August 2023 Ventura County Real Estate Market Update

**If this is your first blog post from me, please see the note at the bottom of the page for you.

Whether you were shaken by the Hurricane and the earthquake or you are just watching your own stocks rise and fall like the tides, real estate is always a frequent topic of conversation. Lets get our feet wet…

What are the most important drivers in our local market? Rates and inventory are still extremely important macro factors that many people begin their conversations about buying and selling with. Rates are high (compared to a few years ago) and inventory is low. However, once a buyer or seller become more serious about their next moves it becomes critical to understand the following factors.

Cosmetic quality: The pool of buyers is still strong, but it is simply a smaller pool than a few years ago. Therefore, most are looking for something that can get them the “best bang for their buck”- they want something turn key, and most of the time they are willing to pay for it. If you have a fixer upper, it may not make sense to do all the work but if you are going to do the work anyway it will help you sell faster.

Time: The average days on market in Ventura County for residential real estate is currently at 52 days. That means in Ventura County it could take 52 days to sell a home. Can your home sell? Yes. But from the handful of escrows that I have closed in the last 6 months you should prepare yourself for a longer wait. There may be nothing wrong with the home or pricing, it is simply taking buyers more time to jump and make a decision.

Negotiating: In this market everyone is extremely watchful for every aspect of their money and property. One area that can get overlooked is an appraisal. I recently had an experience where a home under $1,000,000 was appraised at a difference of $80,000 by two different appraisers by two different banks. What to do? We must fight for the best scenario for you- our client.

Realtor: Often people using Redfin/Zillow and people who simply don’t have an agent to work with believe they don’t need a relationship to buy and sell a property. While its possible, I strongly advise you to become loyal to one agent…obviously I believe I am the best agent to support and protect your best interests, but pick one agent and stick to them. It will payoff for you.

ONE: This below market summary is Camarillo focused, however, it is indicative of all markets in Ventura County right now. If you have a specific city you would like more information on, let me know.

TWO: Here are the current mortgage rates over the last few months.

Investors
There are certainly opportunities out there and chances for you to create a good investment. If you have cash you are positioning yourself even better than before to get a good deal. As I mentioned, there are many challenges with getting homes to appraise right now. If you buy all cash there is typically no appraisal which is very attractive to sellers. There is RISK but over a long enough time frame you WILL make money. Let me know if you want to chat about your options and how to find that good deal.

Buyers
As always you should still consider your budget first. Do your numbers. While it may frustrate you to pay a high rate, it could still make sense because you are “getting in the game”. This game is worth it in the long run. Over the last 10 years people kept saying, “its too expensive to buy right now”…They wish they would have bought. People want to live here. End of story. This could be a 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 AND prepare yourself for a very aggressive offer. 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. Similar to above, while the rates may seem daunting, if you are looking to keep the property for the long term you will increase your equity over a long enough time frame.

Sellers
If you look at the above chart labeled Sold to List ratio, on average sellers are getting more than they are listing for. While this is not always the case it is still clear that it is a good time to sell. Preparing your home and positioning yourself with good marketing can set you up for success. Talk with me to decide if its right for you.

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.

Cheers!

Derrick Timmons
Realtor