Ventura County Real Estate Summery

Ventura County has become one of the most desired counties in California to live in. The proximately of Ventura County to the Pacific Ocean, and Counties such as Los Angeles and Santa Barbara has made Real Estate investment in Ventura County a sensible choice.  However, Ventura County has not been immune to the epidemic decline in the Real Estate Market.

Below is quick examination of Ventura County’s Real Estate Market for the first half of both 2007 and 2008.

As you can see the number of homes sold in the first half of 2008 compare to last year, 2007, have decreased by 16%. At the same time, Ventura County has seen an increase in the sale of short sales and bank owned home sales.

Below is a snap shot of June’s real estate sale report for Ventura County. As you can see the total number of sales has decreased slightly, but the number of short sales and bank owned sales have increased considerably.

What Does This Mean For Ventura County Home Seller?

Home buyers are now looking for the best deals available. The deals home buyers are attracted to in our current real estate market are those offered by lenders through Short Sales or Bank Owned Sales (also known as REO).

If you are unable to compete with the prices lenders have to offer buyers, I would suggest holding off on the sale of your home. The lenders’ huge inventory has to end one day and the market will bounce back to a place where you can sell your home for your desired price. However, if you have to sell your home in the current market, please listen to the advice of your Realtor and price your home accordingly.

What Does This Mean For Ventura County Home Buyers?

If you are ready to purchase a home and you feel that “Your” time to become a home owner is now, then you have picked a time of vast home inventory. Your choices of short sales and bank owned homes are increasing by the month. Home owners who have to sell in this market are pricing their homes so they can compete with lenders who are also selling their inventory. I highly recommend that you look all over Ventura County and find the right home that fits your budget and is for sale in the “traditional way.”

Why, you may ask? Because when you buy a home from a lender you usually must buy the home As-Is. Whereas, home sellers will disclose to you any known issues that might affect the condition of the home and they might even fix the problem for you before the close of escrow.

No matter how you plan to participate in this up-and-down Real Estate Market I wish you the best of luck.

Also, please feel free to give me a call if you need any advice or help on any Real Estate Related Issues. I can’t single-handedly move the market, but I’ll be more than happy to help you.