Santa Clarita home experts radio - Getting your ducks in a row - Buyers!
A really wonderfully horrible transcription of today's real estate radio show. :)
It's Connor MacIvor and I'll be there for you when you are ready.
Santa Clarita home experts radio (00:00):
Good for everybody. Thank you so much for tuning in. I am Connor MacGyver, your host longest-running real estate radio show and podcast here in Santa Clarita Valley, California. This is Santa Clarita, home experts, radio. You can find my blog and website online for everything real estate, Santa Clarita, home experts.com. And of course Santa Clarita, home experts.com forward slash blog. Welcome to January 15th. We're closing out another week. This is the year 2021. We just started, of course, we'll 15 days ago. It is Friday. We're closing out the week, have some interesting information for you buyers out there that are really feeling like you're not getting good service. So we're going to talk about that and kind of what to expect in this market. If you are a real estate buyer, it's about to venture into purchasing real estate. I will tell you this it's really, really important now, especially with the way the market is, is to have all your ducks in a row.
Santa Clarita home experts radio (00:56):
That means everything that you should be doing as a buyer, have everything completed before you even go look at that first house that's out there for sale that you may be interested in, and that's super important. And if you don't do that, you're going to really be behind the eight balls. And you're not going to be able to compete at the same level as the other people out there. So let's go ahead and look at this. Uh, as far as what's going on in the market, I'm going to go ahead and pull the data. As I'm speaking with you, uh, Pacific standard time, it is 1226 Pacific standard time PM. And that's Friday, January 15th, 2021. So I do have the information here. I will look at my saved searches, click through there. I'm going to go to the next page here. And we're going to look at the daily inventory here in Santa Clara Valley.
Santa Clarita home experts radio (01:42):
Pull up the results now, just to let you know, let me back up in this real quick, just to give you an idea of what we're looking for. So a lot of people, a lot of websites out there misinformation, informational the nature in some way, shape or form. Unfortunately, they are doing a good job trying to get you to click. That's how they monetize themselves, right? They want you to click. And unfortunately, when you do, then if they ask for any personal private information, then all of a sudden you're being rerouted to many different real estate agents who have just been given your personal information, your cell phone number, your email, address your name, please be careful. And please understand that there are very few persons online that are going to respect your personal and private information. They're going to sell it to other people that are interested in it.
Santa Clarita home experts radio (02:30):
You see this, you see this how there's really no privacy. You're searching online for something. All of a sudden you jumped back on Facebook or Instagram or whatever. And then all of a sudden you're being followed by real estate ads. And all you did was asked to see what a property might be worth on Zillow and the Z estimate or whatever that's going to be. Because again, they're monetizing the information. So when you are searching online, please be careful. Please look out for yourself. Don't give up any personal information. If you're falling in on a website that happens to want you to give up who you are in order to let you search for the most accurate, active real estate listings. That's silly. So don't give it up. Please go to Santa Creta home experts.com on there. You'll get all of the information. You'll see all of the listings.
Santa Clarita home experts radio (03:20):
The only thing that's going to lack out there, and it's going to be website dependent is going to be coming soon stuff coming soon, listings, this isn't a game anymore. The board of realtors actually back may have to 20, 20 may of 2020 impose coming soon or put together a coming soon platform. So if you're a home seller or home buyer, this is going to apply to both parties, kind of give you an idea of what it is. Basically. They saw that some of these syndication websites like your Zillow's are truly is all of these were having these pre-listing packages or pocket listings or coming soon listings agents were able to put them up on those sites and advertise them. And what they found is there was really no policing mechanism in place to find out. If in fact, these are real things, or if these are fake things, are agents just doing what are salespeople doing?
Santa Clarita home experts radio (04:10):
What some salespeople do not being completely accurate and honest with what's out there. So what happens? Well, the board of realtors said, you know, we're going to do you one better, the keepers of the information and the multiple listing service. They're going to go ahead and pull it up and go ahead and publicize it as coming soon. So there's a 21-day window. So property sellers, you sellers out there, potential sellers here in Santa Clarita Valley or wherever in Southern California. You do have a 21-day window where your property can be advertised without it actually being so sad shown online. And with that, you'll be able to maybe get an idea and a feel for where the market is concerning your home. Yet, if you're working with one of the local professionals, you're going to already know that going in, because I'll be able to tell you, Hey, the house is in your particular neighborhood.
