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30% loss in value - Simi Valley Wood Ranch Home Sales Data 2006 through 2010
Earlier this decade when money was flowing, homes were selling like hot cakes and cab drivers were flipping houses like seasoned real estate investors, many wondered if they would ever be able to afford a house in Simi Valley's Wood Ranch. My, have the tables turned in just four short years. The good news for those who were forced to the sidelines and wondered if Wood Ranch would ever be attainable, is:
Low interest rates, A banking industry that will be reeling for years as its slugs through hundreds of thousands of bad mortgages and The California economy that's going to take a long time to get straightened out Home pricing throughout Simi Valley will remain attractive for a long time. The reason why? Values will not rise dramatically for a while because purchasing is tied to provable income which is a lender requirement. Buyers can only get loans based on their ability to repay and unless a property is very special, it is going to be hard to get buyers to pay above appraisal values and even more difficult to get buyers to take on payments at their upper approval limits.
Simi Valley home Prices definitely hit a bottom ... more
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