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Prices will certainly continue to drop in Santa Clarita. How much $/% wise..depends on which of the MANY Santa Clarita neighborhoods you're looking. Some tracts will drop very little, some still have a way to go. I don't have details on the home you made an offer on, so I can't say exactly why it's still on the market or why there hasn't been a price decrease to an amount you find acceptable . There are numerous reasons the bank would counter you back what they did, I won't list all the reasons here. Prices in most Santa Clarita neighborhoods won't likely depreciate as much as real estate in the Antelope Valley - or in many parts of Los Angeles. People in large part, WANT to live in Santa Clarita - low crime, good schools, nice shopping, well maintained city streets, etc. All work to the advantage of real estate values holding better then less desirable nearby cities (Palmdale, Los Angeles, Bakersfield).
Like I said earlier - we will see more price decreases despite how nice Santa Clairta is. I'd move on from this home, and look for another deal since the price isn't right yet, for you. If you find another one, then you find one. Perhaps while continuing your search, the original house you made an offer on will decrease in prices while waiting. It's a foreclosure and they have to sell, but how quickly just depends on the bank and asset management.
The home is in Castaic, but there are regular sellers listing there house's close to foreclosed home prices just recentaly. I havevn't found another home yet as much as I like the foreclosed one. I have seen homes in better shape, but I can see a strong poteneial in this one. Thank you for the info.
If I were you, I will look at Santa Clarita city, It's center of commercial industries, north is Valencia, east is Symar, Sunland, Burbank, go to 405 south, is sherman oaks, studio city, closed to downtown of LA, and your relative.
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Santa Clarita First time home buyer
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arnie84
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Does anyone feel that the real estate market in Santa Clarita will drop as much as areas such as Los Angeles, Palmdale, Bakersfield, etc?? I am pre-approved and have 20% down available for downpayment. I recently put a bid of $320,000 on a forclosed home here in Santa Clarita that was listed for $360,000. It was on the market for 50 or so days. After over a week of waiting, the bank counter-offered at $355,000. Because the bank was unwilling to negotiate realistically, I took my deposit back. The house needs some renovating, such as paint, carpet, appliances, etc.. that I am williing to do. The house has been listed for 100 days now, and still no activity or price decreases. I am becoming frustrated and impatient. I feel that prices will continue to fall, but am don't know if the "25-30% decrease" applies to my area. I know this subject has been beaten to death, but I apprichate any advice.
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