When the local real estate market is on fire, there are only a few methods in which a home buyer can improve their position.
They can increase the offering price, they can come in with a larger down payment, they can reduce the time frames to benefit the home seller, or they can write a love letter to elicit an emotional response by the homeowner.
With the current state of the Santa Clarita Valley market, we are seeing more listings on the market than we have in the past 12 months.
I pull the statistical market research for the Santa Clarita Valley cities and have it displayed on the graph above. As you can see we have more inventory, at face value, during the month of July - than we have seen during the past 12 months. FYI - we are not through the month of July - so stay tuned.
The FED is supposed to meet this July 31 and August 1st. To Joe and Jayne buyer, this means a possibility of the interest rates increasing. If they do go up, this will impact the current home buyers ability to purchase.
The same applies to the home sellers that are going to have to sell their residence in order to move up, down, sideways or to another city altogether. That is because most home sellers we have encountered as of late, are interested in buying and closing at the same time.
To get those "contingent" offers accepted with a lot of "first time" and noncontingent buyers in the market takes a strong presence within the Santa Clarita real estate agent community.
It comes down to the mission statement that we have utilized from my LAPD days - To protect and serve our clients' real estate needs.
During the past several weeks we have watched as the housing market continues to grow. The additional inventory coupled with the price reductions are adding stress to the home buyers who are currently in escrow.
If the home buyer sees something better and wants to jump ship, the only thing holding them to the current transaction may be a forfeiture of deposit. Some buyer's don't care and if a better deal comes along, they are going to go for it.
As a home seller, you can protect yourself by attempting to get the home buyer, via counteroffer, to agree to shorter inspection time frames. Also, as a home seller, you can ask for a larger deposit up front.
These are two methods and there are many others a seasoned real estate agent can offer you.
We have a lot to talk about with our home buyers and home sellers when we meet. We want to keep our clients updated with the current housing news for the Santa Clarita Valley. We want their real estate decisions based on truth, fact and not an uneducated opinion.
I'm Connor MacIvor the owner and operator of REMAX-SCVnest and the Paris911 Team. Be safe and let me know when you are ready for my assistance with any and all of your real estate needs.