The Truth About A Complicated & Infrequent Transaction . . .

So, lord have mercy, there sure has been a lot of 'news' about the N.A.R. (National Association of Realtors) proposed settlement. 

Here, from your 22 year Realtor expert, is the truth about that settlement that is not really being calmly shared in the news.

First and foremost, the settlement is only a proposal. It will, hopefully, be agreed to this Summer. The N.A.R. chose to settle, to avoid 'copycat' future lawsuits. Nor, go into bankruptcy. I'm all for it.

• COMMISSIONS have ALWAYS been negotiable. ALWAYS. If your Realtor stands firm on their fees, you can choose another Realtor. Nuff Said. And, a Realtor can choose not to work for what you want to pay. Been there, done that.
• The MLS, Multiple Listing Service, has always shown the Buyer Agent Compensation in the agent remarks. In the last year or two, that information was made public on many Real Estate sites. Now, it cannot be noted in the MLS, so that won't show up on those sites any longer. However, there will likely be a concessions section in the MLS in the near future, as a lot of buyers will now ask Sellers to pay for their agents' fees.
• Once officially settled, it will also mean, a buyers agent will have to ask for, in writing, what, if any, Seller compensation is being offered for a property their buyer wants to write an offer on.
• Veterans & First Time Buyers will be hit hard. They frequently don't have a lot of cash on hand and are regularly asking for Sellers to pay closing costs. However, currently there are limits. Fannie & Freddie will be talking about increasing those limits as needed. We shall see on that.
• The Real Estate Purchase Agreement will start to see a lot of "Seller to Pay Buyer Agent Compensation of _____". 
• We will start to see the Buyer Broker Agent Agreement used regularly. It is used frequently by many already. More don't use than do though. It will state the buyer agent fiduciary responsibility to client, just like a sellers agent says in their listing agreement. It will also state what the agent's compensation is to be, who is to pay it, etc.
• We may see more Dual-Agency type sales. Which, me personally, I don't care for. How can you take care of two different sides of a transaction fairly at all times. "Same as why lawyers don't represent plaintiff and defendant" I just heard on a video this morning.
• As has happened so many times over the last two decades, many, I mean MANY, weaker agents will leave the business. Good, best to keep the intelligent and strong ones working for you than the fly-by-night, make a quick buck, ones....right?
• Will home prices change because of this? Very doubtful. Home prices are like everything else, Supply & Demand. But, based on the bullet point just above, if we lose crappy agents, will agent commissions go up due to that same Supply & Demand situation? Honestly, very doubtful. But, made me smirk as I typed it!
• Just some additional food for thought. When I first became licensed in 2002 to help people navigate their home sales and purchases, the average commission fees were about 6%. Last time they were over that was in 1991. The average in 2020 .... the COVID years .... was 4.94%. Most of our clients are at 5%, but, as stated above .... that is always negotiable. On Both Sides.

Me, and my 'family' of agents, hope that this post today helps to answer your questions and eliminate your concerns about what you are hearing in the news. This is not a biased, as a Realtor, post. This is the truth.

We will never break the Trust you have placed in us. 

Never.

Santa Clarita Valley Home Sales Activity March 15, 2024

Good Morning and happy Friday to you! Market is a changing! Well, a wee bit at least. Our numbers, in all categories, are up. 👆

You should all know by now that I include Acton to the East, Newhall to the South, Stevenson Ranch to the West, and Castaic to the North. Even though 3 out of 4 of them are not in the incorporated area of SCV, as a local Realtor, we find that when working the official hood, those neighborhoods do get bought and sold by us....a lot!

Here ya go, as of this moment:

Coming Soon - we have 17 (last month was 11)

Active - 362 (last month was 328)

Under contract/in Escrow - 342 (last month was 285)

Sold in the Last 30 Days - 185 (last month was 128)

I posted the info about last month so you wouldn't have to look for it!

Jennifer closed one of ours last week for a very special friend of mine. She has another closing this coming week, for a really good (and taco loving) pal. Leslie just put a new one on the market, and it's a beauty! It's for a family I've known 20+ years that are working towards their real estate goal of generational living! 

It's soooooo pretty!

As always, whatever your needs, be it selling, buying, or just consulting, our 'family' of 3 are here to help! Have a wonderful weekend.

Why An Agent is Your Best Friend When Buying or Selling a Home

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.

Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:

“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.

The Power of Expert Advice

For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.

The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.

To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.

With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.

Bottom Line

If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Connect with a real estate professional so you have advice you can count on. Connect with us!

Jennifer, Lauren, & Leslie

(661) 313-5470 😊

Vogue's Ideas for Home Decor in 2024

Well, let's be serious, Vogue is a whole different animal in design and decor. It always has been. Deep, mysterious. So, when I mention Vogue's home decor ideas....it probably won't fit us all. Some will dislike immediately, some will be intrigued.

But, they also talk about what is OUT for 2024. And, I'm happy about some of those for sure!

Here's a few in .... per Vogue .....

Dark & very, Moody.

Dark, and busy. Old fashioned to me.

This one is more interesting, but still, 'moody' for sure.

Now, on the way out you ask? 

1) Instagram Design! YES!! or Pinterest. Basically copying anything from either is out, out, out!!

