Latest / Connor with Honor: AI, Real Estate and Real Life / Basic 101 real estate update for Santa Clarita in 2025 with the Fires and it's not even fire season

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Basic 101 real estate update for Santa Clarita in 2025 with the Fires and it's not even fire season · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Welcome to the 24th of January.
• 0:01
  SPEAKER_00: The Hughes Fire, just a quick update, is 56% contained.
• 0:06
  SPEAKER_00: That's as of 5 53 a.m.
• 0:09
  SPEAKER_00: this morning.
• 0:09
  SPEAKER_00: For the daily Santa Clarita update, I wanted to let you know yesterday if you haven't seen it, I put out a just a public service announcement.
• 0:17
  SPEAKER_00: First, God bless the firemen and the police officers out there and the sheriff's department that are taking care of people in this time of need.
• 0:25
  SPEAKER_00: The other thing, watch out for your residences if you happen to be under an evacuation order and you see anything strange, don't hesitate to call the local law enforcement and to let them know what you're seeing and maybe record or get some kind of a photograph just in case it's some people that are up to no good.
• 0:44
  SPEAKER_00: And that seems to happen quite a bit when other people are under stress, duress, or displacement because of some kind of a disaster.
• 0:52
  SPEAKER_00: And it looks like that the predators out there have not stopped their roll.
• 0:58
  SPEAKER_00: So the criminal activity still continues.
• 1:00
  SPEAKER_00: Let's talk about what's happening in Santa Clarita right now.
• 1:03
  SPEAKER_00: As we move, we're moving through January here, we're almost closing it out.
• 1:06
  SPEAKER_00: 468 active listings on the market currently for sale.
• 1:10
  SPEAKER_00: That has changed up from about 440 as we ended 2024.
• 1:16
  SPEAKER_00: 69 new listings just hit the market in the past seven days.
• 1:20
  SPEAKER_00: This is actually a larger turnover than we normally see in the 40s and 50s.
• 1:25
  SPEAKER_00: 37 properties have had their prices changed again.
• 1:28
  SPEAKER_00: That number is also a little bit higher than average that we've been seeing at least the last few months.
• 1:33
  SPEAKER_00: But I'm talking about the times just preceding the holidays, so that's also gonna continue to change and more than likely increase.
• 1:41
  SPEAKER_00: There's gonna be a point though here in the next few weeks potentially that all that's gonna level out.
• 1:47
  SPEAKER_00: We're gonna have more inventory on the market, but a much higher buyer drive.
• 1:50
  SPEAKER_00: It's gonna also depend though on the insurance situation, is gonna be set forth by these fires and see what kind of insurance coverage is left here in Southern California, unless somebody intervenes to try to assist.
• 2:03
  SPEAKER_00: 25 homes have fallen out of escrow, gone back on the market.
• 2:07
  SPEAKER_00: 32 properties are active under contract, 31 properties are pending, and 34 homes have sold in the last seven days in Santa Clarita Valley.
• 2:16
  SPEAKER_00: Nine properties are put on hold and 11 have canceled.
• 2:18
  SPEAKER_00: One of the things to know whenever we have these big disasters, earthquakes, fires, floods, we're famous for those in Southern California.
• 2:26
  SPEAKER_00: We do see that what ends up happening is escrows seem to slow down or stop because of funding issues or insurance issues.
• 2:36
  SPEAKER_00: And this seems to happen and right now is no different.
• 2:39
  SPEAKER_00: The properties that are in process because of the Hughes fire, they're going to slow down and potentially gonna have their closings actually slowed down, if not paused completely, until the insurance companies can figure out if they're gonna be able to continue working in California because you know they are about making money.
• 2:58
  SPEAKER_00: That's how that works.
• 2:59
  SPEAKER_00: So unfortunately, when we have these disasters, the insurance companies now have to re-evaluate.
• 3:19
  SPEAKER_00: That's why that particular mechanism gets held up.
• 3:23
  SPEAKER_00: Mortgage rates after last week's Federal Reserve comments are holding steady but remain elevated.
• 3:29
  SPEAKER_00: Buyers, this does highlight the importance of approvals and shopping for competitive rates.
• 3:34
  SPEAKER_00: Sellers be ready to address rate-related affordability concerns in buyer negotiations.
• 3:41
  SPEAKER_00: Also, there is a shift in buyer preferences.
• 3:44
  SPEAKER_00: Buyers are leaning towards turnkey properties to avoid high renovation costs due to inflation.
• 3:49
  SPEAKER_00: Homes priced between 700 and 800,000 are definitely hot.
• 3:53
  SPEAKER_00: 67 active listings we're seeing in that range.
• 3:56
  SPEAKER_00: Local insights, the mid-tier homes, 800 to 900 grand.
• 4:00
  SPEAKER_00: They're averaging 48 days on market.
• 4:02
  SPEAKER_00: That's slightly above last year.
