Real Estate Market

Market Trends: November 2018

National Real Estate Overview

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

Existing-home sales declined in September after a month of stagnation in August, according to the National Association of Realtors®. All four major regions saw no gain in sales activity.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017).  

NAR's chief economist, Lawrence Yun says rising interest rates have led to a decline in sales across all regions of the country. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

The median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600). September’s price increase marks the 79th straight month of year-over-year gains.

Total housing inventory at the end of September decreased from 1.91 million in August to 1.88 million existing homes available for sale, and is up from 1.86 million a year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago.  

Properties typically stayed on the market for 32 days in September, up from 29 days in August but down from 34 days a year ago. Forty-seven percent of homes sold in September 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 4.63 percent in September from 4.55 percent in August. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 32 percent of sales in September, up from last month (31 percent) and a year ago (29 percent).

 

 

 

Seller Strategy

Selling your home in today's market requires strategy and execution. Here are some tips to help sellers reduce their time on market while getting excellent value:

  • Make it shine. Buyers are attracted to attractive homes. To make your home stand out, mow the lawn, rake the leaves, wash your windows, and clean the carpets. These small things can make a big difference.

  • Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential for the home.

  • Consider removing art and personal keepsakes. This one is tough for certain people emotionally, but don't take it personally. Some savvy sellers go beyond de-cluttering and remove all (or most) of their personal artwork, family photos and personal mementos to make easier for potential buyers to imagine the home being theirs.  

  • Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot. Even in fast-moving markets in many parts of the United States, overpricing your home can lead to selling it for less or incurring greater holding costs than if you had priced the house appropriately in the first place. An experienced agent will help you arrive at the most advantageous price for your home.

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

 
 

 

Prepping Your Ventura Home for Thanksgiving Guests!

Hosting the big Thanksgiving feast? No worries! Get your Ventura home ready for all your family and friends. Follow these simple tips to prep your home for the holiday and keep your guests happy and comfortable this Thanksgiving!
 

1. Declutter!

With more people in your house than usual, you are going to want to take advantage of all the space that you can. Go through and remove unnecessary clutter. Put these items in a closest or storage space until after the holidays. Make sure to clear off counters and tabletops.

2. Focus on the foyer!

The foyer is going to be your guests first impression of your home. Create a welcoming space for them to enter. Protect your floors from the increased food traffic with a rug. Add a seat so guests can easily remove their shoes. Create areas for guests to place their outdoor items that are out of the way but still easily accessible.

3. Get your kitchen ready!

Your kitchen is going to be seeing a lot of action on Thursday. Make sure that you have plenty of space to work and can easily access all of the tools you need. To create extra room, move your coffee machine into another common room so your guests can still gather and enjoy their cup of joe in the morning. Keep some seating available in your kitchen so guests can visit with you as you prepare the day's feast.

4. Keep your bathrooms stocked!

Stock up on toilet paper, toiletries, and towels for your guests. Create storage areas for these items out in the open with shelves or baskets so your guests can easily find these items when needed.

5. Create comfy sleeping arrangements!

Make sure that your guests can get a good night's sleep by providing ample blankets and pillows. Consider adding a ceiling fan to your guest bedroom so your guest can directly adjust the temperature of the room at night.

6. Keep it well lit!

Your guests do not know your home like you do so walking around in the dark could be a hazard. Add night lights to hallways, bedrooms, and bathrooms so guests can easily navigate their way. Also, ensure the exterior of your house is well lit for when guests arrive or depart throughout their stay.

 

The Blake Mashburn Group extends a sincere THANK YOU to all of our clients and wishes everyone a very Happy Thanksgiving!  

 

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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