Newbury Park Average Price – June ’08

This is a comparison of average prices for the area of Newbury Park, CA, between 2007 and 2008.

Newbury Park
June 2008 List Price Sold Price Diff. LP/Sp % DOM
  $811,781 $785,515 -3.24% 79
June 2007 List Price Sold Price Diff. LP/Sp % DOM
  $909,140 $886,180 -2.53% 55
Diff. ’08/’07 % List Price Sold Price   DOM
  -10.71% -11.36%   43.64%

All information is gathered from the Ventura County MLS and is deemed reliable but not always accurate.

Agoura Hills Average Price – June ’08

This is a comparison of average prices for the area of Agoura Hills, CA, between 2007 and 2008.

Agoura Hills
June 2008 List Price Sold Price Diff. LP/Sp % DOM
  $719,911 $692,668 -3.78% 71
June 2007 List Price Sold Price Diff. LP/Sp % DOM
  $816,178 $790,489 -3.15% 74
Diff. ’08/’07 % List Price Sold Price   DOM
  -11.79% -12.37%   -4.05%

All information is gathered from the Ventura County MLS and is deemed reliable but not always accurate.

Types of Loans

In a normal transaction there are basically three different types of loans available to choose from: FHA, VA, and conventional. Within these three choices, there are many variations. Our role is to work with your lender to counsel you regarding these loan options.

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) and administered by the Federal Department of Housing and Urban Development (HUD). FHA will guarantee the lender against loss if the buyer does not pay the investor back.

Buyers find FHA loans attractive because they sometimes only require 3% percent down. Whereas, conventional loans can sometimes be up to 20% down. FHA qualifying guidelines are also more lenient for the buyer. A buyer who has a heavier debt load may find this type of loan more attractive.

VA loans is a type of mortgage only available to veterans. To obtain a VA loan, the veteran must have a Certificate of Eligibility verifying the veteran’s active duty status since September 16, 1940 and discharge papers from the service. VA loans require no down payment, have limited closing costs, and sometimes have lower interest rates. The Veteran’s Administration (VA) will guarantee the lender against loss if the buyer does not make payments on the loan.

Conventional loans are mortgages which conform to standards set forth by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Investors remain at risk up to 80 percent of the value of the property. The amount borrowed above 80 percent of the home value is insured against loss by private mortgage insurance.

Most buyers can only qualify for a conventional loan. VA and FHA loans demand certain requirements from buyers such as income limits and veteran status.

Again, it is our role to assist you in finding the right lender and the right loan.

Median Sales Prices – May ’08

Here are the median sales prices recorded in May for single-family homes, condos and
new construction in the following communities:

$565,045 Agoura Hills
$1,092,500 Calabasas
$422,500 Camarillo
$380,250 Fillmore
$620,000 Moorpark
$667,500 Newbury Park
$419,000 Oak Park
$370,000 Oxnard
$302,500 Santa Paula
$452,000 Simi Valley
$560,000 Thousand Oaks
$429,500 Ventura
$770,000 Westlake Village
$502,500 Woodland Hills

Agency Relationships

I know that we have discussed this information in the past, but we thought that it would be good for review. When you as the customer and an agent enter into a discussion regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you with wish to have with the agent in the transaction.

You should know that there are 3 types of relationships: A Seller’s Agent, a Buyer’s Agent and an Agent Representing Both Seller and Buyer (also known as Dual Agency).

A Seller’s Agent under a listing agreement with the Seller acts as the agent for the Seller only. A Seller’s Agent has the fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller. A Seller’s Agent is obligated not to reveal, unless told otherwise by the Seller, confidential information obtained from the Seller to any other party. Doing so could jeopardize the sale of the home, negotiations and/or final sales price.

A Buyer’s Agent can, with buyer’s consent, agree to act as agent for the Buyer only. A Buyer’s Agent has the fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Buyer. A Buyer’s Agent is obligated not to reveal, unless told otherwise by the Buyer, confidential information obtained from Buyer to any other party. Doing so could jeopardize the purchase of the home, negotiations and/or final sales price.

An Agent Representing Both Seller and Buyer can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both parties. This type of agency has a fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with both Buyer and Seller.

There are a few Buyers and Sellers that believe they can save some money by using one Agent who will represent both sides in a transaction. This is true and the Agent has to do their best in keeping a fiduciary duty to both parties civil. In these instances, however, how does one agent negotiate for both sides? How does one agent keep confidential information from both parties? Obviously, the Buyer wants a good deal and the Seller wants the best value, but where is their representation? Picture this… If you take someone to court, are you going to use their lawyer?

Our advice is to make sure you have an agent representing you and only you. This way his/her fiduciary duty is to take care of your needs, negotiate to only your terms, and close a transaction with your satisfaction.

Simi Valley & Moorpark Real Estate Stats – June ’08

Detached Properties

Simi Valley & Moorpark 2007 2008
Total # of Listings 820 627
Average DOM* 78 88
Number of Short Sale/REO Listings 239
% of Short Sale/REO Listings 38.1%
Total Actual Unit Sales 122 122
Number of Short Sale/REO Sales 4 54
% of Short Sale/REO Sales 3.3% 44.3%
Average Months of Inventory 6.7 5.1
Average List Price $691,722 $$542,163
Average Sales Price $679,089 $528,166
SP/LP Percentage 98.2% 97.4%
% of Listings Selling 14.9% 19.5%

Attached Properties

Simi Valley & Moorpark 2007 2008
Total # of Listings 208 172
Average DOM* 73 86
Number of Short Sale/REO Listings 71
% of Short Sale/REO Listings 41.3%
Total Actual Unit Sales 42 22
Number of Short Sale/REO Sales 3 8
% of Short Sale/REO Sales 7.1% 36.4%
Average Months of Inventory 5.0 7.8
Average List Price $421,136 $341,655
Average Sales Price $411,932 $328,491
SP/LP Percentage 97.8% 96.1%
% of Listings Selling 20.2% 12.8%

Based on info from the VCRDS MLS for the month of June 2007/2008. Short sale/REO listings unavailable in 2007.
Display of MLS data deemed reliable but not guaranteed accurate by the MLS. * Avg. DOM are based on sales for the
month of June 2007/2008.

Conejo Valley Real Estate Stats – June ’08

Detached Properties

Conejo Valley 2007 2008
Total # of Listings 846 758
Average DOM* 68 89
Number of Short Sale/REO Listings 115
% of Short Sale/REO Listings 15.2%
Total Actual Unit Sales 140 112
Number of Short Sale/REO Sales 5 23
% of Short Sale/REO Sales 3.6% 20.5%
Average Months of Inventory 6.0 6.8
Average List Price $1,067,191 $856,948
Average Sales Price $1,032,732 $821,809
SP/LP Percentage 96.8% 95.9%
% of Listings Selling 16.5% 14.8%

Attached Properties

Conejo Valley 2007 2008
Total # of Listings 281 268
Average DOM* 73 77
Number of Short Sale/REO Listings 82
% of Short Sale/REO Listings 30.6%
Total Actual Unit Sales 56 42
Number of Short Sale/REO Sales 0 9
% of Short Sale/REO Sales 0.0% 21.4%
Average Months of Inventory 5.0 6.4
Average List Price $507,194 $423,709
Average Sales Price $499,212 $405,892
SP/LP Percentage 98.4% 95.8%
% of Listings Selling 19.9% 15.7%

Based on info from the VCRDS MLS for the month of June 2007/2008. Short sale/REO listings unavailable in 2007. Display of
MLS data deemed reliable but not guaranteed accurate by the MLS. * Avg. DOM are based on sales for the month of June
2007/2008.