Paying less than sticker price for a Santa Clarita home requires proof of value
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Paying less than sticker price for a Santa Clarita home requires proof of value
Connor “with Honor” MacIvor - November 4, 2024** Tags: [Santa Clarita Real Estate](/-/Blog/tag/Santa Clarita Real Estate), [Connor with Honor](/-/Blog/tag/Connor with Honor), [Market Update](/-/Blog/tag/Market Update), [Real Estate Tips](/-/Blog/tag/Real Estate Tips), [Home Buying](/-/Blog/tag/Home Buying), [Escrow Process](/-/Blog/tag/Escrow Process), [Price Reductions](/-/Blog/tag/Price Reductions), [Santa Clarita Open Houses](/-/Blog/tag/Santa Clarita Open Houses), [Back on Market](/-/Blog/tag/Back on Market), [Coming Soon Listings](/-/Blog/tag/Coming Soon Listings), [Real Estate Negotiation](/-/Blog/tag/Real Estate Negotiation), [Santa Clarita Homes](/-/Blog/tag/Santa Clarita Homes), [Home Selling Tips](/-/Blog/tag/Home Selling Tips) ** 0 Comments | Add Comment
November 4th, 2024 - Santa Clarita Valley Real Estate Market Update
Hello, Santa Clarita! I’m Connor MacIvor, also known as “Connor with Honor,” here to bring you today’s deep dive into the Santa Clarita Valley real estate market. Whether you’re a seasoned investor, first-time homebuyer, or just interested in the Santa Clarita market’s pulse, this update will give you insights into active listings, recent price adjustments, escrow risks, and the real estate trends that could impact your next move.
The Current Market Snapshot: Inventory, New Listings, and Price Adjustments
The market here in Santa Clarita currently holds 525 active residential listings, which gives a fair amount of choice for buyers navigating what has been, up until recently, a seller’s market. Let’s unpack what these numbers mean for both buyers and sellers.
New Listings: An Increase in Options
Within the last seven days alone, 52 new listings entered the market. This adds a fresh wave of options for prospective buyers. More listings mean that buyers have a bit more breathing room and can afford to weigh different options. This can also encourage sellers to be more competitive, potentially leading to more price negotiations.
So, what should buyers and sellers be aware of with these new listings? Here’s a quick breakdown:
Price Adjustments and What They Signal
Now, here’s a notable trend: 61 properties have experienced price changes in just the last seven days. Among these, the vast majority—around 95%—were price reductions rather than increases. This points to a significant shift where sellers might be starting to concede that high prices aren’t always getting the offers they expect. For buyers, this can be an exciting development, as it often signals that more flexibility exists in pricing negotiations.
Here’s how these price adjustments might impact you:
Understanding “Coming Soon” Listings: The Value of Early Access
Within the current 525 active listings, 4 of them are labeled “Coming Soon.” While this may not seem like much, these early-access listings can be an invaluable advantage for buyers who want to move quickly in a competitive market.
Why should buyers consider “Coming Soon” properties?
If you’re interested in accessing Santa Clarita’s “Coming Soon” listings, feel free to contact me, Connor with Honor, at any time. I can send these listings directly to you, so you won’t miss any opportunities in this ever-shifting market.
Back on Market: Why Properties Fall Out of Escrow and What It Means
Among our current active listings, 17 properties that were once in escrow are now back on the market. This is an interesting phenomenon to note, especially if you’re a buyer or a seller wondering about the risks of escrow.
Why Do Properties Go Back on the Market?
When a property is “back on the market,” it means that a deal fell through, typically for one of these reasons:
What “Back on Market” Means for Buyers
“Back on market” properties can often be a hidden gem for buyers. Since they were in escrow, the seller is already somewhat invested in the idea of selling and might be more flexible on terms or pricing, especially if the deal fell through late in the process. However, do ask your agent to investigate why the property came back on the market, as it could be due to issues uncovered during inspection.
What It Means for Sellers
For sellers, a “back on market” status can be disheartening. However, this is where it pays to have a proactive agent. Your agent can reach out to other interested buyers and re-market the property with additional disclosures if needed, addressing the reasons the previous buyer backed out. The goal is to reassure future buyers and minimize potential future fallout.