2) Ivory Boucle. I had to google that one. It's the white nubby textured fabric found on furniture.

3) Fast Furniture. Meaning the kind of stuff that doesn't last forever. I had an interior decorator tell me years ago it was okay to buy inexpensive furniture so when you got bored with it, you didn't feel guilty about getting rid of it!

4) Fake Fur Throws. Um, I don't have any of those ... do you?

5) Wicker Lamps. Well, crap. I do have a couple lamps in my living room that have woven basket looking shades. Damn it!

6) Ruffles. Like the potato chips you ask? Nope, like anything that has ruffled edges. 

7) Minimalism. Well, I say, if you like it, you like it. But, I am more into warmth in my home for sure.

8) Mid-Century Modern Angular Furniture. So, over that by me too!

9) All White Kitchens. Well, I wish mine was as it'd be so much brighter. But, I've heard for quite some time, that wood cabinets do hold the test of design time. However, needless to say, good ole Vogue is talking all about 'moody' colors instead! 

Here's the full article if you're interested: 👇

The Interior Design Trends to Know in 2024—And What’s on Its Way Out

Let us know what cha think!

Impound, or Escrow, Account Clarity

When you read an article that says only 1/2 of the people understand exactly what an Impound account is or does... First I'm surprised, second, figure I better blog about it!

Frequently when you are buying a house, or when refinancing, your lender asks you if you want to impound your property taxes and insurance. They describe it as a savings account that pays your property taxes and home insurance when they become due. It becomes part of your monthly mortgage payment.

I'd actually never done it. Didn't know why we chose to do it for our Lake House, but we did. Works perfectly fine. My monthly mortgage billing shows how much is in our escrow account. Bet that confuses people since when they were buying a house it was called 'going through escrow'. And, I'm honestly not quite sure why they refer to it as an escrow account when the mortgage broker calls it an impound.

Regardless, there are a few things you need to know:

1) When your loan gets sold, or transferred, to a new servicer.... make SURE you let your insurance company know who the new servicer is so the billing gets to the right people and the insurance gets paid.

2) On the flip side, if you change insurance companies, you must let your mortgage company know so they pay the right insurance company.

3) When insurance and/or property taxes increase, so will your monthly mortgage payment. If you're in California, be prepared for insurance likely going up a lot. And, as noted in # 2 above, if you find someplace cheaper, don't forget to tell your mortgage company!

And, Congrats go out to two of our sellers this week! One had full contingency removal and is closing very soon. Another got multiple offers, is popping into escrow well over list price, and is scheduled for a 21 day close! Now, if we could just find a couple great properties for some special buyers, that'd be awesome!

It takes a team to make things happen!

We've got a great team here!

February 2024 ~ Santa Clarita Home Sales Info

Lord have mercy, that February word is so hard to spell... still! Why that first R was ever put there I'll never know.

At any rate, sorry I missed writing a blog last week. But, just like life goes on, work goes on too, so here ya go!

All about our beautiful Santa Clarita Valley home sales. Including Acton to the East, Newhall to the South, Stevenson Ranch to the West, and Castaic to the North. Plus, our lovely little neighborhoods in between of course.

Quite honestly, not very exciting. Sales are still happening at least! I'd noticed a slight uptick in listings, but not by a huge amount. Disappointing news on the interest rates from Jerome Powell, Fed Chair. Seems no rate cuts will happen for a few more months. They actually went up this week.

"The average rate on a 30-year fixed mortgage rose to 7.11 percent, up from 6.89 percent last week, while the average rate on a 15-year fixed mortgage climbed to 6.49 percent, up from 6.3 percent a week ago." I quickly googled this morning and spotted a rate at 7.6!

Talked with a past client yesterday about his daughter buying her first home. It was so hard for me to have to give him a reality check, as he called it, about the cost of buying a home right now. During the phone call, as promised, I texted him some lender info so that he could pick their brain about different options that may help ease the 'pain' of the current interest rates.

On a lighter note, we had a property fall out of escrow and a back-up buyer popped right back in! Wahoo! AND, we have a new listing that just hit the market that Jennifer is servicing down in Culver City.

Open House this Weekend!

We're here for you. Always. Sometimes it's just to chat, counsel, learn. 

Whatever you need, all three of us are willing to help in any way we can.

NEW Television Entertainment Center Ideas !!

Looking at a new home with Buyers and frequently the thought goes to 'Where am I going to put my TV?'  When my first husband and I were looking for homes in Valencia, back in 1993, we distinctly passed on one since our ginormous television wouldn't fit in the living room. It was one of those rear projection TV's. So modern back then!

Then it progressed to the flat screen televisions. Entertainment centers, over fireplaces. But, we often still wonder how we can make the TV not really the focus of that wall, right? Well, for some members of the family I'm right. Hah!

These were some beautiful ideas from HOUZZ designers. The full article is in the link below the photos.

A librarian friend of mine probably has this already!

Very sleek, any color would do. I'd probably pick an earth tone.

This reminded me of a movie theater in a fancy airplane!

👉 Full Article From HOUZZ

One of our favorite parts of being a Realtor is seeing other peoples homes. Looking for design ideas for ourselves and for our clients as well. If you're a Realtor though, you know, the most favorite part is making someone's home dreams come true. 💗