Special offer

The Path With No Obstacles Leads Nowhere

By
Real Estate Agent with Westlake Village home buyers and sellers Thousand Oaks homes BRE Lic.#00770024

Obstacles in real estate? We've got plenty of them! What profession doesn't have obstacles? They just change from time to time, season to season. We saw homes sales plummet last year and with it, the doom and gloom of the media. Well... let's take a look at the numbers now. April's sales report for California was just released and, from what I see, sales are up.

According to the California Association of Realtors, overall in California, homes sales in April increased 49.2 percent. Earlier reports related the fact that over 50% of these sales are attributed to first-time buyers.

Unsold inventory decreased in homes with prices ranging up to $750,000, falling between 3-6 months. Last year this price range was falling between 8-10 months out. Pricing between $750-$1,000,000 shows unsold inventory close to the same time frame as last year which is approximately 9 months. Over $1,000,000+ is where we see a drastic difference. Last year our unsold inventory was out approx. 11 months. This year it is sitting at approx. 18 months. So, it seems the 1,000,000+ priced market is taking the hit for the lack of good loan products and the downturn of the economy.

Locally speaking, here in Ventura County, while we read the median home price decreased last month overall in California by 36.5 percent, we see the number to be a 8.1 percent increase for this area. This could be due to the fact that there are less homes on the market now for buyer's to choose from and multiple offers on properties are beginning to force buyers to offer more to beat other buyer's to the property. The median price in Ventura County as of April 2009 is $394,540. It was $364,920 in March.

Entry-level housing affordability has reached 69 percent overall in California. Ventura County is reporting the local affordability index to be 65%. This is a huge improvement to the 45% from the first quarter of 2008. Many first-time buyers are taking advantage of the incredibly low interest rates and deflated home pricing. This is truly a fantastic time to jump into the market!

 

Posted by

Follow Cheryl on Facebook    Cheryl Clayton on Twitter    Cheryl's Active Rain Blog    Cheryl's Realtor.com blog    Cheryl's Linkedin profile    e-pro logoScan and Connect with Cheryl Clayton

 

Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Cheryl,  We are seeing a similiar situation here in Spartanburg, SC.  And you are so right!  This is a perfect time to jump into the market.  There may never be such a good opportunity for first time home buyers again.  Great post.

Jun 02, 2009 01:23 AM
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

I feel like I've been on a bucking bronco the last 2 years... it's been a challenge to stay in business..that's for sure.

Jun 02, 2009 01:37 AM