• 4:04
  SPEAKER_00: Patience and strategic marketing are critical for sellers in this bracket.
• 4:10
  SPEAKER_00: Now, right now, just to give those buyers that tip that they're looking for today, timing is definitely everything.
• 4:16
  SPEAKER_00: Watch for price reductions and those properties that have gone back on the market.
• 4:20
  SPEAKER_00: With 37 price changes, 25 properties that have come back on the market, there's definitely a potentiality for you to negotiate a better deal.
• 4:29
  SPEAKER_00: Know your financing buyers as well.
• 4:32
  SPEAKER_00: Conventional loans are really the hot ticket right now, and they remain the most accepted.
• 4:36
  SPEAKER_00: But FHA and VA buyers don't get discouraged.
• 4:39
  SPEAKER_00: Work with that knowledgeable agent that can definitely advocate for your offer.
• 4:43
  SPEAKER_00: One of the biggest, biggest tricks, if I can use that word in this game, when it comes to buyers, having the buyer's lender, especially if it's not, well, any buyer's lender, make sure that they contact if your new agents are watching, make sure they contact that other agent representing the seller and have them pitch that particular buyer, how they've run all their credit, how they've talked to them, how they're so financially capable to buy this residence, and then give them all that data, and then that other agent will be able to convey that to the seller.
• 5:18
  SPEAKER_00: And a lot of times that works out.
• 5:20
  SPEAKER_00: It works out a lot better that way than when the buyer's agent goes, the buyer's agents or the lender for the buyer goes dark and doesn't want to make any of those phone calls.
• 5:31
  SPEAKER_00: That's a sad state of affairs.
• 5:32
  SPEAKER_00: Make sure you're working with a good lender that does have a priority taking care of that real estate buyer.
• 5:38
  SPEAKER_00: Make sure that your prior towards it prioritize prioritizing inspections, especially with those older properties.
• 5:46
  SPEAKER_00: Again, everything should have a home inspector if you're a buyer out there.
• 5:50
  SPEAKER_00: They're gonna walk through the property.
• 5:52
  SPEAKER_00: Typically, after they do the walk through, they're gonna give you a recap.
• 5:55
  SPEAKER_00: You're gonna have a very good idea of where you're standing.
• 5:58
  SPEAKER_00: But I will warn you, sometimes those recaps don't cover what you're gonna see in the report.
• 6:04
  SPEAKER_00: So even though you're getting the recap, hold off on getting too excited until you actually see the written report that the home inspector puts together.
• 6:13
  SPEAKER_00: Once you look at that, then you can definitely hang your hat on the items in there and then educatedly walk towards that particular property, knowing exactly what's happening.
• 6:25
  SPEAKER_00: And then with that, you can actually make those requests for repairs with the seller.
• 6:29
  SPEAKER_00: Even if properties are sold as is, just understand everything in California is as is, but that's as is at first glance, or what you're seeing or observing when a home inspector goes in there, they're digging into stuff that you had no idea of.
• 6:43
  SPEAKER_00: So those things definitely become negotiable.
• 6:46
  SPEAKER_00: At the end of the day, the seller can refuse.
• 6:48
  SPEAKER_00: But you it's still good to ask, and then you need to make decisions according to what they're telling you.
• 6:54
  SPEAKER_00: Now, for you sellers out there, just a couple things.
• 6:58
  SPEAKER_00: Again, if your property's been sitting for a while, considering a consider a price readjust adjustment, doesn't have to be thousands of dollars, just enough to kind of kick off the interest out there.
• 7:08
  SPEAKER_00: Also understand that there's those real estate syndication websites that are selling your information to other agents that aren't even affiliated with your residence.
• 7:17
  SPEAKER_00: They are posting up prices with regard to what they deem your property is worth.
• 7:23
  SPEAKER_00: Whether that's right or wrong, that's an entirely other discussion.
• 7:26
  SPEAKER_00: I've done videos on that before, but know going in what those sites are saying about your residence.
• 7:32
  SPEAKER_00: If you happen to have an agent, well, if you're watching this more than likely you do, your agent should be giving you that information so you know exactly what you're showing online if you're not seeing it for yourself.
• 7:43
  SPEAKER_00: If you are gonna go look at the syndication sites to see what it's telling you about your value, be wary with that because these sites do happen to want you to give up information sometimes before you actually get the data that you're looking for.
• 7:57
  SPEAKER_00: So then they're gonna put you on their mailing list and you'll probably get called by a dozen people that are interested in converting you to their buyer, which if you're already represented, you can't.
• 8:07
  SPEAKER_00: So I wouldn't fall for that.
• 8:09
  SPEAKER_00: Alright, so you have that standing out.
• 8:11
  SPEAKER_00: Um, energy efficient upgrades are great, buyers are looking for those to try to basically kind of calm their overall costs on properties.
