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Santa Clarita Home Prices Take a Sizable Upswing In January
Last year, there were some experts and analysts wondering just how long the real estate market could continue to rise. There were definitely rumors of changes in light of interest rates being raised by the Federal Reserve at the end of last year.
January is usually a very slow month for real estate. Many buyers and sellers are recovering from the holidays, and it's usually not at the forefront of the "to do" list. Typically, we see a slight drop in home values between December and January. For example, last year January saw a $15,000 drop in home prices from December of 2014. At the beginning of 2013, home prices dropped nearly $40,000 in one month. You get the picture, right?
However, this January saw single family home prices actually JUMP by $12,000 over December's closing price of $518,000. That's right. TWELVE THOUSAND IN ONE MONTH!
How is this happening in what's normally a slow month for real estate?
For one, mortgage rates are still dropping. That's right! We've seen them go down almost half a percentage point in recent months, and currently (As of the date of this post), rates for a 30 year fixed rate mortgage are at the nearly historic low of 3.64 percent. Qualified buyers can get a 15 year fixed rate home loan for just UNDER 3 percent.
If that's not motivation to get "off the fence" and find your dream home, then what else is there?
Some owners think a Realtor’s commission is too high a price to pay. Here’s the real story on how we actually earn it.
It’s rare to find a real estate agent who works on a salary. In fact, as far as residential real estate sales goes, they’re practically a non existent entity.
Real estate agents (Like us) earn a living through the sale of homes…period. The commission amount usually equals a small percentage of the home’s total selling price that is negotiated between the seller and the agent. Even still, in some homeowner’s eyes that’s a lot of money. So we’ll break it down a bit more for you to show you what (and how) we actually earn when escrow is closed and we hand the keys to the buyer. Oh yeah, we don’t get paid a dime until escrow is closed!
Commission Split Between Listing Agent and Buyer’s Agent
Real estate agents who work with buyers also work on commission, and without this networking opportunity, the number of buyers coming through your home may be extremely limited. Offering a portion (usually half, maybe a bit more, maybe a bit less depending on the situation) of the total commission to an agent who brings a buyer is standard fare in the real estate world.
Top things you can do to make your home more appealing WITHOUT spending a lot of money.
We often talk about how different a real property purchase is from buying personal property. There is a whole lot more paperwork to start with! However, there are also a few similarities. For example, if you’re selling your car, you do everything you can to make sure it looks its best in hopes of appealing to potential buyers.
Believe it or not, some sellers don’t subscribe to that same belief when selling their home, which can cause buyers to pass them by. A few minor touches can make the difference in convincing a buyer that your home is the right home.
Don’t I need to hire a professional staging service?
While professional home stagers and interior consultants can provide valuable information on exactly how to “stage” your home to make it more appealing, it’s not completely necessary. However, a good consultant can help to maximize the space and possibilities of your home in a buyer’s eyes.
Learn what actually goes into what determines your home’s Fair Market Value.
So you’re thinking about selling your home. Or maybe you’re looking to refinance to lower your payment, or to access your equity. How much do you think your home is worth? What would YOU sell it for?
For some sellers, there’s the difference between what THEY think it’s worth, and the reality of Fair Market Value (FMV). In a way, real property value is not unlike how stocks are bought and sold. Although there are more solid factors that go into the value of a home vs. the perceived value of a piece of paper representing a stock or bond. In any case, as we well know from the past half decade or so, home prices can rise or fall based on many factors. While the economy is always at the top of the list of those FMV factors, available housing inventory for sale, local demographics, and other factors can play into a home’s value as well.
More requests from buyers leave agents scrambling to find homes for sale.
Santa Clarita has seen a decent summer as far as real estate goes. Prices and interest rates have remained steady, and we have seen an increase month over month in listings and sales, as well as inventory for sale.
Lately however, it seems there is a late summer surge with regard to buyers looking for homes and, for the first time in quite a while, some real estate agents are scrambling to find homes that will satisfy their buyers’ needs.
So what might be causing this end of summer buying spree?
Interest rates are still holding in the low 4 percent range for qualified buyers, and even low for certain types of loans such as 15 year fixed and FHA loans. It’s a great opportunity for buyers to flex their purchasing power and get into a home before the end of the year. Continue reading Is Santa Clarita Seeing a Mini Real Estate Surge?→
Low interest rates and more homes for sale in the SCV are giving buyers more options this year.
