Most Negotiable Santa Clarita real estate listings Real Estate
These are homes which are for sale and have been for the longest time on the Santa Clarita real estate market.
I included all of the longest listed homes and real estate for sale in Canyon Country, Castaic, Saugus, Stevenson Ranch, Newhall, Valencia, Stevenson Ranch, Acton, Agua Dulce, and Val Verde Park.
At the time of this posting, I’m looking at homes which have been listed for over 800 days in some cases. What is the issue with these homes? Why are these homes not selling? What strategy do I suggest when approaching them?
First things first. If a home is priced right in a seller’s real estate market, it will sell within hours. If the market is in the buyer’s venue, then that listing selling will be depending on its competition within the local housing market. If there are several of the “same homes” listed for sale, that gives the home buyers a lot to choose from and it will take longer to sell each of them. I remember back in the late 1990’s – when I was first licensed – 6-8 months was a typical timeframe that it took to sell the residential real estate.
Some of these homes, which have been listed for a long time, may have been those which were distressed in nature. One type that comes to mind is a short sale where the bank is not responding to the agent and the offers which were received. It could be, with this type of short sale, the home seller is not giving what they need to keep the bank moving with any previous offers received. Short sales could be on the market for the purpose of getting the short sale seller more time in the property without paying rent, (very unethical), delaying the foreclosure process.
Sometimes, real estate listings fall out of escrow for one reason or another. Most times it does not have anything to do with any discoveries regarding the seller’s home and the inspection processes. Typical reasons for a home falling out of escrow can be the case of when a home buyer changes their mind and wants to write an offer on a different home. It could be that the home buyer lost their ability to obtain financing. In some cases, it is an issue that arises between a home buyer and a home seller and either party not being negotiable and playing “emotional” hardball. If a listing has been listed longer than the average Days on Market Timeframes, it could be this listing was in escrow and fell from escrow during previous contracts.
Now that you know some of the reasons why a home has a considerable amount of time on the market, we can start a plan of attack. Of course, after my investigations into the “why” the long time on the market with the party representing the home/condo/townhome seller.
I have only included the “residential” real estate in Santa Clarita Valley on this page that has the time on the market from longest to shortest.
By the way, here are two more reasons why a home may take longer to sell. First, the home may be located in an area where a non-majority of home buyers are looking (far from the city, in the sticks, way out east). Second, it may be the home is in a price range which, by its nature, takes longer to sell – such as homes priced in the Santa Clarita Valley over 2 million dollars.
We don’t want to offend the home seller
This is a very valid concern. Heck, we are all human after all. Offending depends on a lot of factors including a person’s own experiences. In most cases, the best place to be would be to consider the sale of a home to be a business transaction only. Never viewing selling a home as a personal attack when getting an offer lower than your asking price.
This same belief system should also be shared by the home buyer. The home seller may not be offended at the buyer’s low ball offer. The seller may choose to not respond to the buyers offer, thereby resulting in the buyer getting offended.
Both parties should take a step back and figure out what they ultimately want in this case. I’m sure the home seller wants to sell their home. I’m also sure that the home buyer wants to buy it.
The home seller has their bottom line and the home buyer has the top amount they are going to spend on the seller’s home.
If the home seller does not respond to the low offer, they will never know if the home buyer is capable or willing to meet the seller at the amount they’d accept.
If the home buyer does not keep trying by waiting for a follow-up offer at a different amount, they may never be surprised at what the seller may actually take for their home.
I know that most view real estate as being personal. However, the savviest real estate professionals don’t view it that way. It’s strictly business.
As a home buyer, if you are going to write a substantially less than asking price offer and have said offer submitted, have your agent include some comparable sold listings as the rationale.
If you are a home buyer just wanting to offer less without any verifiable justification, you may want to stand down in making the offer to the seller in the first place.
As a home seller, you should have been brought up to speed as to what your home is actually worth and what a “good” offer would be. This should be shown to you by more than saying it out loud. You should have been presented with the actual comparables showing what your value is at in today’s real estate market.
Improving your real estate offer without offering more
Real estate buyers should be brought up to speed on what current real estate sellers are looking for whey they get offers.
For a home buyer to make their offer better without offering more money, they can make is sweeter in several ways.
