Latest / Connor with Honor: AI, Real Estate and Real Life / Santa Clarita real estate daily podcast by the First Responder Realtor at SantaClaritaOpenHouses, Connor with Honor

Transcript

Santa Clarita real estate daily podcast by the First Responder Realtor at SantaClaritaOpenHouses, Connor with Honor · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Everybody, we're at January 10th, 2025.
• 0:02
  SPEAKER_00: I hope everybody's having a fantastic day so far.
• 0:05
  SPEAKER_00: Whenever you're watching this, we're going to be talking about the Santa Clarita real estate market today, talking about inventory, and also uh there's some things that are happening online that I think might be of of an issue, so I will point those out as far as what's happening around the search the in addition, the uh websites that are utilizing artificial intelligence in order to get you to do something that you might not be ready to do at this particular time.
• 0:35
  SPEAKER_00: So, right now, all across Santa Cruz Valley, we have over 680 residential listings for sale.
• 0:41
  SPEAKER_00: Of those, about 20 are coming soon.
• 0:43
  SPEAKER_00: The coming soon variety of listings are advertised in that manner to try to compete with the syndication websites via the multiple listing service.
• 0:52
  SPEAKER_00: If you want to see coming soon listings, those have to be emailed to you.
• 0:56
  SPEAKER_00: If you have an agent reach out to them and say, hey, you want to see those coming soon listings, you can give them a city or you can give them all the cities in Santa Clarita Valley if you haven't really made a decision yet as to where you want to live.
• 1:07
  SPEAKER_00: That being the case, don't be concerned there's not that many that are coming out at this point.
• 1:11
  SPEAKER_00: And I don't see even any time this year that becoming an overwhelming number.
• 1:16
  SPEAKER_00: If you're in the Antelope Valley as well, that's also something you can ask your agent for.
• 1:21
  SPEAKER_00: Although it's a different multiple listing service, they have different requirements, they should be able to get you set up in that realm as well.
• 1:28
  SPEAKER_00: And if not, hit me up, I'm more than happy to help.
• 1:30
  SPEAKER_00: Of these 680 listings, they're broken down, of course, between single-family residences, condominiums, and townhomes.
• 1:38
  SPEAKER_00: The things that buyers need to know today is going into a real estate transaction.
• 1:43
  SPEAKER_00: Whenever you get ready to make an offer, first and foremost, make sure you are pre-approved.
• 1:48
  SPEAKER_00: Talk to the real estate lenders out there.
• 1:50
  SPEAKER_00: There are a few different types.
• 1:52
  SPEAKER_00: They're your basic mortgage brokers, they're going to be able to pull on multiple sources of money.
• 1:57
  SPEAKER_00: And in a lot of cases, they happen to be a very good deal.
• 2:00
  SPEAKER_00: But again, you're paying your lender's fee.
• 2:02
  SPEAKER_00: You're paying them in what's known as your closing costs.
• 2:06
  SPEAKER_00: So part of what you're paying out to purchase a residence known as closing costs.
• 2:11
  SPEAKER_00: It's going to include the lender's fee, the you're part of escrow, you're part of title insurance.
• 2:17
  SPEAKER_00: What does that look like in real numbers?
• 2:20
  SPEAKER_00: Somewhere around 3%, in most cases less, depending on the property price.
• 2:25
  SPEAKER_00: So if you're buying a half a million dollar property,$500,000, your closing costs could be as much as$15,000.
• 2:32
  SPEAKER_00: But again, it's going to depend.
• 2:34
  SPEAKER_00: Usually it's a little bit less than that, but that's something to consider when you're making offers on real estate.
• 2:41
  SPEAKER_00: And in addition to that, you want to find out, you want to see as far as the lender goes, what they're able to do for you.
• 2:49
  SPEAKER_00: How is it they're structuring the loan?
• 2:51
  SPEAKER_00: What's the cost of that loan specifically for them?
• 2:54
  SPEAKER_00: Something else that buyers are seeing now is they're seeing their closing cost amount increase because of the agent they select.
• 3:02
  SPEAKER_00: So before, well, as it's always been, commission's always been negotiable, but traditionally in the past, the seller was the one that paid the buyer representing the real estate agent.
• 3:13
  SPEAKER_00: Right now, we're seeing in some cases on the multiple listing service agents putting in there in the confidential section, they will not be representing the buyer on the seller's property.
• 3:25
  SPEAKER_00: They're representing the seller, they don't want to represent the buyer.
• 3:28
  SPEAKER_00: The buyer's going to have to bring their own agent.
• 3:30
  SPEAKER_00: And in some cases, those sellers aren't willing to pay those buyers' agents.
• 3:34
  SPEAKER_00: So now as we move through 2025, that's going to be more and more common that the buyer's going to be paying their agent.
• 3:41
  SPEAKER_00: The question is how much?
• 3:43
  SPEAKER_00: Usually a typical real estate commission years ago was somewhere in the neighborhood of 3%.
• 3:50
  SPEAKER_00: If somebody was lucky enough to be able to represent the seller and the buyer, that would have been 6%.
• 3:56
  SPEAKER_00: So agents are probably still kind of conditioned to look about that amount of money.
• 4:01
  SPEAKER_00: So that would be$15,000 in the realm if you're buying a half a million dollar house.
