Emotion in Santa Clarita real estate loses houses CWH update 09192022

Connor with Honor Santa Clarita Realtor: (00:00)
Everybody it's Connor with honor. I'm here at Realty. One group in Santa Clarita, California. Of course my offices are Valencia, but pottery barn at the mall. This is your real estate update. Today's gonna be the 19th of September, 2022. That's a lot, but that's where we are getting close to Christmas. Real estate's feeling that Bush. We're also seeing that the home prices are coming down just a little bit from where they were at market peak. About two, three months ago here in 2022. We're also watching those as interest rates are creeping up a little bit more. The fed is gonna meet tomorrow, Tuesday the 20th. I'm pretty sure I'm correct on that. I've been watching different, uh, different news portals. There's been some dates, whether it's Tuesday or Thursday, the opinion is they're probably gonna increase the bank borrowing rate to, uh, an additional 1% and that's to try to offset inflation.

Connor with Honor Santa Clarita Realtor: (00:53)
We'll have to find out where that goes. Usually though, if you're a home buyer that doesn't hurt you, that actually could help in a way, plus of course, try to battle inflation, right? But it could actually lower the rate that the banks charged to get mortgages on houses. So we'll keep an eye out on that. Right now, rates are just a little bit over six. And of course our inventory here in Santa Cita valley CME valley, and also greater Los Angeles areas is a little bit higher than we saw two, three months ago yet on the low side, as far as what we call absorption rate in real estate, the absorption rate is the rate at which homes are sold and how long it would take to get the inventory. We currently have to zero. So that being the case where about two months from zero in a healthy market, that's usually six months to, till we have no more houses to sell. 

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