Latest / Connor with Honor: AI, Real Estate and Real Life / First Responder Realtor’s Santa Clarita Market Watch: Day 284 of 2024
Transcript
- 0:00everybody welcome to Santa Clarita's Real Estate Market Update Today's gonna be day 284 of 2024 that's October 10th of 2024 what we're gonna talk about today along with the actual local inventory breakdown we're gonna be touching on some key national headlines and how they relate to the market here in Southern California but first let me get into the daily real estate inventory so currently in Santa Clarita Valley this is gonna include all the cities Canyon Country Castaic Newhall Saugus Stevenson Ranch and Valencia coming soon listings 9 this is posted in the past seven days 72 new listings have entered the market 57 properties had their prices changed 28 property have gone back on market 39 have gone into escrow 44 have gone deeper into escrow 61 have closed that means actually sold six of expired 10 canceled eight put on hold to a withdrawn so that gives us as of today October 10th 537 active residential real estate listings for sale in Santa Clarita Valley and we're seeing steady movement across all the price ranges but let's look at some of the national trends that could impact your buying and selling decisions so people always want the best deal buyers wanna get the best deal on the house sellers wanna get the most money for the house pretty much that's kind of the rule of thumb for everyone exceptions of course don't know where they are but they exist because of that everybody wants a good deal but here's some things to consider over the past year mortgage rates have dropped from a peak of over 8% of today's average of 6 point to 5% so according to recent reports while it may be tempting to wait for those rates to drop even further there are three big risks associated with waiting No.1 more competition lower rates mean more buyers are gonna also choose that time to enter the market that leads to the increased competition here in Santa Clarita where he's seeing properties get snapped up pretty quick for example we have a property in the Plum Canyon area one on Benson Drive in sagas and that one sold very very quickly actually it's sold within a day despite the higher price points but as race is rates fall this trend could tend to accelerate even faster No.2 would be fewer concessions when the competition amongst buyers rise sellers become less likely to offer concessions such as credits for closing cost repairs if you're hoping to negotiate four repairs are a better deal acting now when competition is a bit more manageable might be better higher prices would be No. 3 while we may not see the frenzied market of 2021 and 2022 if you remember experts expect that his rates continue to drop home prices will rise steadily for example if you're looking at a 400 thousand dollar home out here that would be a townhouse or a condo today that would be at 400,000 today
- 3:01next year could be 4: 50 or maybe more how these new rules with real estate commissions affect buyers and sellers this is something that's very worth discussing nationwide changes to real estate commission rules have recently shifted expectations in Santa Cruta this could impact both buyers and sellers sellers previously sellers would often pay both their own agents commission and part of the buyers agents commission if not all of it now this practice is no longer the default as a seller you have more negotiation room regarding how much commissions are gonna be handled so that could lead to potential savings but it depends on the agent you select it also depends on how fast you want the property sold and these are all different variables that are very much worth discussing any agent worth their salt will bring those up buyers if you're a buyer you wanna have detailed conversations with your agent about commission fees upfront the new rules mean you need to understand exactly how your agent is compensated and whether the seller is covering any of those costs what this means for Santa Clarita in Santa Clarita these new commission rules may require buyers to do more research before even starting their home search I always advise my clients to understand the terms fully and interview multiple agents if necessary making sure the agent you choose is experienced and transparent about their fees in this competitive market working with the right agent can make all the difference new builds versus existing homes at tight market exist here in Santa Clarita Valley nationally we're seeing new build homes and existing homes selling for nearly the same price this trend is particularly relevant in Santa Clarita where many homeowners are locked into low mortgage rates and are reluctant to list tightening the existing home supply this creates unique opportunities for new builds which can offer perks like upgraded fixtures energy efficiency and in some cases mortgage rate buydowns from builders that's also available from a regular seller as well for example if you're considering buying a newer developments like Plum Canyon Fair Oaks Ranch you might find that new construction homes are somewhat competitively priced against older properties there is a way to know for sure if that's actually the case I teach that in my buyer briefing or my buyer roll call for my new buyers it's a very simple system that shows you how price per square foot is going to be what you're gonna need to look at the decision between a new build and a resale home is no longer as straightforward as it used to be that's why you need your own agent with you before you visit any new housing builder make sure your agents by your side let