Below this video is the transcription that was performed by Temi, it’s not 100% but will give you the general idea of what we discussed on today’s real estate radio show and housing program.
The Santa Clarita real estate market is still moving at a snail’s pace. However, with the holidays it’s up to the home sellers and their agents to determine the best course of action related to their seller’s needs. You observed that I said the seller’s needs. That is because the real estate agent is just a service provider. Of course, we are the consummate experts and professionals, but our seller’s come first.
I would never allow any of my home sellers or home buyers, for that matter, to be thrown under the bus. When an agent advises their home sellers, they need to do so to give the home seller the best in the way of benefit.
During the past several weeks, our Santa Clarita real estate market has slowed down as we approach the holidays. This trend will continue until we get past January 1, 2019, when the market will start to stir then break loose within the next few weeks.
Connor MacIvor: 00:00 So what’s going on this week in Santa Clarita real estate, a lot of interesting things and I will cover those here in today’s radio show. I’m connor macgyver, longest running real estate podcast here in Santa Clarita Valley, we are syndicated so you can find us on itunes and other places online where you’re looking for a real estate news update, what’s going on in Santa Clarita Valley and beyond. Of course, our main site, our main system for home search connected directly to the multiple listing services and being able to find what properties are worth. That’s going to be s see the nest.com Scv for Santa Clarita Nest, like a bird’s nest. You can also go best as in the best available scvnest.com and you’ll be able to see all the information with regard to real estate and the happenings out there. So this week we do have 64 new listings that have entered the market here in Santa Clarita Valley.
Connor MacIvor: 00:54 Those listings are going to be in the cities have cast a Kenny country, new whole saga. Stevenson, Rancho Valencia. We ran all total. That’s 64, 63 properties of have their prices changed and almost all of those price changes or reductions selling properties around the holidays, things tend to slow down quite a bit as we’re seeing in the Santa Clara Valley markets. They’re not. Sellers shouldn’t be dismayed, but definitely have a plan with the agents that they’re employing to see if in fact, it’s best to leave those properties going or if a 90 day to reset would be necessary. What that pertains to is for those sellers out there, a lot of agents are scared to death to do this because they’re in fear that they’re not going to get that listing back, but basically, this is how that works. Whenever you have a property listed on the market for sale and it’s been on the market for a long time, after a while, there comes a point where everybody needs to sit down and discuss the time of year, what’s going to happen and the necessity to sell.
Connor MacIvor: 01:57 Now, of course, you put it on the market you want to sell, but maybe you’re going to think, well, maybe this spring is going to be better to sell this particular property, so what you need to do then is allow for a 90 day to reset. So there needs to be 90 day period of time that elapses between the time the property is listed on the market for sale and canceled. Okay, so once it’s canceled, we need 90 days until the property’s relisted again, and when that happens, after it’s canceled or expired, then the listing is going to show up as new. You’re not going to see any prehistory except what you’re going to find out there when you’re scrubbing those real estate syndication websites, and that’s some of the sellers, anti syndication sites sentiment because those sites do keep a record, but within the multiple listing services, there won’t be a track record over that 90 day listing periods.
Connor MacIvor: 02:49 So it’ll zero itself out, which actually will show the property is a new listing you listed before that. Then it’s going to come up and it’s going to show this entire track record of time, this 90 days plus the current time on the market is. These are discussions that really need to be had, especially during the holidays, depending on seller sentiment and so necessary and those sorts of things. And I think most agents are mature enough to have those conversations and some are not so big, uh, choose wisely when you are selecting a real estate agent. That’s where we are currently. We did have those price changes is on record 63. So basically one lesson, the new listings we have, that amount of price changes. 60 three total, which is quite a bit, but again, it’s reflective of the time of year. Now we’re also seeing back on market properties 28.
Connor MacIvor: 03:34 These are properties that kicked out of escrow at one moment. They are in escrow and then something happened within escrow. A lot of times people think it’s some kind of a negotiation point with the seller, with the seller wasn’t nimble enough or able to assist the buyer and assisting them with whatever they wanted. Maybe they wanted extra closing cost credits or credits to come to them because of some repair they asked for have something fixed in the property and the seller said, no, we’re not going to do that. We told you that the property is sold as is or whatever. A lot of times that’s not the case. A lot of times it’s on the buyer side. The buyer has no longer the ability to finance and we still see this coming up. No matter how much we write about it. Sometimes buyers would go out there and they’ll apply for credit cards, maybe wanting to get furniture in the home and nobody had that conversation with him and said, listen, when you’re in escrow, don’t change any of your credit profile.
Connor MacIvor: 04:27 Even if you think paying off a credit card is a good idea, don’t do it. Before you do it. You definitely want to talk to your lender and say, hey, Mr. Lender, Mrs. Lender, the one that whom is getting me the loan on the property I’m about or I’m considering paying off this Williams-Sonoma credit card and in doing so, I wanted to make sure that’s not going to impact my credit profile. They might tell you, surprisingly, don’t keep it about where you where you have it. Don’t change anything because if you pay it off, then it’s going to show that you have more credit available and could impact your fico score negatively. Yeah, absolutely. That is the reaction that I’m sure that you’re giving me on the other end of this, a verbal communication. It is possible that it doesn’t impact your fico score, so any kind of change and he pay off any financing, anything additional, any application, nice accepting of a new credit card, whatever it may be.
