Charmin toilet paper and real estate, be careful what you ask for - February 19, 2024 Santa Clarita real estate update

Santa Clarita Real Estate Update: News, Insights, and Expert Tips for February 19, 2024
Hey Santa Clarita! As your trusted real estate expert, I'm back with the latest news, insights, and tips to keep you informed about our local market and answer your burning questions. Let's dive in!

Santa Clarita Market Snapshot:

Inventory: As of February 17th, Movoto reports 114 active listings in Santa Clarita, a slight decrease from January's 122. This suggests a continued competitive market for buyers.
Sales: Median sale price in January 2024 was $760,000 according to Redfin, a 1.3% increase year-over-year. Homes are selling in an average of 42 days, quicker than last year's 51 days.
Days on Market: Redfin also shows a decrease in median days on market, reflecting the fast-paced nature of our local market.
What Buyers Want to Know:

Interest Rates: With potential Fed rate hikes in the pipeline, are rising rates cooling things down? Experts at NAR (National Association of Realtors) predict modest increases won't deter motivated buyers. However, it's crucial to factor potential rate changes into your affordability calculations.
Negotiation Strategies: In a competitive market, how can you stand out? Get pre-approved, be flexible with closing dates, and consider offering an escalation clause. Remember, a strong buyer's agent can be your best advocate.
Affordability Concerns: Rising prices and interest rates raise affordability concerns. Explore down payment assistance programs, consider fixer-upper options, or adjust your search criteria to fit your budget.
What Sellers Want to Know:

Market Outlook: Despite some predictions of a housing slowdown, experts like CAR (California Association of Realtors) foresee continued moderate growth in 2024. Inventory remains tight, creating a favorable environment for sellers.
Staging Tips: Attract more buyers with smart staging! Focus on decluttering, depersonalizing, and highlighting key features. Remember, visual appeal matters in a competitive market.
Pricing Strategies: Strike the right balance! Overpricing can deter buyers, while underpricing leaves money on the table. Get a professional valuation and consider current market trends when setting your asking price.
Beyond Santa Clarita:

Looking beyond our local market, here are some broader trends:

National Home Prices: NAR reports a slight cooling in national home price growth, potentially driven by rising interest rates. However, demand remains strong in desirable markets like Santa Clarita.
Luxury Market: While the luxury m

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