Latest / Connor with Honor: AI, Real Estate and Real Life / 479 homes, condos and townhomes for sale, hey - that's almost as good as lions, tigers and bears, oh my!!!

Transcript

479 homes, condos and townhomes for sale, hey - that's almost as good as lions, tigers and bears, oh my!!! · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Well, Santa Clarita life is good at 479 residential real estate listings for sale.
• 0:05
  SPEAKER_00: I'll explain how that's going to impact you in the coming months if that inventory continues to increase.
• 0:11
  SPEAKER_00: In addition, I will talk about what sellers are looking for and what buyers are expecting.
• 0:16
  SPEAKER_00: Now, as far as the housing prices go and what's going on with inventory, I've been watching inventory build over the past five to six weeks.
• 0:24
  SPEAKER_00: And of course, we've been on a steady increase for better than three years now.
• 0:28
  SPEAKER_00: So now as we approach 500 units for sale, and this is going to include single-family residences, condominiums, and townhomes in every week in each one of the Santa Clarita Valley cities, all total.
• 0:40
  SPEAKER_00: So you have Castella, Canyon Country, New Hall, Saugas, Stevenson Ranch, and Valencia, and all of those 479 active residential listings.
• 0:49
  SPEAKER_00: We have been seeing that increase.
• 0:50
  SPEAKER_00: We're at the 420s only a few weeks ago, and then in the high threes, even before that.
• 0:56
  SPEAKER_00: We were in the twos as well, not too long at the beginning of this year.
• 1:00
  SPEAKER_00: So you can see how inventory has increased, but because of the burdening interest rates that are making buyers not qualify for as much of as they would have if the interest rates were lower, that part of the sector hasn't caught up yet.
• 1:13
  SPEAKER_00: And right now there are still plenty of real estate buyers willing to pay top dollar for real estate listings.
• 1:20
  SPEAKER_00: So our days on market time frames aren't very long in Santa Clarita.
• 1:24
  SPEAKER_00: In fact, in Valencia and Stevenson Ranch and parts of Castate and Canyon Country and Saugus, I can show you listings that have sold within moments of being placed in the active realm.
• 1:36
  SPEAKER_00: Once they enter the the they get active, there are people willing to write offers sight unseen because they have been looking in these neighborhoods and they know exactly the type of residence they want.
• 1:48
  SPEAKER_00: Now, of course, that's not super common to write a listing or a pri an offer on a property without actually having seen it first, but it does happen.
• 1:58
  SPEAKER_00: In this particular case, of course, those sellers that are accepting those types of offers so fast need to understand that it's probably better to maybe have other people come look at the residence as well, just in case and let it live through at least a full couple days of showings just to make sure you actually have the correct offer.
• 2:19
  SPEAKER_00: But if that buyer is pressed for time and has to get something done right at this moment, it's kind of your choice if it comes down to whether you're going to accept such a stringent offer without you being able to explore the market more.
• 2:34
  SPEAKER_00: Or what if this happens to be that last buyer for the present market and the market is gonna undergo a very fast change?
• 2:41
  SPEAKER_00: That could also be the case.
• 2:43
  SPEAKER_00: But as real estate seller, that's something to look out for.
• 2:46
  SPEAKER_00: I told you I would give you a buyer tip as well.
• 2:49
  SPEAKER_00: Let me throw this part of the hat into the ring.
• 2:52
  SPEAKER_00: Whatever that means.
• 2:53
  SPEAKER_00: This is what I would expect as a home buyer now.
• 2:56
  SPEAKER_00: If you're considering purchasing real estate, do not buy predicated on the rates hopefully coming down in the future.
• 3:04
  SPEAKER_00: Although there have been promises and talks of the rates coming down this September, maybe before, maybe a little after, that is not fact.
• 3:12
  SPEAKER_00: That is opinion.
• 3:14
  SPEAKER_00: It looks like everything's going to drive to make that happen, but we also saw as January and February, every all the experts were discussing that real estate was also on its way to have lower interest rates, and that if interest rates made it into the fours or the low fives, we're going to see real estate listings start to fly off the shelves.
• 3:33
  SPEAKER_00: As a real estate buyer, understand you think your competition's high now, it will be more so if, in fact, they do lower interest rates into the high fours, low fives.
• 3:44
  SPEAKER_00: We will also watch as sellers are going to enjoy that fantastically robust market where you have buyers that are willing to write a lot more than their homes are worth.
• 3:55
  SPEAKER_00: The issue with that is that works out during that honeymoon stage in a listing where you have right at the beginning the buyers trying to put their best foot forward, and the seller wants to put their best foot forward as well.
• 4:10
  SPEAKER_00: During that romantic stage, usually nobody offends each other.
• 4:14
  SPEAKER_00: But as escrow goes on, you've now have two and three weeks in, the buyers done their investigations, maybe there's been some banter about clearing up some of the items that have been located in the disclosures, getting further explanations, and then all of a sudden, that romance that you guys had prior to the escrow starting, that's nowhere to be seen.
• 4:34
  SPEAKER_00: In fact, the sellers and the buyers are kind of treating each other like, eh, whatever, let's just go ahead and get this done.
• 4:41
  SPEAKER_00: I don't care too much about fulfilling your needs or even holding you after.
• 4:45
  SPEAKER_00: So we're watching as that particular market, if it does start to change, we keep that present level of inventory even with a little bit more, our market could sustain it, and interest rates drop.
• 4:56
  SPEAKER_00: We're gonna start seeing that high competition market.
• 4:59
  SPEAKER_00: And while for sellers, this looks awesome at the forefront.
• 5:03
  SPEAKER_00: As I said, once buyers get into escrow for two, three, four weeks, that shininess is kind of gone away.
• 5:10
  SPEAKER_00: They've been seeing a lot of other listings listed for sale, but they're already too deep with yours, hence them not moving on to something else and canceling on you.
• 5:20
  SPEAKER_00: That might be at that time where they might start to ask for things, or you might get a little nervous because it doesn't seem like they really want to continue through.
• 5:29
  SPEAKER_00: That's also a difficult place to be in when you have buyers paying premium above listing price offers for real estate listings, sellers, that's something to consider as well.
• 5:41
  SPEAKER_00: I hope everybody has a fantastic weekend.
• 5:43
  SPEAKER_00: I am Connor with honor.
• 5:44
  SPEAKER_00: Thank you for watching.
• 5:45
  SPEAKER_00: We will talk to you tomorrow during our Saturday's update.
• 5:49
  SPEAKER_00: If you need me, I'll be here and be well.
• 5:51
  SPEAKER_00: I'm Connor McIver, over and out.