Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita real estate updates for June 3, 2024

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Santa Clarita real estate updates for June 3, 2024 · Connor with Honor: AI, Real Estate and Real Life

• 0:02
  SPEAKER_00: Good day, everybody.
• 0:03
  SPEAKER_00: Today's June 3rd, 2024.
• 0:05
  SPEAKER_00: I'm Connor with Honor.
• 0:07
  SPEAKER_00: The reason why I do these daily updates, it's not so much that people out there that want to buy real estate want to find out what's happening every day, looking at a seven-day snapshot every single day with every all of the activity in the Santa Carita Valley real estate market.
• 0:23
  SPEAKER_00: It's not that this is something that people subscribe to and they really enjoy it.
• 0:27
  SPEAKER_00: This really, more importantly, is to show that I'm updated on the market.
• 0:30
  SPEAKER_00: I'm watching out for you and I am putting all this information out there so when you are ready or when you know somebody who's ready to do anything in real estate, they can reach out and they'll know that I have all of the data because I'm looking at it multiple times every day.
• 0:47
  SPEAKER_00: I'm talking about it on social media, and I'm doing these daily video updates on my podcast network and everywhere else.
• 0:54
  SPEAKER_00: So please, thank you so much.
• 0:56
  SPEAKER_00: I'm Connor with Honor.
• 0:58
  SPEAKER_00: Here's the daily inventory for the last seven days, actually.
• 1:01
  SPEAKER_00: The snapshot coming soon, listings 10.
• 1:03
  SPEAKER_00: We had 74 new listings enter the market in the past seven days here in Santa Clita Valley.
• 1:08
  SPEAKER_00: I have seen 52 properties having their prices changed.
• 1:11
  SPEAKER_00: Majority of these are reductions in the listing prices.
• 1:16
  SPEAKER_00: So a lot of times when properties aren't moving after a particular period of time, the sellers and the agents look at the market and they make a price reduction.
• 1:25
  SPEAKER_00: Banks famously do it about 30 days, they have a re-evaluation.
• 1:29
  SPEAKER_00: If it's an REO property, real estate owner, a foreclosure type that a bank owns, that's usually baked into their particular systems.
• 1:36
  SPEAKER_00: About 30 days on average is something to look at.
• 1:39
  SPEAKER_00: And then they do a strategic price reduction.
• 1:42
  SPEAKER_00: In the local Senate Freedom Market, what ends up happening is whenever a price reduction is enacted, all of the syndication sites re-pull the data.
• 1:52
  SPEAKER_00: So it's actually more powerful to make a change to a listing price to get the listing to start repopulating those real estate syndication sites to be able to have it relived and be seen up at the tops again by conducting some kind of a price reduction versus changing verbiage or doing some kind of modification within the narrative portion or even the photographs.
• 2:16
  SPEAKER_00: In fact, photographs are very powerful as well, but I believe that price is really something that people pay more attention to.
• 2:22
  SPEAKER_00: So sometimes it is reduced in a way of a strategy as well.
• 2:27
  SPEAKER_00: So that's something to look at.
• 2:28
  SPEAKER_00: So we have 50, those properties, 52 of those had price changed back on the market properties, 19 active under prop active under contract, 29, that's 29 properties that have gone to escrow this past seven days.
• 2:40
  SPEAKER_00: 56 have gone pending, 69 have sold.
• 2:43
  SPEAKER_00: That's about average here over the last three or four weeks.
• 2:47
  SPEAKER_00: Expired three, cancel three, hold nine, withdrawn one.
• 2:51
  SPEAKER_00: In the Santa Clarita Valley, for those of you that are considering purchasing real estate, definitely a buyer's market.
• 2:58
  SPEAKER_00: Number two, for you buyers out there that are potentially looking at new real estate, new construction, new building, let me let you in on a little secret.
• 3:08
  SPEAKER_00: If you go there without your agent and you really want your agent to represent you, you really want their guidance and help throughout that process.
• 3:16
  SPEAKER_00: The new home builder, everybody I visited out here in Santa Clarita will pay your agent for free, and it doesn't cost you a dime.
• 3:25
  SPEAKER_00: They will pay your agent to represent you throughout the transaction, to refer you basically, and so they can maybe watch the process.
• 3:34
  SPEAKER_00: There are some things they can do in the way of negotiation.
• 3:37
  SPEAKER_00: There are other things they can do to get that candle lit in case there's a problem and there seems to be a delay on behalf of potentially the agent that's employed and working for the new home builder company and that corporation versus the agent representing the client.
• 3:54
  SPEAKER_00: Sometimes that is a necessary component to be able to move the ball forward whenever there's a mistake made, or there's something that the buyer needs and there's a delay or some kind of a tearing process by the actual developer or their representative.
• 4:14
  SPEAKER_00: It happens.
• 4:15
  SPEAKER_00: I've seen it.
• 4:16
  SPEAKER_00: Just be wary.
