Latest / Connor with Honor: AI, Real Estate and Real Life / Acton and Agua Dulce update - Check your lender's availability before hiring them!

Transcript

Acton and Agua Dulce update - Check your lender's availability before hiring them! · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good day, everybody.
• 0:00
  SPEAKER_00: We're at the 8th of December.
• 0:02
  SPEAKER_00: This is going to be 12 8, 2024.
• 0:05
  SPEAKER_00: I'm Connor with Honor.
• 0:06
  SPEAKER_00: You can find all the real estate information you're looking for, plus my new book, How to Buy and Sell Santa Clarita Real Estate, at the main website, Santa Clarita Openhouses.com.
• 0:16
  SPEAKER_00: So this was just published actually and just finished out this last month in November.
• 0:20
  SPEAKER_00: So please feel free to have a look, see if it's of interest to you.
• 0:24
  SPEAKER_00: I do cover a lot of information in the book.
• 0:26
  SPEAKER_00: Today let's get to our local update.
• 0:28
  SPEAKER_00: So all of Santa Clarita Valley, looking at this 343rd day of the year, we're almost done.
• 0:35
  SPEAKER_00: This is the 49th 49th five coming soon listings in all of Santa Clarita Valley going to hit the market.
• 0:40
  SPEAKER_00: This is something interesting.
• 0:42
  SPEAKER_00: You would think in the holidays things would slow down a bit, which they have.
• 0:45
  SPEAKER_00: But as far as listings being listed for sale, they're not slowing down much at all.
• 0:51
  SPEAKER_00: That's very typical of our market.
• 0:52
  SPEAKER_00: 47 market have hit the market this week.
• 0:56
  SPEAKER_00: 42 properties have had their prices changed.
• 0:58
  SPEAKER_00: That's an actual, actually a big number compared to what we've been seeing in recent months.
• 1:03
  SPEAKER_00: This is because we're getting into that year-end time and people want to get those houses sold.
• 1:08
  SPEAKER_00: Some people want to get it sold this calendar year for tax reasons.
• 1:12
  SPEAKER_00: Other people just want to get it sold so they can relocate to another state.
• 1:16
  SPEAKER_00: And of course, the election probably has something to do with that in a lot of cases, at least from a lot of people that I've talked to.
• 1:23
  SPEAKER_00: We have 21 homes that have canceled escrow, gone back on the market.
• 1:27
  SPEAKER_00: That number's actually less.
• 1:29
  SPEAKER_00: We've seen more cancellations in a tighter market where we have more inventory for buyers to choose from, but also with more active buyers.
• 1:38
  SPEAKER_00: So that's what I mean by tighter market.
• 1:40
  SPEAKER_00: Active under contract properties 34.
• 1:42
  SPEAKER_00: 32 have been gone pending.
• 1:44
  SPEAKER_00: These are escrow's, so we have 60, what is that, 66 properties.
• 1:48
  SPEAKER_00: Actually, in escrow, that number's a little bit lower than typically we would see in a faster type market.
• 1:54
  SPEAKER_00: And we will see that repeat itself about the middle of quarter one, beginning of quarter two.
• 2:00
  SPEAKER_00: We'll start to see that real estate kick off.
• 2:03
  SPEAKER_00: Now let's look at Acton and Aquadulce specifically.
• 2:06
  SPEAKER_00: One of the things I would suggest to you, depending on who your lender is, is find when they're available.
• 2:12
  SPEAKER_00: And I know a lot of lenders that aren't available after hours and on weekends and during holidays, whoever those lenders are, and I get it, they work for big bank sometimes, and also credit unions, they just don't have built into that mechanism a way where they can be contacted over the weekend.
• 2:29
  SPEAKER_00: That's just not the way that they work.
• 2:30
  SPEAKER_00: People say, well, you know, wait until Monday morning at 9 o'clock.
• 2:34
  SPEAKER_00: Well, here's the first thing.
• 2:35
  SPEAKER_00: No, that no it ain't.
• 2:36
  SPEAKER_00: Wait.
• 2:37
  SPEAKER_00: If we get to Monday morning at 9 o'clock, what's the guarantee that that particular lender isn't tied up with all of the other people that had over the weekend inquiries?
• 2:47
  SPEAKER_00: Number one.
• 2:48
  SPEAKER_00: But number two, let's just say they're that what their state is true that everything can wait.
• 2:53
  SPEAKER_00: Let me debunk that real quick.
• 2:55
  SPEAKER_00: Case in point, you have people looking at a house on Saturday.
