Home sales in Thousand Oaks continue to rise in May.
The number of single-family homes selling in Thousand Oaks went up this past month. We also saw an increase the number of active listings on the market at the end of May. With rising prices, we are seeing some homes stay on the market longer while in other segments homes continue to sell with multiple offers above asking price.
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Active homes was 110 the first time we broke the 100 home barrier in 2013. However, we saw only 59 homes in Thousand Oaks close escrow versus 73 last month.
According to Mark Moskowitz, one of the top agents in the Conejo Valley, we are seeing that the home selling is currently very strong in Thousand Oaks. Homes priced under $500,000 usually sell within seven days on the market and will sell over the asking price, while homes over $1,000,000 make up over 40% of the active inventory. Even though the over million-dollar market is still selling briskly, if the home is not fixed up or priced appropriately, it could be sitting on the market.
So for homebuyers looking for homes in Thousand Oaks priced under $500,000, they need to be prepared to make an offer over asking price or pass on the home. With prices rising 15-20% in 2013, it is important for buyers to get into a home before prices increase any further.
Another important factor to consider when buying a home in Thousand Oaks is the effect that rising interest rates have on buying power. During the month of May, interest rates increased approximately half a percent. This is eating into buyers' ability to qualify for certain homes. As a result of this, some buyers are having to settle for smaller homes or bring in more cash to qualify. This is why it so important to work with qualified agents like The Mark Moskowitz Team. We work with the best lenders and use our experience and knowledge of the market to help our buyers open escrow on more homes. That is why The Mark Moskowitz Team opened escrow for 7 buyers and 5 sellers for a total of 12 transactions in the month of May.
So if you are looking to buy a home in a competitive market like Thousand Oaks, you owe it to yourself to find out what the Mark Moskowitz Team is doing differently to provide their clients superior service, proven results and an advantage in our current market.
Mark Moskowitz
(818) 970-8773
markm4results@kw.com
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