The Santa Clarita real estate market update June 14, 2021

Santa Clarita real estate update scv911 (00:00):

And good to everybody. Thank you so much for tuning in. I am Connor MacGyver. This is your real estate local agent here at exp Realty in Santa Clarita, California, serving all of the states. Also, we do have a lot of connection points all over the rest of the continental United States and also out of the country. So if you are looking for something that's not where we happen to be located, still reach out to me. I'll make those connections for you and make everyone happy. Let's get into today's broadcast. We are at June 14th, cheating. There we are Monday. Uh, typically the broadcast does finish and get done sometime compiled on Mondays. So when you do go to SCV 900, you'll see the latest broadcast. If you get there sometime Monday afternoon or throughout the week, you'll be able to see what's going on in the real estate world.

Santa Clarita real estate update scv911 (00:52):

ExP of Southern California ValleysAnd today we're on June 14th, 2021. Now just a couple of items points of interest before we get into what's going on in the real estate market. And the dynamic changes that are going on. And there are quite a few so we can discuss those. But for the past several months, we have seen limited inventory, but that doesn't mean nobody's able to purchase real estate. It's just a little bit more difficult and it takes a few more times usually getting up to the plate and taking a swing at the ball. Sometimes though, a lot of people get in their first one first offer in wins. And in other cases, sometimes the sellers don't want to really wait too long and have their property looked at too much because that does wear people out, especially with owner-occupied properties. So we do see some sellers actually just accepting an offer when it does come in, not countering not changing anything.

Santa Clarita real estate update scv911 (01:44):

And that's also going to be very dependent on your agent and how they write that offer. If they write that off relatively cleanly. And there's really nothing that the seller's agent is going to counter or wants to exclude from the offer that was written. Usually, those are the easiest for a seller to accept, but in some cases, agents also do fire counter offers off, even with those types of the real clean offer type, just because there are certain things that have to be cleaned up. As far as the agents concerned who has to grow is going to be who's the title company that's going to be used certain things, just kind of assigning, uh, different companies to do different tasks within the real estate transaction. Now, as far as real estate goes currently, uh, pulling the inventory today, and this is all of Santa Clarita Valley cities, all the way, Casta canyon country, new hall, sagas, Steven Serrano, Valencia 205 total units on the market for sale and of those 205, we have 31 of those that are coming soon listings.

Santa Clarita real estate update scv911 (02:47):

Now some of the real estate syndication sites online, they're showing those coming soon listings as being available, just be wary. If you want to actually get to the bottom of that, what exactly is coming soon and what isn't just contact me or your agent, reach out to them and say, listen, Connor, if you're reaching out to me, Connor set me up on a search for this particular city and include the coming soon listings. Very easy. You can contact You'll see how to do that very easily thereafter you get on watching the real estate update for the week. So at 205 units for sale, uh, minus the coming soon listings, that active inventory that still causes this particular market to be incredibly hot, we would need at least five times the inventory numbers seem to work out about that. So somewhere around a thousand units for sale to make the switch in this particular market from being a seller's market, backing that off and maybe giving the buyers more advantage.

Santa Clarita real estate update scv911 (03:42):

But right now there's nothing like that. However, in the last couple of weeks, I have noticed when showing properties on the weekend that it used to be standing room only it real estate listings. It seems to be slowing down just a little bit and don't have an explanation as to why that is, but we are getting deeper into the summer. A lot of people now COVID is kind of over. People are going to start taking vacations. Maybe that wasn't able to for the past year travel restrictions are starting to lift. People, start to do a little bit more moving. So maybe real estate is taking kind of a back burner for some. But again, that doesn't mean that real estate is dormant. It is very active. And for properties, we still have the multiple offer scenario that we're seeing when multiple people are looking at the property.

Santa Clarita real estate update scv911 (04:25):

A lot of them being very interested and I'll writing offers on the property. So there are multiple offers with that particular, the way that that works is the seller can just choose. One can also counter each one, can counter each one and say, give us your highest offer and change the terms to make it better for the seller. So there's a lot of ways that they can be countered, but as long as the seller hasn't selected an offer, even if you're writing maybe late in the process, maybe they've already had them as long as they haven't selected anything and gotten confirmation from the other party, you can still get your offer in there. So don't let anybody dissuade you from doing that. It's good practice at least to get out there and know the rules. So you're not, uh, pressed up against somebody that might not want to do it because all it's too late, it's not going to work.

Santa Clarita real estate update scv911 (05:19):

You never really know. And also don't forget. We still have somewhere around 20 to 25% of the listings that still bomb, which means they basically go from being an escrow, having a signed-off Beal, to not being an escrow and being active. Again, lots of reasons for this to happen. And probably not for the reasons that you may think it's usually not some kind of a seller thing, like an issue with the property, like mold or boundaries or some kind of an improvement that was done on the residents that weren't permitted. It's usually fangs, not things like that usually come down to it when escrows cancel, it's a buyer issue. So the buyer might not be able to get financing. And I'll tell you one of the biggest rules out there. If you are a buyer, you don't want to change any part of your financial profile.

Santa Clarita real estate update scv911 (06:09):

So when you are looking for real estate, you've been approved by your lender. Don't go charge anything up on your credit cards. Out of the normal don't pay anything off out of the normal, keep everything the way it's supposed to be in the way it was when your credit was run, monitor everything, make your payments on time. And don't go out and try to finance things like a vehicle or furniture or whatever it may be. Don't open up a new line of credit. Don't pay off any lines of credit, unless the lenders asking you to do that. And before you make any one of those moves, this is great advice. Folks. Once before you make any kind of move financially, even getting a Chevron card, you're going to want to reach out to your lender and say, Hey Jack, it's Connor. Um, you approve me for a loan for X amount of dollars.