• 3:00
  SPEAKER_00: They've already been pre-approved.
• 3:01
  SPEAKER_00: The house might exceed their pre-approval amount, but they remember their lender saying, well, you know, you up to this figure.
• 3:08
  SPEAKER_00: They need to find out what those figures look like before they make an offer.
• 3:12
  SPEAKER_00: And maybe making an offer at that time is of the essence.
• 3:15
  SPEAKER_00: Maybe this is a property kind of rare these days, but where the offer the seller, right after it hits the market for sale, is going to start reviewing offers immediately.
• 3:25
  SPEAKER_00: Sometimes sellers want to wait a few days, especially if the activity is high, and that is not uncommon.
• 3:32
  SPEAKER_00: But let's say the seller wants to look at stuff immediately.
• 3:36
  SPEAKER_00: Well, that being the case, that lender needs to be able to be contacted by that buyer so that they can find out exactly what that loan is going to look like and if in fact they're going to be able to write a solid offer.
• 3:49
  SPEAKER_00: That being said, here's the other thing that goes along with that.
• 3:53
  SPEAKER_00: If you choose, for whatever reason strategically, to write an offer immediately and not give it a few days, because the other thing you don't want is you don't want to be your offer to be used as the exemplar by the agent for other people writing offers, because you might actually defeat yourself.
• 4:09
  SPEAKER_00: You in some cases you might want to give it just a little bit of time, depending on when the seller's reviewing, just so your offer isn't the one used as, well, this one was received at this level, we should write higher than that.
• 4:22
  SPEAKER_00: Just kind of see that time is going to make sense.
• 4:26
  SPEAKER_00: But again, this is very much up to you.
• 4:28
  SPEAKER_00: Could somebody write an offer?
• 4:29
  SPEAKER_00: The seller gleans it, understands it, and says, we'll just accept it without countering anybody else?
• 4:35
  SPEAKER_00: Absolutely.
• 4:35
  SPEAKER_00: That's the seller's right.
• 4:37
  SPEAKER_00: So then you need to fall back on what is meant to be.
• 4:40
  SPEAKER_00: So don't think that you've lost something that wasn't yours to begin with.
• 4:44
  SPEAKER_00: That's the other emotional component I will cover.
• 4:47
  SPEAKER_00: But if, in fact, a lender is available on weekends, it does help because also if that offer is decidedly submitted over the weekend, then that lender can make a phone call to the seller's agent and talk up that buyer.
• 5:02
  SPEAKER_00: Explain to them this is what I've done in the pre-approval process, this is who I am, this is how long I've been in the business, I'm a real live human being, I'm not some lender located in another state that you would have to try to hunt me down in the basement of my mom's garage.
• 5:18
  SPEAKER_00: I guess it could work.
• 5:20
  SPEAKER_00: I'm not that lender, I'm here, I'm local, and I'm calling you on a Saturday evening or early Sunday morning to try to connect with you and to talk with you about the offer you received by the agent that referred me and the buyers that are using me.
• 5:35
  SPEAKER_00: Stellar.
• 5:36
  SPEAKER_00: That's why it's important.
• 5:38
  SPEAKER_00: Unfortunately, credit unions sometimes don't have that baked into their process.
• 5:43
  SPEAKER_00: Let's get into Acton and Aqua Dulce.
• 5:46
  SPEAKER_00: So these numbers I've been watching the last 45 days, and I look at market data depending on cities.
• 5:52
  SPEAKER_00: If there's more listings that move, usually 45 days is too long of a snapshot.
• 5:58
  SPEAKER_00: I prefer a 30-day snapshot.
• 6:01
  SPEAKER_00: There's just not enough sales that have really been able to give me the big picture that I want to share with you for Acton and Aqua Dulce.
• 6:08
  SPEAKER_00: So looking at average sales price, over the last 45 days, we have seen some noteworthy real estate activity.
• 6:15
  SPEAKER_00: Average sales price 951,680.
• 6:18
  SPEAKER_00: Median sales price 875.
• 6:20
  SPEAKER_00: Average time to sell in Aqua and Aqua Dulce together, 81.7 days, median time to sell 65.
• 6:27
  SPEAKER_00: The median numbers usually trend better for real estate, a better grasp on everything, because it really is the middle.
• 6:34
  SPEAKER_00: Average home sale, 2362 square feet.
• 6:38
  SPEAKER_00: That's the average home size, so about 2,300 square feet.
