This last in Santa Clarita real estate was quite dynamic with several interesting things that had occurred to a couple of our real estate buyers and one seller. I will get into these items that may assist you with making a real estate decision, but first, let me talk about the latest Google Analytics report for our SCVnest.com real estate website.
These are the latest results for the Top Santa Clarita real estate Links acknowledged by Google Analytics.
Top Links on the Best Santa Clarita real estate website according to Google analytics:
This has to do with what Veterans need to know about how homes are valued by the Veterans Administration Appraiser and what happens if the Veterans Administration appraisal comes in lower than the offering price. Enjoy the read
Not too long ago, in this local galaxy, there was a time when you received an offer for your home seller and if that offer was accompanied by a letter of pre-approval, you’d have that agents buyers “cross qualify” with a real estate lender that you knew. This procedure really ramped up with the banks and when they had received offers on their foreclosures/real estate owned properties. They would choose to all parties double app with one of their sister companies.
IT did not take long for the “games that buyers” were playing to stop. They may not have been approved at the amount they were offering and this was found out upon cross qualification. The buyers offered more as a tactic to get their offer accepted, then they would let the appraisal on the home happen where they were sure it would come in much lower. Enjoy this article
When you are searching for homes and real estate within the online channels, you will run into a lot of games. Properties that are populating the online real estate syndication websites which are not for sale. They are listings that were not placed onto those websites by the real estate syndication websites themselves, they were placed on those sites by those considering selling and by those who are “feeling out” the real estate market.
This is the way it used to be and still stands today. The nice thing is the real estate syndication websites are working on keeping listings such as those at bay. They are having them deleted once they are found out. However, to catch them all will be impossible. They will build a better mousetrap and the people stuffing their website built a better mouse. Please Enjoy
What a great question that we get often for those who are looking to relocate to our fair Valley. We also get asked by those engineer types when they are working on the numbers as they relate to the data points they should be paying attention to when deciding on whether to buy or sell real estate.
I have covered the two schools of thought on this topic. Which Santa ClaValleyalley cities are considered by most and which are considered by some as being in the “Santa Clarita Valley”. This article will add value to your quest
Imagine buying a new Santa Clarita home only to get an additional tax bill in the mail that you were not expecting. Let’s say that finances are tight as they are and you are going to have to take out a loan to pay the extra taxes. Enter stage left, Mello Roos and special assessment taxes. These are items that some of the various Santa Clarita locations have. These extra fees are used to pay for the schools, streets, lighting, fire department, EMS and police services.
Of course, it would be nice going in knowing that the home had taxes such as these. Today, it would be hard not knowing. The lender has to know if the home has mello roos/special assessments and if they are high enough they may impact the buyer’s ability to secure a loan on the property. The mello roos taxes also can cause issues with resale, another topic for another day.
If you have not heard the word and if you are in the process of buying a home, YOU BETTER ASK. By asking, you will know for sure. The best way is to have your agent send you the tax rolls on the property you are buying. If you are buying a new home, they won’t have this, but they will have other documentation stating whether or not the home has mello roos or whether or not it doesn’t.
Get it in writing!
This has been a quick recap for the Santa Clarita real estate news website. I’m Connor T. MacIvor and my mission is to be your real estate agent, on your side 100% when it comes to buying and or selling real estate. I have been doing this, serving the real estate needs of buyers and sellers of homes and real estates since 1998 and I’m looking forward to you contacting me.
Santa Clarita real estate news update
Like the title of this real estate and new update article, the real estate market is increasing in the time it’s taking to sell real estate.
There are a couple of things you need to know to fully wrap your mind around the most current Santa Clarita real estate data.
Days on the Santa Clarita real estate Market – DOM. This is the time a listing has been on the market for sale, total. If the home entered escrow with an executed agreement by all parties, the DOM continues. The DOM continues until escrow closes.
CDOM – Cumulative Days on Market. This is the time that listing has been listed for sale without a 90-day break as either having been canceled or having expired.
Canceled – the act of the real estate agent, for some reason and which has to be agreed upon by the real estate agent’s seller and the real estate agent’s broker, of the real state listing being canceled. After this happens any agent who can procure the real estate listing will earn the commission if they are successful at selling it.
Expired – this is when a home for sale does not sell within the contractual time frame. The home then will switch statuses from active to expired. Not selling during the time the listing contract stated. Of course, this can be extended with the agreement between the home seller and their real estate agent.
Saying that my home sold in 4 days is a bit of a misnomer. Saying that the home had an agreement signed on the behalf of all parties and escrow was opened is much more accurate.
This really only matters to those who want to really understand the process. The minimum time required for a home to sell is going to be dependent on all parties and how fast they are able to perform.
Example. If there is a loan that has to happen for the buyer to be able to buy the seller’s home, there is going to need to be an appraisal. The appraisers take time to respond to the property and also take time to produce the appraisal report. Then the appraisal report has to be reviewed to ensure it’s accurate. That also takes time. During this time the home buyer is also having inspections completed which they are present for. They are conducting their home inspection, but the home inspector is not always available. The home buyers are not always available either, therefore, they have to work out a time when the home seller will allow for the inspection to take place, where the home buyer is available and at a time when the home inspector is available. Whoops – don’t forget about the buyer’s real estate agent – they also need to be present for good measure.
