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Santa Clarita Real Estate Insights with Connor MacIvor: Why Your Agent Needs to Call Before They Show the Home · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Well, today's voting day.
• 0:01
  SPEAKER_00: It's November 5th, 2024.
• 0:03
  SPEAKER_00: I'm Connor with Honor.
• 0:05
  SPEAKER_00: I do appreciate you tuning in.
• 0:06
  SPEAKER_00: Hello, Santa Clarita.
• 0:08
  SPEAKER_00: This is your daily Santa Clarita update.
• 0:10
  SPEAKER_00: Let's talk a little bit about what happened this morning.
• 0:12
  SPEAKER_00: I went to the polls.
• 0:13
  SPEAKER_00: I did place my vote, and of course I voted for the right person, just in case anybody is wondering who Honor voted for.
• 0:21
  SPEAKER_00: All right, happening in the Santa Clarita real estate market, we look at a seven-day market snapshot, and I do this every single day.
• 0:27
  SPEAKER_00: So today we have looking back at seven, we have four coming soon listings that have been posted.
• 0:33
  SPEAKER_00: If you want to see those, all you have to do is go to Santa Clarita Openhouses.com forward slash coming soon.
• 0:39
  SPEAKER_00: No spaces, nothing else in there.
• 0:41
  SPEAKER_00: And then what you'll see is you'll see each of the listings that have been posted as coming soon for whatever cities you're interested in.
• 0:47
  SPEAKER_00: Now, if you want to see them all, don't freak out.
• 0:50
  SPEAKER_00: There's not going to be a huge amount of those, so you'll be able to see just what's actually out there.
• 0:55
  SPEAKER_00: New listings have entered this week, 52.
• 0:57
  SPEAKER_00: 67 properties have their prices changed.
• 1:00
  SPEAKER_00: 20 properties have gone back on the market.
• 1:02
  SPEAKER_00: They were an escrow.
• 1:03
  SPEAKER_00: They're no longer an escrow, i.e.
• 1:05
  SPEAKER_00: coming back into the market.
• 1:06
  SPEAKER_00: We have active under contract properties 25, 45 pending.
• 1:10
  SPEAKER_00: These are both escrow statuses.
• 1:11
  SPEAKER_00: It basically shows properties are continuing to move out, even though we're getting into that kind of end of your snow.
• 1:18
  SPEAKER_00: And also this year was a whole different animal, and it happens every four years because we have this major election cycle in the presidential race.
• 1:25
  SPEAKER_00: So that is in of itself something that's quite a big deal.
• 1:28
  SPEAKER_00: In fact, now you're going to say that I went out and stole a whole bunch of stickers, but anyway, sticker.
• 1:33
  SPEAKER_00: I did vote.
• 1:34
  SPEAKER_00: There's that I voted.
• 1:35
  SPEAKER_00: I think it's probably reversed in the camera.
• 1:37
  SPEAKER_00: But anyway, get out there and vote.
• 1:40
  SPEAKER_00: Pick your candidate, and let's see what happens.
• 1:42
  SPEAKER_00: Today's going to be like watching NBA playoffs.
• 1:45
  SPEAKER_00: It's going to be fantastic.
• 1:46
  SPEAKER_00: All right, so moving into the closed property 61.
• 1:48
  SPEAKER_00: This last seven days, property's actually finished.
• 1:51
  SPEAKER_00: Closing escrow.
• 1:52
  SPEAKER_00: 10 expired, 16 canceled, 14 has been put on hold, six are withdrawn.
• 1:57
  SPEAKER_00: Now, that's that's a lot.
• 1:59
  SPEAKER_00: We have almost 22 listings that are no longer going to be for sale.
• 2:03
  SPEAKER_00: They might get picked up by another agent.
• 2:06
  SPEAKER_00: Maybe you're going to get a phone call if you're one of those, by an agent that's monitoring that channel.
• 2:10
  SPEAKER_00: How they get your number, you may ask.
• 2:12
  SPEAKER_00: Everybody, our numbers are everywhere.
• 2:15
  SPEAKER_00: Whether it's right or wrong, they're probably paying a service to find it.
