Santa Clarita, real estate inventory, falls to deficient levels when compared with the past several months - dating back to October of 2018.
I'm Connor MacIvor and welcome to our Santa Clarita Home Experts real estate radio show where we talk about the issues that make good buying and selling decisions. Our shows also speak about not moving forward with real estate, either in the buying of it selling it.
Transcript for Santa Clarita home experts show
Speaker 1: 00:00 Good day, everyone. Welcome to the SantaClaritahomeexperts.com real estate radio show. We are now closing out the end of August 2019 today happens to be the 26th, so we're on Monday, which is exciting. So we'll be able to walk you through all the real estate related information that's going to make a difference in your lives. Whether you own real estate and want to sit tight and never want to repurchase another house or move, or whether you're just starting out considering buying real estate because of the tax breaks and all those other beautiful things that owning a home offer, whether you may be thinking about selling, moving into the state, out of the country, relocating, we've got you covered here. Santa, create a home experts.com also, our reach is of just Santa Clarita Valley. Uh, it is an apt name. Trust me. I do live out here.
Speaker 1: 00:52 I have raised a family out here representing represented thousands of sellers and buyers out here since 1998 but enough about me. Let's talk about what's going on in the real estate market. A lot of people have been discussing this, a bubble, this housing bubble that could be out there, this the pressure in real estate that's going to be starting sometime soon. I wrote a couple of excellent blog posts about this. You can go to Santa Clarita; home experts.com forward slash blog to see those articles. Just scroll down, but in a nutshell, it comes down to the equity in the market and the volatility in the real estate market and put the stock market aside because usually when the stock market starts to go down too with uncomfortable numbers, lots of points in the declining of the stock market. Often, people go out and buy tangible assets.
Speaker 1: 01:54 What does that mean? Well, they go out and buy stuff. They hold on to not paper goods and me don't mean buy toilet paper by that, but basically buying paper in stock with regard to business as and with regard to gold and with regard to silver. They buy the real stuff. They'll go down to an Aetna international coin exchanger, one of these gold places out here. We haven't southern California. They'll buy the credit Swiss, they'll buy the real stuff, and they'll hold on to that. These are tangible assets. What else is a definite asset? What real estate is a tangible asset. So they'll grab, they'll buy residences or invest more money into their residents to improve it and make it worth more if they already own one. But a lot of people that are trying to harbor themselves from a depressed economy, that's what they do.
Speaker 1: 02:46 And that involves real estate. So it's still a good market for that. However, I do see some adjustments coming. If you already own a home, that's going to be a wash for you as a real estate buyer, you'll be able to take advantage of those depending on how the market goes. Now the one thing that I'll pull back and I'll say, listen, this isn't, that market is this. We have very limited inventory running the numbers. This morning we were 600 last radio show a couple of weeks ago. We were pushing 600 units for sale this morning throughout acting awkward doll, says Kenny Country Castaic Newhall. Saugus Stevenson ranch of Valencia. We are sitting currently at 539 listings for sale. Now of those, during this past week, we've had 209 properties go under contract and that's in the last seven days or these are total numbers. So currently as of this morning, five 39 total active listings on the market, 209 properties are active under contract.
Speaker 1: 03:58 184 properties are pending under contract. These are both the properties in escrow at 59 properties closed in this last seven days. When the last seven days we've had 18 new listings, not enough to replenish the 59 so that's that drop in inventory. We have price changes out there and this is what I was referring to and we've been watching price changes since about that they'd been going on, but the bigger numbers start about mid-July this year and the kickoff point for that can typically be school starting up. So people are now positioning to get back to get their kids back into school. So that happens. Typically the real estate role slows down a little bit because people are already kind of set up, well maybe not where they want to be, but they're set up in a place where they can't be as nimble and move to a different school district or whatever.
Speaker 1: 04:55 So you'll see that these numbers directly correspond to that. In some cases, we had the lowering of the interest rate. Here's the question, interest rates go down considerably in the threes and the buyer drives slowed down quite a bit, which you wouldn't have thought. You would've thought that would have spurred off a lot more. Buyers kicked off a lot more buyers getting out there to look at real estate. That hasn't happened yet. And on the other side, the lenders are busy but not with origination loans, not with buyers wanting to buy new houses and start new loans on there. Even used houses to start new loans, but they're tied up currently with the refinance market. So a lot of people that already own real estate, they're pretty happy where they are, so they're not really feeling the need to move. They'll just refinance to three and a third or three or in some cases even lower, depending on the lender they're using in the bank.
Speaker 1: 05:52 That's something else. If you are a looking to refinance, we don't do that, but I have a great direction that I can provide for you and good advice that will end up saving you money and having you choose that best method to refinance. So call me, you see my number all over the place. Santa Clarita, home experts.com. All right, so we're going to cover those changes. In the last seven days in Santa Clarita Valley cities, we've had 18 new listings hit the market for sale. 27 properties have had their prices changed. That number would you look into a deeper, 26 of those were reductions. So those are properties that are active on the market. Last seven days, they've gone down from anywhere from a few hundred dollars to, you know, thousands of dollars in reduction. What that typically does is that creates a new dry for those properties out there. So when people do reduce those prices, usually they do so for a couple of reasons.