Escrow Insights: Deposits, Risk Factors, and Legal Considerations
When you enter into escrow on a property, a deposit is typically required to demonstrate that you are a serious buyer. This amount, usually around 3% of the listing price, is held in escrow and applied to the purchase once the transaction closes. However, the escrow process can be complex, and a few key considerations can prevent costly surprises.
The Importance of Transparency During Escrow
For buyers, transparency and communication are crucial throughout the escrow process. Your agent will guide you through disclosures, inspection reports, and financing steps, but it’s important to understand that the deposit is at risk if contingencies (financing, inspection, etc.) are removed and you decide to back out later.
If you’re contemplating a cancellation, consult with your agent and possibly even a real estate attorney, as getting your deposit back might be tricky depending on the timing and circumstances.
Seller Considerations: Protecting Against Last-Minute Cancellations
Sellers can protect themselves against last-minute cancellations by carefully reviewing offers and setting clear terms regarding contingencies. While it’s every buyer’s right to back out within the contingency period, a savvy seller can structure the counteroffer to minimize unnecessary delays and ensure serious offers are prioritized.
Navigating Open Houses: Leveraging Information to Your Advantage
The coming weekend offers 15 open houses scheduled across Santa Clarita, presenting an excellent opportunity for potential buyers to get a first-hand look at properties. However, it’s essential to enter these open houses informed and prepared, especially if you don’t yet have an agent representing you.
Why Some “Under Contract” Homes Are Still Holding Open Houses
Sometimes, you’ll see homes listed as “active under contract” that are still holding open houses. This can happen for a couple of reasons:
Tips for Attending Open Houses
When you attend an open house, don’t be afraid to ask the listing agent questions. Inquire if there are any offers on the table, or if there’s anything unique about the property. This gives you a better sense of how serious the seller is and whether there may be room for negotiation.
Making Offers: To Go Below Asking Price or Not?
The art of making an offer involves striking a balance between securing the best deal and respecting the seller’s expectations. In some markets, offering less than asking price could be a risky move, especially if the property is new to the market or competitively priced. However, if a home has been sitting for a few weeks without a price reduction, there might be an opportunity to negotiate a lower price.
Research Is Key
As an agent, when I represent buyers, I prepare a complete comp profile of similar properties to support any offer made below the listing price. This approach demonstrates to the listing agent that we’ve done our homework and have a rationale behind the offer.
When to Avoid Lowball Offers
If a property is new to the market or priced attractively, a lowball offer may simply result in rejection. Discuss market conditions with your agent to understand if a full-price or even above-asking offer might be more suitable in such scenarios.
End-of-Escrow Challenges: Documentation Requests and Credit Checks
One thing that can catch buyers off guard during the final stages of escrow is the lender’s request for additional documentation or even a last-minute credit check. This often happens due to internal underwriting policies, so it’s nothing personal. However, being prepared with updated documentation and maintaining a stable credit profile throughout escrow can help avoid delays.
Buying or selling a home is an involved journey, with many details to manage, especially in the vibrant and competitive Santa Clarita market. Remember, I’m here as your guide and ally through each step, ready to answer questions and ensure you’re informed about every aspect of the process. Explore all the latest listings and open house schedules at SantaClaritaOpenHouses.com.
#SantaClaritaRealEstate #ConnorWithHonor #PriceDrops #RealEstateInsights #EscrowRisks #OpenHouseTips #HomeBuyingJourney #RealEstateNegotiation #SantaClarita #MarketTrends #EscrowProcess #SantaClaritaOpenHouses
Whether you’re buying, selling, or just curious, this video is packed with valuable insights.
Watch here: https://youtu.be/n2DaGZYpdlI
Prefer listening? Check out the podcast: https://www.buzzsprout.com/298109/episodes/16045661
For a detailed read, visit the blog: https://www.santaclaritaopenhouses.com/blog/paying-less-than-sticker-price-for-a-santa-clarita-home-requires-proof-of-value
#SantaClaritaRealEstate #ConnorWithHonor #MarketUpdate #RealEstateTips #HomeBuying #EscrowProcess #OpenHouse #SantaClaritaHomes #RealEstateStrategies
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