Chalk art, family dinners and a lot of family game nights have probably filled your days and nights as much as me, but for some real estate is top of mind. I’ve always gotten the “How’s the market?” question but it now has special emphasis due to Covid. If you are interested in answer to “How’s the Market?” for Ventura County see below. In a nut shell, numbers of homes sold and pending are down but numbers of homes for sale are up. Average days on market is low, which means homes are selling slightly faster, and months of inventory is slightly up which means a tiny push towards a buyers market. On a personal note, I recently helped a client make an offer on a home listed for around $500,000… this home received 15 offers. Yes 15. This means for SOME homes and neighborhoods the market is very much alive. On a larger, macro level listen to this interview https://www.youtube.com/watch?v=CMeQhwAnvPI with the National Association of Realtors chief economist. This interview compares the current financial situation with the recession of about 10+ years ago. The difference today is that the current successful housing market was built on a solid foundation of good decisions and legitimacy while in the 2008 debacle, subprime lending in the housing market sent the housing market spiraling. What does the future hold? Should you buy or sell today? The FACTS of today are: rates are still holding at an all time low, and inventory is very low making it favorable to both buy and sell. The final decision is up to your specific circumstances.
Based on the above stats, please review the following ideas to help guide your decisions:
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.
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. However, if you are looking to buy then move in a short time, then you may want to wait since selling could be unknown.
Right now is still a great time to sell as there just isn’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.