Totally expected because there are a couple of fronts at work that have seemingly come together in the Santa Clarita Valley housing market.
One – the sellers that have been waiting for interest rates to go back to where they are currently from buying/refinancing at the low point in the market, the 3.3%, they have started to accept that interest rates won’t be there again anytime soon.
In fact, the FED held off raising interest rates the last time they met and everyone is now expecting them to raise them next time and the time after that.
The “pre-holiday” sellers have also stated to move on the homes they wanted to sell or took off of the housing market to allow for the 90 days reset related to Days on Market time frames.
The holiday home buyers have been patient while Santa Clarita real estate inventory starts to increase, or at least they have waited until the “hopes” of having more homes to look at.
With interest rates holding steady at 4.5% – depending on loan amount, credit history and other associated factors, that is still a very attractive rate for the first time and most veteran home buyers. Once we get to 5.0% and higher, it will place a pause on the housing market for a short time then we may see panic set in.
Do yourselves a favor, don’t panic. The market is going to do what it will do and you can be certain that we are going to have objections and agreements from all sides as to whether or not you should be buying or selling real estate at the present time.
I met with some Valencia CA 91355 home sellers two nights ago. They want to move to Idaho. Both he and she don’t want to wait too much longer so they can take advantage of the current housing market and the high, over the last peak prices.
(the last peak I’m referring to came back in 2006 and 2007)
Mr. Seller is hearing things that are making this time of the essence in his mind to sell the home they have called home for the past 15 years.
He is two years from retirement and will be renting until that time or they will shack up with family.
This is just one recent case, we have many of our home sellers that are going to be having us list their homes to get them sold – our First Week in March of 2019 is going to be quite busy for me – I’m Blessed.
The real numbers – related to listing inventory
The time frame is from Sep 2018 to Feb 2019
This means that while our inventory is lower than the buyers would like, some buyers have either given up or are waiting for March-July of 2019 to pounce.
We will continue to watch the market and the residential changes to the housing and real estate market in the Santa Clarita Valley cities.
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The time frame is from Sep 2018 to Feb 2019
The Santa Clarita market updated
The Price Changes in the Santa Clarita housing market are always a partial indicator of how buyers are feeling about the prices that the sellers are selling their homes for.
15 of the listings had their prices increases out of the total 78 homes that had their prices changed.
The other homes had their listing prices decreased. One thing that home buyers need to have help with is the verification of home price related to the home they are interested in writing an offer on.
This applies to any residential real estate listing and the source information from where it comes. If you are a home buyer or a home buyers agent relying on Zillow, you both may be disheartened when it comes to what your appraiser says about the price for the home you offered.
I’ll give you the case and point related to a home in Valencia CA. Zillow was returning a figure for sale when a local buyers agent in the Santa Clarita Valley was running a home that was for sale. Of course, I want to verify the systems I use – the MLS, versus the systems the online syndication websites are using. Unfortunately, not all agents are of the same thought.
The numbers need to jive. When you have the issues arise between the appraisal and the home seller, sometimes it is not fixed in the buyers favor.
That is why the pulling of accurate comps is so important in Santa Clarita real estate.
The home buyer’s appraiser said they would not loan the full amount they offered. After doing their research they confirmed their position.
While this was not a client of mine, the story was a bit disheartening. I first and foremost wondered why this agent was using the online syndication websites to tell them how much to offer on a home?
That question is best answered by the agent’s ability to know the market, to evaluate the current (buyer/seller) drive and other local factors.
It’s not even cheating. It’d maybe cheating if the data provided online at some of these sites was accurate.
The problem, as you have seen, it’s not.
When you are ready I will be here. I’m Connor with HONOR and I’m a part of REMAX Gateway.