Home Prices Are They Finally Affordable?
Our Bi-Annual report on the sale of single family homes and how this correlates to the rental market is coming out in July. This detailed 6 page report is every investors dream. There is no other firm in Ventura County publishing and tracking this data for you. In anticipation of the report we are releasing a small section for preview today. We selected a sample of single family homes and attached units in Ventura and West LA County. We selected homes that sold in the range of $200,000-$600,000 with at least 900 sqft from Jan 1, 2010 thru June 15th 2010. We wanted to compare what the sales numbers looked liked, what are avg prices and what is the avg. sqft.
Based on our findings the median price was $362,000 the avg price was $373,593, based on a sample of 1918 properties. 3 bedroom properties were the most popular with over 900 sales and an average price of $378,000. Broken down even more the avg price per square foot was $240.00 with an average size of 1617 square feet.
So what does all this mumbo jumbo tell me…Let’s look at it from a buyer and renter perspective. For a renter the avg price of a similiar property was $2165.00 for about 1606 square feet. If I bought that same house with say roughly 10% down I would finance $350,000 @ 5 % for 30 years . Payments P&I 1878.87. Property taxes and insurance 425.00 + mortgage insurance of 150.00 +/-. Total payments of $2453.00. or rent for $2160.00. What are the tax savings ? If you are in the 28% bracket approximately 560.00 per month. So the net payment is $1893.00 to the buyer. You do the math. If you would like a detailed report please email us at email@example.com. This is a sample scenario only.
|Row Labels||Count of City||Average of Sale Price||Average of PPSQFT||Average of Square Footage|