Archive for September, 2007

Ventura County Real Estate, Market Report for August 2007

  • Written by Mana Tulberg
  • Posted September 14, 2007 at 9:31 am
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The sale of residential properties in Ventura County in the month of August do not necessarily show the expected market trend. The number of homes sold through out the county have significantly decreased however, in cities such as Ventura, Port Hueneme, and Ojai, the sold homes in August of 2007 were a bit higher in numbers than in the same time last year. Home Buyers should take a good look at the Average Selling Price in their desired areas compared to the Average Listing Price. Except for Fillmore, Home Sellers do not seem to be giving their homes away even in such a slow market. The surprising area seems to be the Westlake Village real estate market where the average selling price was more than the average listed price.   

Area

# of new Listings 08/07 

 # sold 08/07

# Sold 08/06 

Average Listing Price 08/07

Average Selling Price08/07

Avg. Days on Market for 08/07 sales

 Camarillo

 152

 48

103

$756,319  

$693,963

61 

 Fillmore

27

5

11 

$618,687 

 $442,100 

28

 Moorpark

54

41

47 

$688,257 

 $652,699 

42

Newbury Park 

80

34

57 

$824,403  

 $806,803

35

 Oxnard

 282

63 

 113

$494,611

 $476,036 

33

Ojai

27

20

19 

 $957,979 

 $989,283

69

 Port Huneme

63 

30

24

$1,184,723 

 $1,075,737

43

 Santa Paula

36

10

12

$598,613 

$411,090 

30

 Simi Valley

212 

 89

 131

 $599,802

$554,419  

40

Ventura 

145

 75

72

 $675,572

$611,090 

37

 Westlake Village

 80

 25

47 

$1,617,972 

$1,852,980 

35

 Ventura County

1294

500

746 

 $746,801

 $718,535

38

Source: Ventura County Regional Data Share.

Last month we were anxiously waiting to see how the Ventura County Real Estate Market would react to the announcements by Amgen and Countrywide. Compare the August data above with the snap shot of July data below.

Ventura County’s July 2007 real estate market data for reference:

 Area

 # Listings 07/07

 # Sold 07/07

 Average Listing Price

Average Selling Price 

Average Days on Market

Ventura County 

1068 

 491

 $735,260 

 $709,502

 61

Source: Ventura County Regional Data Share.

As you can see not much of a change. A month is too early to notice any significant effect.






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Filed under: Ventura County, Ventura County Real Estate Market Trends, Ventura County Real Estate News

Ventura County Real Estate, Is this a Good TIME to BUY a Home in Ventura County?

  • Written by Mana Tulberg
  • Posted September 12, 2007 at 8:56 am
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Is now a good time to buy a home in Ventura County?

As you may know the Real Estate Market in Ventura County is currently in a state referred to as a Buyer’s Market. None of us can predict how long this market trend will last, nevertheless, history has shown us that it will not last forever. The only conclusion that I can make is that Real Estate in Ventura County has been a great long term investment. Yes, we have seen the ups and downs in our market, but it always moves in the right direction and in the longer run, real estate in Ventura County has always turned out to be a great investment. Just look at the charts below to see the gain in California real estate in just the past 10 years.

Historical Value Trends, %Cumulative 

Past:

 California

United States 

1 Year 

 -5.2%

-5.0%

 5 Years

 128%

 68.5%

 10 Years

 245%

122%

sourcr: zillow.com

sourcr: DQ NEWS Southern California Market Trend

However, no matter how good of a market or an investment you think real estate might be, there are several factors you need to consider before you dive into Ventura County Real Estate.

 

How Long?

In the long term it is always better to buy a home than to rent. However, if you are not planning on staying in your new home for more than 3 years, financially you will not break even due to all the closing expenses you acquired during the buying of your home. By examining the direction Ventura County Real Estate Market has moved, it is safe to presume that the financial benefits of buying a home will come by 5 to 10 years after purchase.

By visiting the Worksheet provided on SmartMoney you can compare the price of renting vs. buying in Ventura County to see if you are ready to purchase a home in this buyer’s market.

 

Changes in Your Life!!

Life can throw us some unexpected changes. If you are going through or can notice the signs of changes in your life, then you should hold off on the purchase of a home. Some of these life changes that could ultimately force you to loose your home in a foreclosure sale are:

  • Moving

  • Job Changes

  • Divorce

  • Illness

  • Loss of Job

There are many other factors to consider however, I advise you to discus your situation with a qualified mortgage lender.    

Income

There are many mortgage programs available for homebuyers. However, if your debt is growing and you are not expecting a raise in your income in a near future, then even a program that offers zero or low down payments, can be an unsafe financial move.

In this case it is wise for you to pay off your large debt, repair your credit and then look into purchasing a home. At times it is safer to purchase a home with a higher interest rates, and repaired credit than purchasing a home with low interest rate and bad credit. Again, I would strongly suggest you talk to a mortgage broker who can guide you in this matter.

 

 

So after reading the above article if you feel like you are ready to purchase your Ventura County home, start your search by calling a trusted and qualified mortgage adviser and then start your home search by contacting a Buyer’s Agent like myself. 







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Filed under: Ventura County, Ventura County Home Buyers, Ventura County Real Estate Market Trends