Real Estate, Interest rates and Trump, oh my! These three very big categories all have something in common- they are unpredictable. What will the next month hold? Who knows, but we can inspect what happened in the last 30 days to give indicators of what is coming next. The number of homes sold, for sale and pended are all down from last month. Yet some indicators remain about the same: average days on market, average sold price and months of inventory. What does this mean for you? Your next real estate move is kind of like creating a piece of art. You must consider all the important elements that must go in before the first brush stroke. Then using talent, creativity, inspiration and often help from others, you begin the work. Information gathering and asking questions may be the first step in the process. Have you begun this first stage yet? I’m here to help. See below for relevant stats about the housing market in Ventura County and analysis at the bottom about your next move.
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. Another aspect of investing to be aware of are the easing of restrictions on ADUs (Accessory Dwelling Units). These could be a great opportunity, but there are risks associated especially when you consider the zoning of the property. If you are aware of the risks up front and are prepared for them you can get a great deal. Let me know if you would like to know more about them.
We are approaching a “slow” season of real estate with less homes available but ALSO less buyers interested in buying. This could mean an opportunity for those homes on the market for awhile which are “softer” and could reduce their price. Also, interest rates are STILL very low. 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. Also, that home that you could have bought 6 months ago could have already gone up in value.
While it is true that now is a slower time in Real Estate, there are still reasons to list your home. Due to lower inventory, your home may be just the one that a buyer is looking for. I have a client RIGHT NOW that is looking to buy a particular home in the next few months. This means, they don’t care about the season or any other market factor. They know what they want. Finally, home values are up, inventory is down and buyers are motivated. Stats continue to indicate we are still in a good time to sell. An additional point to consider, if you are thinking about remodeling before you sell here is some important advice: you may not get your money back BUT you will sell faster. Right now buyers want a “turn key” home. Is the investment worth it? Lets talk.
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.