There are a total of 180 residences that are currently for sale in all of the Santa Clarita Valley as of today's Santa Clarita real estate update 2/22/2021 (next year on this update will be all two's - so excited.
Back to it. Home sellers that I have interviewed over the past several months all have the same concern. "Where am I going to go and will there be a home there for me to buy?"
Some of the sellers are doing 1031 exchanges, to protect themselves from taxation by the government. That is a smart move because without that mechanism their profits would not be able to be invested into a new home purchase, but will go the way of taxes.
There are companies that we can advise you about if you have a complex profile regarding 10-31 exchanges. But with all services, you will want to see those trained, educated, and knowledgeable professionals. As for questions pertaining to the legal questions that come up with real estate, real estate attorney. When it comes to taxes and 1031 exchanges, a CPA or tax attorney. Real Estate - Well, that would be me.
There are time limits when doing a 10/31 exchange, so hence the original question that is keeping sellers on the fence and not placing their Santa Clarita homes onto the market for sale.
One of the big driving forces, it seems that people are leaving the state of California. Wanting to relocate elsewhere. Idaho and Tennessee are very popular with our retiring police officer clients.
The same areas apply to our civilian clients, but We have been working with many who love Arizona and Nevada.
To sell or not, is it up to you just taking a chance?
If you are downsizing and staying local or upsizing and staying local - Placing your home onto the market with a contingency of you being able to find your home of choice will serve you well. That way, any home buyer will have to had agreed to our/your counteroffer or original terms to allow you the time, whatever amount was agreed upon, to find your home of choice and to close both, your home for sale and the one you are buying at the same time.
Believe it or not, it works out, and in a home seller's market, it works out well.
When the market is in a buyers orientation - or otherwise known as a home buyer's market, sellers may be left out in the cold if they attempt to implement this type of contingency. That is because in a buyer's market there are plenty of other homes the buyers will be able to make offers on that are the same or similar to yours without the "home of choice" contingency.
The best advice is going to be real estate market dependent. Now, during February of 2021, it's not a good time to be a home buyer due to the lacking inventory and restricted choices. Most of those experiences are nothing you are going to want to recall in the future as being "good" experiences.
However, as a Santa Clarita home seller in the present market, those are going to be stories of legend. You will be reminiscing years from now after your move on how your agent was able to secure dozens of offers for your home and how you were able to get the buyer to agree and pay $50,000.00 over the appraised value.
Having to sell versus wanting to sell
Most home sellers are not up against a wall in the current market, having to sell. They often tell their agents, apparently reminding them, "I don't have to sell - if the buyer is not going to agree with our terms, I can take the home off of the market and no one will get paid."
This kind of easy speak does not make for a smooth transaction and involves therapy at times.
I will tell you this, if you hire the right agent, they are going to want to sell your home as-is and they will covey that fact to the home buyer in writing. They will provide emphasis to the home buyer through their agent more than already stated in the prewritten contract related to the "As Is" nature of the home sale.
But, in any situation, the home buyer has a right to ask. You, as a home seller, don't have to agree with them.
You can say no. "NO!" Just do it in writing and at the end of the day, the home buyer and home seller's bluff at times, just don't knee-jerk yourself out of a transaction, unless you want out.
If as a home seller, if you do want to get out of a transaction, you will need to make sure you aren't infringing on a home buyer's rights, equal housing, and other items that can get a home seller into trouble.
When you want to cancel, make sure you get the blessing in writing from those whom you have hired as your real estate professionals. Without this, you may be hanging yourself out to dry in a bad way.
Don't panic over the typical - it's "The strange" that always happens.
There are a lot of ways to have a real estate transaction not finish. And some of those ways are not covered in the original "agent selection" meeting.
Which, BTW, you should conduct yourself in person with the agent. The Face to Face, even with COVID is a very important step in the home selling process.
The same applies to you if you happen to be a home buyer, meet with the agent you are hiring. You may not be paying their fee directly, but if you were to use someone else, they would not get paid.
Hence, the respect should not only be about the money, it should come from a human level and extend as a quality customer-oriented approach to homes and real estate.
I can prepare a home seller as to what can happen during the start to close of their home. I can explain the sales process, I can covey all my experiences had since 1998, and still, something strange can and will come up to cause conflict within the home sales process.
Something like the home buyer dying during the sale. The same thing can happen to the home buyer - what if the home seller dies.
In those cases, it is very likely that the transaction will be halted and canceled. Other entities have to become involved now.
Maybe Probate? Possibly an executor? But if the buyer passes, then the resurrection of that transaction is probably not going to happen.
Something that can also impact a real estate transaction in the process comes the way of something called the "god factor" (lower case g). Earthquakes, fires, floods, those things put all real estate transactions on hold, and even if they don't directly impact the properties that are in the process (for sale), they will impact another critical entity.
The Insurance Companies. A property, for it to be able to close escrow, must have active insurance. This is demanded by the lending entity. They want their asset to be insured. If the insurance companies put their writing of policies on hold, then the real estate transaction is put on hold.
There was so much not known by me in 1998 when I started in real estate. It did not take me long to catch on, but to gain the knowledge I have now? That was a day-by-day process and is still in process.
Home sellers have choices and it's not always the best solution to run toward the shiny object. Such as a real estate company or "non-company" that advertise they are going to buy your home.
This came up recently and I have an agent friend of mine who went up against Zillow to compete for a real estate listing.
There is a lot of information that people don't know when it comes to using one of Zillow's vendors or Zillow themselves to sell a home. This agent was able to circle the wagons, meeting with her clients in person to discuss these nuisances.
I'm Connor MacIvor with REMAX Gateway. I have been selling Santa Clarita real estate since 1998 and have a local real estate radio show where I talk about the housing market and what to watch out for on the seller's and buyer's side.
I am not a fan of dual agency, that is where the same real estate agent represents both the buyer and seller on the same home sale.
Dual Agency, typically baked into the process when you buy a new home. Most people don't know that the new home builders pay real estate agents to represent their clients when it comes to buying new housing / new construction.
There is no fee, nor detriment to you as a home buyer when you want to have your own representation when buying a new Santa Clarita home. The builder has their agent, you should have yours.
In the re-sale world, this dual agency ship has almost completely sailed. There are just under two handfuls of states that
During the past few years, Canada has also made dual agency not allowed.
Like I said. I have my own script, code, and way in which I operate in real estate. I'm Connor with HONOR MacIvor and I'll be of great service to you when you are ready to have your Santa Clarita real estate won.