This week we have been watching as the Valencia Summit has very little for sale. This has been the recent trend for the past several weeks.
Some of the current residential real estate issues we have seen with the current state of the market are the following:
- Will there be a home for the Valencia Summit seller to buy?
- Will the sellers be able to find a buyer willing to do a rent back?
- Are there going to be appraisal issues with the “higher than the last sold” listing price?
In the Valencia Summit, the appraisers know the area as to be one that is “established”. During the last real estate reset – the foreclosure market stemming from the falling of the big subprime lender, 2006/2007, the Valencia Summit did well with holding value.
I liken the Valencia Summit to a housing community in Los Angeles off of Manchester Ave – just West of the 405 freeway. That area had no properties go into short sale or foreclosure.
No properties moved in the past several years preceding the last foreclosure event. Homeowners bought most of those homes with large down payments and weren’t put into a position to have to default.
The Valencia Summit seemed to me to be in the same position. While properties prices did not fair as well as the area I mentioned. The property prices did not dip as low as some of the other areas in Valencia or other Santa Clarita Valley cities.
Welcome to our Valencia Summit Updates and real estate news. We will give a weekly update for the Valencia Summit specifically. I will also do a YouTube video and update in conjunction with the Valencia Summit news update.
I’m Connor MacIvor with REMAX and I want to be your Valencia Summit Realtor. Let me know when you are ready for my assistance with your real estate needs and please tell a friend.