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Finding out about the California real estate market

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Connor Macivor: 00:00 Good to everybody. It is Connor MacIVOR. We're about to close out June. I'll let you know 2019 I'll let you know what those numbers are going to be looking like here as we get closer to the end of this month and I'll also give you some real estate tips and tricks to help you on your real estate journey, whether you're buying real estate, selling real estate, or thinking about investing in real estate. I'll give you those markets, the best advantage to each one of those types of buyers or sellers and then we'll talk about the rest of what really matters. Thank you so much for tuning in. This is housing, longest running real estate radio broadcast and podcast here for the Santa Clarita Valley cities. We have expanded to be more of a California platform because the referral network that we have created has become so strong that it's really important to also talk about, talk about other aspects of California and what kind of changes in the laws or whatever is going to impact you as a real estate buyer-seller in the rest of the state.

Connor Macivor: 01:00 So let's get into this all real estate data for all of southern California. If you go to SCV, do a very simple search and it'll pop up here with regard to our website and then from there you'll be able to see everything that's currently for sale in all of southern California and that's 16,388 listings active for sale. So that inventory happens to be up folks and even the local inventory here in Santa Clarita Valley, which is a smaller snapshot of other Metropolitan Areas All across southern California up to Sacramento, down to San Diego and you see that real estate inventory starting to build as we had predicted a few months ago, which is very typical in a healthy market during this time of year. The reason being is we have schools that have led out pretty much in all of southern California. There are some year based schools, but they're few and far between.

Connor Macivor: 02:01 So most of the schools have traditional summers. They have gotten out here in June this month or the last days for most of them. And then what happens is people typically go on vacation and if you've done any kind of recon online to see what tickets, cost and airfare costs, hotels, room, the hotel rooms cost, you'll see, well, of course, they do cost quite a bit. June, July, even into mid-August, September when school goes back into session. Then those prices really dip quite a bit all across the board. Same thing in real estate. What happens after that? The schools get out. People usually go on vacation, so the traveling around with their kids or whomever before they start thinking about real estate. Usually, it's going to be after they get back and that also includes people thinking about putting their houses on the market. 16 three 88 is up almost a listings over the past few months, so we are gaining traction in the real estate inventory realm.

Connor Macivor: 03:05 What that means currently is we're in a buyer's market, but that buyer's market, excuse me, seller's market, but that seller's market slowing down and starting to become and morph into more of a buyer's market. You can tell that by looking at the days on market timeframes, how long is it taking to sell residential real estate in southern California? Some areas are going to be slower than others. Some areas are more remote. We're looking at where 70 to 80% of the home buyers want to be kind of in metropolitan areas with neighbors, not too close, but close and close proximity to restaurants, hotels, if they're going to entertain people and guests. They also want to be close, of course, to restaurants, entertainment centers, the mall, the movie theater, the gym, these sorts of things, and if they're not super close, they want either public transportation or maybe for those properties that are a little closer, a way to get there.

Connor Macivor: 04:03 Maybe besides getting in the car in Valencia, California, and most of the Santa Clarita Valley, we have a very extensive per sale system, which is pretty awesome. You can go to Scv and over in the right in the search bar you can punch in Paseo, p, a, s, e. O. Then you'll be able to pull up maps and it'll show you these different per sale systems. We have all over the Santa Clarita Valley which you'll see in other cities as well. Here in California, it's interesting, so check that out, please. Currently, in Santa Creative Valley we are at an all-time high six 68 we haven't seen that number for quite a while, but again, days on market timeframes are increasing and we will watch over the next couple of months to see what happens. This is what I propose. I do believe that we're going to see more market activity, faster closings and more of compression of that inventory here over the next two, three and four weeks.

Connor Macivor: 05:01 As we approached midsummer point and then people are going to start to slow the roll again once school starts to go into session and real estate start going to start to slow down. Yet again, a lot of the move folks, a majority of them are based on school decisions. Either they're outgrowing the residences that they live in or they're downsizing because they have the empty nester thing going on, so all the kids are gone and then moving into other reasons. They're jocking for position because maybe they want a better school. Maybe they live elsewhere here in southern California where the public school isn't as highly rated as Santa Clarita and you can take that Intel and you can put that, match it up with the other cities in southern California as well, and then make those same assumptions. But those assumptions aren't assuming. They're actually very, very real.

