What’s new? What’s old? What’s the same? Reading about the real estate market is an important part of your decision making. However, how much of the discussion of the “market” is comprised of people talking about what others tell them rather than drawing conclusions of actual statistics and data themselves? Lets look at some common assumptions about the real estate market then you can decide how it impacts you.
“The market is slowing down”
This very well could be, but if you read my post from last month we are in a seasonal pattern that dictates a slow down from the holidays up through March. Is it really a whole market slow down? Could be but probably not.
“Interest Rates are rising”
Yes, they were. They have however, recently been dropping. Today’s rate from Chase was at 4.375 for a 30 year fix. Pretty good.
“Home Values are going down”
In some parts of the US this is true, however, there is an important FACT to consider: Ventura County is an amazing place to live and people will pay for it. Recent average prices for homes in Ventura County show us that. There are a huge number of people with enough money to afford living here. They will pay for the homes here.
Based on the above stats, please review the following ideas to help guide your decisions:
IF you can find an under market value property, it is always a great time to buy. 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. If you find a good deal, now may be a sweet spot in the market. There are some homes that have been on the market for too long with hungry sellers and rates have dropped. As always, a careful evaluation of what your monthly mortgage will be and your future monthly rental income would reveal what your best option is.
Rates are low and there are some pretty good deals out there for homes that have been on the market for a long time. Most people buy in late spring and summer, so this may be your chance. Are you prepared? Have you spoken with your mortgage professional to clearly understand what you can qualify for? Do you fully know your monthly budget? Doing these tasks can prepare you for when the time is right.
Now is still an overall good time to sell. Home values are up and inventory is down from the holiday slow down. Remember, don’t trust Zillow’s Zestimate completely. Its good, but you’ve got to talk to an agent who can price your home accurately based on all the aspects the home represents not just an algorithm.
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.