Data released by the Southland Regional Association of Realtors for the month of July show some interesting trends that are creating more opportunities for buyers, while still benefiting sellers as well.
The median price of single family homes dropped by nearly $14,000 from June, and condo prices dropped by $5000. That being said, sellers should take note that price fluctuations typically happen when the market heats up. We have also seen an increase in the number of escrows opened, and closed, during July…more good news for sellers. A total of 500 homes were listed for sale last month, with 415 escrows opened, and 373 escrows closing. Single family home prices are up by $35,000 from July of last year.
We’re still asking the question: “Why rent, when you can own?”
A lot of you who are still renting do so because you may think your choices and options are limited when it comes to buying a home. Pricing and financing are always two big concerns that keep potential home buyers on the fence, but with interest rates still incredibly low, your purchasing power is at its best. As far as financing goes, there are several options that can create opportunities to get into a home with low money (or in some cases, no money) down. Continue reading Is Santa Clarita Shifting To a Buyer’s Market?→
Things are heating up in the Santa Clarita Valley real estate market.
This is the perfect time of year to consider buying or selling a home. It’s the best opportunity for families to take advantage of school breaks in transitioning to a new home and a new neighborhood.
In Santa Clarita, we’ve seen single family home prices rise over 15 percent in the past year, and condo prices jump $46,000 in equity. For homeowners, this is great news. Those who are considering selling their homes should see these rises as a great opportunity to get the best value for their home.
Homes in High Demand
Late last year, it was predicted by some financial experts that mortgage interest rates would rise to over 5 percent due to the reduction of federal dollars that had stimulated the mortgage-backed security market. Even with a $30 billion monthly reduction, interest rates are still hovering in the low 4 percent range. This news is bring out qualified buyers who are looking to take advantage of their increased buying power and find the home of their dreams. Continue reading Summer Home Buying Season Hits The Santa Clarita Valley→
Home prices take a positive bump in March as Buying Season begins to heat up.
The median price of single family homes in the Santa Clarita Valley continued to rise in March as we saw a 5% increase in prices between February and March of this year. Currently, median home prices are hovering at $462,500, up 10% from this time last year.Year over year prices have risen just over 22%.
While prices aren’t rising month over month quite as fast as in 2013, we are seeing solid gains in home sale. We’re also seeing more homes on the market in the Santa Clarita Valley (Slightly more than double of the available homes for sale this time last year). However, inventory is still very short compared to what’s considered a “normal” market. Currently, there are nearly 800 homes for sale in the SCV, which only reflects about a two month supply. A healthy, balanced “for sale” inventory rests at 1200 homes.
Is it still a “Seller’s” Market?
Home sellers in the Santa Clarita Valley are still in the “driver’s seat” negotiation-wise due to the low availability of homes for sale coupled with continually rising home prices. This, along with interest rates that are still holding below 5 percent, makes for a market that is still pretty hot. Continue reading Single Family Home Prices On The Rise In Santa Clarita→
The real estate market is constantly changing. Not only in how home prices rise or fall, but in how business is done. Selling a home provides a totally different perspective from buying a home. In some cases, the real estate market has changed drastically from the time a homeowner has purchased his or her home. Laws may have changed, as have contracts and addendums. In some cases, the market may even be a very different place than it was when you bought your home.
Qualified home buyers can still get an incredible rate on a home loan mortgage, but weren’t they supposed to jump?
Sometimes the finance world can be tricky business. In most cases, it’s not about the money on hand, it’s about the money that might be made. With that regard, many finance experts make their living (and a good one at that!) forecasting the financial market. Think of Fritz Coleman. Only instead of telling you it might rain tomorrow, he tells you that mortgage interest rates are going up.
Well, interestingly enough, many forecasters predicted mortgage rates would jump to over 5 percent by 2014 and yet, they have remained steadily just below 4 1/2 percent.
So why DID financial experts predict a rise in mortgage rates?
Don’t be fooled. Oftentimes financial experts are fairly correct in their predictions about the money and mortgage markets. They take into account not only what’s happening in the real estate market, but the national and international financial markets as well. In this day and age, it’s all integral and relevant to any asset that may increase (or decrease) in value, such as real estate. Continue reading Mortgage Rates Remaining Low Despite Predictions→
Serving Home Buyers and Home Sellers in the Santa Clarita Valley