November 2022 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.

Happy Friday and [almost] Thanksgiving! Whether you will be watching your diet next week with a vegan gluten-free and soy free dinner or you will completely glutonize, the Real Estate Market will keep marching on. The same questions remain; will rates continue to rise? and will housing inventory rise? Over the last month most conversations I’ve had were focused on these two factors to a person’s buying or selling plan. Another piece of this puzzle that must be considered is the regular seasonal slow down. During November and December many people don’t want to sell due to holiday plans. Sales will pick back up in January with numbers reflecting this trend in February and beyond.

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. It is clear and simple; the market is “slowing down”. The absorption rate has started to come down slightly toward the typical seller’s market that we’ve known because of the consistent very low inventory.

**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: The Sold to List Ratio shows a severe drop starting after April. This means that on average, real estate is selling below 96% of the list price value. One more factor that shows a slowing down of the extreme seller’s market we’ve had for many months.

THREE: A historical look will show from 2021-2022 shows some huge changes. While many of these numbers are obvious, it is still important to get the proper perspective. What will next year be like?

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. 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; 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