Connor Macivor: 05:54 And if you do the further research, you'll find out that they're absolutely true within the local Santa Clarita Valley market. We do have it taking longer to sell real estate. Something that we're seeing when a property does come on the market because even though we do have more than more inventory than we had a couple of months ago, if that property is of your three bedroom type, if that property is somewhere between 1,820 200 square feet and you can run the spectrum on age, but if it's been upgraded and taken care of and that property is priced in the five 55 60 or 600 that thing's going to get multiple offers. That's going to go fast and that's going to run pretty much all through Valencia, definitely Stevenson ranch. It's got to run through the same trend in some parts of canyon country and also in Saugus. It's interesting to see those properties because now the sellers are faced with a multiple offer scenario and if you don't know what that is or the intricacies of being able to reply as a seller and or a buyer, make sure you're hiring smart.

Connor Macivor: 07:02 An agent that understands that multiple counter process and how to get you your best deal on both ends folks. So if you're representing, if you, if you are the seller, make sure you're hiring an agent that knows all about it and realistically that same agent should be on your side period. I'm not a dual agency fan. I don't like representing buyers on the listings that I have listed. And on the other side of the coin, I don't like taking my buyers to listings that I have listed. If we ever run into a conflict, we all have to have a sit down and find out exactly how the party is going to play out, how the decisions are going to be made, and if the buyers are still comfortable or sellers are still comfortable with me being on both sides, that's fine. But there's a lot of interesting things that can happen.

Connor Macivor: 07:56 I/he usually as a real estate seller's agent, that agent is going to know the seller's bottom line. They're going to know what that number is that that seller wants to achieve, not wanting to, not needing to go any higher. Let's say that number is less than the list price, which it usually is. Let's say a buyer contacts the seller's agent and says, I want to buy that house. So the agent says, great, what do you want to offer? Well, I want to offer and then gives a number and that number happens to be the seller's bottom line. The agent takes the offer from that buyer, goes back to the seller and says, Hey, we have an offer on your home. The client came through me. I'm representing the buyer as well. This is what they offer. You should watch the change on sellers faces when they see that bottom line number that was discussed in the privacy of their own home or the agent's office or whatever with their agent.

Connor Macivor: 09:00 It's a shock and realistically it's hard to get past. I know people should be fairer. Maybe agents should be more descriptive when it comes to how the actual process works, but at the end of the day, you can't help but think that you were sold out. You just had the carpet pulled out from under you and you smack your head on that coffee table. That's usually what's thought. So whenever I meet with sellers, we discussed that ad nauseum because I don't want to be that guy. I don't want to be the last man standing. When you're looking and trying to figure out if you were sold out and how much it just costs you to alleviate all of those concerns. With me at least it's better than I'm on one side. In addition to that, if you're hiring an attorney or whatever, in one of those situations, you're going to definitely want to make sure that you have your own attorney who's on your side 100% I do believe real estate because there are negotiations involved and negotiations could equate to lots of money.

Connor Macivor: 10:09 I do think it's important for you to have your own representative on your own side. That's something that we harp and preach on when it comes to new housing and new builder communities. They do pay us a commission to bring our buyers to their communities and show them real estate and sell them that real estate. It's nice to have somebody on your side and that's what I'm all about. I'll give you one more thing about dual agency representing one agent representing both sides of the transaction. You have six states, several states actually plus Canada who makes it unlawful for this to occur, so in Canada in those states, it's against the law for the agent of the seller to also represent the buyer on the same transaction. They're getting smartwatch out for that. If you happen to be a seller and also a buyer, I know that we get talked about a lot of times behind our back agents pitching well, it's better if I bring the buyer because I have more control over the buyer.

Connor Macivor: 11:11 Well then if you're the buyer, what does that mean is that that's, that's probably not good to have more control over somebody's you're a human being. You don't have somebody having more control over you to mean to me means a lot more than just being able to help you make decisions as far as window coverings and what kind of furniture you're going to put in the living room to have control over somebody has stated that way means basically being able to manipulate and coerce and squeeze into and forcibly all of these things. That's no good folks. Have your own agent on your own side. I'm Connor macgyver. This has been your real estate update here. We are getting ready to close out June. Made sure you go to housing how's the to see all the other information out there. If you do have a referral, add housing, if you're looking for an agent, let's say, and Sacramento or San Francisco or San Diego, and you want somebody that's going to adhere to our philosophy and mission statement here at STV, Connor macgyver and Paris macgyver, please you can reach us through housing you'll be able to enter the information with regard to the person who you were referring if you are a real estate.

Connor Macivor: 12:26 And of course we honor all the referrals in place, uh, the typical referral fees and such. And we're just here to help. I'm of macgyver. I hope you have a fantastic week. We are at Monday. Take it easy. Take it slow and love each other. We'll talk to you soon. I'm Connor MacIvor, over and out.