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Greetings from the world of Real Estate! As the masks are being lifted, how will the market respond? Will numbers stay status quo or change? From residential to commercial, to rental properties, to your own home, there are a lot of important metrics to gather and help you make your buying and selling decisions. Below you will see some 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 to predict 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 showing Number of Listings you will see a dip of homes in December. This is a traditional seasonal shift that some people have looked at and have said that the market is changing. However, while there could be other factors at play, it is highly likely that the the number of homes for sale will pick up from spring through summer. If you are a buyer, expect for more homes to be available in the coming months.
TWO: The absorption rate and sold to list ratio graph above tell us that homes are selling very fast and they are selling above their list price, on average. This is continued great news for sellers.
THREE: Mortgage rates are taking a hike right now. If you look back at a year ago they are higher. However, its always important to consider perspective. If you look at this historical mortgage rate graphic you will see that if you go back a few years, current rates are still pretty good. If you go back even further then current rates look amazing. Perspective.
So what do you do now?
Keep your eyes and ears open for any possibility. Well the time could be here to find a great opportunity because you can get good TERMS on your loan. 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. 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.
Rates are getting higher, but still quite low! If you know you are going to stay in the home for a few years then it is probably worth it to take advantage of these decent rates. This is a very 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.
Simply put-Right now is possibly one of the best times to sell, as there just aren’t enough homes on the market in all markets.
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.
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FTBS- Certified First Time Home Buyer Specialist
SRES- Senior Real Estate Specialist