them take you on a tour they'll point it all out buyers with mortgage rates down now may be the best time to lock in a home before prices rise and competition intensifies if you're considering a new build keep an eye out for builder incentives like mortgage rate buy downs or fee upgrades while these sound great you need to see what those cost and if the sellers gonna pick up the tab maybe that money might be better used elsewhere for sellers out there while prices are steady now competition among spires is likely to heat up as raised as rates drop listing your home before the rush could help you attract more serious spires while potentially negotiating favorable terms it's really gonna come down to the bottom line of you and having that best market for you while in some cases sellers think that the best market is when there's so many buyers out there such high competition rate that's where the best market is in a lot of cases that's not the best market because when you have buyers that are competing at that high of a level so understand this there those buyers if that market is that highly competitive they're not just looking at your residence they've looked at many and if they get to a point of overbidding somebody on your house by a massive marginal bigger than you've had anybody overbid or maybe setting a new trend for that area that means that buyer has been through this a lot and they're not gonna take it anymore and they don't care what it takes to get this house they're not gonna be outbid and that's great for you the problem is usually that by reaction is emotionally driven so what ends up happening is they put all this emotion into it they tell everybody come hell or high water now is my day I will get my revenge or whatever and they offer a lot of money to that seller great they do their inspections maybe they get the appraisal maybe the appraisal report comes back and says you know unfortunately we can't appraise the $100,000 more than it was listed for if they even see those figures but bottom line how the reports gonna come back from the appraisal is the appraiser they're gonna say here we just can't get there this is what will loan on this home but not this amount which is the extra hundred plus hundred thousand dollars let's say that being the case then what ends up happening it was very emotional when the offer was made now that we're having a hiccup and even though the buyer said absolutely 100% I will pay you the difference between the appraised value and my what I offered I'll pay that to you in cash I'll inject a deal even though they signed that if there's some other contingency they can fall on to get out of that escrow they might do that and whether you have legal recourse or not that's all attorneys to unpack there but if there's a reason they wanna get out although maybe the world would say well of course they used the reason not realizing that there was a crosswalk you know 500 feet from their house that reason as the reason to get out but we all know that they actually started to think about it and probably had somebody that's close to them make a comment like Woof you paid $100,000 more wow must some house well that in compilation with the other things yeah that changes things so having said that that market that you might think best for you as a homeseller being that super fast paced it does carry with it some uh some roller coaster events I'm Connor honor thank you for watching we believe back tomorrow with our daily Santa Crude Real Estate show please when you're ready reach out to me you can find everything at SantaClaritaopenhouses.com have uh gonna be active in the open world this weekend look for the signs Santa Clarita Open Houses signs the green arrow but I want you to I wanna see what's happening this is my my main system so this is you get we go to the homepage when you get here and then you're gonna see all the current scheduled open houses so far happening in Santa Cruta Valley so we're click here let's see what we got this morning so as of right now 99 we have 99 Clarita Valley so we have one here on Balsam in Valencia so these are these are all of them be able to go through and see every single open house that's posted here for sale and occasionally you will get this so you're here at the homepage and you're kind of looking around like oh tht Connor on motorcycle and then this must be the mall and this must be golden Valley I think those are both Golden Valley but then you're gonna get a pop up I'm trying to get a pop up there's gonna be something that comes up here that's gonna say hey you know can I help you you want up your own account those sorts of things and you there's an X in the corner of it so you click it and you can then go through and look at everything and this is all not just to open houses for sale but if you wanna see just the regular the inventory what's actually for sale you can very much very much do that and then go here for every Santa Clarita home for sale and then you're gonna see them all right here and then I I like to post these up newest first instead of having it you know going some other way I like the newest houses first and if you're searching in a particular price range then you could go on there and you could search for those price ranges newest listing first and then there's also a lot of other filters there but that's the current inventory here in Santa Clarita Valley at www.SantaClaritaopenhouses.com thanks for watching everybody I'm Connor with honor over and out so anyway they go and they put their best foot forward and they do scroll down there's another one open houses that scheduled for this weekend here in Santa