Good day, I'm Connor T. MacIvor and I'm glad to be of great real estate service to those of you who want to make your real estate come true in So. California.
Santa Clarita real estate expert radio (00:00):
Good Day to everybody. I am Connor MacGyver. Thank you so much for tuning in. This is your real estate update. Tuesday, August 18th, 2020. And what we're going to do today is we're going to discuss a couple of, of a government of the things that seem to be present clear and present danger in the current real estate market. Of course, if you want to us on our website, Santa Clarita, home experts.com, Santa Clarita, home experts.com. What will you find their way? You're going to find out its fun stuff at the very top. You'll be okay but click on our blog. If you happen to be logging on to Santa Clara, to home experts from a mobile device, you'll be able to pull down a menu, and then you'll get access to our blog. Plus property searches also map searches. That seems to be the most utilized in the system.
Santa Clarita real estate expert radio (00:45):
If you're here in Santa Clarita Valley and you're searching, let's say you want to see everything for sale and Valencia from across all price ranges. It's very easy to do, and you can see it on a map to see where these properties are located. Then you can kind of investigate different neighborhoods and kind of get a feeling as to how those prices are stacking up across the Valley. What you will see though, is the severe lacking of real estate inventory. And that's been going on for the past several years, but we are definitely at some low points and some record-setting times, as far as inventory that we've seen here in Santa Clarita Valley lately. And I will tell you that I do have a search set up here. Let me check. And I'll give you that to today's inventory here as of Tuesday, August 18th.
Santa Clarita real estate expert radio (01:32):
So we're going to pull this up. Okay. And we'll see. So here's how I run that data is, is this way. I run everything through Acton through Valencia. And it seems like last week and the two forties, the early two forties, like two 43, that was that inventory. The number of residences for sale from act and Aqua Dulce says Canyon country cast a new hall, Saugus Stevenson, Rancho Valencia this week as of today. And again, August 18th, 2020 265 active listings on the market for sale. You'll see all of those. It sonically to home experts.com. This is going to be running the gamut between single-family residences, both attached detached. You're going to see the condominium type properties and also the townhome properties, everything residential you'll see it. And this includes everything. As far as senior areas, nonsenior areas, places that have hos places that don't places that have pools, places that are behind Gates, places that are gated places that don't have pools.
Santa Clarita real estate expert radio (02:35):
And also other places that have community pools or also association pools. You'll see all of this plus tennis forts, all nine yards. So that's what you're going to find out at Santa Clarita, home experts.com. What are the new things? And I talk about this. Every show before I get into the other items I wanted to discuss today is the coming soon list needs to be able to get access to those. You have to simply go to your trusted real estate advisor, whoever that is and say, listen, Jack, I want you to conduct for me a search of single-family residences, for example, price between 600,000 to $750,000 only located in Valencia three bedroom, plus a with maybe larger lots, maybe pool-sized, lots, those sorts of things. Then when you do that, what'll happen is you'll start seeing real estate listings that you won't find online because they're being dispatched to you directly from the multiple listing service via your agent.
Santa Clarita real estate expert radio (03:33):
You don't have one. Well, I mean an agent, you don't have one contact me, Connor MacGyver. You'll find all my information at the Santa Clarita home experts, website, Santa Clarita, home experts.com and
just reach out to me and I'll get you set up on a search so you can see the coming soon listings. You're going to see that these properties take 21 days to actually enter the market for sale in some cases. So that's ninth of time. The agent has to be able to make those go from coming soon to actually on the market right now in the data there's 24 coming soon listings in the residential market, all across sent a creative Valley, and we're going to there's one on Sago, sweet cap. Let me know if any of these get, get you excited. Chief Rob Marcado, Ron Ridge Cantor would Contessa pleasant.
