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.
The Pandemic's Effect on the Ventura Housing Market
State of the County
Yes, 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.
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.
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.
Originally posted on our Ventura County real estate blog here: http://thezteam4re.com/ventura-housing-market-and-covid-19/.