When looking around the Santa Clarita valley, one of the places you can go to get the best in Real Estate intelligence reports is Santa Clarita real estate reports dot com.
We just completed our latest volley with reference to the Santa Clarita single family residences and the Condo/Town-homes located in the SCV cities.
I was not too surprised to find out we had condos and town-homes moving out at a faster pace than Single Family Residences.
I opine there is a direct correlation between the increase in interest rates, forcing some that had been slotted into buying a Single Family Home, needing to switch to Condo/town-home.
If someone had been qualified at 3.5% for a $400k home, but then the interest rates shot up 1% or 1 Point, they would now be qualified for a $355k property.
In the Santa Clarita Valley, that $355k amount can be further whittled down with the entrance of mello roos, special assessments and HOA fee’s.
It may have been the case where a person was qualified for an SFR, having to now go for a condo/town-home.
If you have not re-visited your borrowing money from your Santa Clarita Lending Professional, reach out to them again to make sure you are still hunting for real estate in the correct and comfortable price range.
BTW – check out the two YouTube video’s that will give you the intel on the Santa Clarita real estate market by video.