Latest / Connor with Honor: AI, Real Estate and Real Life / Shhhhhh. No more huntin' commissions in Santa Clarita real estate

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Shhhhhh. No more huntin' commissions in Santa Clarita real estate · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, it's Connor with Honor.
• 0:01
  SPEAKER_00: Welcome to July 2nd, 2024.
• 0:04
  SPEAKER_00: Today I'm going to talk about the actual market, what's going on here in Santa Clarita Valley as far as the amount of listings and what's been sold in the past few days.
• 0:14
  SPEAKER_00: We do have coming sue listings 10.
• 0:17
  SPEAKER_00: 83 new listings have been added to our market in the last seven days.
• 0:20
  SPEAKER_00: 62 properties have had their prices changed.
• 0:23
  SPEAKER_00: The majority of these are reductions, sellers renegotiating and looking at the market and the changes that have been happening, and then applying that and reducing those prices, which is then causing those properties to sell very quickly.
• 0:38
  SPEAKER_00: Back on market properties 21, active under contract mark property, active under contract properties 27, 43 pending, 76 closed this last week, 11 expired, 7 canceled, and we have 10 that are on hold right now, and then two have been withdrawn.
• 0:54
  SPEAKER_00: One of the things that's coming up here this August of 2024 is there are going to be these changes as to how you're going to be looking at properties online.
• 1:05
  SPEAKER_00: So when you go online, currently, most syndication systems where you might be searching for homes, they're going to have in their data points, they're going to have commission.
• 1:17
  SPEAKER_00: And typically that's going to be the offering of commission to the actual buyer's agent.
• 1:23
  SPEAKER_00: So you'll see that on there.
• 1:25
  SPEAKER_00: That will be removed.
• 1:27
  SPEAKER_00: In fact, any mention of commission will be removed.
• 1:32
  SPEAKER_00: That's going to be a very personal thing between a seller and a buyer and the agents involved.
• 1:39
  SPEAKER_00: They do not want to have any sign of commission, have any influence on anything.
• 1:47
  SPEAKER_00: So now it's going to be a lot more vanilla, but the playing field is going to be completely fair because there isn't going to be any extra offering here and there.
• 1:57
  SPEAKER_00: Those things will be handled not in public view, and then they will talk, and then all parties will agree on whatever those commission amounts look like.
• 2:06
  SPEAKER_00: But these are big changes coming.
• 2:08
  SPEAKER_00: You'll also be able to see whenever you go to these syndication systems, they're going to actually have a requirement for if you're wanting to look at a property.
• 2:19
  SPEAKER_00: You see something in the MLS and you call me, say, hey, I'd like to go see this property, Connor.
• 2:24
  SPEAKER_00: And we talk a little bit, I get to know who you are, vet you, you vet me, and then we decide, all right, we're going to make this happen.
• 2:31
  SPEAKER_00: At that point, I then need to send you a buyer-agent agreement for you to sign, which is going to basically talk about how I'm going to get paid.
• 2:42
  SPEAKER_00: It's either going to be I'm going to get compensated by the seller if there's an offering, or compensated by you or some from each.
• 2:51
  SPEAKER_00: But it there's a lot of rules that have to do with the way that's structured, and believe you me, when I explain it to you, you'll see how equitable and completely fair the system is.
• 3:02
  SPEAKER_00: So we have that change as well.
• 3:05
  SPEAKER_00: These will be enacted, I believe it's coming up effective August 13th, 2024.
• 3:13
  SPEAKER_00: And you'll see this on the online systems out there as well.
• 3:16
  SPEAKER_00: Whenever you have hire an agent to sell your house, you'll be negotiating with that agent what you're going to be paying them to represent you to sell the house.
• 3:26
  SPEAKER_00: And then you'll have a conversation with that agent if you're going to offer a commission to a buyer's agent or you're going to leave that to the buyer.
• 3:36
  SPEAKER_00: There's just going to be a conversation about it.
• 3:38
  SPEAKER_00: And then usually I would imagine there'll be points that they'll want to discuss with you at length regarding the potential choices.
• 3:48
  SPEAKER_00: If you choose option A, what that could potentially mean, big picture.
• 3:53
  SPEAKER_00: If you choose option B, maybe which is not pay anything, what that could mean, big picture.
• 4:00
  SPEAKER_00: But again, all this stuff changing, I think it's going to have a slight impact on the market, but I really don't think it's going to slow anything down, nor speed anything up, at least from what I can see.
• 4:12
  SPEAKER_00: I'm Connor with Honor.
• 4:14
  SPEAKER_00: Thank you for watching the daily update, and we'll talk to you tomorrow.
• 4:17
  SPEAKER_00: Be safe.
• 4:18
  SPEAKER_00: We're Santa ClaritoOpenhouses.com.
• 4:20
  SPEAKER_00: Take care.