Real Estate is always exciting especially when we try to predict what is coming next. Based on the following stats and information there are two different stories being told. On the California State level it looks like a “correction” may be coming. Overall sales numbers, declining home sales and a very high number of active listings are giving us some indicators that there are high priced homes on the market but not enough people to buy them. These big picture stats, however, may not apply to your neighborhood yet. For example, in the Las Posas Estates area of Camarillo, home prices are still relatively high because it is a desirable area and people who want to live there can afford it. Whereas, homes priced in the mid-range between $600,000 and $800,000 have seen many price reductions and higher days on market, indicating that homes in that category could see a price shift. Only a careful look at both stats can help give you an indication of what your next move should be now, and predict what the future will hold.
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 a great time to buy, fix and flip. If you are going to buy a single family home or condo on market to invest, you are going to buy at a high price. However, lease demands are very high and rates are still pretty low. A careful evaluation of what your monthly mortgage will be and your future monthly rental income could reveal a great investment opportunity for a buy and hold scenario.
Buying a home to live in now may be harder since prices are quite high. The only three reasons that may convince you that you SHOULD buy are low interest rates, personal/family motivations and your belief that the market will not slow down. While rates have gone up, they are still relatively low and are predicted to go up especially if prices drop.
NOW is the time to sell. It is a fact that inventory is historically low and prices are very high. This is a recipe that clearly shows if you are considering selling you should do it. Could prices continue to rise? Probably not. Based on these stats, inventory is RISING which can start to drive prices down and cause you as a home seller to miss the chance to sell at the highest price.
**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 Update
Camarillo Market Update
Ventura City Market Update
California State Stats from the California Association of Realtors
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.