Latest / Connor with Honor: AI, Real Estate and Real Life / Businesses are using AI to hire people and the Santa Clarita real estate market is THREE different markets.

Transcript

Businesses are using AI to hire people and the Santa Clarita real estate market is THREE different markets. · Connor with Honor: AI, Real Estate and Real Life

• 0:26
  SPEAKER_02: All right, it looks like we're la.
• 0:29
  SPEAKER_02: Oh, you know what?
• 0:30
  SPEAKER_02: There's like a delay.
• 0:31
  SPEAKER_02: Holy henna.
• 0:32
  SPEAKER_02: All right, we're going to talk about what's happening here in Santa Clarita Valley, but there's a few things that I'd like to quell, squash, quell or squash.
• 0:41
  SPEAKER_02: And one of them is all these videos that are seemingly going viral, people that are wanting to buy real estate panicking because the appraisal rules are changing.
• 0:53
  SPEAKER_02: It's just a paperwork change, folks.
• 0:55
  SPEAKER_02: We've gone from typing stuff out over time to now doing it differently, which basically forms that are able to be much more automated.
• 1:04
  SPEAKER_02: You know, when the whole real estate world changed back in the late 90s, whenever I would take a listing, yes, that long ago, whenever I took a listing, there was an MLS sheet to fill out.
• 1:17
  SPEAKER_02: And some of it was handwritten.
• 1:18
  SPEAKER_02: In fact, it was all handwritten.
• 1:20
  SPEAKER_02: You filled out these little boxes, and my God, this sheet was eight and a half by 11, no, by 14, 8.5 by 14.
• 1:28
  SPEAKER_02: It was a legal-sized piece of paper, and it cost$19 to enter the listing into the MLS.
• 1:35
  SPEAKER_02: Now I think it's well, you got to pay dues.
• 1:38
  SPEAKER_02: But so when we would fill out this paper, then we would take it to the board of realtors.
• 1:43
  SPEAKER_02: We didn't have one out here in Santa Clarita, so we would drive down to Balboa and Sherman Way on Balboa, north of Sherman Way, there on the east side of the street.
• 1:53
  SPEAKER_02: That's the Southland Regional Association of Realtors.
• 1:56
  SPEAKER_02: We'd take it in, hand it to them, and hope there wasn't any mistakes.
• 2:00
  SPEAKER_02: But my God, there were so many fields on this thing.
• 2:03
  SPEAKER_02: It was just incredible, itty bitty little little marks, and you'd fill it out, you'd put your copy in there, and that's how they would do it.
• 2:09
  SPEAKER_02: Then shortly thereafter, fax machines started to be a little bit more trusted.
• 2:15
  SPEAKER_02: Trusted.
• 2:16
  SPEAKER_02: Yeah, fax machines, trusted.
• 2:18
  SPEAKER_02: But if you were an agent worth your salt, you would still take the offer by hand to the listing agent for your buyer, because not doing that wasn't really serving your buyer's needs.
• 2:29
  SPEAKER_02: You got to see him, right?
• 2:31
  SPEAKER_02: You got to bang on the door.
• 2:32
  SPEAKER_02: Hey, Phil, it's Connor.
• 2:33
  SPEAKER_02: Got an offer for your listing on Via Princess or wherever it was.
• 2:37
  SPEAKER_02: And uh, great buyer.
• 2:38
  SPEAKER_02: Well, tell me a little bit about him, Connor.
• 2:40
  SPEAKER_02: Well, you know, good guy.
• 2:41
  SPEAKER_02: He's he's a cop or he's a fireman or he's a he's a dental hygienist or he's a he's an erotic dancer.
• 2:48
  SPEAKER_02: I don't know, whatever the whatever the story is.
• 2:50
  SPEAKER_02: And then you lay it down.
• 2:51
  SPEAKER_02: Well, so so tell me about his financing.
• 2:53
  SPEAKER_02: Is he financeable?
• 2:54
  SPEAKER_02: Well, yeah, he's been talking to the HMFIC of lenders out here in Santa Clarita.
• 2:59
  SPEAKER_02: He's all approved.
• 3:00
  SPEAKER_02: Well, we know if the HI HMFIC of Lenders has this cat's file, then it's gonna go through.
• 3:05
  SPEAKER_02: I feel pretty good about that.
• 3:07
  SPEAKER_02: Well, so how is it, Phil?
• 3:08
  SPEAKER_02: You accept an offers?
• 3:09
  SPEAKER_02: Um, you know, of course you are, because well, actually, we don't know if he is as well, because what ended up happening, there was some more lag there.
• 3:17
  SPEAKER_02: Now, there's still lag today.
• 3:19
  SPEAKER_02: Lag meaning he could have had offers, usually in that time before we would show a property, and I'm still very much of the same school.
• 3:26
  SPEAKER_02: Now, we'd make a phone call to Phil and find out what kind of activity they've had on this house my client wants to go you look at.
• 3:35
  SPEAKER_02: And if at that time he said, Well, you know, we got counters out, or uh we're, you know, imminent in accepting an offer now.
• 3:44
  SPEAKER_02: So we want to go ahead and you might want to hurry.
• 3:47
  SPEAKER_02: Well, can you wait for us?
• 3:48
  SPEAKER_02: Is that possible?
• 3:49
  SPEAKER_02: Well, we already issued out the counter, so if somebody signs off on one, more than likely we're done.
• 3:54
  SPEAKER_02: More than likely we're done.
• 3:56
  SPEAKER_02: Okay.
• 3:56
  SPEAKER_02: Well, all right, thanks a lot for that.
• 3:58
  SPEAKER_02: So then we bring that back.
• 3:59
  SPEAKER_02: But let's say there's nothing on it.
• 4:01
  SPEAKER_02: And at that particular time, he's gonna take it to the seller.
• 4:05
  SPEAKER_02: Hopefully, not too much time has to delay.
• 4:08
  SPEAKER_02: Now, in some cases, people are funny.
• 4:10
  SPEAKER_02: They're gonna say, well, you know, we we just went on the market Wednesday.
• 4:14
  SPEAKER_02: Uh, Connor wrote the offer on Friday and gave it to Phil on Friday.
