We are watching as the additions of “Standard” sales are starting to hit the market in the Santa Clarita Valley. The most interesting thing about this change has to do with these “Standard” sales not being what the typical Standard Sale used to be considered.
A typical Standard Sale was when a Seller had Equity. They have lived in the home for a certain period of time, they had loved the home, they are going to sell the home. That is what a typical Standard Sale was.
Today, the “typical” standard sale in Santa Clarita Valley is most likely a “Flip”. A property that was purchased at an auction by a single party, a investment group or at bulk sale. The property may have been rehabbed – new paint, flooring, appliances, etc… Then put onto the market for sale – Right at Fair Market Value. In today’s market with the constrictive inventory – multiple offers come quickly on these types of sales.
However, with this type of Standard Sale gaining steam, becoming much more prevalent, I’d deduce we are on the road to a further reduction of prices in the near future.
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