Santa Clarita Real Estate Market Update: Why Home Buyers Are Cancelling Escrow – Key Tips for Sellers and Buyers in 2024

In today’s episode, Connor with Honor dives deep into the latest trends in the Santa Clarita real estate market, specifically addressing why some home buyers are cancelling escrow—and it’s not because of the house! Whether you’re a seller looking to attract serious buyers or a buyer navigating the complexities of today’s market, this episode is packed with actionable tips to help you succeed in 2024.

Learn how changes in the buyer’s financial situation, job stability, and even credit scores can derail transactions at the last minute, and what both buyers and sellers can do to prevent these issues. If you’re thinking of buying or selling in Santa Clarita, Valencia, or the greater Los Angeles area, this episode is a must-listen!

Related Blog Post: www.santaclaritaopenhouses.com/276-2024-buyers-cancelling-escrow-is-not-because-of-the-house

Connor has been guiding buyers and sellers through the real estate process since 1998, and he’s here to offer expert advice on how to successfully close your transaction, even in a competitive market.

Be sure to tune in for the latest insights and tips that could make or break your next real estate deal.

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Transcript

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October 2nd everybody 2024 good day this is gonna be your Santa Clarita real estate update monitoring the last seven days in Santa Clarita Valley you can bet on currently 521 active real estate listings on the market that's gonna be all residential coming soon listing 1761 properties have hit the market in last seven days we have 77 properties that have had their prices changes super important to price that property right at the very beginning so you're not constantly chasing the market back on market properties 20 active under contract properties 29 properties have gone into escrow that's what that means 2954 properties have had their status change from being in escrow to a much deeper form where they're not accepting any backup offers showing that those sellers are pretty secure in those offers that they have last week we've sold the last past seven days about 10 listings per day 70 of closed and all of Santa Clarita Valley we have nine that expired 11 of canceled 13 properties been put on hold four withdrawn and we have now a total 521 active listings so with 77 price changes in the last seven days sellers are definitely making different moves to attract buyers one of those things happens to be a price reduction online and what that does for a seller for those of you that haven't been in the real estate market ever or it's been a while that's gonna implement a change online and that change is going to spear off a lot of re advertising remarketing on that listing because the syndication systems and those systems online that have been built to basically take your personal information and try to get you to do something by yourself to influence you in certain a certain way those systems now heat up and then they see that new price change and then reflect that onto the market and anybody visiting those sites they use that as a catalyst to attract even more people because they consider themselves much more relevant so that's that game so just watch out for that moving into the back on back properties we see this frequently usually every week we have about a third third of the real estate inventory that sells we have about that number reflected in those properties that fall out of escrow these are properties that were on the market have then become under contract with a buyer and then they come back onto the market because they fallen out of escrow lots of different reasons for this first and foremost though it usually isn't a result of something discovered in the home it's usually a buyer issue maybe the buyer change their mind but typically it's not real estate related as far as the subject property goes the property that they're in Astro with usually comes from the outside maybe they've had some change in employment maybe they've had their hours cut god forbid maybe the economy's gotten to him and maybe they went out and tried to finance something or have their credit run for a motor vehicle within the escrow process that's a problem so any credit change for you buyers out there anything you want to do whether it's pay off a credit card which of course in all intents of purposes we would all think that's cool and it's gonna help our credit score in some cases it doesn't help because those credit the have that credit card they might decide to cut your credit lower than your your largest amount so let's say the credit card has a 10 thousand dollar limit and you say you know what I bet it's gonna help if I pay it off so you go ahead and wipe it out pay it off then that credit card company says you know what they don't need the 10,000 dollars maybe we had too much risk in that particular asset being you and now we're gonna go ahead and reduce that credit to $5,000 that could impact your Fico score negatively and all you did was pay off a debt any changes in credit don't be a back on market property person unless you really intend to any change in your financial where with all before you have your credit run before you see if you can get that credit card or finance anything else when you're an Astro make sure you communicate all of those things to your lender before you do it to make sure it's not gonna affect anything furthermore let me give you this you call the lender you say hey Jack it's Connor I wanna go out and finance 100 thousand dollar Ford Raptor and then he goes oh Connor you just made a gold no problem you can do that all day long without an issue then I wanna follow up an email well make a follow up email to the lender and say listen just got off the phone thank you so much with your faith and trust in me but I'm gonna go out and finance a 100,000 dollar car you said that I'm gonna be okay staying in the real estate transaction there's not gonna be an issue with financing I just wanted to make sure I understood it correctly and then you might get a different response but that goes both ways right it cuts both ways if you're a person that's in Astro and it's not a hundred thousand dollar car but you go out and you maybe try to pay something off it could have negative consequences trying to finance a vehicle you might already be tapped out with the residents god forbid you go out and try to apply for a car loan on top of that what they called debt to income ratio could be affected to such a point that you actually cannot continue with the real estate transaction do yourselves a favor any change reach out to your agent your lender and find out competition is definitely heating up we do have the active under contract pending sales 83 total these are the properties that are in escrow in that exceeds the amount of properties we've closed in the last seven days so are watching as the market update is continuing we do have that interest rate reduction so that slowly causing the mortgage rate to come down every single day little changes within the rate so make sure you reach out to your render and find out what's happening I'm Connor with honor thank you for watching today's update will be back tomorrow please share with a friend if you can utilize my services within real estate buying or selling please let me know I've been doing this since 1998 and I would love to help you through the process be well ladies and gentlemen we'll talk to you soon I'm Connor with honor over and out I don't think my glasses are straight can anybody verify