• 4:17
  SPEAKER_00: If in fact you want your own agent, they'll understand that they have to be there at your first visit to the new housing center.
• 4:26
  SPEAKER_00: They have to be there with you, they have to walk you in.
• 4:29
  SPEAKER_00: They have to say hello, my name's Connor.
• 4:31
  SPEAKER_00: This is Jane and John and Jim and Jill, and they are here to purchase one of your houses.
• 4:36
  SPEAKER_00: And I am the real estate agent.
• 4:38
  SPEAKER_00: And they'll say, Thank you so much, Connor.
• 4:41
  SPEAKER_00: Here's some paperwork for you to fill out.
• 4:43
  SPEAKER_00: Please fill this out with all of your information regarding your brokerage, your company, all of the different numbers, all of the licensing, and all of the tax information.
• 4:54
  SPEAKER_00: Put it down there so we can include you in the contract, and then we will move forward after that point.
• 5:01
  SPEAKER_00: So then my clients are spoken with, and we're all we all sit together and we go through the contract.
• 5:06
  SPEAKER_00: If in fact it moves that quickly, go through the contract, talk about how the deposits work.
• 5:11
  SPEAKER_00: I need to make sure on the refundability of deposits.
• 5:15
  SPEAKER_00: That's incredibly important.
• 5:16
  SPEAKER_00: In some cases, it takes only$1,000 to hold a property until a pre-qualification or pre-approval process has been completed.
• 5:27
  SPEAKER_00: And then that rest of the deposit, 3% to 5%, and in some cases higher than that, believe it or not, would be required to be able to start the process.
• 5:37
  SPEAKER_00: And that money is typically required within a few days.
• 5:40
  SPEAKER_00: Now, if somebody doesn't have the money right away, there are certain allowances made, but they have to be pushed for.
• 5:48
  SPEAKER_00: If somebody is going in with using a particular loan product that typically isn't used, I'll give you a full example.
• 5:56
  SPEAKER_00: If somebody's buying two or three million dollars worth of real estate and wants to use a VA loan, they can use it up to a certain point and then maybe pay cash for the rest.
• 6:05
  SPEAKER_00: Yes, that type of person is a veteran might be a little rare in the world to have$2 million cash or a million and a half cash or liquid to be able to invest into a property financing the rest of the loan with a VA loan, but it does exist and those people happen.
• 6:21
  SPEAKER_00: However, in other cases, sometimes VA folks are disabled and they have other employment.
• 6:27
  SPEAKER_00: So realistically, their earning is quite high.
• 6:30
  SPEAKER_00: So then they go in to purchase a very expensive home, which they qualify for and can afford, but they lack that 5% down or that 10% down money, even though that money is going to be refunded to them, they're unable to fulfill that deposit because they don't have that much cash on hand.
• 6:48
  SPEAKER_00: However, they are approved for the entire loan.
• 6:51
  SPEAKER_00: Where do you go from there?
• 6:53
  SPEAKER_00: These are things that your agent should be very diligent about, writing letters, fighting for you, finding out where the pecking order is, and looking at the powers that be within that particular builder company, not wanting their reputation soiled by not giving equal opportunity to people you're qualified for a loan, the deposit is another issue.
• 7:18
  SPEAKER_00: So whenever you are going out to looking looking to purchase new real estate, there are some places out there where you gain access by scanning a QR code on the front door whenever there aren't any agents around, entering your personal information, including your phone number and cell phone, and then they text you the information access code to get in to the model home.
• 7:42
  SPEAKER_00: Once you do that, your agent is no longer part of the process.
• 7:48
  SPEAKER_00: If you go there with your agent, you want your agent to represent you at the places that have the scanned QR codes, make sure they go there.
• 7:55
  SPEAKER_00: And if there are no other agents, they go there with you because you really want them to look at the house too.
• 8:00
  SPEAKER_00: I mean, they're not just there to collect a paycheck, as far as I'm concerned.
• 8:04
  SPEAKER_00: They are there to represent you through the process.
• 8:06
  SPEAKER_00: No, they're not going to be formulating the contracts, but they are going to be reviewing them.
• 8:11
  SPEAKER_00: No, they're not going to be putting together the disclosures and the other items, but they will be that extra set of eyes on that process.
• 8:19
  SPEAKER_00: So knowing that, going in, make sure that if you do want representation with new housing, I'm beating, I've beaten this horse to death.
• 8:28
  SPEAKER_00: You want representation on new housing, make sure your agent is with you during the first visit.
• 8:34
  SPEAKER_00: I'm Connor with Honor at Off the Soapbox I Go.
• 8:37
  SPEAKER_00: We will see you tomorrow.
• 8:38
  SPEAKER_00: Thanks for watching.
• 8:39
  SPEAKER_00: Be well, everybody.
• 8:40
  SPEAKER_00: Have a great day.
• 8:41
  SPEAKER_00: Connor with Honor, over and out.