• 2:20
  SPEAKER_00: If you don't want them to call you, tell them, hey, don't call me and remove my number from whatever list you're getting me from.
• 2:25
  SPEAKER_00: But you'll probably get called.
• 2:27
  SPEAKER_00: And what they're going to end up saying, more than likely, is your house didn't sell because you didn't hire the right agent.
• 2:34
  SPEAKER_00: You have to weigh out that because, of course, it's fueled with self-interest.
• 2:39
  SPEAKER_00: And of course, they want to pick up your listing.
• 2:42
  SPEAKER_00: There are reasons why your house didn't sell over and beyond the agent you chose.
• 2:48
  SPEAKER_00: Whenever we take a listing, we're going to be paying out of pocket at the beginning to do things like virtual tours, 3D walkthroughs, these sorts of things.
• 2:56
  SPEAKER_00: That's very, very typical in the market.
• 2:58
  SPEAKER_00: After that, whatever network groups we're members of, that's great.
• 3:02
  SPEAKER_00: But in essence, most of the listings, in fact, everything that's put by an actual realtor is put into the multiple listing service.
• 3:09
  SPEAKER_00: And then it gets picked up and it propagates those major systems out there.
• 3:14
  SPEAKER_00: The Zillows, the Realtor.coms, the Homes.com, the Redfin sites, the Movado, uh, Santa Clara Openhouses.com.
• 3:21
  SPEAKER_00: It's going to start showing up on these systems.
• 3:24
  SPEAKER_00: The difference is some of those systems are owned by major corporations, shareholder type worlds, and then you have the other local agent systems out there, which, if you've noticed, well, at least I have, I've been doing this since 98.
• 3:38
  SPEAKER_00: The local agent website really is kind of becoming a thing of past.
• 3:43
  SPEAKER_00: And if an agent does have one, it's clunky and hasn't been paid attention to.
• 3:47
  SPEAKER_00: On Santa ClaraOpenhouses.com, every day I publish an article.
• 3:52
  SPEAKER_00: At least one.
• 3:53
  SPEAKER_00: Sometimes yesterday I did five talking about the local market, but it's updated every single day.
• 3:59
  SPEAKER_00: So I really pay attention to the site.
• 4:02
  SPEAKER_00: And then on that site, I have every single listing that's advertised for sale.
• 4:06
  SPEAKER_00: Coming soon is a little bit of a different animal because in order to get those as a as a person's realist, those listings come from an agent directly to your email.
• 4:15
  SPEAKER_00: You want to see coming soon?
• 4:17
  SPEAKER_00: No obligation, no hassle, let me know.
• 4:19
  SPEAKER_00: All right, let's let's work on what's happening.
• 4:29
  SPEAKER_00: And that's going to give us where our grand total of the day.
• 4:32
  SPEAKER_00: Pulling down some major real estate news, just to throw in some couple, a few headlines out there, uh, Market Watch did report uh via the Realtor National Association of Realtors that the share of homes sold to first-time buyers has fallen to a 43-year low, and only 24% of homes sold to this group between July 2023 and June 2024.
• 4:54
  SPEAKER_00: So that is first-time home buyers.
• 4:57
  SPEAKER_00: That's a statistic.
• 4:59
  SPEAKER_00: I don't see that really affecting this local market very much because the market is still moving at a very fast clip.
• 5:06
  SPEAKER_00: But of course, we're going to start slowing down like we do every year.
• 5:09
  SPEAKER_00: And the election is also a different part of the cycle.
• 5:12
  SPEAKER_00: Also, remember, very recently we had incredibly low interest rates.
• 5:17
  SPEAKER_00: Those interest rates were hoped to have even come lower from where they raised to sometimes somewhere in the sixes and the sevens.
• 5:25
  SPEAKER_00: And we didn't see much of an adjustment at all during the last Fed meeting.
• 5:30
  SPEAKER_00: All right, looking at the antitrust settlement impacting real estate commissions, that was something else that I pulled offline.
• 5:36
  SPEAKER_00: And again, that is not really affecting sales much at a local level because realistically that commission structure is still in place in most cases.
• 5:48
  SPEAKER_00: So lots of sellers are still offering a commission to the agent representing the buyer.
