WHAT'S GOING ON WITH THE REAL ESTATE MARKET TODAY?

Everyone wants to know:  What's going on with the real estate prices in the Ventura area?  A lot has changed since the first of the year.  With prices down from the highs of three years ago, as much as forty percent in some price ranges, investors have come out to play, and play big.  Prices in our condo complexes are back to 2002 and 2003 levels, and in one particular complex, prices have fallen even further.  Due to the proliferation of risky loans and the sub-prime lending debacle, we're now flooded with short sales (pre-foreclosures) and  foreclosures, which have driven  prices down. 

WHERE IS THE REAL ESTATE MARKET NOW???

The good news, and what you want to know is - prices have definitely leveled off in many complexes and in the low end of the single family home market.  For instance, there's a complex of four unit townhomes and manor homes that are selling today (June) in the same range that they have been all year.  With a reasonable downpayment, the rent will pay the expenses, and these are hot properties for both investors and first-time homebuyers.  A single family home that sold for $630,000 back in 2005 would fetch around $450,000 today.  I know, I own one.  Many homes sell in the first couple weeks and we are seeing many homes receive multiple offers.  Don't be fooled - the media doesn't know everything!  Ask any local full-time, experienced, working agent, they will tell you the same thing. 

Prices have not fallen quite as much in the high end or in the residential income arena.  But savings over prices from two- and -a- half years ago - the top of the housing prices - are substantial.  

WHAT ABOUT INTEREST RATES?

Interest rates came down slightly in the last half of 2007, with the FED lowering the rate for the first time in 5 years.  What you may or may not remember, in 1989, rates were in the 9% to 10% range, so our current rates below 7 % are really great rates!  Who knows what next year will bring?  If you have the means and the motivation to buy now,

IT'S A GREAT TIME TO BUY!   

Not only that, there are more houses for sale than there were one year ago.  Buyers have many choices, with smart sellers willing to negotiate reasonably and do what it takes to close a deal.   If it's a bank-owned property due to a foreclosure, the bank does not want to hang on to it, and you can get a good deal, but be aware, the homes are usually very beat up, missing stoves and many fixtures, and needing a lot of work that the banks will not do.  Put in your sweat equity and see the returns later on.

ALL THE FORECLOSURES ARE LISTED IN THE MLS, AND I CAN SHOW THEM TO YOU. 

I can also send you automatic updates of all new listings in your price range - let me know you want me to do this.

WHAT ABOUT "SHORT SALES"

If you have a lot of patience, and are willing to wait at least six weeks to two months for the bank's response, then by all means, try your luck.  However, we have found that the lenders are simply not equipped, even though it's been going on for three years now, to deal with the volume, and it's taking an inordinate amount of time to go through their lengthy process.  Most agents now do not even want to deal with them.

ARE YOU WAITING FOR "THE BOTTOM" ???

If you are trying to wait for "the bottom" you could lose out, because we only know it's the "bottom" when buyers start to get into bidding wars with other buyers, and then - IT'S TOO LATE!!!  Just as those who waited for the top lost out when they all jumped in together and missed it by a year - you could be in bidding wars with all the people who waited just like you did.  Investors see the value now, and they are buying.

We are actually seeing multiple offers, and property selling within a week or two of being listed.  That tells us that buyers are perceiving value.   Experienced Realtors here believe the big drop has occurred, and even though prices could come down a bit more, it won't be substantial.

 SHOP FOR A NEW HOME! 

By using MaggieHoodHomes.com, you can search directly through the MLS (Multiple Listing Service).  Simply click on  Search for Homes.  You'll have an opportunity to preview hundreds of available listings of all types of  property for sale throughout the entire Ventura area.   If you see something you're interested in, or if you just want to contact me, click on the "Contact Maggie" button on the left, on the Navigation Bar. 

If you'd like to be notified immediately when a new listing that suits your needs is added to the MLS, let me know in the "Comment" box when you click the "Contact Maggie" button, and I'll set up a custom e-mail program just for you directly from the MLS.

 For more information about me and my qualifications, click the About Me button. Check the Testimonial Page to read what my clients have to say.   But more than anything, I want to know about you - so when you fill out the "Contact Maggie" form,  tell me what you're looking for so I can do a great job for you!