Presidio Real Estate Blog
Presidio Real Estate Services help our clients better understand the local housing market by monitoring monthly housing data. We continue to be amazed at what has happened in the local market. Home prices (Single Family Properties-we did not include condos and town-homes) in Thousand Oaks and Newbury Park have soared since Dec 2012. The median price has increased 14% since June of last year, but more importantly it is up 26.7 % since January. The median sold price in January was $521,000 it ballooned to $660,00 in June. This pace in unsustainable in our opinion. Either, homes were way undervalued or the local economy just got a lot stronger. Just when you thought it was a good time to buy a home, prices shoot upward leaving you scrambling to get in the game. In our opinion the reasons why prices have increased,
- Interest rates fell to new lows (3.375% 30 year fixed conforming loan) about nov/dec of last year. They have since moved up about 3/4% over the last 4 weeks. This should help bring prices back in line. A 1% int rate increase on a $400,000 loan requires a $40,000 price reduction to have the same payment.
- With minimal inventory buyers are starting to panic and are bidding up properties.
- The number of bank owned property sales drop off and since they sold for about 100K less on avg, that will help the median price increase.
Informed buyers and sellers make smart decisions. Please contact us if you would like a full copy of the local housing report. 805-499-7300 or via email at firstname.lastname@example.org
Ventura County is a great place for investors seeking to purchase investment homes. The news media continues to tell us how much better the housing market is doing. They are correct in some respects, however we still have a slew of properties in some state of foreclosure. It is a great time for investors to start picking up deals as we suspect the competition for distressed homes will diminish as investors look to other markets. The Ventura County Foreclosure market has been a tougher market than some other areas in Southern California. There just aren’t as many distressed properties available here compared to say the inland empire.
Investors need to have a solid game plan and a solid team on their side. Presidio Real Estate Services can help you locate and purchase Foreclosure properties in Thousand Oaks, Newbury Park, Simi Valley, Moorpark and other sellect Ventura County cities.
Give us a call at 805-499-7300 and see what we can do to help you. Download a copy of the local market report below. Additional market reports available upon request.
Presidio Real Estate Services provides Property Management Services in Thousand Oaks, Ca. If you are a property owner and need help renting your property call Presidio Real Estate Services. If your properties are already rented and you are looking for a property management company we are here to help. Presidio provides property management services throughout Ventura County.
For Rent 3 + 3 in West Simi Valley. Great Location. 1+ 1 downstairs and 2 beds and 2 baths upstairs. Freshly painted with new tile flooring in the master bath and kitchen. Unit has a fireplace and attached two car garge. Private yard with Spa. Why live in apartment when you can live here. Avail March 11th 2013. Apply Online. Credit and Background check fee is 30.00 per adult. Pets considered on a case by case basis.
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.