Mortgage Rates Stall as Competition Heats Up—Is Now the Best Time to Buy
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Mortgage Rates Stall as Competition Heats Up—Is Now the Best Time to Buy
Connor “with Honor” MacIvor - October 3, 2024** Tags: [real estate](/-/Blog/tag/real estate), [homes for sale](/-/Blog/tag/homes for sale), [top realtors](/-/Blog/tag/top realtors), [best agents](/-/Blog/tag/best agents), [saugus real estate](/-/Blog/tag/saugus real estate), [castaic real estate](/-/Blog/tag/castaic real estate) ** 0 Comments | Add Comment
Hey there, it’s Connor MacIvor, your go-to real estate expert, bringing you the facts with my personal touch. I’ve been deep in the Santa Clarita real estate trenches, from Saugus to Castaic and everywhere in between. Today, we’re tackling a hot topic: with mortgage rates holding steady and competition ramping up, is now the best time to buy? Spoiler alert—there’s a lot to consider, so let’s dive in.
Mortgage Rates: A Holding Pattern
As of October 3, 2024, mortgage rates have been relatively stable. Rates are hovering around 5.90%, up slightly from last month but still considered low by historical standards. According to Freddie Mac data, the average rate on a 30-year fixed mortgage inched up to 6.12% from last week’s reading of 6.08%, while last year, rates were much higher, averaging **7.49%**
For buyers, this is a key factor. The Federal Reserve’s recent moves might not lead to significant further rate reductions, so locking in your rate now could be a smart play, especially with the local market tightening.
The Santa Clarita Market: Hot and Getting Hotter
Let’s talk about the real action here in Santa Clarita. As of today’s Market Watch:
That brings the total Santa Clarita residential inventory to 536 homes. Now, let’s look specifically at Saugus and Castaic for a more detailed breakdown. In Saugus, we’re seeing a mix of single-family homes and townhomes hitting the market, with competitive pricing and homes moving fast. Castaic, on the other hand, offers a bit more breathing room with slightly more inventory, but don’t be fooled—competition is still fierce.
Competition Among Buyers Is Heating Up
With rates holding steady and buyers eager to make moves, competition is only intensifying. Many are holding out for lower rates, but with 80% of mortgage holders locked in at rates below 5%, inventory isn’t increasing as much as you might expect
What we’re seeing instead is a standoff—sellers are watching the market, and buyers are trying to time their moves perfectly. But in my experience, waiting often costs more than acting.
The Personal Touch: My Real Estate Journey
Now, let me take you back to my own journey, navigating the ups and downs of real estate here in Santa Clarita. I’ve been through the thick of it, from my days as an LAPD officer to becoming a full-time realtor. I’ve watched this market evolve and change over the years. Back in the early 2000s, rates were hovering higher than they are today, and despite that, homes were selling like hotcakes.
The key takeaway? Opportunity doesn’t wait. You’ve got to act when the moment feels right. For me, diving into real estate wasn’t just a career shift; it was a leap into building a legacy. And if you’re a buyer or seller today, you’ve got that same opportunity.
Saugus and Castaic: What’s the Situation?
In Saugus, homebuyers can expect to see some competitive pricing and bidding wars, especially for homes in great school districts. Listings here often don’t last long on the market. Castaic, while slightly less fast-paced, has more inventory available, especially in single-family homes. This area is seeing interest from families looking for space, while still being close to everything Santa Clarita offers.
Both regions are primed for growth, and with price changes occurring, now’s the time to jump if you’re looking for a deal.
Conclusion: Is It the Best Time to Buy?
With the data and personal experience I’ve laid out, I’d say yes—if you’re ready, now could be the perfect time to act. The market might not get more favorable for buyers anytime soon, especially if competition continues to increase and inventory stays tight.
Ready to dive into Santa Clarita’s housing market? Let’s talk. I’m Connor MacIvor, and nobody works harder for you than I do.
Related:
Mortgage Rates Stall as Competition Heats Up—Is Now the Best Time to Buy in Santa Clarita?
If you’ve been waiting on the Fed to lower the rates significantly before making your move in the real estate market, you might want to rethink that strategy. As of now, mortgage rates have stabilized in the high fives to low sixes, and while that’s better than the sky-high rates from last year, we’re not seeing the drastic drops some were hoping for. Here’s the kicker: the real estate market in Santa Clarita isn’t waiting around for the perfect rate—and neither should you.
Market Breakdown: Santa Clarita’s Real Estate Activity
In the last seven days alone, we’ve seen 14 new listings marked as “Coming Soon.” That’s 14 fresh chances for buyers to jump into the market before those properties go public. On top of that, 75 new listings hit the market, adding some much-needed inventory. But don’t be fooled—things are moving quickly.
Price Adjustments Reflect an Aggressive Market
In the same period, 74 homes had price adjustments, meaning sellers are getting more aggressive in their attempts to move their properties. This signals a competitive landscape, where homes are moving fast, and price changes are becoming increasingly common to keep up with market demand. As a seller, it’s a good time to take note and ensure you’re pricing your home correctly to avoid lingering on the market.
A Closer Look at Saugus and Castaic
Now, let’s zoom in on two key areas—Saugus and Castaic.
Back on Market Properties: Another Chance?
19 homes have come back on the market after deals fell through. This is your second shot at properties that might have slipped through your fingers before. These homes didn’t get snapped up on the first try—perhaps due to financing falling through or other contingencies—but they’re back, and they could be yours.
Pending and Under Contract: A Telltale Sign
The numbers for Pending (55) and Active Under Contract (28) tell us one thing—demand is strong. Buyers aren’t sitting on the sidelines; they’re making offers, getting contracts, and pushing deals through to closing.
Speaking of which, 66 homes closed in the last week alone. That means Santa Clarita’s inventory is replenishing almost as fast as it’s selling. We’re hovering around 536 active listings, which is healthy but not overflowing. As a buyer, the sooner you act, the better your chances.
Should You Buy Now or Wait for Rates to Drop?
Here’s where it gets personal. I’ve been working the Santa Clarita real estate scene for years, and I’ve seen all kinds of markets. In my experience, waiting for the “perfect” rate is often a gamble that doesn’t pay off. The reality is, if rates drop in the future, refinancing is always an option. What you can’t always get back is the house you really want, especially in a competitive market like this.
Buyers today are getting savvier—many are jumping in knowing they might have to refinance later if rates drop, but at least they’re getting into a home now, before prices rise further or inventory tightens even more.
Navigating the Market: A Seller’s Perspective
If you’re thinking about selling, now is the time to price your home correctly. With all the online systems out there offering automated home valuations, it’s tempting to rely on them. But let me tell you, those systems don’t take into account the local market nuances like a walk-through of your home or the real-time buyer behavior here in Santa Clarita. This is where a local expert—like me—can make all the difference. I’m not here to tell you what you want to hear; I’m here to tell you what’s actually happening in the market, backed by data.
Final Thoughts: Timing Is Everything
In short, now is a great time to buy if you’re ready to make the move. Don’t wait for the perfect rate—because while you’re waiting, the competition is getting fiercer, and homes are moving faster. Whether you’re in Saugus, Castaic, or anywhere else in Santa Clarita, you need a strategy to get ahead.
If you’re selling, make sure your pricing strategy is aligned with the market trends to avoid unnecessary time on the market. Either way, you’ve got me, Connor MacIvor, in your corner. I’m ready to guide you through the Santa Clarita real estate landscape with up-to-date data and strategies to help you win.
Ready to buy or sell? Contact me today, and let’s get started!
Connor MacIvor
Santa Clarita Real Estate Expert
www.santaclaritaopenhouses.com
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