Latest / Connor with Honor: AI, Real Estate and Real Life / Real Estate Investment Groups Santa Clarita Realty Update 03092022

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Real Estate Investment Groups Santa Clarita Realty Update 03092022 · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Good to everybody, Connor McIver.
• 0:02
  SPEAKER_00: Connor with Honor.
• 0:02
  SPEAKER_00: Thank you so much for tuning into this podcast.
• 0:05
  SPEAKER_00: This is going to be a Santa Clarita real estate update for March 9th, 2022.
• 0:09
  SPEAKER_00: It's about 4 30 p.m.
• 0:12
  SPEAKER_00: I'll be uploading this to our different podcast networks, and of course, this will be live on our Facebook page, Connor with Honor, and the other systems out there we have.
• 0:21
  SPEAKER_00: Currently, we still have the lower than normal inventory, quite a bit lower.
• 0:25
  SPEAKER_00: In fact, we're down to about a month of inventory according to what's known as an absorption rate.
• 0:31
  SPEAKER_00: And if you're unfamiliar with that term, basically if all real estate listings were to stop today, no more coming on the market, at the current rate of absorption or the current rate of properties being sold, we would run out of our 165 active units on the market, including condos, single-family residences, and townhomes, we would run out of that inventory within a month.
• 0:58
  SPEAKER_00: A normal absorption rate typically is about six months of inventory.
• 1:02
  SPEAKER_00: At this particular time, at the rate that listings are selling, which are very, very fast, multiple offers, and it used to be that there was this sweet spot.
• 1:13
  SPEAKER_00: Now that sweet spot's pretty much all over the place, and the reason being is this a lot of people are frustrated and they're now using multiple family concepts to come in or borrowing extra money from relatives and other sources to be able to buy more expensive residences.
• 1:28
  SPEAKER_00: Therefore, going from the sweet spot in Santa Clarita six months ago, which was$750,000 to$900,000.
• 1:36
  SPEAKER_00: Now that sweet spot has moved into the million dollar range, million and a half, million and three quarter, those properties are selling very, very fast as well.
• 1:44
  SPEAKER_00: It's just going to depend on that particular property and how different it may be from standing inventory and what's sold in the past.
• 1:53
  SPEAKER_00: There are certain areas out here in Santa Clarita that are very much very large attraction points to people where they have had very few residential listings being sold in the past two or three years.
• 2:06
  SPEAKER_00: So the people are waiting.
• 2:08
  SPEAKER_00: What's causing harm to a lot of the buyers is they're waiting a little bit too long to put their home on the market if need be or if they have to actually sell that residence in order to buy something else, if it's dependent on that.
• 2:20
  SPEAKER_00: One of the biggest recommendations out there is basically selling that your primary residences and trying to move in with family, trying to move in with friends.
• 2:29
  SPEAKER_00: I know it's a pain, but that's going to put you in a little bit better of a position than trying to write an offer dependent on you selling any particular piece of real estate.
• 2:39
  SPEAKER_00: Although things move quickly, we still look at about 25 to 35% of the listings that go into escrow falling out of escrow for whatever reason.
• 2:49
  SPEAKER_00: A lot of times it really has nothing to do with something you might expect, like maybe some discovery in the residence by the home buyer during the inspection phase or during the termite phase, then finding something wrong with a residence.
• 3:01
  SPEAKER_00: Usually it has to do on the buyer end of it.
• 3:04
  SPEAKER_00: Maybe the buyer wasn't vetted well enough by their lender.
• 3:07
  SPEAKER_00: Maybe the buyer was oversold and underpromised, which happens a lot from real estate lenders out there.
• 3:14
  SPEAKER_00: And also, not to slam them, real estate agents do a very good job at that as well.
• 3:19
  SPEAKER_00: So whenever you're choosing a real estate agent, you want to make sure that you go into that process knowing the questions to ask.
• 3:26
  SPEAKER_00: And some of those are going to be a face-to-face meeting.
• 3:29
  SPEAKER_00: Zoom is okay, but you're not getting all of the senses lit up when you're sitting and looking at somebody across the computer screen.
• 3:37
  SPEAKER_00: You're going to get a much better feel for people in person.
• 3:39
  SPEAKER_00: So that's number one.
• 3:40
  SPEAKER_00: Definitely find out if your agent's able to meet in person.
• 3:43
  SPEAKER_00: After that, then the questions you're going to want to find out and get answers to are how long they've been in the business.
