Shout out to Carl Reese – Santa Clarita home inspector for a job well done this morning. It’s nice having a home inspector that embraces technology as does Carl and someone that does not “sugar coat” anything!
Looking at the current market and the activity within – we are currently tracking 324 distressed real estate listings.
We will get into those in a moment with real numbers of “off market” foreclosures, bank owned, pre foreclosure and REO real estate in the Santa Clarita Valley Cities.
Quick 7 Day recap for Santa Clarita Housing
Santa Clarita Valley has had 92 real estate listings enter the for sale market in the past 7 days. – These are actually homes that are currently on the market for sale. Depending on the ‘pricing point’ will depend on how long it takes for the homes to have offers made. The “offering activity” can be quite dramatic depending on how the agent prices the properties.
We are watching as we have had 61 homes, condos and town homes that have had their prices changed. The “better” question has to do with whether or not these “price changes” were increases or decreases. We will cover this on our Friday Finale Broadcast – You will find that show located at SantaClaritaHousingMarket.com.
BOM – Back on Market homes in the Santa Clarita Valley Cities are up at an astounding 28 homes, condos and town homes have fallen from the graces of escrow. It’s hard to quantify – but these sellers are without buyers at this point. There are several reason why this could have happened. Maybe the buyers ran into a seller that made them extremely uncomfortable – that’d do it in some cases. Maybe the buyer lost their job or the ability to finance.
Here is the rest of the recap – 69 real estate listings entered escrow. We have been tracking 5 real estate listings that expired, 47 homes entered this stage in the escrow process and we have been watching as 49 residential real estate listings sold and closed escrow in the Santa Clarita Valley during the past 7 days.
Welcome to our Wednesdays real estate REO hump day broadcast, I’m your host Connor MacIvor at REMAX of Valencia CA’s Paris911 Team of Realtors.
Real Estate questions by email:
“I’m seeing listings on your site that are not on the market, please explain.” – Carl…
As with anything, some real estate agents have a better ear to the tracks than some others. We have access to the Pre Foreclosure and Bank Owned lists in all of Southern California.
These include real estate listings that are not on the market for sale.
Bank Owned – these are homes that may be on the market as Foreclosures. Some of these properties are not. They are somewhere in the process. Either they are waiting for a final disposition, or they are going to be sold as “off market” reo’s. Access can be had by the regular Joe – ask us for more information on how to go about buying a Bank Owned listing before they hit the market for sale.
Auction – these are homes that are headed to the auction block, typically in Norwalk and Pomona. They are homes that may sell for pennies on the dollar – discounts can be had at the local real estate auctions. The thing you need to make sure of, before heading off to the auction with your cashiers check in hand, is that you understand “fully” what you are getting into. Please, always consult a professional before heading off to the auction.
Pre Foreclosure – these are homes and real estate that have had notice of defaults filed on them. Meaning, the banks have not received payment for a while – usually 90+ days! Reminder: (that number depends on the particular financial institution that made the loan), they record that fact with the court and the NOD – Notice of Default, is made public record.
In the real estate news
Buyers are becoming more active earlier this year that is usual. They are starting to search way before spring and that fact may create a more prevalent “multiple offer” situation in the coming months.
With the lacking inventory, we see that some of the real estate listings in Santa Clarita Valley are really popular. This being the case, these listings obtain multiple offers in short order.
While a multiple offer scenario is very advantageous to the real estate seller, it can create a headache and stress on a real estate buyer that has not experienced it before.
Make sure you are getting the best in advice if you are a real estate buyer encountering a multiple offer scenario on the home, condo or town home you want to buy.
There are specific ways that buyers need to be guided and only a real estate expert should be chosen.
As for sellers that are encountering multiple offers on the homes they are listing for sale. They too need to be prepped in case this scenario reveals itself. There are neophyte ways on handling the multiple offer dealing, and then there are “expert ways”.
The Santa Clarita Distressed Home Recap
Here is the break down as far as the distressed real estate numbers in the Santa Clarita Valley Cities.
My Paris911 Team is currently tracking 14 active REO and Bank Owned listings currently on the active real estate market.
You will be able to see these by heading over to the Foreclosure Tab on the home page of Paris911.com – that’s our site and you will not be required to register to search at any point. Unless you want to get the listings that are entering the for sale market in the future.
As far as “current” Santa Clarita Valley distressed real estate inventory – we also have been monitoring 8 of the REO’s as being in pending status and 3 of those in the Back Up status. Keywords for the MaCboX at Paris911.com are backup and pending (type those words into it to get more information and to see those listings).
The Santa Clarita off market inventory
All Total in the Santa Clarita Valley Cities – mostly real estate that is not on the market for sale – but we maybe able to help you with the procuring of…
- 283 Total distressed real estate in the Santa Clarita Valley Cities
- 112 of those are pre foreclosures (notice of defaults) have been filed
- 74 of those homes are properties headed to the auction
- 81 of those homes are bank owned real estate
- 16 of those listings were sold to a third at a trustee’s sale
For the Totals in Stevenson Ranch in Zip Code 91381 we have been monitoring the following:
- 41 Total distressed real estate in Stevenson Ranch California
- 23 of those are Pre Foreclosures, having had notice of defaults filed on them
- 5 Stevenson Ranch homes are off to the auction
- 11 are currently bank owned in Stevenson Ranch
- 2 of the Stevenson Ranch homes have been sold to a Third
We have the numbers of the distressed real estate in Valencia CA 91354 and zip 91355:
- 87 total distressed properties in Valencia CA
- 42 of those are Pre Foreclosures – NOD’s filed on them
- 17 of those homes in Valencia are headed to the auction
- 19 of those Valencia residences are Bank Owned
- 9 of the Valencia properties have been sold to a third at a recent trustee’s sale
The “other” Santa Clarita Valley Cities are available by clicking on the Foreclosure Tab on the home page of Paris911.com – after you do, you will be able to search for the off market and REO listings that we spoke about above with our REO and Distressed SCV real estate recap.
Here are some quick totals from our Foreclosure Tab on our Paris911.com website:
Canyon Country has 82 total distressed homes, condos and town-homes.
Castaic has 82 Total distressed homes, condos and town-homes.
Newhall has 41 Total distressed homes, condos and town-homes.
Upcoming Truth in Lending Show tomorrow
Tomorrow is our Truth in real estate lending show for real estate.
We will “hit on” some aspect of the lending as it pertains to the real estate world and shed some light on an otherwise “not well lit” topic.
Please tune in by 12pm pst when we should have our Truth in Lending’s Radio Show uploaded.
BTW – We have been uploading our real estate radio shows to our Santa Clarita Realtor YouTube Channel.