What’s going on in this market of ours? As of the recording of this video, there are 391 active and available homes in Santa Clarita, and 197 have closed within the last 30 days—a move in the right direction after all of the COVID-19 slowdown. There are 486 homes in escrow at the moment, and it’s interesting to see more homes in escrow than are actively available in the market.
While the city of Los Angeles stopped showings, LA county did not, so we’re still out there showing homes. To make sure everyone stays safe, we’re having buyers sign disclosures letting us know that they have not (to the best of their knowledge) been exposed to COVID-19, nor are they experiencing any sort of symptoms of illness. They’re also wearing masks, gloves, shoe covers, and practicing distancing and diligent sanitization.
Since interest rates are amazing at the moment, we have a lot of clients who are refinancing and then pulling out a home equity line of credit (HELOC), which allows you to borrow a certain amount of credit against your home that doesn’t have to all be used at once. People are now using HELOCs to fix up their homes, or have it available for investments. We’re seeing people take out anywhere from $50,000 to $250,000, with monthly payments roughly equating $130 for every $25,000 taken out.
These are just a few of the most important market updates in our current market. If you need anything, give us a call or shoot us an email; we’re always here for you.