Is it time to buy? or time to sell? or maybe its time to do neither one. There are many indicators that a market may give each potential buyer or seller. Using that data people can then make a decision about what to do. Sometimes, however, people don’t have the luxury of waiting for the perfect situation and they need to buy when the family is ready not when the market is ready. Others can wait until the market is perfect for them. Whatever your situation, it is important to study the numbers and decide if now is the right time for you.
Below you will see some important stats and figures about the current market specifically in Camarillo. Let me know if you would like to to access more figures about a more specific area or neighborhood and I can do that for you.
Camarillo Overall Housing Market as of 1/19/2017
The above graph shows that currently there are a total of 138 homes for sale in Camarillo. That is almost the lowest number of homes for sale since the end of 2012 when there were only 75 homes for sale. Why is there such a shortage of homes for sale? Here are a few possible reasons:
- Many home owners are still underwater
- Housing Boom buyers are still holding out for higher sale prices
- Move up Home Owners are waiting longer for home prices to go up, before they sell their home
- Investors aren’t ready to sell single-family homes they’re renting
- New-home construction is still very low especially in lower cost homes
- Baby boomers aren’t selling yet
Why does this matter to you? IF you are considering selling, now could be a good time because there are simply less homes on the market. IF you are considering buying there are also many homes that are staying on the market for 2 months or more trying to hold out for a higher price from a would-be buyer. The buyer may have an advantage in this case to get a lower price from this type of seller.
More information can be found at: Realtor.com Article on Low Inventory
Camarillo Months of Inventory and Why it Matters
Do you like rollercoasters? Well if you look at this graph you will see that in 2006-2009 the months of inventory was very high and since then it has dropped dramatically. To better understand the Real Estate Market Experts use what we call “Months of Inventory”. This is the amount of time it would take to sell all current listings at the current sales pace if no new listings became available. As seen from the graph below, there is currently 1.6 months of inventory in Camarillo which means we are in a SELLER’S MARKET. Many of us hear “Seller’s Market and Buyer’s Market” and wonder what determines the current status. It is widely accepted in the Real Estate World that: 0-4 months is a “Seller’s Market”, 5-7 months is a “Balanced Market”, 8-12 or more is a “Buyer’s Market”.
What does this mean for you RIGHT NOW? Sellers have more influence on the price of their home because there aren’t a lot of homes for sale. However, rising interest rates, longer days on market and other factors mean there are still many good deals to be found when buying.
**If you would like more information about any of the above stats please contact me anytime.