The market is changing…Is it the season? Is it our economy? Is it a change of behavior of home buyers and sellers? All of the above? Trends in market changes can always help people tell the story of what is happening and then decide how it applies to them. If you are a home seller or buyer who is considering when the best time to sell or buy is, typically you will see if prices are going up or down. You will also consider interest rates. There are, however, some other important indicators that help tell the complete picture. For example, “months of inventory” can be an important way to determine if the market is a buyers market or sellers market. Months of inventory means that if no new properties came on the market, we would be out of inventory in X # of months. In Ventura County last month we had a dramatic shift in months of inventory from a clear seller’s market, to more of a buyer’s market. This is actually a neutral market, but this shift can be an important indicator of an overall changing market. This is one statistic that may indicate home prices may be dropping.
Based on the below 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. However, to buy, fix and flip may get harder. If you are going to buy a single family home or condo on market to invest, you are going to buy at a high but possibly dropping price. In addition, lease demands are slightly lower than last month and rates have been going up. A careful evaluation of what your monthly mortgage will be and your future monthly rental income would reveal what your best option is.
Buying a home to live in now may be getting easier in the coming year. Don’t get me wrong, prices are still high and values are staying up, but the months of inventory stat tells us that a good buy may be coming up. Rates are slowly climbing, but are still overall quite low. 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 a good time to sell. It is a fact that inventory is for the last few years was historically low and prices were very high. You may still be able to get in on the tail end of this constant rise in home prices. While we are seeing a shift, we are still technically in a seller’s market which means there aren’t a lot of homes for buyers to choose from.
**This advice is only a small part of your Real Estate strategy. Please let me know if you would like a comprehensive review of your goals to best help you make a sound decision.
Ventura County Market Stats
Ventura County Months of Inventory Statistic
Camarillo Market Stats
Ventura City Market Stats
Oxnard Market Stats
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.