Santa Clarita real estate expert radio (04:24):
Dale lost Gagnon. Number 90 over there. Crawford plays Sierra Oak shade, Lynn Gimlet candy, the old road, Sheldon Lexington, skipping stone mill house Fitzgerald. I'm going to love to see the software, try to decipher this and put it into text Fitzgerald, Demonte Demonte three 69 and three Oh seven via Catalina and Gaia. Delapaz drives in Valencia in West Creek. These are coming soon listings folks. So the agents have zero to 21 days to make these bad boys live when they become law five. If you are on the drip if you're getting your information, yeah, me, or another capable agent, yes. Here. Then you have to see these things and you can start preparing. And one of the things that I do with my clients when we quote, unquote preparing is we all get these set up and I'll do a comp profile. So we kind of know where they would be prior to us looking inside.
Santa Clarita real estate expert radio (05:20):
Once we look inside, then we can make a better offering strategy in some cases, because I do know most of the agents out here I've been doing this long enough since 1998, I might be able to [inaudible] early, but again, that's not going to really change the dynamics very much just for the simple fact that most real estate sellers, those people that are selling, I included they want to get that far market saturation before they start to limit themselves. For example, if you're seeing a house that happens to be in the coming sooner arena, and you're looking at that maybe three or four days before going on to the market, that seller's going to want it to actually hit the market. Because at that time, then the syndication sites are going to pick it up and start to propagate the area information online, giving that property full market disclosure, uh, excuse me, full market saturation.
Santa Clarita real estate expert radio (06:15):
So everybody sees it disclosures to all another animal. So that's really important to look at when you are wanting to start your search, you need to have it complete. And the best way to do it completely is to go through that local realtor state agent. If you're in Santa Clarita, Simi Valley, greater Los Angeles County here, please reach out to me and I'll get you set up. I just need to know a little bit about your criteria, what you're looking for. A couple of things that have come up here over the last couple of weeks when it comes to COVID and the shows have properties, and everything's being done very, very safe. You have sellers that are preparing their properties. They're offering different kinds of, uh, protective items in properties. That instruction is only one person at a time inside a property with an agent. And also those people have to vet themselves and also be vetted by the real estate agent in a way they're signing the documentation, basically swearing that they haven't had access or been around anybody to the best of their knowledge that has been infected by COVID-19 or their Coronavirus.
Santa Clarita real estate expert radio (07:21):
They do these things. I send that document that my buyer sign and these aren't just people I'm picking up off the street. These comb buyers, as a majority of the home buyers out there, they're established, they're working with agents. They're pre-qualified that pre-approved, they are the real deal people
today in this market that is looking at real estate. There are very few tire-kickers out there. These people are serious. They're seriously owned buyers, and they want to get out there and purchase something before the market goes haywire or whatever. So when we do get these documents together, we have them executed. They sign it and then our seller, I keep it in my personal files. It gets uploaded, but the seller also knows that we've done our due diligence and that other agent also has a copy of the one that's representing the seller. So when we go look at it, then we can have our PPE, our personal protective equipment.
Santa Clarita real estate expert radio (08:21):
We have that stuff on. It's going to include face mask gloves, uh, depending on the residents, how we're going to, or how our feet are going to be adorned or not. Adorned is going to depend on what the request of the home seller happens to be when people come and view the residents, right? The other thing that people are looking at when you're going to go in there, of course, you're not going to touch anything, open anything, if you have gloves on, that's fine. But again, that house typically is disinfected in between showings. In addition to that, most of the residents is, and this is good for you to know have typically some kind of video surveillance and maybe video and audio or just audio, but there are properties out there that sometimes that's revealed. Sometimes it's not, almost everybody has some kind of a doorbell device that does record.
Santa Clarita real estate expert radio (09:09):
So they're going to see people going in, and if everybody's going in with no PPE, that's going to be a phone call that I'm sure that agent's going to get lickety-split. When those people go in because they're creating an issue or a potential issue. So everybody has to be prepared when they go in to look at properties. Also, the vetting process to go in. Sometimes those sellers are looking to have preapproval letters from reputable mortgage companies submitted showing that the people that are going to be viewing the house, not only having signed the peat documentation, the COVID-19 stuff but also they're stating that yes, I have been preapproved by a lender and yes, I can afford to purchase the residents that we're going to be happening, happening to view today with our agent. This is also part of the process. Plus then everybody gets set up on an appointment most times, 15 minutes in a residence, in any residence with any buyer.