• 5:52
  SPEAKER_00: You just can't know what that amount is.
• 5:54
  SPEAKER_00: So it requires us as agents to make a phone call and find out just an additional step.
• 6:00
  SPEAKER_00: But most agents, when they're about to show their clients a house, aren't doing it blindly.
• 6:06
  SPEAKER_00: So for example, if I have my buyers, my buyers are calling me, say, Connor, we saw this house listed for sale at the corner of Cross and Don't Cross.
• 6:14
  SPEAKER_00: I say great.
• 6:15
  SPEAKER_00: So I look at I look up the MLS.
• 6:17
  SPEAKER_00: When I find it, then I contact the listing agent.
• 6:22
  SPEAKER_00: Even if it says the property's vacant, even if it says go, even if it'll be open all day long, you don't even need a key, all you have to do is walk into the house, just bring your buyers, everything's great.
• 6:33
  SPEAKER_00: I still need to talk to the agent.
• 6:35
  SPEAKER_00: Why?
• 6:35
  SPEAKER_00: Well, I need to talk to the agent because I don't know the activity level.
• 6:40
  SPEAKER_00: I don't know the seller's reasoning, the seller's motivation.
• 6:44
  SPEAKER_00: I have to share that with my buyers.
• 6:47
  SPEAKER_00: It's good to know that stuff.
• 6:48
  SPEAKER_00: And as a professional, I need to know that stuff.
• 6:51
  SPEAKER_00: So I blow up the agent's phone, I text the agent, I blow up the agent's email.
• 6:55
  SPEAKER_00: Finally, and I always do, I will get in contact with that agent so I can ask them the questions that I need to ask them to best inform my buyers as we're looking at the house.
• 7:07
  SPEAKER_00: There's a lot of things.
• 7:08
  SPEAKER_00: Maybe it has something that's contingent, depending on the seller needing to do something else.
• 7:15
  SPEAKER_00: For example, uh, there's lots of transactions where the sellers are selling something in order to buy something.
• 7:21
  SPEAKER_00: So they make the deal contingent.
• 7:24
  SPEAKER_00: They don't want to be homeless and they don't have anywhere else to go.
• 7:27
  SPEAKER_00: So what they're doing is they're selling their house predicated on them being able to find something else that they like.
• 7:33
  SPEAKER_00: Well, that's great.
• 7:35
  SPEAKER_00: Sometimes that contingency isn't mentioned anywhere.
• 7:39
  SPEAKER_00: And without that phone call, my buyer's thinking they're gonna have a quick close because it kind of indicates that that's where that listing might go.
• 7:47
  SPEAKER_00: It might be able to close fast because it's vacant and so on.
• 7:51
  SPEAKER_00: But maybe it's just vacant on purpose where they moved all their stuff out to have a big showing weekend or maybe a week of showing, they're gonna go stay in a hotel.
• 8:00
  SPEAKER_00: This stuff happens.
• 8:02
  SPEAKER_00: But without me being able to talk to that agent, so now I talk to the agent about all those things, and then I ask them, is your seller entertaining a commission?
• 8:10
  SPEAKER_00: And if they say yes or no, then I can take that back to my buyer.
• 8:14
  SPEAKER_00: It says yes, and then this is how this is gonna work.
• 8:17
  SPEAKER_00: They said no, then now we have to talk about a commission structure between you, me, and the buyer.
• 8:22
  SPEAKER_00: So we do that, we have that conversation.
• 8:25
  SPEAKER_00: So on a national level, they're saying this is affecting things.
• 8:28
  SPEAKER_00: I don't see that happening here at a local level.
• 8:31
  SPEAKER_00: Properties are still selling just as quickly, and I understand the irritation of having to make an additional phone call, but it's really just an additional question.
• 8:41
  SPEAKER_00: Agents worth their salt representing buyers should already be making that phone call to find out the true status of the property.
• 8:49
  SPEAKER_00: And there are many other things that could potentially happen that is not made public that I need to know so I can convey that to my buyers.
• 8:57
  SPEAKER_00: That's just about doing the right thing.
• 8:58
  SPEAKER_00: Right.
• 8:59
  SPEAKER_00: All right.
