Connor MacIvor Santa Clarita home experts video (00:00):
And good to everybody. I am Connor MacGyver as CV 9 1 1 with the XP Realty here, headquartered in Santa Clarita Valley, serving greater Los Angeles. We're going to talk about open houses today. We are at June 26th, 2021. That's right. It's Friday. Just had to make sure. So the new thing on the, on the, uh, on the event trail is this. So we've had a lot of very low inventory. If you're a buyer out there in this market anywhere greater Los Angeles. In fact, if you're actually a buyer moving into another state, you're probably banging your head against the same wall. The rest of the buyers are, and that's going to be the real estate with limited inventory that starting to loosen up a little bit. And we're seeing this on a couple of different fronts. If you look at standard real estate throughout the year, and you look at the best times to sell more than likely for almost any market, including the one we're in now with this very, very low inventory, the spring, and the summertime is going to be the best times to sell real estate.
Connor MacIvor Santa Clarita home experts video (00:58):
You're going to get your best return. Typically as a seller and as a buyer, you're probably going to have more to choose from, but your price point might be a little bit higher, but then that balance comes in. You know, let's say we find something that we really like, but it's $20,000 more than it might be in an off season sale. What do you do? Well, you have to adjust with the times and see if that 20,000 is going to be worth it by breaking it down, maybe by payment to see what that extra is going to cost you, to be able to buy the house you really want versus maybe waiting a few months to do that at a discounted price, or maybe buying currently, not the house you really want, but something that might be a little bit less, let's say by $20,000.
Connor MacIvor Santa Clarita home experts video (01:39):
So these little formulas have to be worked out amongst yourselves, whomever, you are purchasing real estate with the decision-makers and the people that are going to be living in the residence. The very important point now because the market is starting to slow down just a little, we still have multiple offers on properties. Properties are still selling within hours, if not a few days. So we're not out of that yet, but instead of the 20 and 30 offers, we're seeing that number less than two, maybe 10, 5, 3. I'm watching this trend as we see real estate numbers increase. So as of today, Friday the twenty-six, two hundred and forty-seven total homes on the market for sale Santa Clarita, that's going to be Castaic canyon country, new hall, sagas Stevenson, ranch, and also Valencia. So this is pretty much everything within the week. Y yeah. Anyway, so the 14 freeway five freeway makes a Y.
Connor MacIvor Santa Clarita home experts video (02:38):
Correct. So that's pretty much everything within the Y there. So that's going to be what that inventory is currently of that there are only 19 of those that are coming soon. So the rest of those are on the market. If you track back four or five weeks, we had 150, 160 units on the market for sale at any given time and of those 1920 or 30, we're actually coming soon. So we're seeing a change in the market. We're seeing more inventory hit and that's as I opined, or maybe cast it just because we have now an ending to COVID coming seems that that's going to be all settled. Travel restrictions are going to be lifted very, very soon. So people are going to be able to go where they want potentially people that maybe haven't had a vacation for a very long time. They're going to maybe start to travel again.
Connor MacIvor Santa Clarita home experts video (03:25):
We're also going to see, as we get in deeper into summer, people are going to start preparing for the, in the actual real school where kids actually go back again, so that placement's going to be important for
them. And if you have a house that happens to be in a very good school district in Santa Cruz or blue ribbon, you're going to also get a premium by selling this time of year on top of what you normally would, because there are a lot of people searching by the school district and they want to get that placement for their children just right. So if you're a seller that has that to offer, make sure that that's pointed out and also not discounted. So the agent can get a quick sale. It's not really proper. You shouldn't have to do that. So back into the real estate market, currently, what I've seen is this.
Connor MacIvor Santa Clarita home experts video (04:09):
So over the last couple of weeks, we had the moratorium on open houses lifted. So now you're probably seeing a lot more open houses out there on the market. You're watching, as you're driving around neighborhoods, you have the agents putting out their open house signs, trying to run back to their car before they get run over parking illegally that whole nine yards. So that hasn't changed at all throughout the years. That's still a typical operating procedure. Apparently, they're putting the open house signs out and then you come into the open house. So right from the door, they're probably very friendly, a couple of questions, you know, do you have an agent? Where is your agent? Why is your agent with you? Or are they too busy to represent you? Maybe you should try me for example, those sorts of things. So maybe a little bit of high pressure.
Connor MacIvor Santa Clarita home experts video (04:51):
The other thing they might throw at you is this. They might say, well, you know, I'm representing the seller and really nobody knows better what the seller is going to set, except, but me, because I'm as confidant on this real estate agent, I'm the one that they actually chose to sell their house. And in fact, I think that I might be both to pitch your offer. If you just use me exclusively and help you get this residence, let me throw a couple of flags on that. Number one, the agent that just gave you that beautiful, beautiful story is actually in contract with a seller because of that, because he is a written contract, he has more of a fiduciary obligation. Now, this might've been something that he spoke with a seller about pitching. If that's the case, then it's okay. But if he's doing this on his own, it's not okay.
Connor MacIvor Santa Clarita home experts video (05:39):
The other thing is this. When it comes down to what the seller's going to accept, and I know this very well, and if you're a seller, put yourself in their shoes, if you have your agent bringing you an offer and you have 10 other offers on the, you're going to look at everything overall, if your agent tries to spend this one particular offer as a seller, you might think, Hmm. I wonder why that is. And then you find out that the agents potentially going to be making more by doing that, representing both sides on the transaction, that could be a reason, or it could be that your agent does have the best offer through this particular person that showed up at the house. If that's the case, usually you're going to see now a counter offer process put into play, and it could be that other people come back higher.