Santa Clarita real estate expert radio (10:10):
That's usually a little too quick. 30 minutes is typically better. Sometimes agents don't manage their time properly. So a lot of times when we go to view residential real estate with buyers, we're of course on time, ready to look, and somebody is still there, or somebody else has got in before their, their time of appointment because they didn't calculate their time correctly. When Shaw real estate, this does run into issues sometimes with different buyers. Some buyers are more forgiving than others, but some really take it personally. So your agent needs to have the wherewithal to be able to stand up, stand by, and call those shots. The other thing, when you're looking in residential real estate, most times today, those sellers aren't present. Everybody likes to ask if the properties vacant, vacant property, still get the same kind of attention, because who knows when that seller is going to be coming back into that property, they have to have that same kind of requirements with a P documentation.
Santa Clarita real estate expert radio (11:15):
These forms, preapproval letters, and also an appointment set to make sure my buyers aren't running into somebody else's buyers at the property. There's a good overlap. And also we don't have any distance
issues or walking through the residence with multiple parties. It's going to be one in one out. The other thing that a lot of agents are doing me included. If I have a couple of one interview residents, usually I'll leave one party outside, take one party in with me, then bring my one party out and then pick up the other one and take them back in. So both parties can look at it and then they can discuss it amongst themselves. Again, keeps that separation, that six-foot, minimum distance as a priority. And it really does help the situation. Most properties are going to be controlled by some kind of a lockbox device.
Santa Clarita real estate expert radio (12:06):
Usually, the sellers do not leave their houses unlocked. Usually, the sellers are not there and there is no running into the case. We, I did have a thing last week, a showing last weekend that happened to involve sellers being home. We did arrive on time. They were still finishing up breakfast, how smelled like bacon, which was awesome. But anyway, we were, we were right on time. They were really weren't prepared. And there was a little bit of connection as they came outside to stand outside, which I guess is their practice under a tree. As we went in to look at the property, you know, it works it's okay. Nothing was touched. We just walked through the residence, came back out. So thank you very much. And they went back in. So that's how the COVID-19 stuff is happening. Now, after this, after we get and look at a place, the next thing that's happening in this market is usually if somebody wants to move forward and start that offering process, they have to move quickly just because as you can see, there were only 200 about mid two hundred as far as units for sale as of today.
Santa Clarita real estate expert radio (13:15):
So that inventory is very low. As far as what's in process, that's going to be 700 plus properties are actually in escrow. So nothing's really sitting very long, but it also depends on the price range. Once you get above that 700 figure six 75 to 700 properties, start to slow down a little bit in the sales, even in this market, the sweet spot is going to be a little bit less than that down to about five 50. And it's difficult to find single-family residences that are in moving shape, turnkey less than five 50 in the Santa Clarita Valley. So that's about the bottom of the sweet spot. And then the top is going to top off close to 700,000. Anything over that, it's going to take a little bit longer just because there are not as many people in those price ranges. When you do see that property, you like though moving on.
Santa Clarita real estate expert radio (14:06):
It's important. And as I stated in the last couple of broadcasts, never. Okay. Underestimate the power of a buyer love letter. And I do have a system that I do. I put it together. You can see a little bit about a little glimpse of an online by Googling this entire phrase. You'll punch in Santa Clarita, home experts, love letters, and you'll find the posts that I had written regarding it and giving you a little glimpse. Then when I have my clients actually start to pitch in that love letter, I have more information that I want them to put in there just because there are others. Thanks to the sellers, want to see in those love letters that actually might give a person an advantage. And I've seen it happen before overprice. So if somebody is offering a little bit more, sometimes a love letter can be written in such a way to actually override somebody's coming in at a higher offering amount.
Santa Clarita real estate expert radio (15:02):
It does happen. It does depend on where the property is priced. It depends on where the expectation for appraisal value might be. If in fact somebody goes into a property and they just offer a lot of money hoping just to get the property and then try and rely on the appraiser to come in and devalue the property and put it back into the realm of possibility that buyer thinks that they want in the process. In
In some cases, they might be countered back. As the banks kind of started to do that until the end of the last four closure cycle of bank-owned and REO properties, the sellers could counter those buyers that are just wanting to get it out of frustration, uh, by offering way too much money, they could counter back and say buyer to waive their appraisal contingency, thereby being, having to pay the full amount offered not a difference between what the property appraised for and what they actually offered.