• 4:18
  SPEAKER_02: We sure did want to do some open houses over the weekend.
• 4:21
  SPEAKER_02: What's the risk?
• 4:22
  SPEAKER_02: Well, the risk is another property comes on the market Friday afternoon, and my client wants to see it.
• 4:29
  SPEAKER_02: And back then it wasn't, it wasn't like now where people call from these syndication sites and tell their age, I want to see that property.
• 4:37
  SPEAKER_02: It was all like secret squirrel crap back then.
• 4:40
  SPEAKER_02: It was man behind the curtain stuff.
• 4:42
  SPEAKER_02: You have the whole Wizard of Oz scenario being played out on every level in real estate.
• 4:46
  SPEAKER_02: So to be able to see a new listing wasn't like now where you can go to Santa Clarita Openhouses.com and see everything, even coming soon stuff.
• 4:55
  SPEAKER_02: No, a lot different.
• 4:56
  SPEAKER_02: You had to your agent had to introduce you, but let's say I was that good buyer's agent.
• 5:01
  SPEAKER_02: So once this property came out, I saw it, and the MLS book came out once, sometimes twice a day.
• 5:07
  SPEAKER_02: So you would see those updated listings, and yes, it was a book.matrix printout, put in a binder, and pages were swapped out at each real estate office.
• 5:17
  SPEAKER_02: Some people had their own copy if you were a super fancy agent.
• 5:21
  SPEAKER_02: Some people brand new, still playing cop in the background.
• 5:24
  SPEAKER_02: We'd go to the office and get that.
• 5:26
  SPEAKER_02: But the risk for the seller waiting over the weekend would be well, maybe, maybe somebody else goes in there and and uh the that buyer goes and starts looking at other stuff.
• 5:37
  SPEAKER_02: Now, back then the deposit was actually made, a check was written, and that check was put into an escrow account.
• 5:43
  SPEAKER_02: That check was cashed into an escrow account.
• 5:48
  SPEAKER_02: The deposit, that's the deposit.
• 5:50
  SPEAKER_02: That's what was required back then.
• 5:52
  SPEAKER_02: Now that deposit doesn't even become real money until everybody agrees, property escrow is officially open, and then that's when that check becomes real money and gets put into the uh the system there.
• 6:04
  SPEAKER_02: Anyway, so things have changed a lot, but that was how it was done back then.
• 6:08
  SPEAKER_02: Now it's a lot different.
• 6:09
  SPEAKER_02: I'm not sure why we went down that rabbit hole, but there's the rabbit hole for you.
• 6:13
  SPEAKER_02: I want to talk about what's happening now, the rumor court on the appraisal end of it, looking at what people are saying on these different social media accounts.
• 6:20
  SPEAKER_02: And you know they're baiting you, right?
• 6:22
  SPEAKER_02: So they're saying that the appraisal world's going to change and and property prices are going to reduce.
• 6:27
  SPEAKER_02: That was one of them.
• 6:29
  SPEAKER_02: And I'll give you exactly where this is going.
• 6:32
  SPEAKER_02: And as I mentioned earlier, this is basically just them redoing it for Fannie and Freddie Mae.
• 6:40
  SPEAKER_02: Fannie Mae, Freddie Mac.
• 6:42
  SPEAKER_02: That's what that's who's redoing this.
• 6:44
  SPEAKER_02: So Instagram posts are saying that appraisals change November 2nd, and your home value will drop as a result.
• 6:52
  SPEAKER_02: Not true.
• 6:53
  SPEAKER_02: Santa Cruita escross fell for a second week in a row.
• 6:57
  SPEAKER_02: Yeah.
• 6:57
  SPEAKER_02: And AI is now interviewing people for jobs.
• 7:00
  SPEAKER_02: They just tested a bot, half a million interviews during the test phase.
• 7:04
  SPEAKER_02: Now, how are you going to feel about that?
• 7:06
  SPEAKER_02: You want to be interviewed by AI?
• 7:07
  SPEAKER_02: I don't know.
• 7:08
  SPEAKER_02: I would almost say maybe that'd be better than a human because they look, they take one look at me and they think all sorts of weird things.
• 7:15
  SPEAKER_02: Maybe AI wouldn't think that about yours, truly.
• 7:19
  SPEAKER_02: All right, follow the page and let's get this.
• 7:22
  SPEAKER_02: Let's get to the numbers.
• 7:23
  SPEAKER_02: So this is how they're working.
• 7:24
  SPEAKER_02: I'm going to say it's true, half true, or blown up.
• 7:27
  SPEAKER_02: And then you can throw it up in the comments here as well.
• 7:29
  SPEAKER_02: I got the comments open also.
• 7:31
  SPEAKER_02: So appraisals are appraisals are changing November 2nd.
• 7:34
  SPEAKER_02: That is true.
• 7:35
  SPEAKER_02: The appraisal form itself is being replaced November 2nd, 2026.
• 7:39
  SPEAKER_02: New UAD 3.6 appraisal report required for Fannie Mae Freddie Mac loans.
• 7:46
  SPEAKER_02: May 19th, 2027.
• 7:48
  SPEAKER_02: Latest, some lenders can use, keep the old form they have in place with Feddy Mac approval.
• 7:54
  SPEAKER_02: So everything by May 19th, 2027, got to be all done and not utilized in the old form fashion.
• 8:00
  SPEAKER_02: Now, this is for those types of loans, those sponsored loans.
• 8:04
  SPEAKER_02: There's other things out there that aren't going to acquire this type of appraisal form.
• 8:09
  SPEAKER_02: The old form, the thousand four, 1073, 2055, those are all going to be retired.
• 8:15
  SPEAKER_02: One new dynamic report replaces them, collects more detail, room-by-room, condition, quality, energy fields that's the difference.
• 8:22
  SPEAKER_02: So it used to be a report that you could stick into a typewriter and fill out.
• 8:26
  SPEAKER_02: I'm not sure how many people are banging on the typewriter keyboard, filling out these appraisal reports, but now it's going to move to something more automated and probably something where an appraisal might be able to use AI in the formulation of the report itself.
• 8:40
  SPEAKER_02: Now there's probably rules, there's probably this and that, but I don't know if I'm going to trust AI doing an appraisal on a property more than a human.
