The demand for available homes for sale in Westlake Village, Thousand Oaks, Newbury Park, Oak Oark and Agoura Hills outweighs the supply of inventory. The rush to be the first in the door for any new home that comes on the market is like a race to the finish line. Due to this lack of inventory homeowners are thinking that the prices are going up and some are demanding list prices that exceed the comparable data for homes similar to theirs.
Pricing is still key to selling a home and the right advise from their real estate professional is key to obtaining the highest and best price possible. Home sellers want the highest price possible and the Listing Agents goal is to obtain that highest price.
When I sit down with a homeowner and discuss the selling process which includes a CMA - known in the industry as a Competitive Market Analysis. Using data that shows homes similar to theirs and that has sold in the last 90 days is the most accurate time period to use.
Home prices are determined also by the demand for that particular home by the Supply vs Demand.
Less than 4 months of inventory is a Sellers Market with home prices more than likely appreciating.
4 to 6 months of inventory would be a Stable Sellers Market and home prices stable.
7 or more months of inventory would be a market where home prices are on the decline.
The future of real estate in the local area can change quickly and real estate in any area is Hyper-Local. The market changes constantly depending on the supply and demand.
Pricing homes correctly is key to selling for the highest possible price in any market. As we go into 2014 and with the changes in lending there might be a little slowdown in the market. This also comes at a time of year when we experience a little slowdown anyway.
I am still experiencing calls several times a day from home sellers and buyers who are looking for homes to buy. The demand is still there even as the market changes. 2014 in my opinion will be a time to contine to move forward and meet the changes and help fulfill the dream of home ownership for many more individuals and families.
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