• 3:48
  SPEAKER_00: Do they have any recommendations that they can give you as far as you calling to get recommendations on them?
• 3:54
  SPEAKER_00: What kind of numbers of properties do they list and sell?
• 3:58
  SPEAKER_00: And then from there, kind of find out their process.
• 4:01
  SPEAKER_00: You going with this particular agent, all of a sudden you're going to end up working with other people that you don't know, other people that aren't part of that process of you hiring someone.
• 4:11
  SPEAKER_00: Basically, you're the boss at this particular point.
• 4:14
  SPEAKER_00: You're doing the hiring.
• 4:16
  SPEAKER_00: You have to look at yourself that way and not be somebody that has this view that they should be just happy that they're being talked to by a real estate agent.
• 4:24
  SPEAKER_00: That's not the way it works.
• 4:25
  SPEAKER_00: You are the boss, same thing with getting a loan on property.
• 4:29
  SPEAKER_00: I know the industry is very much against this kind of thought process, but you are the boss.
• 4:35
  SPEAKER_00: You have a lot of choices, huge amount of choices.
• 4:38
  SPEAKER_00: I believe there are more licensed agents than attorneys in the United States, or we're very, very close, if not surpassing them.
• 4:45
  SPEAKER_00: And on the other hand, there's a lot of real estate mortgage brokers, lenders, direct lenders, online lenders, TV lenders, uh, just like evangelists, dime a dozen, there's a bunch out there, but there's only a few that are really going to do you right, take care of you, and look at you as if your family, well, family they like.
• 5:05
  SPEAKER_00: Same thing with real estate agents.
• 5:07
  SPEAKER_00: So if you want to know more questions to ask, just hit me up.
• 5:10
  SPEAKER_00: You can fire off an email to me, ConnorMcIver at gmail.com, or call me on my cell, you'll find it online.
• 5:15
  SPEAKER_00: If you go to Connorwithhonor.com, you'll see my YouTube channel.
• 5:19
  SPEAKER_00: These videos are posted there with regard to real estate updates.
• 5:22
  SPEAKER_00: My recommendation is always make sure that you are completely prepared once you start getting ready to look for properties.
• 5:30
  SPEAKER_00: And that means doing all of your due diligence up front.
• 5:32
  SPEAKER_00: An agent, a good agent, is going to be able to explain to you how to get that best bang for your buck with any offer and writing it in such a way, you being prepared in such a way, writing that offer in such a way via your agent that you're going to have all your T's crossed and your I's dotted.
• 5:50
  SPEAKER_00: So if anything, if for any reason it comes down to your offer not being the one selected, it has very little to do with how it was structured and all of your uh criteria being matched up front or basically your pre-approval letter being an underwriter approval.
• 6:06
  SPEAKER_00: If there is going to be a letter included, which a lot of people are saying don't do it, but really it's up to the buyer if they want something like that submitted with their offer, having that letter formatted correctly.
• 6:16
  SPEAKER_00: If in fact you are going to do that.
• 6:17
  SPEAKER_00: Again, there's issues that come up.
• 6:20
  SPEAKER_00: They talk about maybe that bending or changing or morphing the tide, if you will, coming in.
• 6:27
  SPEAKER_00: But at the end of the day, you know, you are the buyer.
• 6:30
  SPEAKER_00: You can do what you want.
• 6:31
  SPEAKER_00: I'm Connor with Honor.
• 6:32
  SPEAKER_00: There's a lot of ways to skin a well, I like cats, so we won't go there.
• 6:37
  SPEAKER_00: A lot of ways to skin things.
• 6:38
  SPEAKER_00: Please, when you're ready, let me know.
• 6:40
  SPEAKER_00: I'll teach you how to skin real estate the best way.
• 6:42
  SPEAKER_00: We also have some investment courses we put on.
• 6:44
  SPEAKER_00: I have a wonderful investment team I refer business to.
• 6:48
  SPEAKER_00: So if you're looking to get into something with multiple people, let me know.
• 6:52
  SPEAKER_00: Sergio is a great man, and he will do you right in that regard.
• 6:56
  SPEAKER_00: And I'll be happy to refer you to him.
• 6:58
  SPEAKER_00: Be safe, everybody.
• 6:59
  SPEAKER_00: Take care, and I am Connor with honor.
• 7:02
  SPEAKER_00: We'll talk to you soon.