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August 2019 Ventura County Real Estate Update

September 11, 2019 by Derrick Timmons

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School has started and the real estate market is still booming! In Ventura County July 2019 saw the most homes sold in two years, and there were more homes sold in Camarillo in July 2019 than homes were sold in any month for the past three years. Thats a big deal. Sellers are getting top dollar for their home and buyers are happily buying the home that fits for their lifestyle. In addition, buyer interest rates have still been at almost the best ever with many 30 year fix rates close to 3.5%. What does that mean? The market is still balanced and there is no sign of anything that will disrupt this momentum. Saying this statement is of course dangerous, as politics, macroeconomy or many other factors can alter the course of this healthy market. For now though, sellers are selling and buyers are buying. See below for a description of each stat and rough outline for each type of real estate interest.

Ventura County Sold- see 7/19 for highest number of sold properties
Camarillo Sold- see 7/19 for the highest number of sold properties
Ventura County Months of Inventory- This means it is currently and trending towards more of a seller’s market. Less inventory.
Ventura County Days on Market- This means summer is typically a “hotter” time since there are more buyers wanting to buy.

Based on the above stats, please review the following ideas to help guide your decisions:

Investing
IF you can find an under market value property, it is always a great time to buy.    Everyone wants a deal, but the only way to find an outstanding deal is to know someone. This market has become one based on relationships. Who do you know that may be selling? If you are going to buy a single family home or condo on market to invest, you MUST know the area very well to determine if it is in a pocket that is highly desirable.  In addition, there may be opportunties with REO properties. Another aspect of investing to be aware of are the easing of restrictions on ADUs (Accessory Dwelling Units). These could be a great opportunity, but there are risks associated. If you are aware of the risks up front and are prepared for them you can get a great deal. Let me know if you would like to know more about them.

Buying
While it is increasingly a seller’s market, interest rates are STILL very low. This is important as every decrease in that rate means hundreds of dollars in your pocket. What is the opportunity cost for waiting to buy for the perfect market? Opportunity. The more time that goes by is more time that you aren’t paying down a mortgage. For example, a home purchase of $600,000 with 10% down with a current market rate of 3.875% will have a $3,599 per month payment. While the same details with a 4.5% rate of a year ago will create a $3,796 per month payment. Speak with your mortgage professional to help get a great idea on your budget and buying power.

Selling
As noted above, now is a great time to sell. Home values are up, inventory is down and buyers are motivated. Stats continue to indicate we are still in a good time to sell. An additional point to consider, if you are thinking about remodeling before you sell here is some important advice: you may not get your money back BUT you will sell faster. Right now buyers want a “turn key” home. Is the investment worth it? Lets talk. We still have plenty of the year left to put your home up for sale to capture the hot summer market.


If you liked these stats please reach out and let me know about it!  If you have any questions about the Real Estate market or the process of buying or selling a home please contact me. Contact me today if you are ready to buy or sell a home.

Derrick Timmons
805.807.3987
realtortimmons@gmail.com
www.derricktimmons.com

Filed Under: Home Buyers, Home Sellers, Luxury, Market Updates, Uncategorized

Derrick Timmons

realtortimmons@gmail.com
805-807-3987
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Our Mission Statement

“Personal Service, Professional Results”

Personal Service

In Real Estate there are deals and there are people behind the deals.  We focus on creating a smooth Real Estate experience for you by doing our best to understand what you need from us to make buying or selling a home successful.  We do our best by asking questions and listening to you carefully then genuinely serving your needs. 

Professional Results

We also, however, strive to get you the results you want by being tough in negotiating the best deal for you and being organized and communicative during this complex transaction to make sure every part of the process is taken care of properly.  To help you accomplish your goals, Derrick applies his successful competitive experiences in sports and education to exceed performance expectations and get you the results you want.

What others have said

Derrick is as good as it gets, possibly even better! He helped us purchase our first home. He knows his stuff and did a great job helping us find a place in our budget. He understands the process and communicates with his clients which to me is the most important part of picking a professional to work with. Derrick is highly recommended!

Shawn Lakhani

Derrick is AMAZING. He went above and beyond my expectations of what an agent would/should do. Derrick is the true definition of caring, compassionate and trustworthiness you will ever find. We would not trust anyone else to sell our house.

The Law Family

When we needed to find a realtor to help us find a property in Camarillo as part of a 1031 exchange, we thought of Derrick.

Our transaction was a little more challenging than most in that we were selling two properties out of state that were also involved in the exchange and finding a replacement property and closing was key. Finding a property was time consuming in a hot market but Derrick never gave up hope that we would find a property. Once we entered into escrow, Derrick connected us with an exchange company and the transactions were closed in a smooth and timely manner.

Derrick was a pleasure to work with and we would definitely recommend him to our friends.

-Lisa

Wow! Well done!! I've been a commercial real estate agent for 16 years and I had dozens of agents who wanted to work with me. Derrick dug up the right property and then far exceeded my expectations. Bonus: We had a lot of fun in the whole process! Derrick is knowledgeable, professional, proactive AND a highly moral level headed guy. He's a gem of a find. As my buyers agent Derrick tracked every aspect of the deal for me which made the whole transaction a breeze. He answered all my questions and/or tracked down the information I wanted/needed. To top it off his referral source of trades and related resources was equally impressive. There's no question that he and I will be working together in the future. If you want a good experience (life is short, EVERY experience should be good, and fun) do yourself a favor and just give Derrick an interview and you'll immediately see what I'm talking about.

Shaun Bieniek

I just wanted to say again how amazing and easy Derrick made this process...I hope you know that you are part of the family!

Chad Sullivan

Derrick helped us find our first house and I can't even begin to say how thankful I am for using him. For a process that can be so incredibly tedious and hard, he made it such a breeze. He is honest, hardworking, and will go above and beyond. I have and will continue to recommend him to everyone that I know. In the future whether we are buying or selling we will not use anyone else. He is THE absolute best. Thank you so much so helping us buy our first house Derrick, we are forever grateful!

Kaitlin Winter

Working with Derrick was an honest pleasure. He always went out of his way to accommodate our busy schedules when it came time to looking at houses. He had a series of questions before we started looking to insure that he set us up with the right home for our future. He is professional, knowledgeable, creative in his methods, personable, and best of all effective. I highly recommend him.

Itzie Alarcon

I was really impressed with Derrick's overall real estate service. Within less than two weeks of putting my house on the market, we had a great offer! Derrick was a true professional guiding me through the process of selling my home. Derrick is knowledgeable, diligent, and caring. I highly recommend Derrick to handle your real estate needs!

Maria Callan

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