Happy New Year 2017 – my friends. I’m Connor MacIvor, the owner and operator of REMAX SCVnest/Paris911 Team and I’m glad to present to you a 2017 real estate recap so a year from now we can come back and see where the status of the real estate market in the Santa Clarita Valley was.
As of January 1, 2017 at 1033hrs – We have a total of 460 homes in the active stats within the Santa Clarita Valley Cities – including Acton, Castaic, Canyon Country, Newhall, Saugus, Stevenson Ranch and Valencia.
2016 – and January 1st of 2017 – We are very much in a seller’s real estate market due to the lacking real estate inventory in the Santa Clarita Valley Cities. A sellers real estate market indicates that the home sellers hold the advantage in the current market. The sellers are able to maintain certain advantages within a seller’s market. They, Santa Clarita home sellers, are able to get more money for the homes they are selling. They are able to get the advantage of multiple offers being written. The home seller in the 2016 real estate market, could get away with not paying or doing any adjusting of price or additions of concessions while selling their home/condo/townhome.
In 2016 there were 3994+ real estate listings sold, which closed escrow in the Santa Clarita valley cities. These were of the townhome, condo and single family home variety.
Interest rates for the majority of 2016, were in the mid to low 3’s. 3.2-3.6% interest for the mortgages which were being re-financed into and those which were started brand new by the home buyers on real estate being bought and financed.
As of January 2017 – we see interest rates having been raised and being in the low to mid 4%’s – 4.3-4.75% interest rates on a 30 year fixed mortgage.
When the interest rates rise, the ARM – adjustable rate mortgage becomes more used than in a lower interest rate level market. As an aside, make sure you are getting the best advice when it comes to using any other type of loan program other than a 30 year fixed mortgage. There are some scammers in the real estate lending world. We can be your point of contact, reach out to me and I’ll make the best introductions in the lending and mortgage world.
2016 gave us a lot of new clients and a bunch of referrals from those who have been protected and served by my REMAX Realtors of SCVnest/Paris911. We have a lot of things in common regarding to the service of our real estate clients, the crash course/game plan remains the most important aspect when it comes to buying or selling real estate in the Santa Clarita Valley Cities and elsewhere.
In 2017 we will see the rising of real estate mortgage interest rates. Potentially to levels not seen in the past several years. When the Stock market gets stronger, the Bond Market also gets stronger and interest rates rise (simplified a bunch – but you get the idea).
Stronger economy – higher interest rates. We watched as we had Election 2016 elect someone that most people did not expect who would have been able to get elected, ever.
2017 will prove to be an exciting year for real estate. As long as we see the real estate inventory being low – we will still remain in a real estate seller’s housing market. If we start getting 300+ more units of inventory in the Santa Clarita Valley Cities, coupled with the rising of interest rates, we will see the market make it’s shift from a sellers real estate market to a buyers real estate market in the Santa Clarita Valley cities.
I’m Connor MacIvor and I’m glad to be of service to you and yours. Search all of the real estate listings in Santa Clarita.