Latest / Connor with Honor: AI, Real Estate and Real Life / Sellers should double check the comparables and their date and if closer to 180 days, Santa Clarita sellers adjust accordingly.

Transcript

Sellers should double check the comparables and their date and if closer to 180 days, Santa Clarita sellers adjust accordingly. · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good day, everybody.
• 0:00
  SPEAKER_00: Welcome to the 22nd of September 2025.
• 0:03
  SPEAKER_00: This is going to be a real estate update.
• 0:04
  SPEAKER_00: Met with a couple uh sellers yesterday, just to give you an idea.
• 0:08
  SPEAKER_00: And the biggest question they had was well, the statement that they had was they're not going to put any more money into the house to get it prepared to sell.
• 0:16
  SPEAKER_00: And I understand that.
• 0:17
  SPEAKER_00: And then the second thing is if they were to put any money into it, what would that have been or what would that look like?
• 0:23
  SPEAKER_00: So looking at residential real estate, when you're uh talking about a valuation perspective or pricing perspective, it's important to take into account the competition.
• 0:33
  SPEAKER_00: If there's enough comparables, sold comparables, closed properties in the past 180 days, and that's kind of long.
• 0:40
  SPEAKER_00: So the closer we can get that down to zero, like properties that sold this month that match the potential sale property, that's super helpful because the appraisal standard is typically 180 days.
• 0:52
  SPEAKER_00: Depends on the market, the area, and the kind of comps they're bringing in.
• 0:55
  SPEAKER_00: But that's kind of a good rule of thumb.
• 0:58
  SPEAKER_00: If it's beyond 180 days, typically that comp, the comparable property that the appraiser is trying to use to justify the loan on the property, typically that it's not going to work unless they're able to claim some kind of extenuating circumstances.
• 1:15
  SPEAKER_00: But ultimately, when they go and they evaluate property, that's what they're looking for.
• 1:19
  SPEAKER_00: And we need that in the most compressed time frame as possible.
• 1:22
  SPEAKER_00: That actually helps.
• 1:23
  SPEAKER_00: So when you're looking at maybe selling a piece of property, then when you're looking at that particular value, you want to make those comparisons based on the properties that closed in close proximity.
• 1:34
  SPEAKER_00: So it should be in the same neighborhood or they're nearby.
• 1:37
  SPEAKER_00: In addition, the time frame, like I talked about, they should be closed relatively recently.
• 1:43
  SPEAKER_00: And then when you're looking at those properties in comparison to yours, you want to kind of see how they're put together.
• 1:49
  SPEAKER_00: If they're the same year built or around there, and they've had some remodeling and you haven't touched anything, and maybe they started out with some kind of uh galvanized pipe, but now most of them have been uh gone through a full copper repipe.
• 2:02
  SPEAKER_00: Maybe some of them don't have the original roofs, maybe the roofs were replaced as well.
• 2:06
  SPEAKER_00: These are things to look at because when buyers come into your house, they're going to be looking at your property in comparison to the things that closed in order to try to get a good valuation themselves so they can make an intelligent offer on your property.
• 2:17
  SPEAKER_00: Uh, right now in Santa Clarita Valley, we have 735 total active listings on the market for sale.
• 2:22
  SPEAKER_00: That is definitely a six-month low since we tracked back to February of this year.
• 2:28
  SPEAKER_00: So pay attention, watch the Santa Clarita Openhouses.com site.
• 2:32
  SPEAKER_00: I do have a daily blog there where I keep everybody updated as to what's happening in real estate.
• 2:36
  SPEAKER_00: So you can be on the cutting edge of what you want to do.
• 2:38
  SPEAKER_00: But that's a little bit of a seller understanding as far as valuating property and looking at it.
• 2:42
  SPEAKER_00: In a lot of cases, especially in this one, these particular sellers don't have to do anything because there's no competition, nothing on the market in comparison to their property and its condition as far as valuating it, looking at the other properties, they're good to go in its present condition.
• 2:56
  SPEAKER_00: I'm Connor with Honor.
• 2:57
  SPEAKER_00: I'll be 10 8 until the next one.