Today, Santa Clarita Valley has low real estate inventory in the ways of homes, condos and townhomes being for sale.
As of this morning the Santa Clarita Valley only has 530 real estate listings in the “active” status which are for sale without executed offers on them.
Let me give you a quick rundown on what the real estate statutes are so we can be on the same page when I get into the answer to, “Why Santa Clarita real estate has low inventory?”
Active real estate listings – These are homes, condos, townhomes, residential housing up to 4 units which are for sale. They do not have an executed contract, which was agreed to and signed off by all parties involved. “All parties” would include the home sellers and homebuyers. There may have been offers written and offers received by the sellers, but nothing is “final”. It could also be that sellers have written counter offers for the buyers who submitted offers, but those counters have not been received back and executed by the seller, so the home is still “active” and for sale. Because of the depth of a single transaction and the “may have offers” scenario, it’s important for agents to speak with one another before wasting a client’s time.
BackUp Status Real Estate Listings – These homes may show on some of the “entertainment/Syndication websites” as being “under contract”. That would mean that this is a step up from the “active status” where the property received an offer, and that offer, along with all of the counters and other documents, was executed and signed off by all parties. However, the backup status may cause the home to show up as if there are no offers and as if the home is not in escrow at all, on some of the real estate syndication websites. That is because they want to “tease you” into giving up your information so they can sell it. Backup is supposed to mean the home is still available for viewing just in case you like it, you can write an additional offer so if the “executed one” falls out of escrow, your offer can be considered. Most of the time the backup status is used, when “pending should be selected” – (c below).
Pending Status of a Real Estate listing – The Pending status is where the home is completely off of the market. It should not be showing up as a “tease”, unless you are searching on a real estate syndication website. The pending status is where a home is completely in escrow, the sellers don’t want any more showings, and they are confident the escrow will finish out, closing successfully.
Now that you know more than some real estate agents, I’ll move on to what the issue is with Santa Clarita Valley and why we have limited real estate inventory.
There are people who own homes. Those “homeowners” really want to sell their homes badly. They contact us and we interact with them about the home selling process and all is good in the world.
The love us and are wanting us to sell their real estate.
The issue with selling a home today…
However, there is a problem. They also want to buy a home. They want to buy a home and have that home close at the same time the one we are selling closes.
That is known as a “concurrent close” in real estate. The home you are selling, closes escrow at the same time as the one you have found, written an offer on, conducted inspections – had appraised and filled out “gobs of paperwork” regarding.
The main concern from today’s real estate sellers which want to buy a larger, smaller, better, newer, older, type of residence is will they be able to find it?
Will the “right home” come onto the market so they can sell their home and buy another they desire?
The selling part is not going to be a problem, it’s going to be the “buying” part which with today’s low Santa Clarita real estate inventory, which may be cause of concern.
What has to happen in this constrictive real estate market is one of “identification”.
The exact type of home needs to be identified by the homebuyer and that information needs to be conveyed to your real estate agent.
They should be doing mailings to the specific area, knocking on doors and using all of their tools to find you a home which isn’t listed for sale.
The Santa Clarita valley market is tight like a tiger. It will be loosening up during the next few weeks due to home sellers realizing that this market holds a real true advantage to them. Also – School is getting out soon – that is another reason why homes are listed for sale.