The kids are almost out of school and what do many people have on their mind? Real Estate! Have you been looking to buy or sell? Maybe, but the question really is about your motivation. Most people make a real estate move based on their own motivation not the market. Sometimes, however, there are compelling things happening in the market that can push someone just a little close to make a decision. Lets see what this month tells us.
The biggest news are mortgage interest rates. According to Broadview Mortgage in Camarillo, https://www.broadviewcamarillo.com/ interest rates are currently between 3.99% and 4.25%. This is incredible news for buyers interested in buying something soon. Rates were predicted to continue rising, yet they have been steadily dropping making it easier to get a decent monthly payment.
In other news, Ventura County home sales have continued to be fairly predictable based on the seasonal pattern. It was predicted that home prices will drop soon and it will become more of a buyers market. Maybe its still going to happen but there isn’t any real indication of that yet. Check out the Bell Curves.
This one shows that we are in a sellers market. Notice recent trend downward.
Based on the above stats, please review the following ideas to help guide your decisions:
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. This market has become one based on relationships. Who do you know that may be selling? 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. 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.
While it is still a seller’s market, interest rates have dropped dramatically. This is important as every decrease in that rate means hundreds of dollars in your pocket. What is the opportunity cost for waiting to buy for the perfect market? Opportunity. The more time that goes by is more time that you aren’t paying down a mortgage. Speak with your mortgage professional to help get a great idea on your budget and buying power.
As noted above, now is a great time to sell. Home values are up, inventory is down and buyers are motivated. Stats continue to indicate we are still in a good time to sell. 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.