• 8:49
  SPEAKER_02: But I'll tell you kind of a point of reference in my melon that keeps rolling around with the other three marbles is this.
• 8:57
  SPEAKER_02: Somebody comes to me and they have this massive long division problem, and they say, Yeah, it's taken me two days to solve this.
• 9:04
  SPEAKER_02: And they hand me 22 pages of hand pencil written out long division.
• 9:08
  SPEAKER_02: You know, stack them.
• 9:09
  SPEAKER_02: Can you see it?
• 9:10
  SPEAKER_02: Right.
• 9:11
  SPEAKER_02: So they hand me this and they say, here's the answer.
• 9:13
  SPEAKER_02: And then they say, but I got AI over here that did it as well.
• 9:17
  SPEAKER_02: What answer do you want?
• 9:19
  SPEAKER_02: Or a calculator that did it as well.
• 9:21
  SPEAKER_02: What answer do you want?
• 9:22
  SPEAKER_02: Yeah, I don't know.
• 9:23
  SPEAKER_02: I'm probably going to go with that calculator.
• 9:25
  SPEAKER_02: What's going to happen with uh with AI?
• 9:29
  SPEAKER_02: Depends on if the AI is aligned properly and whether it hallucinates or not and how much it does.
• 9:34
  SPEAKER_02: It collects more detail room by room now, condition and quality, energy features, disaster mitigation features.
• 9:40
  SPEAKER_02: So it's a new format.
• 9:42
  SPEAKER_02: It's not a new way of deciding what your house is worth.
• 9:45
  SPEAKER_02: So, yes, the paperwork does change.
• 9:48
  SPEAKER_02: The new appraisers are going to take home values.
• 9:50
  SPEAKER_02: There's another thing that uh came out on Instagram this morning.
• 9:54
  SPEAKER_02: I'm going to blow that one up.
• 9:56
  SPEAKER_02: Value still comes from what comparable homes actually sold for.
• 10:00
  SPEAKER_02: Santa Clarita were kind of beautiful in the way that we're comparing our residences typically in an appraiser report, depending on how many numbers have closed in that same neighborhood or area or tract.
• 10:14
  SPEAKER_02: We're usually basing it off the same builder, same elevation, very similar bedroom, bathroom count.
• 10:19
  SPEAKER_02: And if it's plus a bedroom, minus a bathroom, or whatever it may be, that's not too difficult to figure out for appraisers.
• 10:27
  SPEAKER_02: And also the appraiser, don't forget it, gets hired by the buyer and the lender that's representing that buyer and by the financial institution that's going to be loaning the money out on the property from the lender.
• 10:39
  SPEAKER_02: So then the ones that roll out.
• 10:42
  SPEAKER_02: Perfect scenario is having the owner of the property meet with the appraiser, especially if the owner, owner is kind on the on the personality.
• 10:51
  SPEAKER_02: That's good.
• 10:52
  SPEAKER_02: Having somebody overzealous and undercommitted and driving the massive truck and all this stuff, that that upsets the appraiser sometimes.
• 11:01
  SPEAKER_02: And also somebody that's too cocky, too ego-driven, too, too uh, well, you know, you know the type, right?
• 11:08
  SPEAKER_02: You've seen these folks.
• 11:09
  SPEAKER_02: That also doesn't help with the appraiser.
• 11:11
  SPEAKER_02: You want to be, you want to be peaches and cream and sunshine, cotton candy, babies and unicorns.
• 11:16
  SPEAKER_02: That's what you want to be.
• 11:18
  SPEAKER_02: Um, unfortunately, sometimes agents just rub people the wrong way.
• 11:21
  SPEAKER_02: My God, isn't that the truth?
• 11:22
  SPEAKER_02: Same thing with cops.
• 11:23
  SPEAKER_02: We rub a lot of people.
• 11:24
  SPEAKER_02: Well, I used to be in that world, rub a lot of people.
• 11:27
  SPEAKER_02: Love donuts, though, but uh, I never rubbed a donut I didn't like.
• 11:31
  SPEAKER_02: All right, so we're gonna blow that one up, so it's not gonna take it.
• 11:34
  SPEAKER_02: The appraiser's still gonna use closed sales nearby, same as before.
• 11:37
  SPEAKER_02: What's gonna change is that condition.
• 11:39
  SPEAKER_02: Uh, the condition of the property is uh something that I haven't even started go live.
• 11:49
  SPEAKER_02: Yeah, it looks like looks like it's working.
• 11:57
  SPEAKER_02: Um the problem is the problem is I didn't push go live on the Facebook side of it.
• 12:07
  SPEAKER_02: There's a delay too, right?
• 12:08
  SPEAKER_02: Is that right?
• 12:40
  SPEAKER_01: God, that's so funny.
• 12:42
  SPEAKER_02: Yeah, I just went through uh, I don't know, I had a pretty good run, about 10 minutes of a run, then I realized, oh, I gotta push another button.
• 12:50
  SPEAKER_02: Very good.
• 13:00
  SPEAKER_02: Yeah, you setting this up is lovely.
• 13:02
  SPEAKER_02: I think this is a beautiful presentation.
• 13:04
  SPEAKER_02: Thank you very much.
• 13:05
  SPEAKER_02: Let's keep track of this.
• 13:08
  SPEAKER_02: I will do a real show maybe here in a little bit.
• 13:11
  SPEAKER_02: I gotta this was uh you know, why is it so exhausting to do these things live?
• 13:17
  SPEAKER_02: Why is that?
• 13:19
  SPEAKER_02: But it seems to test my creativity, which it seems like you do this more, you get better and better and better.
• 17:00
  SPEAKER_02: We're gonna talk about the new appraisal standards, lots going on in that particular world.
• 17:05
  SPEAKER_02: And what's interesting is maybe, maybe there's going to be appraisers, no appraisals being done by artificial intelligence, something else to talk about.
• 17:16
  SPEAKER_02: But the big one out there that's facing everybody, the new appraisal standards are changing, and that's kind of actually making people put a lot of nonsense out there in the world.
• 17:26
  SPEAKER_02: So we're gonna squash that right now because you know, I enjoy squashing things.
• 17:31
  SPEAKER_02: Let's move into this.
