When is the best time to buy? The obvious answer is when the real estate market has reached it’s absolute lowest. Where prices can’t seem to get any lower. When the market is just about to turn around and head for the better.
The real question is, how do you know when the lowest point in the market happens? By the time you think everyone else is buying, or that it’s safe to buy, or the market is turning around, it’s already too late! You’ve missed it! There is no real solution for timing the market, however, getting in “the game” when it’s somewhere near the bottom is ideal.
We have reason to believe that the market is very near, if not already at the bottom in the Conejo Valley. It’s just a matter of time before everyone starts to jump in. Our reasons: The number of foreclosures are diminishing. The number of sales or higher than last year. Most importantly, homes in the $0 – $350,000 price range are already selling for 105% of list price.
For those of you that are truly looking for a home, but are nervous about the current market, we have two questions that you should be asking yourselves… Do you know when the bottom of the market is going to happen? If you are planning on living in the home for a while, won’t you be in it long enough to see a major improvement in the market? Even with all of Ventura County’s down-turns in the market, the value of homes have increased an average of 6% a year since 1982!
In answer to our first question, the best time to buy is NOW! Just before everyone else realizes that the market is making a come back. Just before sellers realize that they don’t have to give huge discounts to sell their property any more. Just in time for buyers to see a huge amount of equity build up in the years to come.