Santa Clarita real estate news – October 4, 2016 – Tuesday

santa-clarita-real-estate-news-10-04-2016During the past 24 hours The Santa Clarita Valley cities have had the following real estate activity.

FYI – I monitor the real estate data daily and sometimes, in a fast paced market, as we see from starting February and slowing down in August within the Santa Clarita Valley (as long as it’s a healthy market), multiple times per day for our Santa Clarita real estate clients.

During the past day in the Santa Clarita Valley Cities we have had 14 new residential real estate listings added to the local “for sale” inventory. I have those posted at this link – View the New Listings in Santa Clarita.

We have also seen that 18 homes have had their prices reduced in the Santa Clarita Valley Cities. In some real estate markets, these price changes are increases. In the current Santa Clarita market, due to the lessened buyer drive and the increasing inventory, we are seeing listing price to listing price reductions. Some sellers are being “oversold” by the agents whom they are interviewing. Some sellers are using Zillow and other online systems to establish value for the real estate they own and are getting Santa Clarita sellers marketmisleading values for their homes. BTW, if I were a conspiracy theorist – I would say this was done on purpose to mislead a potential home seller.

6 Santa Clarita homes have had their escrow cancelled. For whatever reason, the home buyer or the home seller was unable to proceed with the transaction. There are many reasons for homes not selling and having their escrow cancelled.

The first reason which comes to mind by most of those in the world who are viewing real estate as a buyer or seller, is the buyer “finding out” something they could not live with related to the home they were in the process of buying.

That is the easiest factor to consider. However, that happens about 40% of the time. There are other factors that come into play when it comes to having a home re-enter the for sale market. One example is a buyer not being able to obtain financing due to a change in their credit profile.

It used to be once approved always approved. This was before the last foreclosure cycle. The banks were loaning money and not looking back to re-run a home buyer’s credit report close to closing. They did not ask for documentation from the buyer’s employer asking for verification of employment closer to the close of escrow. The bank statements were not asked for again as the deal was about to close. Today, that whole scenario has changed.

Advice for a Santa Clarita real estate buyer. Amongst all of the items we cover in our Crash Course on real estate for our Santa Clarita home buyers, the “Don’t buy, pay off, open new lines of credit, gets the most “AH-HA’S”! When you are ready, call me directly and I will take great care of you. Have an awesome day and please use our SCVnest system to get what your Santa Clarita home is currently worth and it’s fair market value. Also use our SCVnest real estate system to search for the actual real estate listings currently on the home market for sale.