- Improve their financing – It may be the home buyer has the capability of putting 20% down on the home they are buying but wants to use a 3.5% FHA loan instead. By changing their financing to reflect obtaining a conventional 20% down loan, they are re-assured the home seller that the chances of closing have just improved dramatically.
- Reducing inspection time frames – in the California real estate contracts, it gives the buyer, if it’s not changed, 17 days to completed all inspections. A home buyer can shorten this time frame to 10 days without too much issue. That would mean that the buyer has 10 days to complete all inspections and to remove the inspection contingency. If the home buyer decides to cancel after they remove the inspection contingency for some “inspection” reason, they could forfeit their deposit. There are other reasons to cancel escrow – inspections is just one, FYI!
- Writing the seller a love letter – while this action does nothing to improve the seller’s position in accepting your offer, it does help immensely. We have had home buyers that have scribed a strong love letter win out over buyers that were offering more money for the seller’s home.
These are only a few ways to make a stronger offer without increasing how much you are willing to pay for the seller’s home.
Most real estate professionals will be able to guide you throughout the process and I will tell you that we have these conversations daily with our housing and real estate buyers.
Know the current real estate market
I will let you know this is critical. This is something that all home buyers, and home seller, need to know about. The real estate professional on either side should be supplying the information concerning the present real estate market in the city of interest.
One of those things that need to be known should be offered by your real estate agent is that the status of the current real estate market is.
The primary question is always, “What type of the housing market are we in?” – The answer is going to be if we are in a Seller’s or a Buyer’s market. There are also those real estate markets that are in a state where they are somewhere in between a seller and buyer real estate market.
The type of real estate market is going to cause the appropriate response to a real estate listing and lead to the type of home buyer action.
If the home market is in a state of flux – transitioning from a seller’s market to a buyers market, we see that most offers that are written will start to reflect less than asking price amounts. Of course, this is going to be verified by studying the real estate market and the transitional percentage.
If you have house A that closed escrow 30 days ago for $500,000. Then you have house B that closed escrow 20 days ago, apples to apple comparison, for $490,000. In another 10 days, you see that house C sold for another 10k less than home B, closing at $480,000.00. I’m simplifying for the purpose of seeing a real estate market in transition and potential offering strategy.
With my offering scenario, we are now 2 months and see a listing that matches the homes – A, B and C. The offering strategy may be appropriate to offer $450,000.00, even though the home is priced at $470,000.00.
That is the real estate market is still in a decline with no relief in sight.
If the current housing market is increasing in price, where we are seeing that the above scenario is reversed and properties are entering the market at $10k higher per week – the offering strategy may be to offer more than asking price depending on various factors.
Buyer drive an important indicator of market health
In a seller’s market, when it’s driving hard, the buyer drive is especially robust. There are multiple home buyers for each real estate listing.
That is great for sellers because they are also getting multiple offers on their homes.
Typically, the housing market when it’s in the seller’s zone is lacking real estate inventory.
One of the indicators of the real estate and housing market switching is when more and more inventory is added causing the days on market timeframes to increase.
Usually when the buyer drive slows down the real estate market starts making it’s slow transition or shift from being a home seller’s market to a buyer’s market.
Watching new homes and new home builders
We represent home buyers at all of the New Home builder communities throughout the Santa Clarita Valley and Greater Los Angeles areas.
The thing that I want to let you know is if you have any doubts as to what type of real estate market we are within, watch the new home builders.
If the new home builders are building inventory without having buyers in place. The market is a robust seller real estate market.
If they are only building homes after getting into a contract with a home buyer, they are within a typical seller’s market.
If the new home builder is reducing prices and having homes falling out of escrow watch for the housing market switching from a seller to a buyers market.
If the new home builder closes up shop the market is going to tank.
They know – just be watchful.
Hiring the right real estate agent
Someone that explains the process. Someone that cares more about the home buyer than the commission to be earned.
When you are buying real estate, you don’t pay your real estate agent’s fee. That “fee” is paid by the home seller.
Make sure you take the time to check out the best real estate blog that you will find in the Santa Clarita Valley.
I have written over 10,000 real estate articles. I have also produced over 2000 real estate videos on YouTube and on my other video platforms.
I also have a face for radio 🙂 – Maybe not that bad, but I do have a great real estate radio program. Go to SCVblog.com and you will see all of the articles, videos, and our real estate radio show.
I’m the best choice when it comes to real estate.
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