Transcription of today's real estate YouTube and radio show and update for Santa Clarita homes and real estate buyers/sellers.
Santa Clarita real estate homes and radio show (00:01):
Connor MacGyver. Good morning, July 6th. So we survived the July 4th and, uh, it looks like all the fireworks shows were closed down besides Lancaster. And it seems like, uh, Rex Parris, RX Paris out there really just kept that one going. And then where we live here in Santa Clarita Valley, there was like an explosion every 15, 20 minutes, some kind of a large firework being soft about three o'clock. I think it wound down and I was able to finally get some rest that's over the July 4th weekend. Let's talk about real estate. And those numbers today, of course, is the next real estate radio show here for Santa Clarita Valley. I am Connor MacGyver. Your host today is July six, 2020. We are Monday. The show will be transcribed, of course, within our firstname.lastname@example.org forward slash blog, and also the other online syndication channels. Plus, we will upload this and have a podcast as well on Apple iTunes, Stitcher radio, and all of the other fancy places online.
Santa Clarita real estate homes and radio show (01:03):
When you do your search for Santa Creta home experts, just scroll down. You'll see everywhere where the show lives. You'll be able to get your weekly rendition of what's going on here in real estate. So you can best make your decisions whether to buy or sell to hold off and that'll at least help you keep yourself safe. At least it should. All right. So let's talk about this currently in Santa Clarita Valley and part of the show today, I do want to talk about a sensitive subject regarding a Jen's potentially telling you certain things that might get your hopes up. When in fact you need to just listen to grieve between the lines. So I'll get into that here in just a moment. And for those agents watching and listening, sorry, sorry to put that out there. All right. So let's talk about current inventory in Santa Clarita Valley incredibly low.
Santa Clarita real estate homes and radio show (01:55):
In fact, the lowest point we've seen the last several years, 318 active listings as of this morning, July 6th, 2020 in Santa creative value. That's going to cover the cities of acting Agua Dulce, Castaic, Canyon Country, Newhall, August, Stevenson, ranch, and Valencia all across the board in Santa Clarita, 318 actives, that's it. So real estate is definitely still in a seller's market. There are a lot of buyers out there that are incredibly frustrated and especially through the countering process because a lot of agents are really putting the screws to them on behalf of their sellers. When it comes to how they're countering these offers for schools their multiple offers. So the seller's ability to take full advantage of that. Try to get around that. I did talk to a gentleman yesterday who has an agent that he is working with, and I appreciate it. So I'm not trying to steal him away, but one of the things I talked to him about, what's the importance of the love letter.
Santa Clarita real estate homes and radio show (02:50):
If you want to see information about the love letter and how the best put that together, if you're a real estate buyer out there looking to purchase real estate, it doesn't hurt any part of the process to learn. Just go ahead and punch into Google. Santa's three to home experts, love letter. Anyway, you'll be able to see that I have one of the first results for that after you get past the ads, and you'll see that at Santa Clarita, home experts.com on my blog, just punch in Santa Clarita, home experts, love letters, and you'll be able to see that article. Now, when I have our clients write that love letter for the property, there's a careful balance in there. You don't want to be too excited about the property, but you don't want to. You want to add something to it where you might be able to have a behind the scenes connected with the seller, at least on an emotional basis.
Santa Clarita real estate homes and radio show (03:41):
If you're interested in purchasing the property, maybe you're going to be living there with family. Maybe you can talk about maybe you're in law, living there trying to help them through their elderly years, or maybe on the other side, you have children that are going to be going to the local schools and want to grow up in that type of neighborhood. These are all emotional components and they actually help when it comes to all things being equal, your offer versus another offer. And that other offer doesn't have the love letter, but yours does all things being equal. A lot of times the sellers are going to choose that offer that has that love letter attached to it. Alright, so 318 active listings coming soon listings total on the market. As of today, July six 16. These are listings that are going to be released at some time in the future.
Santa Clarita real estate homes and radio show (04:28):
The agents have 21 days. I actually have one coming soon listing in that category. I'll have another one tomorrow on a street called Belmonte out here in the Santa Clarita Valley. Uh, the one that we put up yes the day before yesterday was on Wheeler. Today's Monday was yesterday coming soon listing on Wheeler. So you can check all of that out. Of course, if you go to Santa Creta home experts.com and one of the clients that I talked to yesterday, he's not my client, somebody else's client, but one of the things I want to clear the air before I get into the rest of the numbers has to do with, he was frustrated that his agent was sending him on automated, automated, real estate listings from the MLS. And I told him, don't be frustrated. He's going to be just as fast. , this gentleman, the client, he's going to be just as fast as seeing these listings as the real estate agents, he's going to get that Intel right away.
