*****If this is your first blog post from me, please see the note at the bottom of the page for you.
Well there is nothing average happening in the world right now. From grade school children to senior citizens the, change is among us all. In Real Estate, we have some unprecedented numbers to look at. The numbers can help you get a sense of the NOW so you can look ahead and find out what MAY be coming next. The only thing you can ever count on never changing is the fact that things will always be changing. Please see below for the TWO most dramatic factors affecting Real Estate in Ventura County Today.
ONE: The housing inventory for homes currently listed FOR SALE have some of the lowest numbers Ventura County has ever seen. Some reasons for this include: home owners considering selling would have no where to go since the market is so tight, landlord property owners are comfortable and don’t need to sell and many more. The below graph shows the light green line on the far right as the current for sale number of homes over the last 15 years. As you see it is very very low.
TWO: Historic Mortgage Rates are the largest weapon our society has to help home buyers try to get into a home right now and somehow balance the market. Since the inventory is so short the rates are remaining VERY low. If you look at the link below from Freddie Mac, it indicates some of the lowest mortgage rates over the past 40 years…. yes. Extreme numbers that make buying SOMETHING worth it for many people.
So what do you do now?
Aren’t you always looking for a deal? Well the time could be here to find a great opportunity because you can get good TERMS on your loan. It is crucial for you to stay in touch with your realtor for good off market buys. In addition, with the low inventory you want to build that relationship so your Realtor thinks about you first when they find something on or off market.
Rates are insanely 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. It is crucial for you to stay in touch with your realtor for good off market buys. In addition, with the low inventory you want to build that relationship so your Realtor thinks about you first when they find something on or off market.
Right now is possibly one of the best times to sell, as there just aren’t enough homes on the 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.
*********If you are receiving this email for the first time-congratulations! You were added to the list since my last post! I would love to chat with you about any of your real estate needs. If you wish to be removed, no worries, just follow the procedure at the bottom of this email. If you have any questions or would like more specific stats let me know.
FTBS- Certified First Time Home Buyer Specialist
SRES- Senior Real Estate Specialist