The local real estate markets are a buzz with buyer activity, however – the contacts are there, but the contract signing is not.
The local lenders are also pressing advertising such as “first time buyer” programs that are not worth the paper promises they are written on.
Always, make sure you ask to read the small print. Also, if you are being promised something, and if it’s not already in written form, then ask for the person promising you to put it in writing.
If you don’t feel comfortable asking, just say, “Hey, My wife, mom, dad, priest, etc – would like to understand what you are telling me – would you please send me an email breakdown of what we spoke about?”
If they don’t, or omit the “too good to be true” part, then it’s time to move onto another “lender/realtor/etc”.
Have a Great Monday – Tomorrow is our Travel Tuesdays, where we interview a real estate agent from somewhere else in the country to see how their local market is fairing.
Be safe – talk soon and thanks for listening to our Santa Clarita real estate podcast.
The question of the day, Are the Heightened rates going to kill the Santa Clarita Housing Market?
Where did I put my Crystal Ball?
The answer – Probably not – I know, you were looking for a more solid and assured answer. With Lotto, gambling, stocks and real estate, no one has a crystal ball.
Or at least one that is accurate 100% of the time. However, in this case, I believe the roll with regard to rising interest rates is going to slow.
Loose Lips Sink Ships…
That is what happens when someone let's the cat out of the bag. Talking about things they “want to do”, but without a verifiable time frame.
As a reaction – the “knee jerk” rising of interest rates – over 1% since January of this year…
However, we still have a multitude of Santa Clarita real estate buyers wanting to buy, needing to buy and are accepting less than they wanted when they originally started looking for homes.
We also have Santa Clarita real estate sellers that in an equity position, for the first time in a long time, just waiting for the time to sell(future inventory).
We have the new Home Builders in the SCV, NewSantaClaritaHomes.com , they are prepping, but won't be able to build fast enough to impact the market until mid 2014-2015.
And, while we all have become spoiled at the super, artificially low, interest rates, down to 3.2% for a 20 year fixed – 4.5 is not too shabby and not high enough to stop buyers in their tracks, making renting more desirable.
Do yourself a Favor…
Get good advice, work with local realtors, SantaClaritarealestateCompany.com , and make sure they are keeping up with the market and the buying/selling habits that are most prevalent so they can best advise you when you start to dip your toe into the water.
30 fixed mortgage rate averaged 3.98 percent – with an average .07 point for the week ending this last June 13, 2013.
Reporting on the 15 year – 3.10 was up .07 from last week.
Solid employment was a factor and the addition of 175k new jobs. The number of discouraged workers fell by 780k, which is the lowest level since September 2009.
However, there was an uptick in the unemployment rate to 7.6 percent – However it was due to an increase of 420k in the size of the labor force in the USA. May also reported the “underemployment” force rate fell from 13.9 to 13.8.
May, the month of my birth had some good news apparently.
Santa Clarita is not a choice given to the local agents when they are entering real estate listings into the local Multiple Listing service with the Board of Realtors.
This is good intel to know because the “data you may be looking at” maybe inaccurate.
Make sure you are looking at local Realtor Websites equipped with the IDX - internet Data exchange feed. Those are feeds the Major Real Estate syndication websites cannot obtain because they are not “licensed realtors” under a real broker.
Be safe – search well and also check out the bit I did on Santa Clarita Open houses being held this weekend and the best ways to search for those.
Talk with you tomorrow and thanks for watching and reading our Santa Clarita REMAX Realtor update for Friday.
If you are wanting to search for all real estate, all of the time, you can find that solution at anyone of our local – Santa Clarita Valley real estate resources.
Developing Search Systems is absolutely fun. I vision it as if I’m drawing a modern art masterpiece. Blogging, writing articles and answering client’s questions – to me, that’s my Art…
Inventory in Stevenson Ranch CA – was at an all time High with 174 units active on the market for sale July 11, 2008. Today – Stevenson Ranch CA has 42 active listings on the market for sale. Paris911.com/StevensonRanchInventory
Inventory in Valencia CA – Was at it’s all time high back November 30, 2007 at 414 units for sale. Today, Valencia CA has only 91 homes, condo’s and town-homes for sale. Paris911.com/ValenciaInventory (that is 3/4 reduction in available inventory.
Saugus California had 296 units on the market on June 20, 2008. Today, in Saugus CA – We have 85 units on the market for sale.Paris911.com/SaugusInventory
Here is the point, buyers in the current real estate world are having issues buying homes. They are pre qualified, they have jumped through all of the hoops with their lenders, with their employers and with scrubbing the World Wide Web in the search for the BEST qualified real estate agent in the Santa Clarita Valley. Paris911.com/local
The inventory today is short. It’s not even “normal”. It is way below normal. We have watched as this has resulted with an increase in median sales prices all across the Santa Clarita Valley CA.
Have a Great Beginning of the week – Be safe – search well and let us know when you are ready for our help.
If you are interested in buying a home in ValenciaWestridgeRealEstate.com – click on the preceding link to see what is currently for sale. We have many such search engines as this one and will be glad to be your guide in today’s real estate market in the SCV.