Santa Clarita real estate homes and radio show (05:20):
The agent really has no better option than to send those listings on a drip. And if the agent happens to be working with more than one buyer out there, a lot of times, he's not going to see that brand new listing. You're only buying for yourself. That agent is monitoring listings for maybe several clients. So he's not going to be able to be on the uptake as quick as you are, because you're looking diligently every moment out, of course, that automated drip, just in case you didn't see something, that's going to be flooding into your email. So maybe you can be made aware, but were hiring that good agent that best local resources going to pay off is going to be when it comes to getting your writing that correct offer, and then having that offer accepted. And then following through with the negotiation of the different items, when it comes to your purchasing that residence from the seller, and also being able to balance those timeframes to the best of your benefit as a real estate buyer.
Santa Clarita real estate homes and radio show (06:18):
These are all those pluses were a neophyte or a brand new agent or somebody who doesn't have a lot of time on the job, or hasn't experienced a lot of clients. They're going to run into problems. They're not going to know that best answer, the best solution, the best way to negotiate, and the best way to take full advantage for their buyer. That's where the payoff is when you're hiring that agent, because the agents that have the ability be agents that have had time in scope, been serving their clients, they're going to be the ones that are going to be the step forward and help you get that listing over and above the other competitors in the market that are using other agents. That's the trick. So hire smart. And when you do as a real estate buyer, understand you're not paying your agent's fee.
Santa Clarita real estate homes and radio show (07:06):
Your agent is a buyer is getting compensated by the seller, whoever the seller is. So if that listing is out therefor sale, that seller is going to be building in a commission for your agent, even though your agent
isn't the seller's agent in real estate, even though in California, it has allowed for the agent representing the seller to also represent the buyer on that same transaction. It's not always the best position for a buyer or a seller to be in because the singular agent knows both ends know the buyer knows the buyer's bottom line or top max price. The agent also knows the seller's bottom line and all those intricacies as to why they're selling. They know why the buyer is buying. That's a lot of information and better served. I am a show in my humble opinion is to have your own ice agent period that is not associated with the seller.
Santa Clarita real estate homes and radio show (08:08):
Again, my call Canada Outlaws that there are a few States that outlaw dual agency is what that's called again. I think that keeps people safer. Here's the thing that I told this gentleman the other day, he had mentioned that his agent said that they're going to do a mass mailing to a particular neighborhood where he wants to move because of the lacking inventory, trying to get sellers more motivated and basically stating, Hey, I'm ABC real estate agent, blah, blah, blah. And being a local real estate agent, I have a buyer that wants to purchase it, your neighborhood. And I would like to know if you'd be willing to sell your house to my buyer. That's a nice letter. And in theory, that's cool. But at the end of the day, is that seller really going to sell that to the real estate agents buyer, without looking at other offers from other agents?
Santa Clarita real estate homes and radio show (09:01):
Probably not because at the end of the day, especially now being such a competitive market, that real estate seller is going to want to make their home competitive with the other, the other properties out there. And also to experience if it's priced correctly, experienced a multiple offer situation or multiple counter situation, that's going to give the seller their best return when they're trying to sell their resonance, not just to one single buyer, the other thing. And I thought this was interesting. He had mentioned that the agent stated they were going to do this. And I said, well, the agents, so you some kind of receipt or something that they actually did this mass mailing to all these people. We're probably talking a dollar 50 to $2 per piece. If they're mailing to 400 residences, you know, we're upwards of $800, maybe 600 $5,600 for the agent's fee to be able to mail to all these resonances.
