Ventura County Real Estate

Mortgage interest rates have increased by more than half of a point since the beginning of the year. They are projected to increase by an additional half of a point by year’s end. Because of this increase in rates, some are guessing that home prices will depreciate. However, some prominent experts in the housing industry doubt that home values will be negatively impacted by the rise in rates. Mark Fleming ,   First American’s Chief Economist: “Understanding the resiliency of the housing market in a rising mortgage rate environment puts the likely rise in mortgage rates into perspective – they are unlikely to materially impact the housing market… The driving force behind the increase are healthy economic conditions…The healthy economy encourages more homeownership demand and spurs household income growth, which increases consumer house-buying power. Mortgage rates are on the rise because of a stronger economy and our housing market is well positioned to adapt.” Terry Loe...

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Here are five reasons listing your home for sale this summer makes sense. 1. Demand Is Strong The latest  Buyer Traffic Report   from the  National Association of Realtors  (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are   competing with each other to buy the same home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing  inventory  has declined year-over-year for the last 35 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are  not enough  homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory cou...

Some Highlights: Existing Home Sales are now at an annual pace of 5.46 million. Inventory of existing homes for sale dropped to a 4-month supply, marking the 35 th   month in a row of declines. The median price of homes sold in April was $257,900. This is the 74 th   consecutive month of year-over-year price gains.

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In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a   For Sale by Owner   (FSBO). They rationalize that they don’t need a real estate agent and believe that they can save the fee for the   services a real estate agent offers . However, a   study   by   Collateral Analytics   reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. In the study, they analyzed home sales in a variety of markets. The data showed that: “FSBOs tend to sell for lower prices than comparable home sales, and in many cases   below the average differential represented by the prevailing commission rate .”   (emphasis added) Why would FSBOs net   less   money than if they had used an agent? The study makes several suggestions: “There could be systematic bias on the buyer side as well. FSBO sales might at...

Beautiful Pool Home in Gated Estancia with Views! Solar Powered (Owned) Largest Model w/5 Bedrooms, 4 1/2 Baths, Office & Bonus Room. Sought after Floor plan w/Grand Foyer, Cathedral Ceiling, Office & Downstairs Bedroom w/ensuite bath. Elegant Living Room & Formal Dining Room w/French door to patio. Incredible upgrades & impeccable quality & finishes thru out. Gorgeous Brazilian Wood Floors, Crown Molding, Plantation Shutters, custom window treatments & Light fixtures, Built-ins, Designer Paint & carpet. Gourmet Kitchen w/granite counters, Stainless appliances, Big center island, walk-in pantry, Breakfast nook opens to Spacious Family Room w/built-in media center, desk & Fireplace. Master Suite w/huge closet. Spa-quality bath w/antique vanities w/granite, custom mirrors & cabinets.Private corner lot, w/entertainer's yard, fire pit, beach-entry pool, large patio and professional landscaping. Three-car garage...

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high   according   to   Freddie Mac . The current pace of acceleration has been fueled by many factors. Sam Khater,   Freddie Mac’s Chief Economist,   had this to say : “Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week. Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.” But what do gas prices have to do with interest rates? Investopedia   explains the   relationship   like this: “The price of oil and inflation are often seen as being connected in a cause-and-effect relationship.   As oil prices move up   or down,   inflation follows in the same direction .” You may have noticed that filling your gas...

According to  Freddie Mac’s  latest   Primary Mortgage Market Survey ,  interest rates for a 30-year fixed rate mortgage are currently at 4.61%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly  housing costs , but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget. The chart below shows the impact that rising interest rates would have if you planned to purchase a home within the national median price range while keeping your principal and interest payments between $1,850-$1,900 a month. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this examp...

Recently released data from the   National Association of Realtors   (NAR) suggests that a now is a great time to sell your home. The concept of ‘ supply & demand ’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market. SUPPLY It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest   report   from NAR revealed that there is currently only a 3.6-month supply of houses on the market. Supply is currently very low! DEMAND A report that was just released tells us that demand is very strong. The most recent   Foot Traffic Report   (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “ ...