Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita Saturday Update, if interest rates come down, even a bit, we could have a stronger seller's market

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Santa Clarita Saturday Update, if interest rates come down, even a bit, we could have a stronger seller's market · Connor with Honor: AI, Real Estate and Real Life

• 0:07
  SPEAKER_00: Good day, everybody.
• 0:09
  SPEAKER_00: The thirteenth day of April, 2024.
• 0:12
  SPEAKER_00: I'm Connor with Honor.
• 0:13
  SPEAKER_00: Today is your real estate update.
• 0:15
  SPEAKER_00: I'm going to talk about uh what's going on in our real estate market.
• 0:19
  SPEAKER_00: It is very dynamic.
• 0:20
  SPEAKER_00: I'm going to dive into the figures for this past week so you can understand what it means to you.
• 0:25
  SPEAKER_00: So this week, Santa Clarita saw a bustling market with 364 active residential listings that include single-family homes, condos, and townhomes.
• 0:34
  SPEAKER_00: Now, of all those properties, it's everything residential.
• 0:38
  SPEAKER_00: In that realm, we have had at eight new properties that have been shown up as coming soon.
• 0:44
  SPEAKER_00: That's actually within the last seven days.
• 0:47
  SPEAKER_00: 87 new listings have entered the market.
• 0:50
  SPEAKER_00: That's going to go against some of the news I'm going to talk about here shortly that says that listings are being held back currently.
• 0:56
  SPEAKER_00: And that probably is true to a point, but I'll give you the reasons why.
• 1:00
  SPEAKER_00: So as far as the 87 new listings that have entered the Santa Cruita Valley market for sale this past week, that's going to include the cities of Castac, Canyon Country, New Hall Saugas, Stevenson Ranch, and also Valencia.
• 1:12
  SPEAKER_00: So it's going to be everything out here.
• 1:14
  SPEAKER_00: We also saw something with regard to price changes, and I've been monitoring this every single day when I do my broadcasts with regard to Santa Clarita real estate.
• 1:24
  SPEAKER_00: Please remember that these snapshots are very indicative of what type of market we're in.
• 1:32
  SPEAKER_00: Currently, prices are higher than they've been at any point in our past in Santa Clarita Valley.
• 1:39
  SPEAKER_00: So prices being as high as they've been, we look at the other market factors like high interest rates, that's definitely throttling the market from moving forward and actually even eating up the current amount of listings we have faster than they already are.
• 1:54
  SPEAKER_00: And that absorption rate is down to about a week and a half two weeks.
• 1:59
  SPEAKER_00: So that's about how long it would take us to get rid of all available for sale inventory as of today if no other listings came on the market.
• 2:08
  SPEAKER_00: That does indicate a very, very hot market.
• 2:11
  SPEAKER_00: All right, so I also observed 16 properties back on the market and 40 also moving to active under contract status.
• 2:17
  SPEAKER_00: Now closings remain strong with 57 properties finding new owners, while 53 move to pending.
• 2:23
  SPEAKER_00: It's a vibrant time with varied opportunities for both buyers and sellers.
• 2:27
  SPEAKER_00: Now, while the market is teeming with activity, many of you are concerned about current mortgage interest rates hovering where they are about 7%.
• 2:35
  SPEAKER_00: Shark Tank star Barbara Corcoran recently noted that while lowest rates, lower rates are anticipated, possibly around 5.9 to 6.1% by years in, this might lead to a price surge due to increased buyer demand.
• 2:50
  SPEAKER_00: Now, indeed, if mortgage rates drop even by a point, Cochrane warns of potential 8 to 10% price increases.
• 2:58
  SPEAKER_00: This brings us to a crucial point.
• 3:01
  SPEAKER_00: Waiting might not be as beneficial as it seems.
• 3:04
  SPEAKER_00: Entering the market now could be a smarter move to avoid higher costs later.
• 3:09
  SPEAKER_00: So for those of you looking to invest, you're not limited to buying a home.
• 3:13
  SPEAKER_00: You can invest in shares of vacation homes, dive into commercial real estate platforms like Arrived or First National Realty Partners, starting with very little money.
• 3:23
  SPEAKER_00: They don't sponsor this show, they have nothing to do with it.
• 3:26
  SPEAKER_00: But these are other ways people can invest.
• 3:28
  SPEAKER_00: Some of them are newer than others, so do your research and make sure before you jump in, you protect yourself with knowledge, of course.
• 3:37
  SPEAKER_00: That's what I try to do to my Conner with Honor clients.
• 3:40
  SPEAKER_00: Additionally, real estate investment trusts or REITs, this is also another liquid option to get involved in real estate.
• 3:47
  SPEAKER_00: This will allow trades throughout the trading day without the lengthy process of traditional home buying.
• 3:52
  SPEAKER_00: But as Barbara Cochran advises, finding a great broker can make all the difference.
• 3:58
  SPEAKER_00: So if you're ready to hustle for these opportunities, I am here.
• 4:01
  SPEAKER_00: I do appreciate you watching today's real estate update.
• 4:05
  SPEAKER_00: We are at Saturday, the 13th of April, 2024.
• 4:09
  SPEAKER_00: I'm Connor with Honor.
• 4:10
  SPEAKER_00: When you're ready, reach out to me.
• 4:12
  SPEAKER_00: I do these almost every day, with very little exception.
• 4:15
  SPEAKER_00: You can also check out my fat torching uh video channel, Home Muscle.
• 4:20
  SPEAKER_00: That's at home muscle in YouTube, and I'm here for you when you're ready.
• 4:24
  SPEAKER_00: Please be well and please share this with those that you know and care about, and I'll be there for them.
• 4:29
  SPEAKER_00: I'm Connor with Honor, over and out.