During the past 7 days we have seen some solid numbers that have put our inventory a bit higher in the Santa Clarita Valley Cities.
We had 99 units listed for sale in the cities that are within the Santa Clarita Valley – Castaic, Canyon Country, Newhall, Saugus, Stevenson Ranch and Valencia. During that same period of time we had 83 homes sell. That put’s our valley in the “black” as far as inventory and absorption rate – but It’s not a Total Win Fall. Learn more about Absorption rate in real estate – click here
32 properties during the past 7 days in the Santa Clarita Valley cities had their prices changed. Most buyers have gotten use to prices increasing in today’s market. However, these price increases (70% were) are not being increased by sellers wanting more money for their homes.
A majority of these increases are the banks coming back with a different price “opinion” with regard to a short sale that may have been placed onto the market lower than Fair market Value – FMV.
FMV can only be determined by using exact systems. When agents approach the FMV equations – they are served best by doing it as an appraiser would. Using, at the very least, the data they obtain minus their complex formulas certified appraisers use to determine value.
Here are a few ways which our team determines value that has served our clients well over the years. We have learned this approach because some of the World’s Largest banks use The Paris911 Team to sell their REO assets. REO is Real Estate owned. The training we have received in the determination of price for any current market has been extensive. (thank you Citi Bank)…
I want to look at 6 months of history – I want to determine if the home is built on a “track” system or if they are all custom builds. If a track type system – then I’ll pay more attention to just pulling the tract. If they are more custom – then I will do a .5 mile radius – then out to a mile, if I cannot obtain at least 3 sold comparables within the past 6 months.
I then want to break it down further. I want to make sure I can run exact spot on matches for the amounts of bedrooms and bathrooms. I ask myself the question if what I’m looking is very close to the property I’m evaluating.
Are there material difference between my subject property and those that are coming in as comparable listings? I then do a add/subtract approach to those properties that have sold within the last 6 months to determine what needs to be subtracted or added to the subject property.
If there is a home that was down the street with a pool – but everything else was the same as the property I’m determining the value on – then I’d have to subtract that. If the scenario was the other way around and the sold’s did not have a pool and the property I’m listing did – I’d work the numbers on the “+” side.
To determine these “add’s and subtractions” I have to find out what appraisers think those items are worth. Looking at the homes that have sold with Views, Pools and larger than normal lots (rv parking etc.), taking those values and adding or subtracting them from the subject property is the only way to go.
When we head out to a Santa Clarita Valley home seller’s residence to give them our “what we think we could get for their home” – it’s not entered into blindly – We determine value the best way’s possible.
Grasping of the current market is also important to factor in. Maybe the real estate seller is not in a super hurry. Maybe they can wait a few months before placing their home onto the market. If we are in a inclining market – then that seller should be informed to hold off on the listing of their home because the Realtor can make the seller more money if they were to hold off. click here to view our Santa Clarita “how’s the market” resources.
The same goes for a market with an apparent and provable rate of decline with residential home values – the agent needs to be able to inform the seller, if they were to hold off 4 months in this scenario, they may lose mega money…
One of the things we tell our Santa Clarita Valley real estate sellers is that they are going to have those they interview that will attempt to win their “listing” by buying it. Meaning, they are going to say it’s worth more than the current market will support.
They are doing it this way to get that seller into contract. Having them sign on the dotted line for a 6 month listing period. Then the Agent can start chasing the market with the seller in pocket – which does neither any good. I promise. It’s like throwing chum in the water within a tank of sharks(buyers).
Be safe – interview wisely and make sure the agent you are hiring is hitting on the first page of the organic search results where Santa Clarita Valley buyers are searching for real estate. If their website is on the first page – within the organic results – they are going to be most effective in the sale of your home.
To test this “agent ranking on Google thing”
Type in the most searched Real Estate phrases that buyers are using with regard to looking for homes that are for sale in the Santa Clarita Valley Cities.
You can verify each one of these as being the Top of the Search queries due to their “autofill” propositions.
- Santa Clarita real estate agents
- Top Santa Clarita listing agents
- Best Santa Clarita real estate agents
- REMAX of Santa Clarita (18,100 times search for a month)
That’s a GREAT start for you and when you start looking to hire the best realtor you can find within the Santa Clarita Valley cities…
If the Santa Clarita realtor you are choosing has full time buyer’s agents – that is a plus because those Buyers agents are going to potentially have a buyer for your home – saving you thousands of dollars.
Give the Santa Clarita real estate team a call when you are ready so we can be of assistance. Have a look at our Top Real Estate Sellers Blog for Santa Clarita Valley CA