Tune into our daily Santa Clarita real estate radio show hosted at HousingRadio.com.
Today, on our Travel Tuesdays real estate broadcast, we got into the real estate data within our local market. However, we get asked quite often, if we work in all of Southern California, why do we only post stats for the Santa Clarita Valley Cities?
That’s because when I speak about the local market, that is a snapshot of the other local markets in the Southern California Cities.
If we have 1/3 of real estate listings, as we do currently, that fall out of escrow, the other local Southern California housing markets are experiencing the same ratios.
If the SCV is showing that 1/4 of the real estate listings, listed for sale, will have their listing price reduced sometime within the first 30 days, that statistic applies to the other local Southern California housing markets as well.
That’s why David – that’s why….
There are three primary statuses that will be of concern to a real estate buyer looking to purchase real estate.
Active – This status in real estate means that the property which is “active” has no executed contract. By executed I mean that the seller and buyer have come to an agreement and signed all appropriate documentation concerning the real estate being purchased and escrow has opened and the buyer has taken the earnest money deposit to “Said escrow Company”.
Backup – This real estate status is one of those who’s intentions are good, but sometimes it’s not explained to the real estate seller completely. You see, backup is supposed to mean that the seller would like to continue to show their home and receive additional offers that are going to be placed in “backup” position. This status continues to show the specific listing active and completely without offers on some of the real estate websites. The listing agent continues to have leads generated – so hence this status not being accurate from time to time.
Pending – Executed contract in place. Seller does not want any additional offers or their agent is tired of the phone calls(which should not be – but probably is the case with the pending status assignment).
The Top Tip Realtor don’t want you to know…
The Top Tip has to do with how the intelligence is gathered on the properties which are in escrow. It’s important, once your agent has the best understanding as to what you are looking for, they should be checking on the listings which are in escrow – both back up and pending statuses.
You will be surprised what can happen if they are doing the heavy lifting for you, the proper way, putting their legs into it 🙂
When you are ready to relocate to the Southern California Cities – We will be your go to source for all your relocation needs.