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Mortgage Rates Stall as Competition Heats Up: Is Now the Best Time to Buy in Santa Clarita? · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Waiting for practically forever for the Fed to drop their bank rate, and they did, and mortgage rates adjusted just a little bit.
• 0:08
  SPEAKER_00: So now everybody's a little concerned and they're like, Well, were these other rate breaks gonna come in?
• 0:14
  SPEAKER_00: How long is it gonna take?
• 0:16
  SPEAKER_00: And then right now real estate started flying off the shelves because I think people have settled into the fact listen, if I'm gonna buy a house, we're gonna have to buy it right now.
• 0:26
  SPEAKER_00: Not so much dependent on the rates going down a lot, but if they do in the future, we can do a refinance.
• 0:32
  SPEAKER_00: I'll give you some information regarding that decision here in just a moment.
• 0:36
  SPEAKER_00: I do want to talk about the daily inventory here, last seven days in Santa Clarita Valley, running through all the systems.
• 0:43
  SPEAKER_00: I did also post this up at Santa ClaritaOpenhouses.com on my blog.
• 0:48
  SPEAKER_00: Last seven days right now in Santa Clarita, we have 14 listings coming soon.
• 0:52
  SPEAKER_00: 75 new listings have hit the market in the last seven days.
• 0:55
  SPEAKER_00: 74 homes have had their prices changed.
• 0:58
  SPEAKER_00: This is indicating that the market is getting much more aggressive.
• 1:02
  SPEAKER_00: Sellers are much more willing to get their houses moved faster, so they're doing these price changes and adjustments.
• 1:09
  SPEAKER_00: So that's a really big indicator the market's starting to move quite a bit faster here in Santa Clara Valley.
• 1:14
  SPEAKER_00: Back on market properties, 19 active under contract properties, 28.
• 1:18
  SPEAKER_00: We had 55 go pending, 66 homes closed in this past seven days.
• 1:23
  SPEAKER_00: Both of those numbers are really rigged.
• 1:26
  SPEAKER_00: The 66 closings, we're basically replenishing any inventory that we get coming onto the market.
• 1:32
  SPEAKER_00: It's going out at the same time it's coming on, so it's being replenished as soon as we sell it, we get another listing to replace it.
• 1:40
  SPEAKER_00: So we're holding right now at 536 today, complete active listings on the market for sale.
• 1:46
  SPEAKER_00: So back to this refinance strategy.
• 1:49
  SPEAKER_00: First off, if you're considering selling your house, you definitely want to make sure you're priced correctly.
• 1:54
  SPEAKER_00: You're gonna find there's a lot of online syndication systems that are telling you what your house is worth.
• 2:00
  SPEAKER_00: Unfortunately, they're not dialing down to where you need to be as far as sales price because they're lacking the ability to actually walk through and view and see your home and having known that past standing inventory because they're active in the area, it's difficult to gauge exact numbers.
• 2:19
  SPEAKER_00: In addition, some of the data that they're using is somewhat skewed.
• 2:24
  SPEAKER_00: In addition to that, they're also built on systems that programs are putting together the data.
• 2:30
  SPEAKER_00: So instead of giving you everything that's sold and showing it very clearly, letting you do your own estimates on that front, it basically says, okay, homes located in this neighborhood, typically this is what these have been selling for in the past certain amount of time, and then they do some kind of a calculation, and in some circumstances, if the calculation is off, either intentionally or by accident, it could influence you to do something.
• 2:57
  SPEAKER_00: Maybe sell when you shouldn't be selling, maybe buy when you shouldn't be buying.
• 3:01
  SPEAKER_00: That's why it's very important for you to seek that local expert, find out what they have to say about how your particular criteria fit your circumstance and whether or not it's a good idea for you to continue with a real estate plan or not.
• 3:15
  SPEAKER_00: Understanding, of course, that most of the professionals you're going to go to have a vested interest, so why wouldn't they say, oh sure, now's a perfect time for you to buy or sell real estate?
• 3:27
  SPEAKER_00: They'll be able to back that up with the data.
• 3:29
  SPEAKER_00: It's very simple.
• 3:31
  SPEAKER_00: I do the data every single day.
• 3:33
  SPEAKER_00: I publish it here at Santa ClaritaOpenhouses.com, and with the data, I'm able to provide an idea as to exactly where this market is trending.
• 3:42
  SPEAKER_00: It is currently getting tighter.
• 3:44
  SPEAKER_00: We're not getting more inventory on the market as we had hoped.
• 3:47
  SPEAKER_00: If those interest rates would have dropped further, more than likely we would have gotten more inventory hitting the market.
• 3:55
  SPEAKER_00: But because they're still in the high fives, low sixes, not in the fours, most of those sellers that could have been tempted by maybe a point and a half or two-point change in interest rate, being able to sell now and go buy something else at that rate, those sellers weren't tempted near enough to have them break loose and put their house on the market.
• 4:16
  SPEAKER_00: So the market stays where it is.
• 4:18
  SPEAKER_00: We still have a high buyer drive.
• 4:20
  SPEAKER_00: Those buyers thereby have become more willing to say, listen, we're just going to go ahead and do this.
• 4:26
  SPEAKER_00: If we have to refinance in the future, we will.
• 4:29
  SPEAKER_00: Look at the costs of what this refinance is going to cost you in the future, if in fact that's your plan.
• 4:38
  SPEAKER_00: Understand how that mechanism works just a little bit before you start jumping in and take all the offers of the lenders that maybe you worked with in the past, saying, Listen, I can give you a refinance, it'll really help your payment.
• 4:51
  SPEAKER_00: Find out what it's going to cost you to do that.
• 4:54
  SPEAKER_00: Of course, you're going to get a lower interest rate, but if you're paying$10,000 to do it and you had planned on selling in a year anyway, that might not be worth it for you.
• 5:04
  SPEAKER_00: But check it out and see how it feels.
• 5:07
  SPEAKER_00: Find out what those costs are.
• 5:09
  SPEAKER_00: It's, of course, you definitely want to marry the house, not the interest rate, but you are paying the interest rate.
• 5:16
  SPEAKER_00: So it's good to know that too.
• 5:17
  SPEAKER_00: I'm Connor with Honor.
• 5:18
  SPEAKER_00: Thank you for watching today's update.
• 5:20
  SPEAKER_00: We'll be back tomorrow.
• 5:21
  SPEAKER_00: Be well.
• 5:22
  SPEAKER_00: I'm Connor with Honor.
• 5:23
  SPEAKER_00: Over and out.