|October 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.How’s the market? Of course this is the question you probably discuss on the golf course, at the dinner table and with friends. However, what does that question really mean? |
In order to answer this question properly, we must clarify a few things. While there are important governmental, political and other financial news and trends that help dictate factors like mortgage rates, we will stick with some basics: mortgage rates, supply and demand and timing. Discussing these three factors can help the average home owner with their future decisions.
Mortgage rates are higher than previous years BUT most people have begun to accept that these rates aren’t going down in the short term, and they know they should focus on their budget vs. the fictional money they could have saved from buying earlier. Regardless of this logic, rates ARE still an important psychological driver for many people and with rates a little higher it has certainly cooled off many buyers.
Should you wait for rates to drop before you buy? Your current budget should be your driving factor not the unknown future.
Currently there is still a lack of inventory in our county overall. Compared with years past with many options available, today there aren’t a lot of homes for sale to choose from. While the supply of homes is low, there is just enough demand to keep the market “balanced”. Homes are still being listed and homes are still being sold.
Finally, timing the market can be an important factor. No one truly knows, but in our general Southern California RE Market there is a general slow down from November until about March. Of course homes sell during that time, but it can be harder on the seller and buyer due to personal holiday type reasons. This does not mean, however, that homes will sell for less during this time than other times of year. In fact, listing during this season can actually put a spotlight on the property allowing it to maximize its potential.
ONE: 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: Here are the current mortgage rates over the last few months.Loan typeToday’s rateLast week’s rateChange30-year fixed7.92%7.95%-0.0315-year fixed7.06%7.08%-0.025/1 ARM6.88%6.79%+0.0930-year fixed jumbo7.95%7.98%-0.03Rates last updated October 17, 2023.
**Stats from Bankrate.com
There are certainly opportunities out there and chances for you to create a good investment. If you have cash you are positioning yourself even better than before to get a good deal. As I mentioned, there are many challenges with getting homes to appraise right now. If you buy all cash there is typically no appraisal which is very attractive to sellers. There is RISK but over a long enough time frame you WILL make money. Let me know if you want to chat about your options and how to find that good deal.
As always you should still consider your budget first. The time of blaming rates may be over for you. Most people recognize that if their budget is right and they like the home and neighborhood they are willing to pay for it for the pride of home ownership plus the upside of rising equity. 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.
There are two important factors to consider if you are thinking about listing your home: condition and pricing. Take some time and review all of the items in your house that could be replaced or remodeled. If the cost is low and effort isn’t too high then do it. It is typically not worth it to do major projects as they won’t pay off. Finally, your list price is the important first introduction to your home. Many sellers still believe that the booming market of a the last few years is still here, unfortunately prices have trended downward. Its important to use intelligent pricing and make sure your home doesn’t end up in the quiet place in which prospective buyers simply think its too expensive. Talk with me to help you decide what is 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
Realtor1297 Flynn Rd Suite 150 Camarillo, CA 93012C 805.807.3987
Linkedin Profilehttps://www.zillow.com/profile/timmonsreFTBS- Certified First Time Home Buyer SpecialistSRES- Senior Real Estate SpecialistCopyright © 2023 Century 21 Troop, All rights reserved.
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