Here is a breakdown of the most recent inventory changes to the Santa Clarita Valley Cities. As always we include the Cities of Acton, Agua Dulce, Castaic, Canyon Country, Newhall, Saugus, Stevenson Ranch and Valencia.
Within in the last 24 hours – we have had 13 listings placed onto the Santa Clarita Valley market for sale. Make sure you have your real estate agent doing the Recon multiple times per day because it may make the difference if you get what you want or not.
More price increases than price decreases in the past 24 hours. This is a result of short sales.
The Short Sale bank came back at a higher price than the buyers agent and the buyer’s offer.
What happens at this point? The buyer either can cancel escrow, thinking they are paying too much. They will also be able to get their deposit back because they are typically, within their “investigation” time frame, or as in most cases – escrow was not opened yet.
The buyer could continue with the transaction. If this is the case, the buyers appraiser could come back with a lesser value. Especially if the agent was not intentionally undercutting the market to work the listing for leads. Or, as in this case, the bank was being greedy.
The buyers appraiser, representing the buyers bank, could come back and validate the sales price supporting the offer written and the agents estimate of Fair Market Value.
The buyer could find themselves in a position not being able to finance the new “approved” amount and have to cancel this transaction.
There are other “possibilities” but we can talk about those in other blog posts on The Paris911 Santa Clarita real estate blog.
I love looking at the market in bite sized chunks. Showing the current inventory and looking at 24 hours, three day and week at a time.
The below graph gives the data we have compiled over a 3 day period. It includes the same cities within the Santa Clarita Valley.
There were quite a few properties that fell out of escrow, depicted by the “Back on Market” stat.
During the last 7 days in Santa Clairta Valley real estate we have seen activity. For the unfarmiliar – these numbers are quite low compared with a healthy market. In fact, in a more balanced Santa Clarita real estate market you may see a 400% increase from the numbers below.
Real Estate is a very interesting study. Be Safe – Search well and don’t forget to download our Santa Clarita App. You will be able to follow us on social media and search for real estate anywhere in most of Southern California.