• 4:07
  SPEAKER_00: What is the agent worth to you?
• 4:09
  SPEAKER_00: You want to ask them to explain their fee and then to follow that up.
• 4:13
  SPEAKER_00: Also understand if you're going to pay that fee out of your pocket, that's one thing.
• 4:18
  SPEAKER_00: But if you're going to have your agent write the offer requesting the seller compensate them, that's a whole nother issue.
• 4:26
  SPEAKER_00: It is usually from everything that I've seen lately, as we're almost in mid-January here, 2025, I do see that a lot of real estate sellers currently listed for sale are offering some kind of compensation to that buyer's agent.
• 4:42
  SPEAKER_00: That's just the way that it is.
• 4:44
  SPEAKER_00: It depends on the amount that they're offering whether or not your buyer's agent's going to get it.
• 4:49
  SPEAKER_00: If you go in with a on a property to purchase it, and your buyer's agent's a little overzealous in what they're asking for, and there are other buyer's agents representing other buyers asking for less, you can kind of see where they hit you and your offer.
• 5:05
  SPEAKER_00: Hopefully, the seller's going to respond to everybody equally, and most times that does happen.
• 5:11
  SPEAKER_00: But in some cases, sellers see that offer that comes in and they like the way it's structured.
• 5:17
  SPEAKER_00: They like that there's non-greed attached to it, and they like it so much that they just accept the offer.
• 5:24
  SPEAKER_00: So then those other buyers that were also in play don't get a response at all.
• 5:28
  SPEAKER_00: They just choose that offer.
• 5:30
  SPEAKER_00: Talk to your agent, see how that works out.
• 5:32
  SPEAKER_00: I'm sure they'll have a fantastic way to explain it, talking about their value, talking about their ability to negotiation, and talking about other factors that will influence or help your offer get accepted with that particular seller.
• 5:47
  SPEAKER_00: Now, you sellers out there, it is very common and traditional that your commission amount, the aid the part that you're paying your agent, is also negotiable.
• 5:57
  SPEAKER_00: So that's something to also ask those questions to those agents.
• 6:01
  SPEAKER_00: What are they going to do for you?
• 6:03
  SPEAKER_00: How much are they worth it?
• 6:05
  SPEAKER_00: And then I would follow up with in both cases, whether you're a buyer or a seller, follow up and look up the agent that you're considering selecting online.
• 6:15
  SPEAKER_00: See where they are, what they're talking about.
• 6:17
  SPEAKER_00: If in fact you're looking for the regarding real estate keywords, let's say Santa Clarita Real Estate, you want to also click on videos and short videos, the things at the very top of a Google search, or whenever you're inquiring online, just to see what they are producing.
• 6:34
  SPEAKER_00: What are they doing?
• 6:35
  SPEAKER_00: Are they doing videos?
• 6:36
  SPEAKER_00: Are they educating people, or is it all about them?
• 6:39
  SPEAKER_00: Use me, use me, use the things.
• 6:41
  SPEAKER_00: I'm Connor with Honor.
• 6:42
  SPEAKER_00: This has been your real estate update online.
• 6:44
  SPEAKER_00: When you're looking, make sure you understand that most of the search you see is dependent on your search history, your past search habits.
• 6:55
  SPEAKER_00: A lot of the syndication systems and also the social media systems are using artificial intelligence in order to build a search complete and exactly the way you would want to see it.
• 7:09
  SPEAKER_00: Here's how I protect myself.
• 7:12
  SPEAKER_00: By using critical thinking, I want to see where is this coming from?
• 7:17
  SPEAKER_00: I want to back it up in fact.
• 7:20
  SPEAKER_00: If somebody's telling me something online, I take that extra step instead of believing it, do that additional research so I can make sure that what I'm seeing and reading and hopefully understanding is the honest to God's truth.
• 7:36
  SPEAKER_00: And that's not hard to track down, you just have to look a little bit.
• 7:40
  SPEAKER_00: But right now, with them, them, the powers that be, the people that are marketing and advertising all sorts of products, even real estate, the way that they're building these algorithms and these programs that are basically tuned to giving you everything you want the way you want it.
• 7:59
  SPEAKER_00: Please watch out for that.
• 8:01
  SPEAKER_00: It's good to make your own decision.
• 8:03
  SPEAKER_00: It's fantastic when somebody's kind of guiding you into the dressing row at the supermarket.
• 8:09
  SPEAKER_00: But I don't know if anybody needs 2,000 different types of salad dressing.
• 8:13
  SPEAKER_00: You're gonna pick what you want, just make sure that it really is what you want.
• 8:18
  SPEAKER_00: I'm Connor with Honor.
• 8:19
  SPEAKER_00: We'll see you in the next one.
• 8:20
  SPEAKER_00: I did glean most of this information today from SantaClarita Openhouses.com.
• 8:25
  SPEAKER_00: You'll be able to see all those 680 active listings on the market for sale.
• 8:30
  SPEAKER_00: For the coming soon, hit me up.
• 8:32
  SPEAKER_00: I'll be glad to take care of you.
• 8:33
  SPEAKER_00: Today is January 10th, 2025, and we'll see you in the next one.
• 8:37
  SPEAKER_00: I'm Connor with Honor, over and out.