being active in backup position, hoping that people will write other offers and continue to show the property, versus what I talked about with the pending.
• 15:10
  SPEAKER_00: That's properties that are still in escrow were potentially active backup for a little while, but now they're in a different position where they're not showing up as far as being any, having any ability to be seen anymore, have additional offers written.
• 15:24
  SPEAKER_00: It's a more secure form of an online status for a real estate property.
• 15:29
  SPEAKER_00: Usually that change is implemented by agents that they don't believe anything's going to go awry with a transaction.
• 15:39
  SPEAKER_00: Maybe they are past the point of no return for the real estate buyer without the real estate buying canceling, thereby losing their deposit.
• 15:47
  SPEAKER_00: So maybe that being the case, they're not they're past that point.
• 15:51
  SPEAKER_00: And the agent then doesn't want to get any more calls or anything else generated from the property.
• 15:56
  SPEAKER_00: Because I'll tell you what, folks, when I put a property on the market, my phone rings off the hook.
• 16:01
  SPEAKER_00: And I'm not going to spoil you and say it's because I just have so many buyers out there wanting to buy every house I put online.
• 16:08
  SPEAKER_00: I'll let the other agents do that for you.
• 16:10
  SPEAKER_00: You know who calls me?
• 16:11
  SPEAKER_00: And I know everybody else gets the call too, and I was being tongue-in-cheek there with the other agents getting all the calls.
• 16:16
  SPEAKER_00: This is who calls.
• 16:17
  SPEAKER_00: A lot of escrow companies call, a lot of title companies call.
• 16:21
  SPEAKER_00: Um, termite pest control companies call, home inspection companies call, retrofit companies call.
• 16:28
  SPEAKER_00: Lots of, oh, oh, oh, um, what are those people?
• 16:31
  SPEAKER_00: The um virtual tour companies call.
• 16:34
  SPEAKER_00: Online exposure companies call uh Facebook ad companies, not from Facebook, but Facebook people that are building real estate ads, uh they call.
• 16:43
  SPEAKER_00: Lots of marketers and advertisers trying to say, hey, we have the trick.
• 16:48
  SPEAKER_00: We're gonna have this property exposed better than you could possibly do on your own, but it's gonna cost you X amount of dollars.
• 16:54
  SPEAKER_00: So on.
• 16:55
  SPEAKER_00: But that's who calls a lot.
• 16:56
  SPEAKER_00: Those are the calls that are generated.
• 16:58
  SPEAKER_00: The other calls that come in, they should be people that are interested in purchasing real estate or potentially other sellers, potential sellers in the area.
• 17:07
  SPEAKER_00: All right, so as far as this goes, we have those properties going pending.
• 17:11
  SPEAKER_00: I'm also delighted to report 63 closed transactions.
• 17:14
  SPEAKER_00: And that means those are finished.
• 17:16
  SPEAKER_00: So these are brand new homeowners, so that's congratulations, I said.
• 17:19
  SPEAKER_00: Uh new homeowners as well.
• 17:21
  SPEAKER_00: Only three listings have expired.
• 17:23
  SPEAKER_00: Uh, these are properties that have gone through the entire contractual length.
• 17:27
  SPEAKER_00: What is that today?
• 17:29
  SPEAKER_00: Six months typically.
• 17:30
  SPEAKER_00: And the reason why that's uh the date that's typically chosen, some of the online syndication systems, they take the snapshot of the listing at the beginning.
• 17:39
  SPEAKER_00: And that six months time period looks more secure in their network, thereby, from the what I've heard, pushes the listing up a little bit higher.
• 17:49
  SPEAKER_00: But what should happen is the agent should explain to you regarding cancellation.
• 17:54
  SPEAKER_00: And that should be part of that discussion, and it shouldn't be, you shouldn't be scared of it.
• 17:58
  SPEAKER_00: And if you're a real estate agent, why don't you be scared?
• 18:00
  SPEAKER_00: Just talk to the potential seller about how to cancel.
• 18:05
  SPEAKER_00: And if you're not in contract, as I tell my sellers, if we're moving through this thing and we're moving in, and at some point you win the lot or you decide you don't want to sell and you change your mind, then we back out, it's all done.
• 18:16
  SPEAKER_00: All I will ask is in the future, please give me the chance to list your property, get it sold for you so I can recoup any kind of losses I've spent on the virtual tour.