Speaker 1: 06:54 The biggest reason is on the Internet. That listing is going to come back and repopulate the top of all the real estate syndication websites, so when you're out there looking for real estate, you're shopping online. The best resource, I'll tell you this right now and it is selfish, but it is true because they know how these systems work. Santa Clarita, home experts.com it's my site. I'm not selling your information. I'm not going to be giving information away to anybody. I'm the only person that's going to see it so you don't have to panic about other people seeing who you are and monitoring you, so don't worry. When he'd go on these other sides of the Zillows, the Trulias, some listings could be held back because some sellers don't like their properties being out there because on those websites it gives other data that sellers sometimes don't appreciate.
Speaker 1: 07:48 It shows what that website believes their house is worth. Well, if that website is inaccurate at the start, if they're not getting that information from the good MLS data, which they don't have access to in subcases, then all of a sudden that property, what they believe that property is worth, it's going to be skew. So the seller doesn't want their property out there because of the misinformation that's created by the syndication website. And that's very, that's very, uh, that's a very clear reason why. So that property might not be on there. I have agreements with the California Association, Realtors National Association because I am a realtor. I get to publicize the data after everybody checks my feet and makes sure I'm legit and I'm in good standing with all these local boards and vendors, all this other stuff. It's a big deal. Once they greenlight me, they say, okay, Connor McCarver, you own the resource, Santa Clarita, home experts.com you can publicize the MLS data.
Speaker 1: 08:53 So you show all the listings that are currently for sale over and above what you typically may see on a syndication website. And also we've had sellers in the past go out to these syndication websites in demand that their listing is removed. So Zillow for example, well then remove that seller's listing, pull down all those photographs. So the only place it's going to be found is going to be a local MLS driven real estate website that's going to be owned and operated by a local agent like me. The difference between me and the other agents with regard to real estate websites is you'll see how fast my end loads, how clean it looks, how easy it is to search, make sure when to come back. And it also works from all possible mobile devices. So that's HTML five mobile responsive, it's wonderful. All right, so that's 27 properties.
Speaker 1: 09:48 All of them except for one experienced a price reduction last seven days. Uh, the one that did was one on Galvez court and the difference that would pop out under contract. So basically it goes under contract and apparently they had a multiple offer situation on the property, which is good. So when they ended up putting it in escrow, they put in there that the property did have a price increase. And sometimes you'll get that you'll have several people waiting on a particular neighborhood waiting on a particular type of home to come on the market. And once it does, even at a slow market like we're seeing today, even in this type of market, all of a sudden now they have multiple offers and that property gets higher in offers than it's actually listed for sale because they do come back and ask for the highest and best scenario and they see, okay, you understand you're competing with three or four or five or 10 other people on this property, give us the maximum amount you would pay for it.
Speaker 1: 10:54 And then they look and then they choose from there. Under contract properties, 25 in the last week, 17 properties have gone pending in the last week, 25 properties have closed, escrow is sold in the Santa Clarita. In the last week, uh, four properties, our [inaudible] had been put on hold and to have with drones. So basically they're being pulled off the market. I will tell you that this market's interesting. We do have resources for you to keep track of the real estate market and the first and foremost resource that I believe is the most important is that talk, that discussion, that goal setting meeting that we have, and we do this several places. We do it via zoom meeting. If you have access to your tablet or computer, I can walk you through the whole a to z of real estate so you're best prepared whether you're buying or selling, whether it's your first time or your umpteenth time, at least this, you are brought up to speed the current market and if you've never been in a real estate market before who the learning is invaluable.
Speaker 1: 12:00 So there's that also over the telephone via text message, chatbox type. We have that available as well. You'll see it on our website and in person's great. We can shake each other's hand and meet. We can meet in my offices or in an offsite location, but these are all very, very important. From there during the meeting, we talk about foreclosures, Bay gold properties. There are certain grants that are being offered online, certain incentives. We talk about new housing and how that works, how we represent our clients. With regard to new construction and new builders, you can find out where those properties happen to be and do a search on a protected new housing website by going to set to Clarita home experts.com forward slash new sent a Clery to home experts.com forward slash. Now you'll be able to search all of the available new housing inventory and communicate with me there as well. I'm counter macgyver. I've hope you enjoyed this week's real estate radio show. Santa Clarita home experts were very happy to present to you on a weekly basis. For the most part, you'll see this show live up on our website in both the side columns and also on our radio page, Santa Clarita, home experts.com forward slash. Radio. I've caught up macgyver. We are experts in the business. We love to educate our clients and offer them the most. We will talk to you soon. Thank you so much, Connor. [inaudible] over and out.
I am Connor, your local Santa Clarita home expert and I'm glad to be of service. Reach out to me when you are ready to have me handle your real estate needs in the best way.