Latest / Connor with Honor: AI, Real Estate and Real Life / If you're considering leaving California you might wanna watch this video and listen to this podcast This will help you prepare your home for sale and be prepared for where you're going

Transcript

If you're considering leaving California you might wanna watch this video and listen to this podcast This will help you prepare your home for sale and be prepared for where you're going · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Welcome to the 26th of August.
• 0:02
  SPEAKER_00: Good morning.
• 0:03
  SPEAKER_00: Good afternoon.
• 0:04
  SPEAKER_00: Good evening.
• 0:04
  SPEAKER_00: All right, we're going to get into the real estate update.
• 0:06
  SPEAKER_00: I'm also going to have a couple seller tips there, what to look for.
• 0:09
  SPEAKER_00: I know I did a post yesterday on expired listings.
• 0:12
  SPEAKER_00: There's almost been one expired listing per day if you put them all in that type of range.
• 0:16
  SPEAKER_00: There's been 178 expired listings in the past 180 days in the Santa Clara Valley.
• 0:22
  SPEAKER_00: That's an awful lot of listings not selling and actually expiring.
• 0:26
  SPEAKER_00: And expiring is different than withdrawn and canceled, where expired means it's actually ran the entire course of the contractual length.
• 0:35
  SPEAKER_00: If an agent lists a house for a month, which really wouldn't be proper just because the syndication systems don't give those types of listings that have that limited time on market very much weight versus something that might have three or six months on the market.
• 0:50
  SPEAKER_00: But let's say it does have that time, then it goes an entire 30 days and doesn't sell.
• 0:55
  SPEAKER_00: There's no renewal of contract, there's no change, it expires.
• 0:59
  SPEAKER_00: It doesn't sell during the contractual time frame.
• 1:02
  SPEAKER_00: There were those that didn't sell in three months, six months, eight months, ten months, and twelve months.
• 1:07
  SPEAKER_00: And there's issues with there.
• 1:09
  SPEAKER_00: And typically it all is going to boil down to price.
• 1:13
  SPEAKER_00: That's big picture.
• 1:14
  SPEAKER_00: Smaller picture is going to be what does the competition look like?
• 1:18
  SPEAKER_00: And then what are the reasons why it wasn't getting the views?
• 1:22
  SPEAKER_00: Is it because of an advertising and marketing issue?
• 1:25
  SPEAKER_00: Is it because the house wasn't prepared properly for sale?
• 1:29
  SPEAKER_00: It could be something incredibly simple.
• 1:31
  SPEAKER_00: It could also be that the houses really were in just horrible shape and the sellers weren't willing to do anything to fix that or repair it.
• 1:39
  SPEAKER_00: But besides injecting money into a piece of residential real estate to get it to sell for top dollar, you have to look at those numbers, what that's going to cost.
• 1:48
  SPEAKER_00: Then you need to be able to determine what that your return is going to be.
• 1:52
  SPEAKER_00: If you're going to be spending$5,000 to put in a kitchen, but the return is going to be negligible, nowhere near that$5,000 or more amount, I would suggest you don't do it.
• 2:04
  SPEAKER_00: But then you have to balance that with the competition on the market.
• 2:07
  SPEAKER_00: If there are five houses, let's say in Santa Clarita Valley, where kind of most cases to have uh properties by builder in the particular tracks.
• 2:16
  SPEAKER_00: So let's say there's five Lenar homes built in the same neighborhood in whatever year, and they're, you know, with the three years of each other, because that's that's a length of time a particular builder might come in, depending on the market and how long it's going to take for them to sell all the phases.
• 2:32
  SPEAKER_00: But let's say that's the case, and there's four properties in competition with the seller, making five total.
• 2:37
  SPEAKER_00: Then you need to look at that particular property if that's the one that looks like it's on the target to expire and see why these other listings aren't expiring and actually getting into escrow.
• 2:47
  SPEAKER_00: What are the differences?
• 2:48
  SPEAKER_00: Now, maybe the particular house might be built underneath those high frequency power lines, that happens.
• 2:54
  SPEAKER_00: Maybe it's closer to a main street, that also takes away in some cases.
• 3:00
  SPEAKER_00: Maybe it has is cut in such a way that it's not as attractive as the others.
• 3:06
  SPEAKER_00: That's also something to look at.
• 3:07
  SPEAKER_00: But besides things you can't fix, things like the power line issue or being on a busy street, you can't really change that.
• 3:15
  SPEAKER_00: But the things you can to look at those properties that have actually sold, and your agent should be very good at this, and then make a deduction as to what things you should improve in your property.
• 3:25
  SPEAKER_00: Now, it always doesn't have to do with money.
• 3:27
  SPEAKER_00: It could be that the way that you've outfitted your house for your comfort over the past so many years that you've owned it, it works for you, but it's not going to work for other people coming in.