• 17:32
  SPEAKER_02: So what they're saying right now, Instagram says appraisals.
• 17:35
  SPEAKER_02: This isn't Instagram, this is people on Instagram trying to get clicks, apparently.
• 17:40
  SPEAKER_02: Instagram says that appraisals are gonna be changing November 2nd, and your home value drops.
• 17:47
  SPEAKER_02: Is that true?
• 17:48
  SPEAKER_02: Basically showing that this new appraisal format is going to modify or subject your residence, your real estate uh coming in at a lesser value.
• 18:00
  SPEAKER_02: And is that true?
• 18:01
  SPEAKER_02: Santa Clara Escross fell for the second week in a row.
• 18:04
  SPEAKER_02: Yeah, that's well, that's true.
• 18:06
  SPEAKER_02: That's not part of the other report.
• 18:07
  SPEAKER_02: And AI has just finished interviewing half a million people uh in a testing phase.
• 18:13
  SPEAKER_02: So we need to watch, uh, watch where that's gonna go.
• 18:15
  SPEAKER_02: Would you want AI to interview you instead of uh, well, you know, interviewing, being interviewed by a human?
• 18:22
  SPEAKER_02: I don't know.
• 18:23
  SPEAKER_02: Maybe, maybe if I looked the way that I do, I think I'd probably rather have AI do it because maybe they'll be more gentler.
• 18:32
  SPEAKER_02: Gentler?
• 18:33
  SPEAKER_02: Gentler.
• 18:33
  SPEAKER_02: All right, so let's get into this.
• 18:35
  SPEAKER_02: So we're gonna go true, half true, or blown up.
• 18:38
  SPEAKER_02: November 2nd.
• 18:38
  SPEAKER_02: Appraisal changing November 2nd.
• 18:40
  SPEAKER_02: Is that true?
• 18:41
  SPEAKER_02: Yes, that is true.
• 18:42
  SPEAKER_02: November 2nd, 2026.
• 18:44
  SPEAKER_02: The new UAD 3.6 appraisal report required for Fannie Mae and Freddie Mac loans.
• 18:50
  SPEAKER_02: May 19, 2027.
• 18:51
  SPEAKER_02: That's how far some people with Freddie Mac, Freddie Mac, Freddie Mac approval are gonna be able to extend it without changing the form.
• 18:58
  SPEAKER_02: The old forms, 1004, 1073, 2055, those are all going to retire.
• 19:03
  SPEAKER_02: One new dynamic report replaces them.
• 19:07
  SPEAKER_02: And it collects more detail, room by room, condition, quality, energy features, disaster mitigation features.
• 19:13
  SPEAKER_02: So it's just a more complete report.
• 19:15
  SPEAKER_02: That's all it is.
• 19:16
  SPEAKER_02: It's just more information because the other report was just a few pages.
• 19:21
  SPEAKER_02: Now we're gonna be over 20.
• 19:23
  SPEAKER_02: And who doesn't want more paperwork?
• 19:26
  SPEAKER_02: I mean, that really is the way of the world, right?
• 19:28
  SPEAKER_02: That's coming.
• 19:29
  SPEAKER_02: So that's what it's gonna do.
• 19:30
  SPEAKER_02: Plus, the old form, they were kind of a typewritten type thing.
• 19:34
  SPEAKER_02: My God, let's go back.
• 19:35
  SPEAKER_02: Let's go back into 1998 when I first became licensed.
• 19:39
  SPEAKER_02: The multiple listing service had uh books that agents would be able to obtain from the board of realtors, bring them to the office, they had access.
• 19:47
  SPEAKER_02: Some agents had their own book.
• 19:48
  SPEAKER_02: I was a full-time cop LAPD back then, so I didn't have my own book.
• 19:51
  SPEAKER_02: They had one at the office.
• 19:52
  SPEAKER_02: So you had to go look up the properties.
• 19:54
  SPEAKER_02: Then you had to make the phone call.
• 19:55
  SPEAKER_02: Then when you wrote the offer, you wanted to take that offer directly to the agent and deliver it to them so you could have a conversation.
• 20:01
  SPEAKER_02: Because ultimately you made the phone call, know that the property is available, but things happen pretty quick.
• 20:07
  SPEAKER_02: And maybe between the time you called to verify and the time you showed your client, something happened.
• 20:11
  SPEAKER_02: And if you're going to be submitted an offer on that property, it's better to do it in person.
• 20:15
  SPEAKER_02: That was kind of the difference.
• 20:16
  SPEAKER_02: This was before fax machines were really trusted.
• 20:19
  SPEAKER_02: And when you even took a listing back then, you went down to the board of realtors at Sherman Way and Balboa, on Balboa, north of Sherman Way, east side of the street, Southland Regional Association Realtors.
• 20:29
  SPEAKER_02: You had an eight and a half by 14, a legal-sized document with the smallest print imaginable.
• 20:36
  SPEAKER_02: And all of these boxes had to be filled out.
• 20:38
  SPEAKER_02: You pay them$19.
• 20:40
  SPEAKER_02: I think it was$19.
• 20:41
  SPEAKER_02: And then you got to put your listing into the book.
• 20:43
  SPEAKER_02: And the book was the multiple listing service, and now it's everywhere.
• 20:48
  SPEAKER_02: Back then, not so much.
• 20:49
  SPEAKER_02: Back then, just at the offices.
• 20:51
  SPEAKER_02: Back then, there was a lot more hiding of things, a lot more Wizard of Oz man behind the curtain crap.
• 20:57
  SPEAKER_02: There was a lot of that back then.
• 20:59
  SPEAKER_02: But this new report is just kind of adjusting up with the times.
• 21:03
  SPEAKER_02: It's a new format.
• 21:04
  SPEAKER_02: It's not a new way of deciding what your property is worth.
• 21:08
  SPEAKER_02: The paperwork has changed.
• 21:09
  SPEAKER_02: The math, well, that doesn't change.
• 21:11
  SPEAKER_02: The new appraisal will take tank home values.
• 21:14
  SPEAKER_02: That's the other thing that's being propagated out there, which is just cute clickbait nonsense.
• 21:21
  SPEAKER_02: An appraiser still uses closed sales nearby, same as before.