• 8:19
  SPEAKER_00: So solar is good, it happens to be paid off even better.
• 8:23
  SPEAKER_00: But if you can provide the the billing statements, how your solar is offsetting the energy bill, that's really, really good stuff.
• 8:32
  SPEAKER_00: Buyers love that.
• 8:33
  SPEAKER_00: Also, for you sellers out there, another tip that I give mine pre-inspections aren't a bad idea because it's like here, this is my property.
• 8:41
  SPEAKER_00: This is everything that a professional, bonded, knowledgeable, educated, certified home inspector found about my property, and these are the things I've taken care of.
• 8:53
  SPEAKER_00: I hired these contractors or these handy people to fix these items.
• 8:57
  SPEAKER_00: When a buyer walks into a house like that, I mean it screenlights all the way down to the closing, folks.
• 9:02
  SPEAKER_00: It's a good deal.
• 9:03
  SPEAKER_00: Something you might want to consider getting a pre-inspection done.
• 9:07
  SPEAKER_00: You're gonna have to face the fiddler eventually.
• 9:09
  SPEAKER_00: Even if the buyer comes back with a request for repairs and you've already made that decision, I'm not gonna do anything.
• 9:16
  SPEAKER_00: Well, you know, you might want to be a little bit more malleable, malleable.
• 9:22
  SPEAKER_00: The other thing, too, with regard to buyers coming in, don't let it become an emotional response.
• 9:32
  SPEAKER_00: You want to make it business.
• 9:34
  SPEAKER_00: It's always business.
• 9:35
  SPEAKER_00: Selling your house is business.
• 9:37
  SPEAKER_00: I understand you've lived there, I understand you want to have good buyers, I understand you don't want to get tricked or played, preyed upon, and I understand that.
• 9:45
  SPEAKER_00: Buyers also on the other end, remember when you were a buyer, they want their best deal.
• 9:49
  SPEAKER_00: They want to try to get what they can to a point.
• 9:53
  SPEAKER_00: Now, if you have a buyer that's being completely overzealous, don't always think it's their fault.
• 9:59
  SPEAKER_00: A lot of times they're getting advice from people that are talking about the big fish they caught, or the way that they bought a house for nothing, or the way that they bought a house and have the seller basically tear it down and build them a new one.
• 10:11
  SPEAKER_00: It's all stories.
• 10:13
  SPEAKER_00: But buyers are taking that into this, plus what they're reading online, and then they're approaching you.
• 10:18
  SPEAKER_00: You might have your agent talk to their agent to try to calm that mess, because that does come up from time to time.
• 10:26
  SPEAKER_00: And as far as appraisal goes with cash buyers running a smaller share, more than likely you're gonna have your property appraised.
• 10:32
  SPEAKER_00: And also with a cash buyer, they have the option to still have an appraisal come in or appraiser come in and look at your property.
• 10:39
  SPEAKER_00: But with that, make sure you have it prepared.
• 10:42
  SPEAKER_00: Whenever the appraiser is going to come, you will know that the agent that's typically representing you is gonna be the one that's gonna meet them, and usually, depending on the appraiser and where they're from, they're gonna maybe provide them with some comparables.
• 10:57
  SPEAKER_00: But we were real careful on that because we do not want to offend the appraiser, we want to make it all peaches and cream when they come out to a property.
• 11:06
  SPEAKER_00: So if they are asking for comparables, absolutely give it to them.
• 11:10
  SPEAKER_00: But if not, we basically just kind of stand to the side and let them do their thing.
• 11:15
  SPEAKER_00: Last thing they want is to start talking.
• 11:17
  SPEAKER_00: That's kind of the appraisal world.
• 11:19
  SPEAKER_00: All right, so the today's market's definitely about adaptability.
• 11:22
  SPEAKER_00: Sellers, every detail matters from price to presentation.
• 11:26
  SPEAKER_00: Buyers staying informed and getting pre-approved can give you that crucial edge in this competitive environment.
• 11:33
  SPEAKER_00: For personalized advice, whether you're buying, selling, or just curious about what your home might be worth, reach out.
• 11:39
  SPEAKER_00: I'm Connor with Honor.
• 11:40
  SPEAKER_00: I'm saving the world one real estate transaction at a time.
• 11:44
  SPEAKER_00: When you're ready, you can find everything you need at Santa Clarita Open Houses.
• 11:48
  SPEAKER_00: In fact, even the way to contact me as well.
• 11:51
  SPEAKER_00: At that particular website, you'll see the book that I've written.
• 11:54
  SPEAKER_00: It has been updated for 2025.
• 11:56
  SPEAKER_00: It is the guide to buying Santa Clarita and selling Santa Clarita Real Estate.
• 12:00
  SPEAKER_00: I'm Connor with Honor.
• 12:02
  SPEAKER_00: Thank you for watching, and we'll see you in the next one.
• 12:04
  SPEAKER_00: Take care.