• 6:41
  SPEAKER_00: And that is very current with that market.
• 6:43
  SPEAKER_00: In Aquadulce, average sales price one$1.2 million.
• 6:46
  SPEAKER_00: Median sales price$1,092,000.
• 6:49
  SPEAKER_00: Average time to sell 92 days.
• 6:51
  SPEAKER_00: Median time to sell$76.5.
• 6:54
  SPEAKER_00: And the average home size in Aqua Dulce,$2,971 square feet.
• 6:59
  SPEAKER_00: So a little bit larger, we're seeing trending.
• 7:01
  SPEAKER_00: We're seeing the Aqua Dulce prices a little bit higher than Acton.
• 7:04
  SPEAKER_00: And of course, the closer you get into Los Angeles, it seems like price per square foot goes up.
• 7:09
  SPEAKER_00: The further away from LA, the less expensive.
• 7:12
  SPEAKER_00: There you go.
• 7:13
  SPEAKER_00: So that's those numbers fit within the way that that typically works.
• 7:18
  SPEAKER_00: Now, a couple things.
• 7:19
  SPEAKER_00: When you want to see the information about Acton or Aqua Dulce, you can go to Santa ClaritaOpenhouses.com.
• 7:25
  SPEAKER_00: There under the communities, you'll see Acton and Aqua Dulce.
• 7:28
  SPEAKER_00: Feel free to click, you'll see all the active inventory.
• 7:31
  SPEAKER_00: And then there's breakdowns by price ranges and also market reports for you sellers out there and even buyers that might want to kind of see how that markets this year.
• 7:40
  SPEAKER_00: Interest rates haven't budged much.
• 7:42
  SPEAKER_00: Hopefully, this next year in 2025, we'll see a relaxation of interest rates.
• 7:47
  SPEAKER_00: And I think that's probably going to happen, depending on who the administration puts in place and whether you believe what they say that they're telling us.
• 7:56
  SPEAKER_00: And that goes with any administration, period.
• 7:59
  SPEAKER_00: A lot of times they seem to say a lot of things and don't produce a lot of results.
• 8:03
  SPEAKER_00: But we'll find out.
• 8:04
  SPEAKER_00: At the end of this, let me explain, let me say this.
• 8:08
  SPEAKER_00: Buying a house based on hoping that you're very confident that there's going to be a mortgage interest rate reduction in the future.
• 8:17
  SPEAKER_00: Don't buy the house.
• 8:19
  SPEAKER_00: Buy the house, house.
• 8:21
  SPEAKER_00: Buy the house because it fits with your current financial picture that in your brain appears not to be changing anytime soon.
• 8:30
  SPEAKER_00: And you know, we can all divorce, job loss, all those things.
• 8:33
  SPEAKER_00: Yeah, they happen.
• 8:35
  SPEAKER_00: But don't use the money that you're buying the home counting on overtime if overtime isn't baked in to your particular job.
• 8:46
  SPEAKER_00: I'll use a police officer, for example.
• 8:48
  SPEAKER_00: There are some times that there's cash overtime available, but then the cash overtime goes away.
• 8:53
  SPEAKER_00: God forbid that officer buy a house dependent on cash overtime, even though they can show a long track record of having this extra income every year over year.
• 9:04
  SPEAKER_00: Sometimes that stops and then they're in a bad spot.
• 9:07
  SPEAKER_00: Then they're working as a security guard in Kmart.
• 9:10
  SPEAKER_00: Is there Kmart?
• 9:11
  SPEAKER_00: Anyway, then they have to really have a different profile to try to make up that excess money.
• 9:17
  SPEAKER_00: And a lot of times in those types of employments, it does create a lot of risk because it's a different kind of security force being established.
• 9:27
  SPEAKER_00: I'm Connor with Honor.
• 9:29
  SPEAKER_00: Thank you so much for watching.
• 9:30
  SPEAKER_00: This Sunday update.
• 9:31
  SPEAKER_00: We'll be back tomorrow with Valencia.
• 9:33
  SPEAKER_00: Please check out Santa Clarita Open Houses.
• 9:35
  SPEAKER_00: You'll see the blog, you'll see the book, you'll see me, and all the cities out here.
• 9:40
  SPEAKER_00: You can check them out as well.
• 9:41
  SPEAKER_00: Thanks so much for watching.
• 9:42
  SPEAKER_00: We'll be back tomorrow.
• 9:43
  SPEAKER_00: I'm Connor with Honor.
• 9:45
  SPEAKER_00: Over and out.