• 21:26
  SPEAKER_02: What changes?
• 21:27
  SPEAKER_02: Your condition of your property that gets paid a little bit more attention to.
• 21:32
  SPEAKER_02: So that now there's more information that's going to be conveyed on this document, so it would pay for you to maybe have particular attention paid to your property.
• 21:43
  SPEAKER_02: But it's still not going to change the value.
• 21:45
  SPEAKER_02: But there's going to be other things put in there.
• 21:47
  SPEAKER_02: And maybe I have to say this if somebody has to fill out something besides just saying solar, let's say one of the requirements on this, because it is going to have more documentation at It for green and solar and energy and these sorts of things.
• 22:03
  SPEAKER_02: Before, maybe the appraiser noted it had solar.
• 22:08
  SPEAKER_02: That's it.
• 22:09
  SPEAKER_02: Now, because of the more detail on the report, maybe they document, well, you know what had Tesla solar, two Tesla batteries or 10 Tesla batteries, and a power wall and this and that.
• 22:21
  SPEAKER_02: Well, maybe then after they write it, maybe they think about it and say, well, I usually give, you know,$5,000 for a solar system, but my God, this Tesla one, they must have paid$100,000.
• 22:33
  SPEAKER_02: I'm going to give$10,000 for it.
• 22:34
  SPEAKER_02: But anyway, maybe that'll change a little bit.
• 22:36
  SPEAKER_02: But that's that's all this is.
• 22:38
  SPEAKER_02: Right now in Santa Clarita Valley, 30-day median price,$752,500.
• 22:44
  SPEAKER_02: And that's set by buyers and sellers, not an appraisal form.
• 22:48
  SPEAKER_02: So we're going to blow that one up.
• 22:49
  SPEAKER_02: AI is replacing appraisers.
• 22:51
  SPEAKER_02: That's something else that popped out here last couple days.
• 22:54
  SPEAKER_02: Yeah, it's kind of half true, maybe.
• 22:56
  SPEAKER_02: So some loans already skip that full appraiser, but most purchases get a human.
• 23:01
  SPEAKER_02: And when they skip it, usually a lot of that system is automated.
• 23:04
  SPEAKER_02: Now it's using artificial intelligence.
• 23:06
  SPEAKER_02: So we're watching that trend as well.
• 23:08
  SPEAKER_02: Waivers are mostly refinances, so that's when you're not going to see it.
• 23:12
  SPEAKER_02: Some low-risk purchases, most purchase loans still get a license appraiser in the house.
• 23:18
  SPEAKER_02: The new form makes it easier for these automated tools to review the appraisal report.
• 23:23
  SPEAKER_02: So that's going to help.
• 23:24
  SPEAKER_02: And that's the same story as everywhere else in AI.
• 23:27
  SPEAKER_02: You know, it takes the tasks first and then the whole job at some other point, but not yet.
• 23:33
  SPEAKER_02: Verdict half true.
• 23:34
  SPEAKER_02: Robots checking the appraiser work, appraisers work, not replacing the appraiser.
• 23:39
  SPEAKER_02: Your solar and upgrades now add value automatically.
• 23:42
  SPEAKER_02: Yeah, kind of half true.
• 23:43
  SPEAKER_02: That new form does capture energy and disaster mitigation features.
• 23:48
  SPEAKER_02: Value still going to need that market proof.
• 23:50
  SPEAKER_02: But you know, once somebody writes something down to more detail than maybe they did before, then if they want to get in there a little bit more, maybe they have more room to function.
• 24:01
  SPEAKER_02: Instead of fighting in a closet, maybe they're fighting in a bedroom.
• 24:04
  SPEAKER_02: All right, so now there's a place on the on the report for solar efficiency and fire hardening.
• 24:09
  SPEAKER_02: Credit still depends on what buyers can actually uh pay for it here.
• 24:14
  SPEAKER_02: And sellers, you need, if you're a property owner, you're not even thinking of selling.
• 24:20
  SPEAKER_02: And if you are thinking about selling, sellersonlyagent.com, selfish plug.
• 24:24
  SPEAKER_02: But if you just have a house, make sure you build some kind of folder.
• 24:28
  SPEAKER_02: Everything you do on your house, every every sprinkler you go to Home Depot and buy or Lowe's or whatever your choice is or whatever it may be, dump, scan that receipt, take a picture of it, put it into a folder somewhere.
• 24:41
  SPEAKER_02: If you got cloud storage, if you got a hard drive, if you got something, save all of that.
• 24:46
  SPEAKER_02: Once it all comes together, at some point in the future, and now it's I think now it can be done very easily.
• 24:54
  SPEAKER_02: Also, you could have you could dump that folder into your favorite large language model and have it do some workup, some fancy stuff.
• 25:02
  SPEAKER_02: But in the future, maybe three or four months from now, future, at that time, my God, can you imagine?
• 25:07
  SPEAKER_02: You're gonna be able to tie that report to the appraiser.
• 25:10
  SPEAKER_02: The appraiser's gonna see all these upgrades and changes, and that's definitely gonna help you as a real estate seller.
• 25:15
  SPEAKER_02: Plus, the buyer's gonna be privy to this stuff.
• 25:18
  SPEAKER_02: And if you've known anything, whether it's real estate or automobiles, an automobile that carries that history of dealer maintenance.
• 25:26
  SPEAKER_02: And I'm not trying to put down the non-dealer people because they do just as good of a job, in some cases better.
• 25:32
  SPEAKER_02: But for some reason, the dealer, the dealer, the dealer maintenance carries more weight when it comes to resale on a vehicle.
• 25:41
  SPEAKER_02: That's just kind of the way it is.
• 25:43
  SPEAKER_02: Having maintenance is good anyway, but that dealer stuff, the dealer monitoring, the dealer being paid, and yeah, it starts to get expensive after 36,000 miles, depending on what the car is.
• 25:53
  SPEAKER_02: They just time it right.
• 25:54
  SPEAKER_02: Same thing with the house.
• 25:55
  SPEAKER_02: The more detail you can have about your residence, about all the things that you've done, that's going to be the better.
• 26:00
  SPEAKER_02: Out of the door all day long.
• 26:02
  SPEAKER_02: End of story.
