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Top REMAX Sales AgentsToday’s real estate and market report update is showing that Castaic Condo’s and Townhomes coupled with Newhall Single Family Homes, are reporting reducing sales prices.

It is no secret that we have seen the “listing prices” of real estate being reduced hand over fist during the past few months. But, to date, we have seen little in the way of those “listing price” reductions effecting the “sales prices”.

This week’s real estate housing market report is somewhat of a game changer.

Stevenson Ranch real estate report:

This week, as we always do, we are going to get to the quick related to a specific housing market in the Santa Clarita Valley Cities.

We will talk descriptively about Stevenson Ranch California real estate.

Most of the other Santa Clarita Valley Cities have experienced an overabundance of inventory. That has caused a lag in the sales of real estate in those other areas.

Stevenson Ranch has experienced a similar delay, from a buyer perspective, but not for the same reasons.

The reason that Stevenson Ranch real estate has slown down, is the fact that home prices have been “pricing out” most of the real estate buyers, that are interested in buying within Stevenson Ranch.

Here is the intel:

The Median List Price in Stevenson Ranch this week is $799,900. There are 51 real estate listings that have been on the Stevenson Ranch market for an average of 81 days.

The 81 Days on Market timeframe is an increase over last week.  The inventory of available properties for sale has reduced to 51 in total as of this week, compared to last week’s numbers.

Inventory in Stevenson Ranch has been lightening up lately and the Market Action Index has been trending up. Though days on market timeframes are increasing, these are mildly positive indication for the Stevenson Ranch market.

We also see that with regard to supply and demand in Stevenson Ranch, the MAI shows some strengthening in the last few weeks, prices have not seemed to move from the plateau. Should the upward trend in sales relative to inventory continue, you can expect prices to resume an upward climb in tandem with the Market Action Index.

Complete Santa Clarita Housing Market Update

Canyon Country Condo Market Report

Castaic Condo Housing Reports

Santa Clarita CA Condo and Townhome reports

Stevenson Ranch Condo and Townhome reports

Newhall Condo and Townhome Reports

Acton Single Family Housing Reports

Canyon Country Single Family Housing Reports

Stevenson Ranch Single Family Housing Market Reports

Castaic Single Family Housing Market Reports

Valencia CA Single Family Housing Market Reports

Newhall Single Family Housing Market Reports

Santa Clarita Single Family Housing Market Reports

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Getting angry when lenders hurt buyersWow, if this doesn’t hit a sore spot with most real estate lending professionals, I don’t know what does.

There are many reasons for this to be the case, and it would seem that some lenders are their own worst enemy.

Here is the “reason” for this requirement, that most “savvy” of the real estate listing agents employ.

If a Top Professional Realtor, that lists many homes for sale, has been in the business for any amount of time, they have been “burned” by a lender that did not have “enough information” to prequalify the real estate buyer, that they said was “qualified or approved”.

So, their offer is chosen, maybe after a short bout of bantering back and forth via counter offers.

Part of the process of Selecting offers for real estate sellers, most of the time, hinges on the strength of the pre qualification letter from a Reputable Lender.

After that, escrow opens. The deposit check is “deposited” with the escrow company handling the escrow for the home, condo or town-home being sold.

From the time the offer is completely executed – time starts.

Within the “timeframes” employed within contact – it maybe that the real estate buyers have 17 days to complete all inspections, approvals and qualification before having to remove their contingencies.  After a buyer removes contingencies, and want to cancel the deal, they can lose their deposit.

The “burned” part comes in when the Sellers Realtor is notified that the buyer is cancelling escrow because they could not get a loan.

OMG – So the phone calls start from the Listing Realtor to the Buyers Lender and Realtor representing the buyer. Some “professional courtesy’s” are exchanged in high volume over the phone and via email.

However, they can use colorful metaphors all they want, it may be that the buyer did not qualify in the first place and won’t now, not even with a loan shark.

So hence the reason for pre qualifying with another lender. Typically the agent’s lender. The agent who is representing the home seller.

This requirement is usually listed on a counter offer during the negotiation process between the buyer and seller of the real estate transaction in question.

Remember, if the buyer agrees to the counter dictating to qualify with a lender of the sellers choosing, they are stuck to this requirement or maybe in breach of contract.

Don’t take offence – Just as long as the “second lender” does not try to convert the buyer by saying clever things like:

“How much is your lender charging? I can beat that.”

“What is your interest rate? I am sure I can beat that.”

Typically, this is “bad form” for a “secondary real estate lender”. And even more typically, the promises are “pie in the sky tactics that end up being lies”.

Understanding everyone wants to make money, this is not the way in which to do it and shines a negative light on home buying experience for the real estate buyer.

Reach out to my Paris911 Team of REMAX of Valencia CA Realtors. We will assist you with the best questions to ask lenders when wanting to purchase real estate and more.

Additional Resource: Sign up for our Crash Course on Real Estate

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