Santa Clarita home experts radio (04:57):
Once they go up for sale, usually it takes anywhere from two to four hours to give the first offer two to four days, two to four weeks to four months, whatever it may be, they'll be able to give you that Intel. However, uh, finding that Intel by going online and giving up personal information, probably not a good idea, but they will be able to give you all of that. If you're working with a good local real estate agent. Now coming soon is it's going to be reflective on some real estate websites, but the way to get it for sure is this. You have your local agent, make them set you up on a coming soon listing search. So that way, when the coming soon listings that fit your criteria, pop, you're going to see it right now. The board of realtors, the keeper of the data, that's really the best place to get it.
Santa Clarita home experts radio (05:41):
And you're not going to find that even on my website, I wish it would. They haven't worked out all the kinks, but you will find it. If you contact me Connor MacGyver, say, listen, I'm looking at Valencia. I'd like to be in North Park or Northbridge or wherever it is canny country sagas. And if you happen to have a, or at least a price range, we'll be able to set it up. And then that way you'll be on a housing type. Of course, whether you want a condo versus single-family residences, big differences between those two, right? And once you give me that, then I'll be able to set you up on a coming soon search. So you'll see those listings as they are starting to be advertised coming soon. That does not, however, does not preclude a home seller from saying, you know what?
Santa Clarita home experts radio (06:22):
I don't want it coming soon. Uh, let's just go ahead and activate it the day that we choose. And it will be active at that particular day and showing some start immediately or whatever. So that's how that works. Coming. Soon. Listings are things that you do need to be aware of and this market, but even before, even before, as a real estate buyer, even before you do that, you have to do your due diligence and get all, get all your ducks aligned. And this is, this is one of the first things that you should do. So you have your real estate agent. That's a really good first step because they're able to explain to you the process and what needs to happen. The next part is that particular agent that you've talked to. If you like them, hopefully, you can meet them face to face.
Santa Clarita home experts radio (07:02):
Yes, I know COVID I know this and that. You're, you're, you're spending a lot of money buying a house. I really think that's an important step, but a lot of people are into virtual stuff. I actually still have a real brick and mortar office here at two five, one 29, the old road. If you're standing in front of the building, my office is located the one four corner, you'll see Paris nine one one.com, which is one of our, my other websites, domain names, one of the first, uh, you'll see that on the window down here and a little sticker, big sticker, not, not a super big sticker, but big enough if you're standing in the grass, you'll see that right next to Hampton end. And that's where we're located.
Speaker 2 (07:43):
Santa Clarita home experts radio (07:45):
Quinta and sorry about that. I had to look out the window, but anyway, you'll see, uh, that's where my office is. And yes, a lot of people still, we mask up, we glove up, we have spray, we have all that fancy stuff. They still like to meet in person so we can cover the a to Z to real estate. Face-to-face I do zoom. I do all the online platforms and meetings. Those also work well, but again, you know, shaking, well, not shaking hands, but fist-bumping and sitting down and having that discussion about real estate. Not a bad idea, consider it, but anyway, so real brick and mortar offices. We sit down, we talk about what's going on in the market and what's happening lending talking about lenders and loans. If you are going to be buying a house, that's one of the ducts we want to get aligned.
Santa Clarita home experts radio (08:28):
So we'll talk to you about using local lenders versus using those lenders that you're going to see online. It's also going to be imperative that, you know, the differences, you know, the questions to ask, you know, how you're going to approach it. And you know, who's going to give you the best bang for your buck as far as real estate lenders go. I'll tell you that after a certain amount of time has done this for the last well, since 1998, so 21, 22 years, I'll tell you that usually, the local lenders are the strongest and best performers bar. None. Now you might be able to find a better deal maybe by splitting hairs, even if it's true on one of those, uh, back East lenders or somewhere else besides California lenders, that basically farm out your information. And those are also lead generation in some way, shape, or form folks.