Connor MacIvor: 05:22 If you’re a buyer out there in the current real estate market, makes sure you are communicating with your lender stating, Hey, is this going to hurt me or cause a problem because this is why folks, things go back on the market. They bom, bom back on market. That’s what we call it. Real estate circles. When a property bombs, it was an escrow and then it comes back. Another reason this happens, the buyers aren’t educated by their real estate agent. Maybe, and we had a case like this recently in a home were listing be buyer’s agent representing the buyer where on the seller side did not educate their buyers that the property had homeowner’s fees as far as a homeowners association. The property was a little distance from the main city, so they I would assume, assumed that the property did not have Mello Roos or excuse me, I did not have an Hoa, so when it came to pass that the agent was reeducating the clients talking about the property, they found out that there was a 200 and some odd dollar Hoa fee.
Connor MacIvor: 06:30 No, that was it. That was enough for them. So they kicked out so that property went back on the market. Nothing to be concerned about, but that’s a good question to ask. If you are approaching a property, you’ll see it on scvnest.com. When you’re searching for real estate, if the listing happens to have gone back on the market, you’ll be able to ask your agent to give you further information as to why that potentially happened and it takes a phone call. It takes a phone call to a listing agent that’s going to be able to give them that information, of course, per their seller’s allowances. Sometimes sellers say, listen, everything that happens on my property, and that’s another conversation you have. What can you say as the listing agent? Now, of course, full disclosure, if there’s something, a disclosure issue, if your agents aware of it, they have to say it, so that’s just bottom line real estate one-on-one.
Connor MacIvor: 07:18 You can’t hide anything if you are a real estate agent knowing about a property, but if it’s something the buyer couldn’t get financing or something on the buyers and that had nothing to do with the seller, that’s something that it’s up to the seller if they want them to reveal that, just like inspections that are paid for by the seller. Those are typically the sellers, the appraisal that’s paid for by the buyer on a property. The seller doesn’t have video or do it the ability to see that document. All they get is the number, so on and so forth, so there are rules in place, but disclosure, yeah, everything’s got to be talked about. All right. Active under contract properties. These are properties that have actually changed status, so we have 29 of those 47 pending properties that have switched to still showing as active, but having an executed contract.
Connor MacIvor: 08:02 Those properties switched over. We have 50, 47 of those 60 properties sold here in the last week in Santa Clarita Valley real estate, running the seven-day wear, Friday, November 16th, so we have a seven day to last Friday, 60 properties sold and closed escrow. Here’s something interesting. Senator Properties expired. Do not sell within contractual timeframes. It could be that those properties are doing what I had talked about earlier in today’s show. During that 90 day reset, we’ll have to wait and see what happens. A lot of agents are hunting those. If you do have that deal with your agent that you’re going to allow it to do the 90-day reset, which you’re going to want to do is make sure that they get that documented in the multiple listing services. You’re still gonna. Get those phone calls and even if you never gave up your phone number in the listing to be contacted to be having, having those showing set up with you, you’re still going to be bothered because at some point you might have given up personal information online somewhere and there are companies out there that gather that information and they keep it close and they sell it to agents that are, for example, looking for the seller’s information for an expired listing located at one, two, three, four, anywhere street in Fort Collins, Colorado.
Connor MacIvor: 09:15 Let’s say. They’ll be able to find out, oh, that’s Tom Sawyer. He lives in this house. His phone number is this, or at least he indicated it was 47 years old. You know he’s married to Patricia Sawyer. They got two point five kids, so on and so forth. College educated, soon. This is a data mining companies that come out there and they will give that information to agents that are willing to pay for it. Properties put on hold, five. These could be because there are issues between sellers and buyers out there with regard to their agent slip with the property and hold status just happened quite frequently just for the simple reason. You know, maybe somebody’s sick in the house, maybe there’s a kid problem, elderly problem, maybe there was some kind of a leak or something that needs to be fixed or they’re going to hold off on showing that property for a while and then properties that are pulled off the market withdrawn.
Connor MacIvor: 10:08 Still under contract three, so that’s the current real estate happenings here in Santa Clarita Valley. There are some loan programs out there. Folks, we’ve talked to a lender that we work with frequently this morning. There’s still Fha approved downpayment assistance tax credit programs that people can get income qualified. You can still get these things where you’re able to buy real estate with little or nothing down if you qualify. If you make too much, then, of course, doesn’t apply. You’re going to have to come in with that three and a half percent down. In some cases, you’ll be coming in with three percent down. Just depends on the financing, but that’s as low as you can go and that’s not bad. If you are a veteran, of course, that’s zero percent down and if you are an anyone else you can, you know you have that money. You can put larger down payments.
Connor MacIvor: 10:54 Again, typical understanding and real estate for every $10,000 you finance, that’s going to change your payment about 50 bucks. So that’s, that’s not a big change in payment for that money, that 10,000 bucks. It’s hard to say. So if you get my drift, we usually advise clients depending on how much they have. If they’re trying to get rid of PMI, that’s a whole different animal, which is that property mortgage insurance that is placed on loans that have less than that, 20 percent down. They’re trying to get beyond that. Then you put that 20 percent down and you don’t have it. We do have a great process in place. I am Connor macgyver. When you are ready, please reach out. We will take great care of you and guide you through the entire real estate process. If you have a lender you’re bringing to the table, we were. Our job isn’t to strip you of that lender, but it is to double check that winter and make sure that they are doing you right. I’m Conor. It’s always a pleasure. Please check out SCVblog.com, SCV for Santa Clarita Valley blog.com. You’ll be able to see all the articles we have written plus past episodes of our radio show on the right-hand margin, and it’s always a pleasure. Connor Mc, IVR over and out.
I’ll be here with my Santa Clarita real estate representation service when you are ready. Enjoy the radio show and please let me know how I may serve you.