• 3:35
  SPEAKER_00: And I'll give you an example of that.
• 3:37
  SPEAKER_00: Whenever you have a residence that has something that's supposed to be a bedroom that the current owner has converted to an office or some other type of space, maybe an I Love Me room with, you know, work pictures on the wall.
• 3:50
  SPEAKER_00: And if you're a fireman painted blood red and all that stuff, if you have that type of room and buyers come into it looking at the property, even though, for all intents and purposes, it is a bedroom.
• 4:02
  SPEAKER_00: There's a closet and these sorts of things, it's going to be difficult for them to uh bet gap.
• 4:07
  SPEAKER_00: It's much better if you return all the rooms to their originally intended purpose.
• 4:14
  SPEAKER_00: So remember that.
• 4:15
  SPEAKER_00: The other thing that doesn't really cost anything is going to be depersonalization.
• 4:19
  SPEAKER_00: It is difficult for a buyer to walk into a house and see a bunch of I love me and I love my family and I love everybody else in the world photos hanging on over the walls.
• 4:28
  SPEAKER_00: Maybe the buyer isn't happy.
• 4:30
  SPEAKER_00: Maybe they don't have any family, maybe they don't really care about those sorts of things.
• 4:35
  SPEAKER_00: But in essence, it could bother them because it might trigger something.
• 4:39
  SPEAKER_00: You might as well make the property as vanilla as possible.
• 4:43
  SPEAKER_00: Now, now get into the religious component.
• 4:46
  SPEAKER_00: Some people have asked me, some people being Catholic and Christian and Muslim, you know, still have our objects of faith hanging on the walls.
• 4:55
  SPEAKER_00: And that's a big question.
• 4:57
  SPEAKER_00: Personally, I would say that, you know, going to deny your belief system in order to get money.
• 5:04
  SPEAKER_00: If you really believe it, then you need to rely on that belief system to get it sold.
• 5:08
  SPEAKER_00: And you shouldn't change that aspect to it because you would be doing a good service to the God that you believe in.
• 5:16
  SPEAKER_00: But on the other side of it, that's totally up to the client.
• 5:19
  SPEAKER_00: Would it be more vanilla for other buyers in this type of world to not have anything with any kind of a religious attachment?
• 5:26
  SPEAKER_00: Probably yes.
• 5:28
  SPEAKER_00: But like I said, in my belief system, I wouldn't change a thing because now I'm relying on a higher power to make it work out.
• 5:36
  SPEAKER_00: But again, that's a discussion that you need to have with your agent.
• 5:39
  SPEAKER_00: And that is an incredibly personal decision that you have to make because you're going to be the one.
• 5:46
  SPEAKER_00: If you believe in that sort of line, you're going to probably be the one judged on that type of a decision at some point in the future.
• 5:53
  SPEAKER_00: All right, so let's get into inventory real quick.
• 5:55
  SPEAKER_00: We have six coming soon.
• 5:56
  SPEAKER_00: 67 new listings have hit the market these past seven days.
• 5:59
  SPEAKER_00: 82 properties have had their prices changed, 36 back on the market, 29 active under contract, 52 pending, 47 closed this past week, 12 expired, 25 canceled, 14 have been put on hold, nine have withdrawn.
• 6:12
  SPEAKER_00: And there was one final thing.
• 6:13
  SPEAKER_00: 763 total active listings on the Santa Clarita market for sale.
• 6:18
  SPEAKER_00: That's going to include single-family residences, townhomes, and condominiums.
• 6:22
  SPEAKER_00: I need to get a better camera support.
• 6:24
  SPEAKER_00: It's shaky.
• 6:24
  SPEAKER_00: All right.
• 6:25
  SPEAKER_00: If you have any questions, please let me know.
• 6:26
  SPEAKER_00: If you want to get a meeting, you want to get something scheduled so we can discuss your real estate objectives.
• 6:33
  SPEAKER_00: Very simply, zoommecv.com.
• 6:35
  SPEAKER_00: That's basically my calendar.
• 6:37
  SPEAKER_00: You'll see it.
• 6:37
  SPEAKER_00: You'll be able to set up a Zoom meeting with me.
• 6:39
  SPEAKER_00: And then we'll go through the gamut.
• 6:41
  SPEAKER_00: We'll run from what your thought process is about real estate, whether it's buying or selling something, and then we'll work through.
• 6:47
  SPEAKER_00: I'll give you what questions to ask lenders if you're going to need to get a loan for it, and what things to look out for on the other end of it if you're thinking about purchasing something else, and how we can coordinate that, especially if you're going to be leaving the state of California, which, yes, that's a real thing.
• 7:01
  SPEAKER_00: A lot of people are jumping out of state.
• 7:04
  SPEAKER_00: And uh, if you are, we need to get you set up on the other end of it, whether it's with a rental or something you're gonna be purchasing out of state, so I can get that coordinated as well.