Santa Clarita home experts radio (09:27):
So be careful with that. If you see a super ultra low-interest-rate advertised on prime TV, or even during the three and 3:00 AM hour, be wary with that because more than likely those systems, that particular advertisement and that toll-free number that is telling you to call, they're going to reroute you to a local lender or someone, someone else that's going to be lender qualified in the state of California. And they're going to be trying to push for you to use them. But when it comes to closing or even enforcing something, let's say the lender promised you at the very beginning, as you saw on the television at a very low-interest rate, whatever that number is. But then as you get into the transaction or get pre-qualified or commit to them, then, in fact, you find out that it's going to be higher than what you were promised or what was average.
Santa Clarita home experts radio (10:19):
Well, that's cheating. They should at least tell you a front. I mean, tell you that you're having all print on a, you know, a piece of paper. That's great, but it's really nice to hear it. Hey, Jack, you're coming to me to get a loan. I know you saw on TV that the interest rate was this, just to let you know, it could actually be a little bit different because it's going to depend on your credit score, your own personal credit profile. How about that? And then, you know, the person, the borrower, isn't going to be too upset if, in fact, that changes a little bit, but at least they know I don't see anything that people don't do that. And I don't understand it, but back to it, that's the first duct to get aligned your lender, those questions, finding a good one, because they're going to be able to tell you exactly what you're going to be able to qualify for.
Santa Clarita home experts radio (11:09):
And then you and yours can make a determination. If what you can qualify for is comfortable or a comfortable amount to find a home. And I'll tell you that we do have a lot of people that might qualify for $800,000, let's say, but they see what that payment is versus what the payment would be at $650,000. And they would rather stay at six 50 or less. I honor that and appreciate that and know that they're doing that because that's going to equate to them not being mortgage poor. You'll have the rest of your life to be mortgaged part. I tell I tell my clients this all the time, don't do it with your first one. If you can help it, if that's what you qualify and that barely each you in to get the house that you want, then that's fine. That's just the way it is.
Santa Clarita home experts radio (11:58):
But if you've got some room to breathe a little bit, the first one, I would say, let's breathe. If you can possibly do it. Now, that brings me to the next thing. So we have the lenders that Duck's been aligned. It's in a row. Now we're ready to go to the second thing is a real estate buyer. In the preparation phase, you want to have all of your accounts ready to be able to provide proof. That's going to go along with that pre-approval letter and the offer that I write for you to the listing agent and the seller. So for example, if you're saying that you're going to obtain a loan and you've been pre-approved for a particular type of loan, let's say it's a 20% down conventional loan. There's going to need to be statements that reflect that you do have 20% down. So you'll be able to import that money into the transaction.
Santa Clarita home experts radio (12:46):
The sellers want to see that they want to see that this is liquid funds in some real bank, somewhere with your name and address on it. I black out all the personal information like account numbers and such, and that's important to keep that private. But again, that's part of what goes with an offer. That's called proof of funds. And I only bring this up because some agents drop the ball and I get offers on my listings all day long that don't include the proof of funds. And then they say, well, the buyer has to get it. Or the buyer has to go here. The buyer doesn't do online baking. So they're able to print it out. There are different ways to get it, but sometimes buyers aren't plugged in like other buyers. So they have to do a hard pull, which means physically going down to the bank and during COVID, then this particular pandemic banks have various hours where they're not going to be as operational as others.
Santa Clarita home experts radio (13:40):
So therefore you might not be able to go down there as lickety-split, as you might think, to be able to provide these documents. And of course, your lender should have copies of everything. Your lender should be able to get that. But sometimes the lenders aren't doing their due diligence to actually get pre-approved for a loan. The lender needs to see stuff and get stuff. So that might be a good place to start getting all your financials in a row. And then the lender might have questions as well, pertaining to what items are on your credit report. In fact, there might be stuff on there that you didn't even know about. Maybe you have a brother or an uncle or somebody that says that they were you, and they pulled out some kind of a JC penny credit card or a Sears or a visa and applied in your name.