• 26:04
  SPEAKER_02: All right.
• 26:04
  SPEAKER_02: So we have that.
• 26:05
  SPEAKER_02: So keep those receipts, please.
• 26:07
  SPEAKER_02: And let's talk about what this means for Santa Clarita.
• 26:09
  SPEAKER_02: Right now, about six out of 10 local sales, they use conventional loans.
• 26:14
  SPEAKER_02: So this form does touch most of the buyers here in this valley.
• 26:17
  SPEAKER_02: It doesn't change the market, it only changes the appraiser's paperwork.
• 26:22
  SPEAKER_02: 59.9% of Santa Clarita Valley sales used conventional loans in the last 12 months, last year.
• 26:28
  SPEAKER_02: 10.9% paid cash.
• 26:31
  SPEAKER_02: No lender appraisal required.
• 26:34
  SPEAKER_02: However, some people that are buying cash, they're going to put that little check mark in there in the contract that say that this house, even though we're paying cash, is still subject to an appraiser.
• 26:46
  SPEAKER_02: Appraisal being done.
• 26:48
  SPEAKER_02: God almighty.
• 26:49
  SPEAKER_02: And then what ends up happening is they're going to have their particular lender, somebody they know, maybe just an appraisal company, go out because it's not dependent on the loan.
• 26:59
  SPEAKER_02: Maybe the lender is the best place to hunt down a good appraiser.
• 27:02
  SPEAKER_02: That would be my first call if I didn't know uh Rex or some of these other folks.
• 27:07
  SPEAKER_02: Um, that that would be my recommendation.
• 27:09
  SPEAKER_02: But again, then they go out to the property, but that offer now is contingent on the property appraising if that's how they write it up.
• 27:16
  SPEAKER_02: So then what's the difference?
• 27:18
  SPEAKER_02: Now, now cash loses some of that luster, some of that shininess that cash gets.
• 27:23
  SPEAKER_02: Now it's downgraded a little bit because you're now talking like you're gonna be getting a loan on the property, even though you're cash, you still need to see those numbers.
• 27:33
  SPEAKER_02: So the seller's gonna be just a bit more apprehensive with that kind of appraisal invoking rule being written in a contract with a cash offer, and they might start looking at yours as kind of the same as maybe a 20% down buyer.
• 27:48
  SPEAKER_02: Everything same, same.
• 27:50
  SPEAKER_02: And in some cases, cash, we I've seen this, God, what it's a travesty, but they write cash and then they finance, and then it's like, what the hell?
• 27:58
  SPEAKER_02: Why didn't you?
• 27:59
  SPEAKER_02: So that's a whole nother story.
• 28:01
  SPEAKER_02: But these things do happen.
• 28:02
  SPEAKER_02: So look at if you're a seller out there and an agent is pitching you this offer, something that they had received from another agent, hopefully, not from their own buyer.
• 28:13
  SPEAKER_02: You know, line all those things up and make sure that they explain it to you to make sense.
• 28:17
  SPEAKER_02: For your sellers out there, fix that small stuff, document the upgrades before you list, of course.
• 28:22
  SPEAKER_02: Buyers, nothing changes how you shop.
• 28:23
  SPEAKER_02: If an appraisal comes in low, there's still a reconsideration process.
• 28:27
  SPEAKER_02: It's now the ball is now in the court, up for negotiation by both parties.
• 28:32
  SPEAKER_02: What do we want to do?
• 28:33
  SPEAKER_02: If the appraisal comes in lower, then the seller has a choice.
• 28:37
  SPEAKER_02: They can say, sure, we'll still sell it for that.
• 28:39
  SPEAKER_02: The seller can say, ah, you kidding me?
• 28:42
  SPEAKER_02: We had all these people come through the houses, and there's no way we're gonna let it go for this.
• 28:46
  SPEAKER_02: Hell, I don't know what that appraiser's been smoking.
• 28:50
  SPEAKER_02: Yeah, yeah.
• 28:52
  SPEAKER_02: Anyway, so then you're gonna you're gonna have that.
• 28:55
  SPEAKER_02: Then what's gonna end up happening is or the seller can meet them halfway, or the seller doesn't do anything, the buyer can cancel at that point.
• 29:03
  SPEAKER_02: They lose, they're gonna lose whatever money, not the deposit typically.
• 29:07
  SPEAKER_02: You gotta look at your contract, gotta read your contract.
• 29:09
  SPEAKER_02: Usually at that point, the point of appraisal, usually everything's still in force, giving them a way to back out.
• 29:15
  SPEAKER_02: But you got to read the contract.
• 29:17
  SPEAKER_02: In in the hotter markets, some people might wave it.
• 29:21
  SPEAKER_02: I mean, the contingencies that give them a chance to get out if the appraisal comes in lower.
• 29:28
  SPEAKER_02: That's something to make sure that you understand when you're going in.
• 29:32
  SPEAKER_02: But if they can get out, maybe they decide to cancel.
• 29:35
  SPEAKER_02: They will lose the money for whatever they paid to have that appraisal done.
• 29:39
  SPEAKER_02: Uh, what is that?
• 29:40
  SPEAKER_02: Five, six, seven hundred bucks.
• 29:42
  SPEAKER_02: I say it like it's easy.
• 29:44
  SPEAKER_02: And then the home inspection, depending on if they've had that completed or not, which usually you do.
• 29:49
  SPEAKER_02: That's kind of the first part.
• 29:50
  SPEAKER_02: Sometimes, sometimes it's more behoovent.
• 29:55
  SPEAKER_02: It's better for the buyer if they get that appraisal done first, if they can.
• 29:58
  SPEAKER_02: Lenders usually aren't that nimble, though it takes a while.
• 30:01
  SPEAKER_02: Um, the reason being is if it doesn't appraise, why are you going to spend money on a home inspection?
• 30:05
  SPEAKER_02: But to try to get that set up like that, it's it's like a shell game.
• 30:09
  SPEAKER_02: It's going to depend on other parties.
• 30:11
  SPEAKER_02: And there's timelines, real timelines that need to be adhered to in every contract.
• 30:15
  SPEAKER_02: That's what the contract's for.
• 30:17
  SPEAKER_02: It all establishes when things need to happen.