Santa Clarita real estate expert radio (15:59):
Watch out for those counters that have those types of requirements inside. There are other reasons to cancel, but again, lawsuits are plenty. Just be wary. What your method of practice is going to be. If your agent is telling you something that sounds funny or makes it uncomfortable more than likely, it probably is folks. There are a lot of agents out there that don't have the time in scope, the time working in the real estate trenches too, I've really been able to experience different types of markets. This one is incredibly unusual with the advent of the pandemic. And 2020 was setting out to be a record-setting year because of the number of listings that were coming on the market, being publicized, and tell the pandemic. Then everything started to shut down. And we saw about a 30 to 45 day lag in the real slowdown of the market because those are escrow times.
Santa Clarita real estate expert radio (17:03):
Then we saw bottoming out. And right now a lot of the sellers aren't moving forward with putting their properties on the market that they actually want to sell. A couple of reasons. Number one, they just did a refi more than likely over the last several months. Not that that's really precluding many from actually selling it, but they just went through all that. And they're very happy with that payment. The second thing is they're not seeing anything out there that potentially could be that replacement home that they're going to need to purchase. Whether they're moving up with the moving down, maybe a lateral move, or maybe leaving the state of California altogether. We're not saying that those properties are out there and the best way to do it in this type of market as a real estate seller is of course you want your property to be escrow before you take that step and start to write offers on other properties.
Santa Clarita real estate expert radio (17:55):
It's not because you can't do it the other way. It's not because you're unable or it's not possible for you to even write off offers contingent on you, selling your own home, having everything close at the same time, even before your house is on the market. You can write those offers all day long through your agent, but they're not going to be entertained by the majority of the sellers out there because everything else is just a wish. Everything else is just hoping your property's not on the market yet. You haven't advertised it. You don't have a buyer for your property. So we don't really know if your property's going to sell anyway. Now of course it looks like it will. Everything else can line up, but you don't know until you actually have a buyer that comes in says, yes, I want to buy your house.
Santa Clarita real estate expert radio (18:44):
Yes. I will allow you to find your home of choice. I'll give you 60 days and yes, I will allow your sale to close at the same time as me buying your house. That's good, there you go. So now you're good. So as a seller, you're all set up. Now you can start going, looking for that replacement home. You already have it. If you've been looking and there was one that came on the market, it fits it's. Then that actually might work out. Then another seller, whoever the on the property that you want to purchase, they will then be more likely to take your time offer the same thing. With new housing, we represent people at new housing all the time. Some new resonances and new builders will not take a contention offer at all
because they have enough non-contingent buyers going in. One of the things that could be done, if you can qualify for both, or maybe you are using a VA loan.
Santa Clarita real estate expert radio (19:40):
So that, that gives a little bit more ability to do, do this, but you might be able to write that offer on a new resonance and thereby selling your house in the interim, and then finding a place to stay while the new house gets built or potentially renting back your residence for a number of months until the new house is built. These are other options. So there's more than one way to actually get what you want in real estate. You just have to find the agent that understands the different ways so they can explain it to you. And of course, if you're savvy yourself, you've been doing this a long time. Maybe you've sold and purchased multiple residences. So, you know, the inner workings, at least an agent that has the wherewithal ability and guts, to be able to tell you if you happen to be making them steak, personalities are different.
Santa Clarita real estate expert radio (20:34):
Some agents are milk toast, some agents, this is way too hard. You want that agent that's going to share with you the reasons why they would or would not do what you're about to do or at least give you all of the things to about with regard to what you're trying to do in real estate. I'm Connor MacGyver. It's 7:17 AM Tuesday, August 18th, 2020. This has been your Santa Clarita home experts, real estate update. When you're ready, please reach out to me. I would love to be there for you and help you through the entire real estate process. And again, reach out I'm Connor MacGyver, Santa Clarita, home experts.com at Remax gateway, headquartered in Santa Clarita Valley. Everybody be safe in his name. I bid you a good day over and out.