Santa Clarita home experts radio (14:24):
You want to central all that stuff up before you actually, uh, finish the process because there might, you might need to do something to be able to get it off of your credit or dispute it. That does take time. So that's a good first step. Start with a real estate agent, local agent, somebody that knows what they're doing. So he knows what they're talking about. Somebody is not trying to get you to buy right now, somebody that has patience and actually gives you the truth about the market, like potentially is going to be happening here in 2021. It looks like we're going to probably get that inventory that we didn't see hit the market in 2020 potentially come on the market in 2021, maybe loosening up where we are because currently, it's a really tight market, very few listings on the market for sale. In fact, pulling the information I was going to go into that.
Santa Clarita home experts radio (15:11):
So here's the daily inventory, residential we're choosing all active and also coming soon. So we're going to choose both of those fields. And then these are listings that are going to be in the Santa Clarita Valley. And they're going to be active in Oakwood. I'll say Kennick country Castaic, new hall, saga Stevenson, ranch, Val Verde, and Valencia. So that's everything they're going to include. All your single-family residences, your condos, your townhomes. Also note that there are many but duplexes quadruplexes triplexes, so it will be everything residential. And in that case, right now, there are a total of 200 properties on the market fitting that criteria 201. So that's those units as coming soon, listings 12 are coming soon and the rest are actually active on the market for sale. That's incredibly low inventory. And I believe that coming up here, 20, 21, as we close out the first quarter, I think we're going to start seeing that inventory increase.
Santa Clarita home experts radio (16:17):
And I think that we're going to see the market start to loosen up just a little bit. Is the buyer drive going to stay high enough to keep the market's solidly in a seller zone? Potentially. Yes, but I also see that loosening up a little bit as well. So don't panic. Don't panic about interest rates. Don't panic about what's going on. Just prepare yourself. So when you are ready to press the trigger, when you are ready to start exploring real estate more seriously, you have everything together. So you're getting those listings. You've already been pre-approved with a lender and something else that I'll throw out there that people do talk about from time to time, how good is a prequalification good for? Well, it's kind of good forever. If you're still keeping in contact with your lender from time to time, they might need new items, new paperwork.
Santa Clarita home experts radio (17:03):
They might need a new paycheck stub they might need. If we roll around to tax time a little bit after the requirement might be for them to get those tax returns from you because we've now embarked on a new year and that's what's going to happen in the first quarter, right? Taxes are going to be doing all that fancy stuff. So if you're going to be buying a house second quarter beyond, potentially, they're going to want your taxes to be finished and completed so that they have that proof. And also can use that to establish what you qualify for something to consider as we get into that timeframe and I'm talking about it, but it still does pay to start connecting yourself with that local agent. And I would be honored if you chose, use yours, truly selfish plug by me, Connor MacGyver, Santa Clara, home experts.com.
Santa Clarita home experts radio (17:49):
I'll take you through the process. I explained everything. And I also keep my clients up to date with shows just like this one, talking about the real estate market, how to take the best advantage, how to best prepare, uh, to keep yourself safe. You're not buying, you know, a two for one pair of shoes were really if one of them fails, you might not spend the time to go take them back. You're buying residential real estate, uh, as they say, God's not making more land. And the bottom line is you're paying enough money that you have to finance it over 30 years for the most part, unless you have that cash and spinning in that price range. I think you owe it to yourself to sit down and have a one-on-one conversation with a consummate real estate professional and find out exactly where you need, what you need to do to prepare.
Santa Clarita home experts radio (18:44):
I've got aback. I thank you so much for listening to today's real estate radio show, Santa Clarita, uh, home experts.com. I'm here in Santa Clarita, home experts, radio. I am a condom MacGyver. It was a pleasure. I do enjoy these shows very much. We will talk to you next week and please, if you have any questions, any topics for the next show, please email me. Connor Mac ivory, gmail.com. You'll find that at Santa Quita, home experts.com up at the top, you could shoot me an email. Hey, Khan. I have a question about this. Maybe put it on the radio show and I'll be happy to answer it. As long as it's real estate related, everybody, be safe and Connor MacGyver over
Speaker 2 (19:21):