The Pandemic's Effect on the Ventura Housing Market

By
Real Estate Agent with The "Z" Team 4 RE, Inc.

Ninety years ago, the United States experienced the Great Depression. Twelve years ago, we saw the Great Recession. Now? A global pandemic. During the first two eras, the housing market took a massive hit. The Ventura housing market seems to differ during the global pandemic. Low inventory and even lower interest rates kept prices from dropping like a rock. Is it still a good time to buy a Ventura home right now? The answer might surprise you.

What kind of effect has the global pandemic had on the Ventura housing market? Prices and sales have dipped slightly even with a low inventory.

The Pandemic's Effect on the Ventura Housing Market

State of the County

Search Ventura County homes for saleYes, sales have slowed down. Part of this is due to the shelter-in-place order Governor Newsom put into effect several weeks ago. And part of it is due to so many out-of-work people. However, Ventura County opened up their beaches (with limitations) on April 20th. Other businesses slowly began reopening to the public earlier this month. Soon, we may see more buyers looking for properties to purchase again. That means more competition which might force prices to increase.

Equity Helps

As prices steadily rose over the last few years, Ventura County homeowners enjoyed a nice equity boost. Even if you bought your house just a couple of years ago, you most likely saw your home values go up a bit, too. That helps cushion the blow of any declines in home values over the last couple of months.

Low Inventory

All across the country, we have seen housing inventory decrease. The same rings true for the Ventura housing market. Builders have trouble keeping up with demand in many areas. And with government offices shut down, obtaining permits for new builds pretty much ground to a halt. Any building going on since mid-March was taking place on already approved permits. So, the backlog we might see if the shelter-in-place order is lifted in July like the governor hopes could create an even larger inventory drop.

Bottom line: if you want to buy a Ventura home right now, go for it. Interest rates remain extremely low. Anyone with a decent credit score, a little money to put down, and a steady income should be able to take advantage of the Ventura housing market right now. We might start to see housing prices go up in the next few months. So, the time to act is now. Contact the Z Team if you're interested in looking at properties for sale in Ventura County.

Dave & Pat Zumbrun, your Ventura County real estate specialists

Originally posted on our Ventura County real estate blog here: http://thezteam4re.com/ventura-housing-market-and-covid-19/.

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Ventura Real Estate - The

 430 Manzanita Court 
Ventura, CA 93001

(805) 340-9338 - Office

Pat Zumbrun
Associate Realtor®
SFR
Email: patz4re@aol.com
Cell: (805) 340-9338
DRE #01229401


Dave Zumbrun
Associate Broker
SFR
Email:
zman4re@aol.com
Cell: (805) 340-9339
DRE #01227683

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Rainmaker
2,721,314
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Ventura home buyers and sellers are sure to value your real estate market report, Dave and Patricia.

May 20, 2020 03:24 AM #1
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

May 21, 2020 03:03 AM #2
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