Real Estate Market

Market Trends: January 2019

National Real Estate Overview

Note: November 2018 data below are the most recent released by the National Association of Realtors.

Existing-home sales increased in November, according to the National Association of Realtors®, marking two consecutive months of increases. Three of four major U.S. regions saw gains in sales activity last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017).

National Association of Realtors November 2018 DataNAR's chief economist, Lawrence Yun says two consecutive months of increases is a welcomed sign for the market. “The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation.”

The median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.

Total housing inventory at the end of November decreased to 1.74 million, down from 1.85 million existing homes available for sale in October. This represents an increase from 1.67 million a year ago, however. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.3 last month and up from 3.5 months a year ago.

Properties typically stayed on the market for 42 days in November, up from 36 days in October and 40 days a year ago. Forty-three percent of homes sold in November were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.87 percent in November from 4.83 percent in October. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 33 percent of sales in November, up from last month and a year ago (31 percent and 29 percent, respectively).

What's Your Credit Score

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

How To Find The Perfect Ventura Neighborhood For You!

The house itself isn't the only thing to consider when searching for your dream home. Location is everything! You want to find the perfect neighborhood to call home. Ventura is filled with those! With Pierpont Beach, Ventura Heights, Ventura Keys, and so many more, homebuyers can find a particular neighborhood to fit their every needs. Not sure where to start looking?

 

Consider these factors when choosing your perfect neighborhood!

 

1. Property Taxes

Property taxes are an additional expense that you need to consider and budget for. Check the listing information to learn the taxes for a specific home.

2. Property Value

Home values are important for your immediate needs as well as into the future. Be sure to learn the comps for similar properties in the neighborhood to make sure the home you are interested in is price correctly.

3. Safety and Crime

Safety is a top priority. You want to make sure that your home and your family are safe. Learn more about the crime levels in particular neighborhoods by checking websites like City-Data and CrimeReports. You want to check for the neighborhood you will be living in as well as those immediately surrounding it. Determine what level of crime you feel comfortable based on the information you gather.

4. Topography and Geography

Desirable geographic features, such as waterfront or hillside, will likely cost you more. Consider whether these features are a priority for you. Also, be aware of danger-prone areas and insurance needs when scouting neighborhoods.

5. School Zones

Strong schools in the neighborhood are an obvious necessity if you have or are planning on having kids. However, they are beneficial to all home owners as they increase property values throughout the neighborhood. Parks and community centers can also add value.

 

Want to learn more about a particular Ventura neighborhood or interested in Buying a home? Give The Blake Mashburn Group a call today or visit our website at http://www.blakemashburn.com/.

 

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Contact Information

Photo of BLAKE MASHBURN Real Estate
BLAKE MASHBURN
Century 21 Everest
1190 S. Victoria Avenue, Suite #100
Ventura CA 93003
Office: 805-856-9350
Cell: 805-368-0202
Fax: 805-642-1424