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Where is the Market Going?
The public has been getting mixed messages lately, especially from the media, which add to the confusion of, "Where is the market going?" It’s
important to remember that the media loves to sensationalize all news. They would have us believe that we are about to experience radical spikes in
prices, interest rates, etc. As I mentioned back in April, we are still experiencing a market correction, or leveling off period. In fact, many
believe that in the near future, with just a bit more correction, we will be in what is referred to as a “cleansed market.” Interest rates are low and
are expected to remain that way. The economy is strong on the local level. These factors increase consumer confidence, giving buyers a wonderful
opportunity to trade up, trade down, or buy for the first time.
Median local sales prices have remained surprisingly steady. Homes are staying on the market a bit longer now, so gone are the days of rushing right
out and putting an offer on a home before it disappears. However, there is still a high demand for housing in Ventura County and adjacent communities.
This is partially because of large local employers such as Amgen and Countrywide Home Loans, and the countless benefits of our wonderful way of life,
excellent schools, etc.
There is an active inventory of properties for sale. The National Association of Realtors (NAR) says a healthy market is one that has six months or
less of inventory. Ventura County is seeing about a 5.7 month supply of homes on the market. In many parts of the country right now, there are standing
inventories of 30+ months or more. It's a wonderful time for buyers in this area to find a home that will match their needs for the long term.
A bit more about inventory - If inventory stays on the low end, as sellers are holding on to their properties, prices will rise. Our local inventory is
low because our cities, for the most part, have reached maximum size. With relatively low inventory, we may experience a modest home price appreciation
during the remainder of 2007. If you need some questions answered, want to lay a strategy for home buying plans, or are just curious about the more
specific details regarding the market, please call us.
We’ll get together for a complete evaluation, tailored just for you. You may decide that it is indeed the right time to go ahead and buy the investment
property you’ve been considering, purchase a second or vacation home, or whatever you’ve been dreaming of.
This newsletter is not a solicitation for already-listed properties. Prudential California Realty is an
independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.
Equal Housing Opportunity. |
Hello Family and Friends,
No sooner did we begin to celebrate the lazy days of summer, here we are with autumn looming! It’s nearly back-to-school time, which is not a popular
topic in most households with kids. To ease the pain a bit, why not plan a quick getaway this fall? Looking forward to a mini-vacation can ease the
doldrums often experienced by the end of August. One terrific destination is Catalina Island. If you can manage to sneak away on a Friday and/or
Monday, there are bargains galore because it’s “off season” after Labor Day. Avalon is a wonderful old oceanfront town that has a tendency to create
a delightful sense of nostalgia for an era gone by. Things move slowly there, and a stroll down the walkway to the historical Casino is very relaxing.
Catalina is just one of our countless nearby vacation spots that should do the trick. Have fun!
Warmly,
Ryan and Linda
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