• 8:59
  SPEAKER_00: Okay, so rising insurance costs.
• 9:01
  SPEAKER_00: This is a good one.
• 9:02
  SPEAKER_00: So on the national level, um, surging home insurance premiums, especially in areas prone to natural disasters.
• 9:09
  SPEAKER_00: Welcome to California, are impacting homeowners and potential buyers, reported by the Wall Street Journal.
• 9:15
  SPEAKER_00: I had Scott Wilk, I L K, look him up, great insurance cat out here in Santa Cruz Valley, talking to me on a couple of different podcasts I did and video shows about the insurance problems out here.
• 9:28
  SPEAKER_00: And yes, they do exist.
• 9:30
  SPEAKER_00: So when I'm talking to my buyers, I know those areas where insurance is still somewhat normal, but other areas that pose problems.
• 9:40
  SPEAKER_00: And this comes about in the insurance binders and premiums that were written but are no longer written with particular companies.
• 9:48
  SPEAKER_00: There are companies that are leaving Southern California that provide home insurance.
• 9:52
  SPEAKER_00: You know, that basic flood, fire, earthquake breaking into your house, somebody being on your property, doing work, breaking their ankle, suing you, those types of insurances.
• 10:02
  SPEAKER_00: There are companies that are leaving the state of California in droves because apparently the margin of profit isn't enough.
• 10:11
  SPEAKER_00: Yes, I said it, and I think that's probably the biggest driver.
• 10:15
  SPEAKER_00: Some of them are going to say, well, California is impossible with all the regulation, the government, the governor, all this stuff.
• 10:22
  SPEAKER_00: It's really a money variable, I believe.
• 10:25
  SPEAKER_00: But again, that is true.
• 10:27
  SPEAKER_00: So the due diligence needs to happen via your agent to find out what the insurance possibilities look like.
• 10:34
  SPEAKER_00: Now, when you have your crew, I have an entire crew that works with my buyers and sellers in real estate, from handymen to plumbers to electricians, escrow officers, title people to do the research, other entities involved that I'm very easily able to refer questions to and get instant feedback, if not even faster.
• 10:56
  SPEAKER_00: Not precognition, but you get the drift.
• 10:58
  SPEAKER_00: But these are things that need to happen.
• 11:00
  SPEAKER_00: So if you're looking at residential real estate, making those phone calls by your agent to those right people to best inform the buyer, well, that's that's worth its weight in gold.
• 11:11
  SPEAKER_00: There's an update for you.
• 11:12
  SPEAKER_00: This is Tuesday.
• 11:13
  SPEAKER_00: I'm excited.
• 11:14
  SPEAKER_00: We'll have to see how the day plays out.
• 11:16
  SPEAKER_00: I know that whoever wins, there's gonna be people that are gonna be really upset.
• 11:22
  SPEAKER_00: So it's not gonna matter because everybody's still gonna be angry.
• 11:26
  SPEAKER_00: If stuff's gonna burn or not, I don't know.
• 11:28
  SPEAKER_00: But please, do yourselves a favor.
• 11:31
  SPEAKER_00: My dad used to say this.
• 11:33
  SPEAKER_00: The powers that be, well, they're in place.
• 11:36
  SPEAKER_00: And if somebody gets elected that you don't like, there are chances to have that changed in another four years.
• 11:42
  SPEAKER_00: How much damage can be done in four?
• 11:45
  SPEAKER_00: We're gonna have to see.
• 11:46
  SPEAKER_00: The world is a completely different place.
• 11:49
  SPEAKER_00: Artificial intelligence, and I know if you're not climbing down that rabbit hole or investigating that, you might want to check into it.
• 11:57
  SPEAKER_00: Because it's going to impact, as it already has, everything.
• 12:02
  SPEAKER_00: I hope everybody's well.
• 12:03
  SPEAKER_00: I'm Connor with Honor.
• 12:04
  SPEAKER_00: Please be good to each other.
• 12:06
  SPEAKER_00: And when you need me, I'll be here for you.
• 12:09
  SPEAKER_00: Have a great day.
• 12:10
  SPEAKER_00: I'm Connor McIver.
• 12:12
  SPEAKER_00: Over and out.