Real Estate Market

Market Trends: December 2017

Housing Market Trends

Note: October data below is the most recent published by the National Association of Realtors®.

 

Data from the National Association of Realtors® (NAR) shows sales of existing homes grew in October to the briskest pace since early summer, but an ongoing lack of supply resulted in fewer closings for a second straight month.

 

Nationally, total sales of existing homes (counts completed transactions for single-family homes, townhomes, condominiums and co-ops) bumped up 2.0% to 5.48 million in October from 5.37 million in September. Despite the uptick in velocity, sales remain 0.9% lower than one year ago.

Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, indicated that October's sales activity picked up for the second consecutive month, with increases across all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home" Yun said. He added that "While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."

 

Housing Data Takeaways

  • The median existing-home price (all housing types) in October was $247,000, up 5.5% from October 2016 ($234,100). October's price increase marks 68th months in a row of year-over-year gains.

  • On average U.S. properties stayed on the market for 34 days in October, unchanged from September and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.

  • Mortgage data from Freddie Mac shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90% in October  from 3.81% in September. For all of 2016, the average commitment rate was 3.65%.

  • Nationally, first-time buyers drove 32% of October's sales, up from 29% in September but a drop from 33% one year ago.

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Ventura Housing Market Statistics

Median Home Price: $699,000

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,792

Price per Square Foot:  $388

Number of Homes on the Market: 167

 

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!

 

Investing in real estate has unique advantages over other types of investments. Of course, wise investors may have various instruments in their portfolio, but real estate has a long-term track record of proving its worth.

 

Here are some of real estate investing's advantages:

 

  • Interest in mortgage loans are tax-deductible. Investors can lower their tax liability while increasing their equity.

  • Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.

  • Real Estate values increase over the long term. Real Estate is limited and will always be in demand.

  • 1031 exchanges are available to defer taxable income when you are ready to sell.

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Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

 
 

Benefits Of Staging Your Ventura Home!

Congratulations!! You made the big decision to sell your home! It's now time to make sure that your home is looking its very best before it hits the market. Help your home stand apart from the competition through staging! Many home sellers wonder if there are really benefits to staging. The proof is in the numbers! Create the best first impression by staging your home!

 

 

 

1. Home buyers can better visualize themselves in the home through staging. Be sure to declutter and remove personal items that can be distracting.

2. 39% of real estate agents representing sellers said that staged homes moved off the market faster.

3. Online viewers look at staged homes 40% more.

4. The value of homes increased 1% to 5% more after being staged, in general. Some sellers enjoyed increased values of 6% to 10%!

5. While you should clean your entire house and make sure that all of it looks its very best, the most important rooms to stage are the kitchen, dining room, living room, and master bedroom.

 

Consider hiring a professional stager for your home as they know the best ways to maximize your space and accentuate its best features. For more staging and Sellers Tips, Contact the Blake Mashburn Group.


Reference: National Association of REALTORS®

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Contact Information

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