And those are only a couple of the 50+ inspections that can be conducted. Also, remember the lender, they have items that have to be completed and have particular time frames to adhere to. Certain minimums they have to wait before the next step can be taken.
Then you have escrow, they have other things that have to get done that will depend on the schedules of all involved.
I have said it before and I will say it again, it’s a wonder that a single real estate transaction closes.
The time frame for those homes to close from the beginning, from when escrow opens with the accepted offer from all parties, is 45-60 days for Veterans Administration loans, FHA – Federal Housing Administration Loans and 30-45 for conventional loans.
If a single party is “too busy” or deliberately dragging their feet, then those timeframes can expand and escrow shall continue tun
|Sold Price||Days to Sell, Average|
|$0 – 200||32|
|$200 – 300||30|
|$300 – 400||24|
|$400 – 500||26|
|$500 – 600||27|
|$600 – 700||29|
|$700 – 800||30|
|$800 – 900||34|
|$900 – 1,000||37|
|$1,000 – 1,250||36|
|$1,250 – 1,500||82|
Prices in thousands of dollars – fyi.
Looking at the number of Sales in the Santa Clarita real estate market as they correspond to price ranges, you will see that we have the most homes that closed in the past 6 months between $500,000.00 and $600,000.00. This is currently where most of the Santa Clarita real estate buyers are focused and where the lions share of the real estate inventory sits related to housing price.
Here are the first 6 of those real estate listings that are currently for sale in the Santa Clarita Valley cities between $500,000.00 and $600,000.00.
During the last couple of months, we have seen the Santa Clarita real estate inventory increase to a point that the home sellers are wondering if their homes are going to sell. They are being looked at because there is still a robust home buyer drive, but with the additional inventory and the additional choices that the home buyers have, which they did not only three months ago, they are taking longer to make real estate decisions.
Something else that is a common market reaction by home buyers that had experienced a Santa Clarita and real estate housing market that was competitive and in which they lost their bids due to high competition, is the cancellation of escrow when something better comes along.
Of course, Santa Clarita home buyers don’t head out to buy a Santa Clarita home with the intention of canceling escrow when something else they view better comes along. They don’t think this way. The real estate agents are not putting this bug in their ear either. The question always comes us. What happens if we find something wrong with the home we are buying and what if we want to cancel. That line starts innocently enough. I respond that it will depend on what was agreed to and the current place we are currently in within escrow.
If we are to the point where you, as the home buyer, has removed all of your contingencies, including the loan, you can lose your entire deposit if you cancel the transaction. There could also be other damages that the home seller can come after a home buyer for.
If we are earlier in the transaction and if no of the home buyers contingencies have been removed, the buyer can cancel the escrow and retain their deposit. However, that also requires the seller to sign off on it. If the seller wants to take legal action against the home buyer, even if the home buyer is within their “legal right” to cancel the transaction and retain their deposit, they can try.
The same goes for the home buyer. If they want to go after the home seller because the home seller is not returning the home buyers deposit and allowing them to move on, they can do that as well.
As you can see, anyone can sue anyone for anything. Nobody wants a lawsuit. Most times this issue does not arise when the buyer wants to cancel escrow when they are within the rules established by the executed contract.
I will also tell you if you are a home seller, most home buyers don’t cancel the transaction if something better comes along. But, when they do, there are fireworks for sure.
My Job is to protect my home buyers and my home sellers from all the issues that I am able to foresee from my experience. In the state of California “dual agency” is allowed by law. Meaning, that is it is okay for the real estate agent to be the buyer’s agent and the seller’s agent on the same exact transaction. There are states and even Canada in 2019, who outlaw this practice.
It’s easy, with the above scenario, to see why they do. How is the agent able to fight for their client when both clients are theirs? When both the home seller and the home buyer is working with the same singular agent?
I will tell you now that is not easy. Trying to represent both ends of a singular real estate transaction. I know I’m going to get some blowback by my fellow real estate agents, but I welcome it.
I can count on one hand the times in the past that I have represented both the buyer and seller on the same real estate transaction.
Two that come to mind are:
When we worked for Citi Group in the sales of their foreclosure assets, we represented a home buyer after totally disclosing that we were to the bank who was giving us their foreclosure and bank owned assets to sell. We had the fact we were representing the home buyer in writing. We also informed the homebuyer or our listing relationship with the bank. It was a simple deal, cash with no repairs etc – very few moving parts and the bank is corporate and only wanted to get their listing price with nothing else being allowed to be paid by them. Our fee – the commission was still only offered to us on a singular side because the bank would not pay double on a singular transaction.
The second was a Canyon Country home where the home seller, per his tax attorney, could not make more $$$ than a particular dollar figure without risking other issues. This home was to be sold for $80k less than fair market value. No Repairs, and as is in writing. The buyer had to be cash and had to close in 20 days. This was the other time where I remember representing both sides of the transaction.
Both happened without incident and occurred to the pleasure of both sides – but not every deal works out this simply.
I’m Connor with HONOR and this has been your Santa Clarita real estate news update.
I’ll be here for you when you are ready. Please reach out to me when you are.