Santa Clarita real estate homes and radio show (10:00):
I mean, it's, I'm sure they're not lying, but if they are, it wouldn't be bad to kind of see proof just so if you wanted to get out there yourself and even door knock, you would at least be able to do it, knowing that you're not being lied to in the agents being honest. So I asked him that and he kind of thought to himself, and I guess he's going to reach out and kind of ask for that sort of thing. I would never tell a client that I'm going to do something that I'm not going to do. Period. I would never tell a client that I'm going to be mailing X amount of mailers to a particular neighborhood in order to try to find them a listing because their heart set on it. What does that do? It doesn't help anybody in the process. At least be honest about it and say, well, that that's kind of old school and addition fall back on the truth, which is how many sellers are actually not want to have the market saturation with regard to the home that's being sold. And they're going to sacrifice all of that to allow one particular buyer to purchase their residence. I would say almost
Speaker 2 (10:57):
Are going to allow that right,
Santa Clarita real estate homes and radio show (10:58):
Most of the sellers want to complete market saturation. And I'll give you an example. I did have a real estate agent, local agent. I know her very well. She reached out to me about the Wheeler property that we put in the coming soon status. And she wanted to know if they would accept that offer Bush for showings commenced. If a buyer wrote full price and removed whatever contingencies they could. And I said, no, because I already had that discussion with our seller. We want that complete market saturation and everybody to see it. And then we'll decide who the best offer might be. If it's multiple offer situation, which that would be incredible for any seller, then we will counter back accordingly. And we will make sure that everything is on the up and up. But to be able to say that we're going to accept this one offer, especially in this type of market, probably the best scenario.
Santa Clarita real estate homes and radio show (11:54):
And again, agents need to be more forthright with their clients. Now, the gentleman did talk about, and I did say, you know, give everybody the benefit of the doubt. But again, there is no way that any agent is going to really outrun somebody that's looking for real estate. That's super hands-on and is looking all the time at the real estate listings as they enter the market for sale because people are not as available as that singular client buying that single residence, but where it does pay off. And I'll get back into the numbers in a second, get off my soapbox, where it does pay off, happens to be with a negotiation. And first off, getting that offers, packaging everything together, making sure that it's a complete offer having that offer submitted to the correct email, of course, and then following up constantly with that agent attempting to get a response to your buyer's offer as a real estate agent.
Santa Clarita real estate homes and radio show (12:49):
So here you go off the soapbox. Let's talk some more. So the coming soon listings are 16 that in this last week, uh, they did continue to advertise those listings. So there were at least 20 that were involved this last seven days, putting those into the MLS 29 listings went on hold, do not show, um, potentially those could be properties that have issues between seller and agent. They could also be properties where the seller said, Whoa, Whoa, Whoa, let's hold off a second because we got so many offers. Let's try to figure out what's going on. Probably not the best status. And if those agents were found out, maybe they could be, have some kind of penalty imposed on them, be via the board of realtors for using the hold status. But again, maybe somebody got sick in the seller's house, maybe something's happening on that end again.
Santa Clarita real estate homes and radio show (13:42):
So they're putting them, hold, do not show. This is a field that an active agent sees. So you see those new listings as they hit the market for sale, because you're really, really active, right? The listings that you're not seeing are the ones that your agents able to research. The stuff that had been held does not show maybe there's a withdrawn listing that was pulled off or canceled from the multiple listing service that fits your criteria. What's to stop your age. And if they're active, like a good agent would be in contacting that seller or even knocking on that door saying, I really do have a client for your house. I know that you canceled it. I don't know what's going on in your lives, but I do have a client. This is their preapproval letter. This is their lender letter. This is their proof of funds.
Santa Clarita real estate homes and radio show (14:29):
This is potentially what, after looking at your house, what we've offered on other properties in the neighborhood, or potentially after they look at it, what they might offer on yours. Let's see if we can
work out some kind of a transaction deal for my clients and we can all win this, this particular scenario there'll be winners do as a seller, I'll be a winner and I'll be a winner as an agent. What do you think? That's like an awesome job by a very active real estate agent. So that's withdrawn. They can also go to the expired listings. If there's something that may be expired even six months ago, that didn't sell under contract, a good active agent can go to that expired listing and say, listen, here's this house that fits my client's criteria. Agents should be a little bit more active that way. So looking at the expired, looking at properties that are withdrawn, looking at properties that are canceled, looking at properties in neighborhoods that maybe were listed a couple of years ago, but never sold.
Santa Clarita real estate homes and radio show (15:24):
These are things where agents can be active and it's going to be difficult for a buyer in today's market to do that kind of research and recon because they don't have access to the backend of the multiple listing service where we can run all sorts of criteria and even see those listings, the real estate syndication websites, while they're great for new stuff. They're not very good for listings that have had prior cancellations or withdrawn. You might be able to see them, but then that agent is going to be the one that's going to have a little bit more authority when it comes to trying to contact that particular owner and finding out they can go into the title. They can find out is that a rental for this owner? Is there an additional address on file? They can reach out and they can make your dream come true when it comes to real estate, by doing that kind of research and say, Hey Jack, listen, I was looking at properties that you like, I know you want to live in the Creekside community. For example, six months ago, there was an expired listing. It never sold. I did go door knock and had a great conversation with a person that tried to sell it six months ago. And I told him that I do have a buyer that wants that exact model and that exact location. And he's willing to let us come look at the property or you're available tonight as sex or tomorrow at eight 30, he's available so I can take you.