• 18:25
  SPEAKER_00: They're about five, six, seven hundred bucks, depending on the size of the property.
• 18:28
  SPEAKER_00: And the other things that I implement, another few hundred dollars as well for marketing and advertising on the property.
• 18:34
  SPEAKER_00: So I get that back in the future.
• 18:35
  SPEAKER_00: Great, perfect.
• 18:36
  SPEAKER_00: Refer may love you very much, but absolutely you're welcome to cancel.
• 18:40
  SPEAKER_00: If we are in contract, though, with a buyer, no.
• 18:46
  SPEAKER_00: That one's a little bit more difficult.
• 18:48
  SPEAKER_00: You can ask to cancel, but really that's going to be the buyer's court.
• 18:51
  SPEAKER_00: And then, of course, everything is up to litigation.
• 18:54
  SPEAKER_00: So there's that.
• 18:55
  SPEAKER_00: So just be wary with the decisions you make, ask somebody you trust and work through the property.
• 19:00
  SPEAKER_00: All right, so uh six listings have been canceled, which is interesting.
• 19:05
  SPEAKER_00: These are properties that didn't sell, or something happened where the people that were selling changed their mind.
• 19:12
  SPEAKER_00: So those have been canceled.
• 19:13
  SPEAKER_00: So that's six in the last 10 days.
• 19:15
  SPEAKER_00: Ten properties are now on hold, and those properties being on hold typically means that maybe they got so many offers were inundated, the agents actually put them whole on hold to try to look at everything, which isn't really the reason.
• 19:30
  SPEAKER_00: It's not the valid reason for them to use hold, but I'm guessing that's what's happening.
• 19:36
  SPEAKER_00: I don't know if that's actually the case.
• 19:38
  SPEAKER_00: It could be that some interruption happened, maybe there was a house flood.
• 19:43
  SPEAKER_00: Uh, there's a lot of reasons why a property could be put on hold, other than the agent being inundated and wanting the phone from other agents to quit ringing.
• 19:51
  SPEAKER_00: That could be some of the other reasons, as I mentioned.
• 19:54
  SPEAKER_00: All right, so uh 10 properties are on hold, and that's what I talked about, pausing their selling journey for now.
• 20:00
  SPEAKER_00: I am Connor with honor.
• 20:01
  SPEAKER_00: If you need me, let me know.
• 20:02
  SPEAKER_00: This has been our daily Santa Clarina update.
• 20:05
  SPEAKER_00: I look forward to speaking with you soon.
• 20:07
  SPEAKER_00: We're almost into April, folks.
• 20:09
  SPEAKER_00: I think real estate's gonna continue its trend where it's going.
• 20:12
  SPEAKER_00: We're still a seller's market.
• 20:14
  SPEAKER_00: I don't see that changing.
• 20:15
  SPEAKER_00: A lot of the sellers that would like to sell are looking at properties to try to purchase and they're not seeing anything, so they're not pulling the trigger on selling.
• 20:22
  SPEAKER_00: And the other thing on that is sellers are locked in at this very low interest rate.
• 20:27
  SPEAKER_00: Usually most people that are wanting to sell are re-fight at that low interest rate, right?
• 20:31
  SPEAKER_00: The two and the three percent.
• 20:33
  SPEAKER_00: Now, when they're moving to purchase and they're gonna sell one to buy something else, well, they're looking at that interest rate being more than double, and they're looking at the payment, it's changing their minds, so they're gonna just basically keep on the golden handcuffs, as we call it, because they have that great interest rate.
• 20:49
  SPEAKER_00: So I don't see any in the inventory changing in that realm.
• 20:52
  SPEAKER_00: And then on the other end of it, we have the new housing.
• 20:55
  SPEAKER_00: They try as they might, they just don't have enough uh enough supply in the way of lumber and materials to build.
• 21:06
  SPEAKER_00: And also, I believe there's a little checks and balances so they don't overbuild, but they're really building a lot.
• 21:13
  SPEAKER_00: When you're ready for looking at those or any resale, let me know.
• 21:16
  SPEAKER_00: I'm Connor with Honor.
• 21:17
  SPEAKER_00: It has been a pleasure, and I will talk to you very soon.
• 21:21
  SPEAKER_00: I'm Connor with Honor.
• 21:22
  SPEAKER_00: Over now.