Connor MacIvor Santa Clarita home experts video (06:31):
But at the end of the day, my recommendation is always for buyers to get their own agent. It would be the same as if you went to hire the same attorney that's coming after you and suing you. That's been hired by the person that wants to set that, uh, set the suit against you. So my recommendation is always to have your own real estate representative in the real estate transaction. It's always built-in that. You don't have to pay your agent as a real estate buyer. The buyer's agent always gets compensated through the seller, no matter who the seller is. And this also works at new housing. These are things to know.
When you go into the open house, also with the open house, they're going to ask you to sign in per COVID guidelines. The seller wants to know who's been in the residence. This is a change from before.
Connor MacIvor Santa Clarita home experts video (07:18):
They used to use other tactics to get people, to actually give up their personal information, to come into a residence now because of COVID and those restrictions loosening up quite a bit where masks aren't being worn, typically in the west, upon the seller's request, those sorts of things. Now they're actually including the sign-in sheets. And they're asking everybody to sign in this there without a real estate agent. And they do that because the people that come with an agent when I'm going and showing an open house, which I do often to my clients, they're not, I'm not going to, I'm going to know who my client is. So I'm not going to give my client's personal information to that seller's agent so they can harass them to the end of the time. So that's one of a recommendation as well that I have when you go in if you go in alone and understand that they're going to ask you to give your personal information.
Connor MacIvor Santa Clarita home experts video (08:05):
And I don't know if you were to try to stop and not do that, what the consequences would be. I would imagine they would say this. Seller's not going to allow you to view the house because there's no real record of who you are, but there's also never really any verification of who people are that come in. I've never once seen an agent ask for somebody for some form of ID or driver's license to verify who they are as they came through the open house. So that's, that's two parts, two open houses that you're going to see out there. My recommendation is whenever you go into an open, open house, whether you have one or not, yes, I have an agent I'm well represented. I just want to look at the residence. Is that going to be okay? And typically that agent is going to say, absolutely, that'll be fine.
Connor MacIvor Santa Clarita home experts video (08:48):
I just need some more information. You know, your ages name typically, or maybe your name, depending on what they're looking for. But usually, that works at the end of the day when it comes to new housing, purchasing new residential, real estate, new home builder, new construction websites, and also new construction sites for buy new builders. The thing to know there is once you go in and you didn't go in with your real estate agent and you sign pretty much, you've given up the right to have your agent work for you on that residence and work and look at all the disclosures, read all the information, negotiate for you because you gave it up by going in without your age agent, there are signs posted. I'll be up the night, huge, but new housing typically does put these signs up. And it does state on there that if you show up to a new housing development without your agent, then you lose all right, to have an agent by your side, your own agent, you have to utilize the builder's representative, which typically is not a realtor.
Connor MacIvor Santa Clarita home experts video (09:48):
That's going to be just a, uh, uh, licensed caring state of California real estate agent. That's been hired by the builder to represent them when it comes to new housing. That's also something to watch out for a different trend. We've seen as far as looking at real residential real estate, usually, I'm scheduling showings two and three days ahead. Uh, we see that they're not as tight as they were even three or four weeks ago. So we also see that loosening. We see that in some cases, rental forbearance, that was going to come up. This June the 30th, also the regular mortgage forbearance that was come, gonna come up June 30th, it looks slide nine. This is what I've seen from a few of our clients that have entered into forbearance a while back, they're able to get extensions till September finishes till the end of
September, what I had seen and what I've been watching the real estate inventory is inventory starting to pick up.
Connor MacIvor Santa Clarita home experts video (10:47):
Um, I think that's going to stay a little bit slower than I thought because this month as we come to an end, people are going to be able to extend that forbearance. But I still think we're going to get some news in September that, uh, it's going to cause people a little bit of panic. And the people that haven't been selling their houses is that of no want to do for the past year, year and a half. Since COVID started, they're going to reactivate and they're potentially going to start wanting to get those houses on the market, again, not the best time of year, but maybe in until the end of this year, because they're going to be worried about what quarter of 2022 is going to look like what quarter one will look like of that year, depending on how many properties in forbearance go to foreclosure, which I know the servicers have been stating the, to their vendors, please, you know, do whatever you can not to allow these properties to go into foreclosure.
Connor MacIvor Santa Clarita home experts video (11:36):
But I think we're going to see that potentially being something that people need to watch out for not going to create a massive foreclosure market. But I think it's going to spear off a lot of sellers out there. They're going to want to start listing their houses for sale. And that's going to start to add inventory to the market, the salable market. And then that inventory is going to be experiencing price reductions. So if you have to sell folks, I would do now without a doubt, no, if and or buts, if you have to buy, you have to look at your current situation and how important it is to you as far as finding a deal out there right now, there are none, there are still too many buyers in this market that are willing to pay whatever it takes to get these houses. And basically when the highest bid on them.
Connor MacIvor Santa Clarita home experts video (12:26):
And in some cases, it could be that that's fair market value. In many cases, it's exceeding fair market value. Yeah. If that's okay for you as a buyer, then just let me know. And we can go out and start doing that. Searching for real estate starter show stuff in person. I always pull comparables as most agents should. So you know exactly what you're paying. And if in fact what you're paying is going to be more than what the appraised value would be. Very good information to know I'm Connor, Nick Iver. This has been your SCV nine one one.com update. I'm here in Santa Clarita valley. Most of Southern California I'll go to it just depends, but most comfortable here in Santa Clarita. So if you know anybody, you, yourself, family, friends, whomever in your sphere influence wants to be out here or leave here or do anything out here. Give me a call. I do it. You're listening and watching. We'll talk to you very soon for past best, uh, episodes of the SCV update. You'll see them. So just below this email@example.com by date. Thank you so much. You be safe and we'll talk to you soon.