Presidio Real Estate Blog
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Ventura County Home Buyer Information Sales Market Heats Up
With East Ventura County housing inventory at it lowest levels in several years, potential homebuyers are finding themselves in bidding wars once again. Investors flush with cash are ready to pounce on any good deal that comes along. This leaves many would be homebuyers standing on the sidelines. We continue to see sales where there are 5-10-15 offers that come in. Is this a sign of things to come ? In my opinion there is just not enough supply to meet the demand. It’s not like there are armies of potential homebuyers, but there are more than enough people looking for homes that simply can’t find what they can afford to buy. When that hot deal comes along it is snapped up, sometimes within hours. But don’t be discouraged, all hope is not lost. There are plenty of deals still to be had potential buyers need to be prepared before they start home shopping.
HOME BUYERS BE PREPARED BEFORE YOU START HOME SHOPPING
Now more than ever potential homebuyers need to get their ducks in a row before they start home shopping. Here is a quick list of things you can do to get yourself ready to purchase a home.
- GET PRE APPROVED: There is a difference between being pre qualified and pre approved. With a pre qualification, a loan officer will review the the borrowers basic financial information and issue a recommendation based on this information. A pre approval goes one step further, the borrower will provide the loan officer all the necessary financial information and supporting documents and your file will be underwritten by the banks underwriter. This allows a buyer to act quickly and structure the purchase contract to be more attractive to the seller.
- KNOW YOUR LOCAL MARKET- Take some time to do a little research about your local market. Local market dynamics will shift from city to city.
- Know the features you want in a home. Do you want a large lot ? Is a one story home preferred over two ? What size bathrooms do you want.
- Don’t underestimate the cost to fix up a home. Many buyers think they can do upgrades for cheap. You may be better off spending a little more money to get a home that needs minimal repairs. Email us for a free home remodel cost guide.
- Employ a Knowledgeable Broker – Find a Real Estate Broker that knows the local market. If you really enjoy searching on your own great go ahead. But hire a broker to help you negotiate the sale and paperwork. Real estate commissions are negotiable. Too many buyers make the mistake of negotiating directly with the listing agent. The listing agent works for the seller and has a duty to get the seller the best possible price. Contact us for help finding a home.
DOWNLOAD THE LATEST HOME SALE MARKET REPORTS
We continue to talk to more and more investors who are looking to take advantage of opportunities in the housing market. I thought now would be a good time to give you an update on how housing is holding up in Thousand Oaks and the surrounding areas (Conejo Valley). I can tell you this, we are seeing more activity in the market as a whole. Homes that are priced correctly are selling quickly. Lower priced properties are receiving multiple offers and inventory is way below normal levels in some segments of the market. But what is happening in the Foreclosure Market ?
New Notice of Default Filings
26 new notice of defaults were filed in Thousand Oaks in April 2012. This was an increase of over 62.50%, add March and April filings together and they are up over 70% from this time last year. Looking at the entire Conejo Valley area Westlake Village saw filings increase 63% with 31 NOD’s filed and Newbury Park had a slight decline, 16% with 20 filings. A notice of default is filed by the lender when a borrower is more than thirty days late on their payment and this is the first step in the foreclosure process.
Notice of Sale Filings
Notice of Sale (NOS) filings were down 30%, with only 14 new filings in April, Westlake Village was down 5% with 19 filings, and Newbury Park down 23% with 17 filings. The Notice of Sale is the last step in the foreclosure process. This typically means the borrower has less than 30 days to bring the loan current or make arrangements with the bank before the property is sold at Trustee Sale. Typical borrower options at this point are to work out an agreement with the lender (loan modification), agree to a short sale, or pay back all late payments and fees before the sale date , or file bankruptcy. The lender may also postpone the sale simple because they haven’t had time to do all the paperwork or the loss they will be taking is larger than they want on the books right now.
General Conejo Valley Summary
We continue to see more sales cancelled 104 in all from Feb to April 2012. Cancellations do not mean the property won’t eventually be foreclosed on. It simply means the sales was cancelled or postponed from the scheduled sale date. In fact most of the properties that ended up being foreclosed on had a prior sale date cancelled. 23 homes sold at trustee sale to investors between Feb and April at an avg discount of 15% to perceived market value. There is more competition at the sales, the final sale price was 9% higher than the opening bid. During this same period 43 properties were taken back by the lender. The avg price to perceived value in this case was 4% higher market value. This is a hard figure to track due to several nuances. And the estimated value used is calculated using a general algorithm and may not be exact.
We expect to see foreclosures to continue to come on the market. However it will be interesting to see in the mortgage settlement agreement causes more sales to be cancelled as lenders work with more borrowers. If this is the case we will expect to see more short sales and loan modifications. If you would like additional information feel free to contact us. You can download local market reports below.
If you are interested in learning how to participate in this market please contact our office at 805-499-7300 or email firstname.lastname@example.org
Links and Resources
Local Market Reports
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