What are your goals? How do market stats help you? Is it just interesting or do you use stats as an actual guide to how you consider your Real Estate buying and selling? Either way this months market is interesting. We have many predictable patterns but there are a few stats that may indicate a shift. Overall we are still in a steady seller’s market but this could be changing soon. 2018 and now into 2019 has seen more homes for sale than the two years prior. Does this mean we have more homes on the market than buyers can handle? The continued pressure from buyers causes there to be a consistent sellers market. See the below stats for Ventura County.
average home prices for sold homes over the last 5 years.
Based on the above stats, please review the following ideas to help guide your decisions:
Investing
IF you can find an under market value property, it is always a great time to buy. Everyone wants a deal, but the only way to find an outstanding deal is to know someone. If you are going to buy a single family home or condo on market to invest, you MUST know the area very well to determine if it is in a pocket that is highly desirable. If you find a good deal, now may be a sweet spot in the market. There are some homes that have been on the market for too long with hungry sellers and rates have dropped. As always, a careful evaluation of what your monthly mortgage will be and your future monthly rental income would reveal what your best option is.
Buying
Rates have dropped a lot with some pretty remarkable rates and there are some pretty good deals out there for homes that have been on the market for a long time. Most people buy in late spring and summer, so this may be your chance to buy since more homes will become available for you to choose from. 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. Finally, will you wait too long for the right time while passing up good opportunities to buy?
Selling
As noted above, now is still an overall good time to sell. Home values are up and inventory is down from the holiday slow down. Remember, don’t trust Zillow’s Zestimate completely. Its good, but you’ve got to talk to an agent who can price your home accurately based on all the aspects the home represents not just an algorithm. Be sure to price competitively so you don’t get stuck on the market for very long.
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.
Derrick Timmons
805.807.3987
realtortimmons@gmail.com
www.derricktimmons.com