• 7:14
  SPEAKER_00: The agent on the other end, more than likely, depending on the market, and if you're going, let's say Midwest or somewhere like that, where you're not next to a major metropolitan type metropolis like Los Angeles or New York or whatever it may be, if you're going somewhere that's less busy, less real estate movement, more longer days on market, then you're probably gonna have more room to negotiate on that other end.
• 7:36
  SPEAKER_00: Your price point, of course, will more than likely be less than what it is out here in Los Angeles or Santa Clarita Valley, but just depends on where you're gonna be going.
• 7:43
  SPEAKER_00: But to be able to coordinate that with the other end of it, usually if you're gonna be scribing an offer at the same time your house is for sale out here, that has to be attached really neatly.
• 7:54
  SPEAKER_00: And what I mean by that is that agent is gonna ask for showings of proof, at least the one representing the seller on the other end of it.
• 8:00
  SPEAKER_00: I'm very good at finding good buyers agents that act like me, that work like me in the real estate market and connecting those with my particular sellers.
• 8:09
  SPEAKER_00: That makes it a little bit easier because that line of communication is open because I've worked with them before.
• 8:13
  SPEAKER_00: And then they understand the process.
• 8:16
  SPEAKER_00: But you as a seller, when we get ready for this, if you're going to be traveling and going and looking at other properties at the time that your house happens to be an escrow to try to do something of a concurrent close, closing at the same time the house out here and the house that you find wherever you're relocating to, it's important that we have all your wagons circled and ducks aligned.
• 8:39
  SPEAKER_00: So when the other agent representing the seller out there via your buyer's agent requests information about the house that you're selling out here, best circumstance would be to have it in escrow.
• 8:50
  SPEAKER_00: Better circumstance would have your house out here in escrow past the buyer contingency time frames.
• 8:56
  SPEAKER_00: So they have actually formally removed all of their contingencies.
• 8:59
  SPEAKER_00: So if they cancel, their deposit becomes yours.
• 9:02
  SPEAKER_00: In addition, we also need to weigh that deposit you're putting in on that property versus the deposit you have out here, see what that market's like because you don't want to be less of a deposit if it if we, in fact, we can help it than the property out here, or vice versa.
• 9:17
  SPEAKER_00: I'm sorry.
• 9:17
  SPEAKER_00: You want to have more skin in the game.
• 9:20
  SPEAKER_00: So you just need to watch out for these sorts of things.
• 9:22
  SPEAKER_00: But these are documents that are prepared by a good agent that are going to be able to give that to the seller on the other end of it via their agent, via your agent, and then their agent on the other side of the transaction, depending on where you're relocating to.
• 9:36
  SPEAKER_00: Also doing your due diligence and investigations on the other end important.
• 9:40
  SPEAKER_00: And I'll close with this.
• 9:41
  SPEAKER_00: A lot of buyers, because they're busy out here trying to get everything formalized, they might go out to look at properties and make a selection, but then they won't be there during the home inspection process of the property that they're going to be buying at another state.
• 9:55
  SPEAKER_00: That's a massive mistake.
• 9:57
  SPEAKER_00: I don't, I don't care what it would take, but it's something that you should do.
• 10:02
  SPEAKER_00: You need to be there at the time at least the home inspection is taking place on the property you're purchasing anywhere, including out of state.
• 10:11
  SPEAKER_00: It's incredibly important.
• 10:12
  SPEAKER_00: And maybe not all of you, you and the whole, the whole family, if you have a family, but at least one of the people that's involved in that process, so they can videotape the event and have that heart-to-heart discussion with the at that time.
• 10:27
  SPEAKER_00: Because a lot of times home inspectors leave and they have good evidence, they have good backup photographer, uh, photography, they have everything as been outlined as they've worked on it throughout the inspection process.
• 10:40
  SPEAKER_00: But you know, there's nothing like that time moment, getting it directly from them at the moment that they've done the inspections.
• 10:46
  SPEAKER_00: The big things are going to really stick out.
• 10:48
  SPEAKER_00: Now, when they go back and prepare the report, the big things are gonna still be there, but they might not carry the same weight anymore than they would have at the time of the inspection.
• 10:58
  SPEAKER_00: That's it.
• 10:58
  SPEAKER_00: I hope everybody's well.
• 10:59
  SPEAKER_00: I'm Connor with Honor.
• 11:00
  SPEAKER_00: We will see you tomorrow.
• 11:01
  SPEAKER_00: You'll be able to find every daily video at least by 10 or 11-ish, depending on my morning schedule, at Santa ClaritaOpenhouses.com.
• 11:11
  SPEAKER_00: I'm Connor with Honor.
• 11:12
  SPEAKER_00: We'll see you in the next one.
• 11:12
  SPEAKER_00: Thank you for watching.