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August 2020 Ventura County Real Estate Update

August 18, 2020 by Derrick Timmons

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“A down turn is coming”. Have you heard this? I’ve heard this from experts, non-experts, grandmas and anyone who has a heart beat. But is it true? People drive the market and people are emotional. Many people are waiting for the election to make their next move in real estate. Others are waiting for the new year because they believe that the economy is going to take a down turn due to Covid and other circumstances happening in the market. These factors could be true but there is no crystal ball for the future. Here are some indicators that can help us make residential real decisions in the near future.

Sales are UP. Very up. IF you look at the below graph, it contains for sale, sold and pended. July 2020 was the highest sold and pended number in THREE years. Also, if you look at how close the numbers on the graph are, it helps indicate how “tight” the market is.

The other graph is the months of inventory stat. Remember, low months of inventory indicates a seller’s market, while high months of inventory indicates a buyer’s market. July of 2020 had 1.1 months of inventory. Its hard to tell on the graph, but this may be the lowest months of inventory or EXTREME seller’s market in over 12 years. What does this mean? Not sure, but if you are thinking about selling NOW is a very good time. Whats coming next? Well, if you look at the 12 year graph, inventory will only go up when others sellers start to think, “Maybe I should sell now…” Will you miss the boat to sell? I believe this trend will continue because of one simple fact: people WANT to live here in Southern California.

Ventura County for Sale/Sold/Pending
Last 15 months of Months of Inventory
Twelve years of months of inventory

Based on the above stats, please review the following ideas to help guide your decisions:
Investing
Aren’t you always looking for a deal? Well the time could be here to find a great opportunity. Stay in touch with your realtor for good buys. With uncertainty comes moments for you to make wise choices. Let me know and I can keep an eye out for you to let you know if something comes up off market.
Buying
Rates are low! They are tantalizing you to buy. If you know you are going to stay in the home for a few years then it is probably worth it to take advantage of these low rates. This is a very tough time to buy BUT its still an option with some sellers being flexible. I just spoke with an agent that has a home listed in the 800k range. She said that the seller may be willing to sell for 700k, 100k under the listed price! You never know unless you ask. Also, you must talk to your realtor on how to be aggressive since it may be hard to get your offer accepted.
Selling
Right now is a great time to sell as there just aren’t enough homes on the market. Sure, some say that the market is affecting buyers, but I also know many people who have the cash and are looking to move or buy more investments RIGHT NOW. In addition, buyers still want a “turn key” home.


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

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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

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

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

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

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

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 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

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

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

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