Santa Clarita real estate update scv911 (06:58):

Listen, I got this great deal from Chevron. They're going to give me 0% interest if I use their visa card or whatever it may be. Is that going to be a problem? Now, if he tells me that it's not going to be a problem, don't worry about it. That'll be fine. I'm then going to follow up with Jack the lender and an email and say, Hey Jack, it's Connor. Thanks for taking my call. I do appreciate the time you took to

speak with me. Just so I understand I'm in the process of buying a house. You've approved me for X amount of dollars in real estate to finance me, getting the Chevron car that I talked to you about. Isn't going to impact me in any way, shape or form negatively. I just wanted to make sure I understood you correctly. Before I actually signed up and got this particular credit card, nine times out of 10, after they've seen it in writing, they might respond to you a little differently than they told you before.

Santa Clarita real estate update scv911 (07:49):

Now there's accountability. Now there's something there that you can fall back on later if everything falls apart because you went out and got a Chevron card or some other type of credit card being a new line of credit. So be wary of that. Everything in real estate, you should follow up in writing with the entities that are your agent. If I'm spinning some fancy tale about how you're going to be able to get a house for nothing and so on, definitely you want to follow up those nonsensical statements in an email so you can pin me down or, you know, fire me and go get somebody else because that's ridiculous information. A lot of times you'll see midnight TV stuff late on television. You'll have your friends tell you how they got the best deal in the world on a particular home or alone with all of those things.

Santa Clarita real estate update scv911 (08:39):

A lot of those are teaser, a teaser information, teaser rates. So you might see on TV that, you know, they're going to give you a 1.5% interest rate. When the regular market might be three and a half currently, you're going to want to investigate that. And if willing to do that, that means they're eating some costs. And maybe even if that's even possible contributing money to your loan, basically giving you something better than for free, they're actually funding it and paying for it. Be wary of that because these are teaser rates and a lot of them are just trying to get your business. They get you in the door, they get you to give up personal information like your social security card, dates of birth, uh, addresses , and stuff. Get you to sign on the line, which is dotted, stating that they're going to run your credit and they can draw you in.

Santa Clarita real estate update scv911 (09:27):

And they say, oh, you know that 1.5% interest rate, well, it's not really applicable to you because of this, this and this, but we have a great 3% interest rate or whatever it may be. I don't like the bait and switch deal. Sometimes it happens too frequently. But again, follow that up with them in an email. If it does sound too good to be true, sometimes it is. As far as the real estate market goes, we are in June. I spoke about this last episode on a CV nine one, At the end of this month, forbearance from everything that seems to be pointing. Two is saying that it's going to be finished. Those people that haven't made their mortgage payment for a long time, those mortgages are, are now going to the payments are going to resume sometime July, whatever that was. And it's going to be very dependent on whatever the schedule was prior to COVID and when the people called into their bank, there's also another side of that.

Santa Clarita real estate update scv911 (10:23):

That happens to be the rental forbearance. That's also coming to an end sometimes. And this is about the same time at the end of this month. That's probably going to be a little bit more difficult because in that particular scenario, those landlords out there probably aren't going to put that year's worth of payment, that the renter, their tenant didn't pay at the end of the lease to have them pay it, come, you know, pay it when it's finished. They're probably gonna want that money upfront. So we're going to see maybe a little flux in the market. I don't know if that's going to equate to more listings coming onto the market,

but if we start replenishing the listings we have at a higher rate then we're able to sell that supply and demand issue is going to switch on us and we're going to have more supply.

Santa Clarita real estate update scv911 (11:08):

Then we're going to have to demand new housing. If you're interested in that, you can go to Santa Clarita, home forward slash new. You'll be able to search for new housing in Santa Clarita valley. All of it is dependent on you being approved with a particular lenders, especially at five-point, which is the new development off of magic mountain. The houses are in the sevens. Doesn't look like there's any kind of occupancy able to happen until September that's the soonest they can be built and they do have a limited inventory, but the starting point is contacting me. I'll put you in touch with their lender. You get pre-approved and then we'll go walk the new residences by both KB homes on Lenore at five-point to see what the best fit is for you. To me, because there are particular questions that I'm going to want to give you.

Santa Clarita real estate update scv911 (11:56):

So you can ask the new home lender at any new housing track to best get your best advantage. The most credits, the most discounts, and the most, uh, money back with regard to closing costs as well. These are all very important questions to ask and I'll give you those. So when you do speak with that lender at the new housing, you'll be able to get everything that you possibly can remember as a real estate buyer, when you're purchasing real estate, you don't pay my fee. The seller does. And that also includes that new housing when you're ready, the sellers of those, the builder were actually paying me to represent you and they have their own agent on their side of the new builder community. That's those agents that are, uh, they're being receptive or smiling, wanting to help everybody. And then you have your own agent on your side, 100%. I'm Connor MacGyver. Thank you so much for watching this week, June 14th, Monday's real estate update. SCV 9 1 1 is where you can find us every week. SCV nine one, on Connor. Thank you so much for watching everybody be safe. And when you're ready, you can send those that are looking for very good real estate agent to me. And also if you're looking as well, I would love to help. Thank you so much. We'll talk to you soon. Connor MacGyver, over and out.