• 30:19
  SPEAKER_02: And if you shorten time frames or or people are busy on your end, or the real estate market's in a frenzy and people didn't bother to hire more people to support, yeah, you might be waiting for a while.
• 30:31
  SPEAKER_02: These are questions I would definitely want to get handled up front.
• 30:34
  SPEAKER_02: And if you get pushback from anybody involved in your side of the process, you definitely want to fire them up an email, especially if you're getting everything verbal.
• 30:43
  SPEAKER_02: You got nothing in writing.
• 30:44
  SPEAKER_02: You got to follow it up in writing.
• 30:46
  SPEAKER_02: Just for the hell of it, just to keep everybody accountable.
• 30:51
  SPEAKER_02: If you just walked in, here's a quick quick ketchup appraisals.
• 30:55
  SPEAKER_02: New form uh is coming out November 2nd.
• 30:57
  SPEAKER_02: Um values that are are the values going to tape because of it?
• 31:01
  SPEAKER_02: No.
• 31:01
  SPEAKER_02: Uh Santa Clarita Escro's rates before tomorrow's new number in the AI job interviewer.
• 31:06
  SPEAKER_02: Um, we'll talk about Clara here in just a second.
• 31:09
  SPEAKER_02: Santa Clarita this morning, escrow's down for the second week in a row.
• 31:12
  SPEAKER_02: Second week in a row, October 7th, 2026, uh 0850 hours Pacific Standard Time.
• 31:19
  SPEAKER_02: 842 active listings, 151 in escrow, down 18 this week.
• 31:24
  SPEAKER_02: So we're seeing those numbers in the second week that's been reported.
• 31:28
  SPEAKER_02: We'll keep watching and see what happens this next week and so on.
• 31:32
  SPEAKER_02: This week, 752,500 median sale price last 30 days.
• 31:36
  SPEAKER_02: 92 properties have had prices drop last seven days.
• 31:40
  SPEAKER_02: Median properties, prices, single family residences.
• 31:43
  SPEAKER_02: These are three distinct markets out here.
• 31:46
  SPEAKER_02: It's it's fun to put everything into one bucket.
• 31:49
  SPEAKER_02: But one bucket, if you look at median sale overall, 752,500, that's a balancing act between single family townhome and condo.
• 31:59
  SPEAKER_02: These three different markets, median prices single family 840.
• 32:02
  SPEAKER_02: See the difference?
• 32:03
  SPEAKER_02: That's 90, 100, 112 grand,$112,000 difference when you speak the median sale price into existence of just single family residences.
• 32:13
  SPEAKER_02: Townhomes 597,500.
• 32:15
  SPEAKER_02: Condos 455 grand.
• 32:17
  SPEAKER_02: 45% of the properties that closed this last uh 30 days were at 45% under asking.
• 32:23
  SPEAKER_02: One and three have been sitting over 60.
• 32:26
  SPEAKER_02: You want to know the market, you watch that escrow.
• 32:29
  SPEAKER_02: Uh, I have that at Santa ClaritoOpenhouses.com.
• 32:31
  SPEAKER_02: You see those escrow numbers there posted on the home page.
• 32:35
  SPEAKER_02: Uh, rates tomorrow, insurance next week.
• 32:37
  SPEAKER_02: Yeah, this is important.
• 32:38
  SPEAKER_02: Rates uh they're gonna, Fed's gonna come out and chit-chat tomorrow.
• 32:42
  SPEAKER_02: Right now, 7.28 as of last week.
• 32:44
  SPEAKER_02: Freddie Mac posts a new number tomorrow.
• 32:46
  SPEAKER_02: We'll have to keep our eyes and see what that what happens with that.
• 32:49
  SPEAKER_02: The fair plan insurance for you folks that own real estate out here in the lovely, beautiful, sunny state of Southern California.
• 32:58
  SPEAKER_02: Those renewals are gonna jump October 15th.
• 33:00
  SPEAKER_02: And it looks like there's some pretty hefty, hefty increases.
• 33:05
  SPEAKER_02: Please do yourselves a favor.
• 33:13
  SPEAKER_02: And insurance is gonna be part of your payment.
• 33:15
  SPEAKER_02: If you're if you're impounded, when you're purchasing real estate and they you just want that one payment thing, and maybe your loan type of loan that you're getting, like FHA, is gonna mandate you just have one all-in payment.
• 33:29
  SPEAKER_02: You need to know those individual numbers.
• 33:31
  SPEAKER_02: If you're buying conventional, sometimes you can split those up, but it's gonna impact your ability to purchase.
• 33:36
  SPEAKER_02: That's how much insurance is starting to cost.
• 33:39
  SPEAKER_02: And we've seen this change for different variations throughout.
• 33:42
  SPEAKER_02: It used to be Melaruse taxes, all this stuff.
• 33:45
  SPEAKER_02: Yeah, it's it's all starting to impact your financial, your top end.
• 33:50
  SPEAKER_02: And if you're skating kind of paycheck to paycheck, or you just it made to scrape enough together to buy your first residence, do yourselves a favor.
• 33:58
  SPEAKER_02: Don't don't make yourself mortgage poor if you can help it.
• 34:02
  SPEAKER_02: First time out.
• 34:03
  SPEAKER_02: Your next job interview, here's the next one.
• 34:04
  SPEAKER_02: Going to be uh maybe with an AI.
• 34:06
  SPEAKER_02: That'll be fun.
• 34:08
  SPEAKER_02: Hacker ranks AI interviewer chakra, of course.
• 34:12
  SPEAKER_02: Land of the lost, I don't know.
• 34:14
  SPEAKER_02: Is his name chakra?
• 34:15
  SPEAKER_02: Anyway, it's now open to everyone, and that's 500,000 interviews and testing.
• 34:20
  SPEAKER_02: It's gonna score how you reason in one sitting.
• 34:23
  SPEAKER_02: Good, faster, more consistent, the risks.
• 34:26
  SPEAKER_02: Who checks the AI's judgment?
• 34:28
  SPEAKER_02: Where's the accountability layer there?
• 34:30
  SPEAKER_02: Ask a question to all of you.
• 34:33
  SPEAKER_02: Would you rather be interviewed by a person or artificial intelligence?
