January 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.

New year new goals- are you thinking about buying or selling or is the weather dominating your headspace? Have you achieved your resolutions and BALANCED your life? Whatever you are thinking about see below for your next update!

Perhaps the most significant factor in today’s market is seasonal fluctuations. Typically in December and January the market drops because people have other seasonal/family activities on their mind. Of course, the bigger picture is still in effect: low inventory, high interest rates. In our area of Ventura County the inventory is still notoriously low causing many people to not be looking because they can’t find what they are looking for, and others are still timid about buying because of the interest rates.

Something to look out for in February would be a much higher amount of homes listed for sale. This is typical and [no crystal ball!] you should expect to see more homes to shop for soon. Additionally, you should expect rates to stay high.

**Perhaps the most important message I can tell you is, while the stats and market indicators are real, each neighborhood you are thinking of buying or selling in requires research. Some neighborhoods are UP and highly in demand so the market is essentially not affecting them. Others are affected more. Ask me if you would like a more in-depth view into your neighborhood.

Below you will see specific data points and some ideas to consider. These numbers can help you get a sense of the NOW so you can look ahead and find out what MAY be coming next. There is no crystal ball We don’t know what is coming but you can do a few things to help you make decisions: what is the market doing NOW and what are your goals? Please see below for two of the most important factors affecting Real Estate in Ventura County Today.

ONE: If you look at the graph below you will see many downward trends. Average listing prices are going down and price volume also down. This could mean a strong market shift OR due to low inventory it is skewing the data downward. Either way its low numbers

**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: Perhaps the most glaring statistic above is the days on market. The days on market spiked in September and continued into December. This means that simply homes on the market aren’t selling. This doesn’t help sellers but could help buyers with a lower

THREE: A historical look at mortgage rates will show our dramatic lending landscape. While many of these numbers are obvious, it is still important to get the proper perspective. Even though rates are high, they could be much, much higher.

Investing
Keep your eyes and ears open for any possibility. The time could be here to find a great opportunity because you can get good TERMS on your loan. If you have cash- you definitely have a leg up on the competition if it is close. It is crucial for you to stay in touch with your realtor for good off market buys-I have some personal predictions that I can let you in on if you are interested. 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.
Buying
Rates are getting higher, for sure, but you should still consider your budget first. While it may frustrate you to pay a high rate, it could still make sense. Do your numbers. 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.
Selling
While prices are taking a hit, right now is still a great time to sell. While the numbers may be declining you can still position yourself the right way if you are thinking about selling. 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