Speaker 2 (16:37):
Bye. Awesome. Right. It works out great. All right.
Santa Clarita real estate homes and radio show (16:41):
Active under contract 261 listings currently pending 359 in the last week, 94 houses sold and closed escrow and new listings. This last week, 84, 39 properties had their prices changed, which is a those price changes in the majority were reductions. Uh, we've seen a little bit of a trend with regard to appraisal standards. I don't know if behind the scenes, what the appraisers are being instructed, but we have seen some properties that seem to have been priced right with comparable value, actually get appraised for less. So that's something that where the market's morphing a little bit. I, it's not on a huge scale, but you are seeing some properties as they record recording for less than what they were listed for. And it could be in those cases, those houses overpriced in the first place. But in a lot of those cases, I'm noticing because some of our clients have been affected and the other real estate agents that are in my same networking groups, they also have brought this up.
Santa Clarita real estate homes and radio show (17:47):
I'm curious as to whether has been a change in appraisal standards or what special instructions those appraisers might be getting to maybe start devaluating property, don't know, just to conjecture, just throwing it out there. I don't know if that even happens or if it's legal, but again, we have seen some properties that seem to be price, right, actually appraised for less. You as a seller should really get all your due diligence done because if it does come back where that appraiser says your property, isn't
worth that list price and your agent did their due diligence and did their research. They should be able to counter that appraiser and they should be able to send them the comparable profile that they put together, getting you that particular price for your residence, and they should be able to fight it.
Because at that time, even though your agent might not be an appraiser, they're going to be supplying that same data that that appraiser should have been looking at because we're talking about the most ration recent comps sold looking at apples to apples in comparison, looking at same bedroom, bathroom matches, plus, or minus a couple hundred and 50 feet in the square footage.
Santa Clarita real estate homes and radio show (18:55):
And also looking in Santa Clarita Valley, which we're blessed to be here regarding tracks and the way real estate's configured and the way real estate is actually kept track of. We do have tracks pulling that exact same track by that same builder. Uh, and the plus or minus on years built are going to be within one or two years because that's typically when a new home community starts and then finishes. That's probably a little bit longer, but you're going to see that same data. They'll be able to package all that and send it over to the appraiser and say, well, I understand your appraisal report came in. And they stated that the house was worth 10,000 last, but I have a good comp profile. Did you look at these comps? And in most cases, if it's stated to the appraiser gently and doesn't do anything, ruffle their feathers in a lot of cases, they're going to be looking at that and say, well, you know, maybe I didn't, or at least give some other justification as to why they did reduce that the amount that the bank was willing to loan on the property, there might be other reasons that exist that the agent didn't see.
Santa Clarita real estate homes and radio show (19:59):
But for the most part, it looks like for the most part, if the agent did their due diligence, I did their job more than likely it could be an appraisal issue or the appraiser didn't see those comps, or maybe it's an out of area appraisal. And instead of the appraiser, and maybe they're not used to the track system in Santa Cruz Valley, maybe they're mainly out in Riverside, but they were the only ones available. That's something else we look at is, is agents out here? Where's the appraisal from the appraiser from, and are they used to Santa to have they actually appraise properties out here in Santa Clarita Valley? Alright. So with the active inventory being incredibly low, we're still in a seller's market. We are going to keep monitoring this real estate here in Santa craters. I always do make sure you check out our blog, Santa Clarita, home experts.com forward slash blog.
Santa Clarita real estate homes and radio show (20:54):
You'll be able to see all of the new information, all of the real estate news, and everything that we put together on a daily basis. Don't Fred. If you have an agent, you don't feel like they're working for you. Give them the benefit of the doubt, see what's going on. But if you want to switch again, you can fire them and hire somebody else. It's totally your business. If they did have you signed some kind of a contract like a buyer broker agreement, it's a little bit more sensitive, but anytime I've ever used one of those documents personally, I don't want that bad cheese fallen back on me because I tried to enforce something that really the buyer had their choice of using whoever they want when it comes to buying a house. That's my 2 cents Connor MacIvor, Santa crate, home experts. Thank you so much for watching. Can't wait to talk to you. So give me a buzz. If you need my help, Connor MacGyver over and out.