• 34:37
  SPEAKER_02: Me looking like this, probably AI would be better for me.
• 34:40
  SPEAKER_02: Everybody thinks there's something, you know, a couple, one, one less marble than I need rolling around, but you gotta be you, right?
• 34:48
  SPEAKER_02: You gotta enjoy that.
• 34:49
  SPEAKER_02: But it's already hiring, this is happening.
• 34:51
  SPEAKER_02: I'll tell you this AI is a good lie detector, better than probably the machines.
• 34:58
  SPEAKER_02: At some point, it will be.
• 34:59
  SPEAKER_02: So if your political alignment that morning you got onto X and said something, AI itself, embodied or not embodied, interviewing you through a webcam or through some kind of a something that looks like a person on Zoom or Loom, Zoom, it's gonna be able to see by your facial structure, by what you're saying, how you're saying it, what your ticks are.
• 35:25
  SPEAKER_02: It might be able to make determinations as to your alignment, plus it's already gonna do all the research.
• 35:30
  SPEAKER_02: Maybe you stuck something out there on TikTok that that you really were, you didn't, you really wouldn't want your prospective next job or employer to maybe find.
• 35:40
  SPEAKER_02: Well, they're they're gonna find it and they'll make determinations on this.
• 35:43
  SPEAKER_02: So there is no privacy, there's nothing that's secret.
• 35:46
  SPEAKER_02: If you have a particular view of naked mole rats being raised in Indonesia and it's not along the mainline world view, you might want to, and and if you need to get a job, maybe you would consider not going there.
• 36:02
  SPEAKER_02: But is that the right way?
• 36:03
  SPEAKER_02: I don't know.
• 36:03
  SPEAKER_02: I don't know if that's the right way or not.
• 36:05
  SPEAKER_02: I it's almost like can't we just be honest with each other?
• 36:08
  SPEAKER_02: Can't we just be real?
• 36:09
  SPEAKER_02: Yeah, sure, we can be real, but it's not necessarily the case that somebody's gonna want to talk to us.
• 36:15
  SPEAKER_02: Hey Clara, what's the market doing?
• 36:17
  SPEAKER_02: Do that, go to uh santaclarita openhouses.com.
• 36:20
  SPEAKER_02: I made her she's AI.
• 36:21
  SPEAKER_02: You can check that out.
• 36:23
  SPEAKER_02: An AI that works for the viewer, today's numbers and a timestamp.
• 36:26
  SPEAKER_02: So say, hey Clara, give me the market update for Santa Clarita, and then she will produce that for you while you're sitting there talking with her.
• 36:34
  SPEAKER_02: You'll see it on the screen.
• 36:35
  SPEAKER_02: Then you can ask her, Clara, what houses are open this weekend?
• 36:39
  SPEAKER_02: She'll tell you she's also AI.
• 36:42
  SPEAKER_02: I built her, and that's what it says.
• 36:44
  SPEAKER_02: That's going to be a new standard.
• 36:45
  SPEAKER_02: I would imagine I'm the first to have built something like this.
• 36:48
  SPEAKER_02: So I'm excited.
• 36:50
  SPEAKER_02: All inquiries, welcome.
• 36:51
  SPEAKER_02: Just be gentle.
• 36:52
  SPEAKER_02: Open floor.
• 36:53
  SPEAKER_02: Um, pick some questions, take it to the DMs.
• 36:57
  SPEAKER_02: Anything else we can do?
• 36:58
  SPEAKER_02: Will my appraisal come in lower?
• 37:01
  SPEAKER_02: Now the form change is not how the value is set.
• 37:03
  SPEAKER_02: Comparable sales still decide it.
• 37:05
  SPEAKER_02: Do I still need an appraisal for more purchase homes?
• 37:08
  SPEAKER_02: Yes.
• 37:09
  SPEAKER_02: Some loans get a waiver.
• 37:12
  SPEAKER_02: Cash buyers don't need lender appraisal.
• 37:16
  SPEAKER_02: My appraisal came in low now what?
• 37:18
  SPEAKER_02: So you're going to ask your lender for a reconsideration of value.
• 37:20
  SPEAKER_02: So that's that first step.
• 37:22
  SPEAKER_02: You want to see if you can get the appraiser to maybe adjust their numbers to be more in alignment with what you thought the value was.
• 37:30
  SPEAKER_02: And then after that, you're going to have to fight it out with the other side.
• 37:33
  SPEAKER_02: That's why it's better for everybody to have their own agent.
• 37:35
  SPEAKER_02: I'm a big, big advocate of that.
• 37:37
  SPEAKER_02: It's legal.
• 37:38
  SPEAKER_02: Legal to have the same agent representing you as a seller, but I went in as a seller's only agent.
• 37:42
  SPEAKER_02: I can refer buyers out, not on my own listings, but on other listings to other agents.
• 37:47
  SPEAKER_02: But we'll have to have a conversation first because I got to make sure you know the process.
• 37:51
  SPEAKER_02: So then when you go and you get referred or refer you to this agent, you're going to be in alignment.
• 37:57
  SPEAKER_02: You're going to know what to ask, or you'll be able to make a decision whether they're going to be the best fit for you.
• 38:01
  SPEAKER_02: You need to move on.
• 38:02
  SPEAKER_02: 842 for sale, about four months of supply.
• 38:06
  SPEAKER_02: Prices at about 3% softer than last quarter.
• 38:09
  SPEAKER_02: Softer, not crashing.
• 38:12
  SPEAKER_02: And you can go to Ask Claire at Santa Creta Open Houses for your area.
• 38:16
  SPEAKER_02: Or if you want to DM me your street, I'll set it up and help you out there.
• 38:20
  SPEAKER_02: We're going to be back tomorrow with a new rate.
• 38:22
  SPEAKER_02: We'll find out where that's going to go and we'll keep everybody posted.
• 38:25
  SPEAKER_02: I appreciate you watching.
• 38:26
  SPEAKER_02: We'll see you tomorrow.
• 38:27
  SPEAKER_02: Connor with honor.
• 38:28
  SPEAKER_02: You be well.
• 38:29
  SPEAKER_02: And we'll talk to you soon.
• 38:30
  SPEAKER_02: Thanks.