Real Estate Market

Market Trends: September 2018

National Real Estate Overview

Note: June 2018 data below are the most recent from the National Association of Realtors

According to the most recent data from the National Association of Realtors® (June), sales of existing homes dropped for a third consecutive month in June. The South and West saw dips that outstripped sales advances in the Northeast and Midwest. Sales price hit a new all-time high due to the continuing supply and demand imbalance in most of the nation.

NAR Housing Snapshot August 2018Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops), fell 0.6% to 5.38 million in June from 5.41 million in May. After last month’s decline, sales now sit 2.2% below a year ago.

NAR's chief economist, Lawrence Yun, indicated that closings slipped backward in June and dropped on an annual basis for the fourth straight month. “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining,” Yun said. He added, “The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”

The national median price for existing homes (all housing types) in June was $276,900, representing a new all-time high and up 5.2% from June 2017 ($263,300). June’s price increase marks the 76th consecutive month of year-over-year gains.

U.S. total housing inventory by June's end grew 4.3% to 1.95 million existing homes available for sale and sits 0.5% above last year (1.94 million) – the first year-over-year increase since June 2015.

Properties typically stayed on the U.S. market for 26 days in June, unchanged from the last three months and down from 28 days a year ago. Fifty-eight percent of homes sold in June were on the market under a month.

The average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.57% in June from 4.59% in May according to Freddie Mac. The average commitment rate for all 2017 was 3.99%

First-time buyers drove 31% of June's sales nationally, down from 32% a year ago. The annual share of first-time buyers in 2017 was 34%.

 

 

Find the right coverage for your Ventura County home

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

 

Reasons to Sell your Ventura County home this Fall!

With the kids are back in school and the holiday season is a few months away, many people do not think that Fall is the best time to sell your Ventura home. Despite these factors, there are many reasons why this season might be the perfect time for you to sell. Don't miss out on a great opportunity by checking out these top reasons to sell this fall!

 

1. High Demand from Buyers

With slower growth in new construction and lower inventory in general on the market, fall tends to see higher demand from buyers. Use this high demand to sell your home quickly and for top dollar before the end of the year.

 

2. There is Less Competition

Because school has started and the holidays are right around the corner, many sellers are more inclined to wait to list their home until the spring. That means less competition. The limited choices for home buyers will make it easier for them to find your home listing and help you stand out in the smaller crowd!

 

3. It Will Be Quicker

Buyers in the fall market tend to be more determined to find and move into a place as quickly as possible, particularly with the holiday season fast approaching. Enjoy fewer days on the market by listing this fall as opposed to waiting until next year.

 

4. Take Advantage of Higher Sale Prices

Sale prices of homes are quite high across the board which means it is a good time to take advantage. Although there are always changes in the market, prices are predicted to drop over the next two years, so enjoy a higher return on your investment while you know you can!

 

5. The Time is Right For You & Your Family

No matter what the reason behind it, only you know when the best time is to sell your Ventura County home. If you know that time is right, then this season is the perfect time to sell!

 

For more Sellers Tips, Contact the Blake Mashburn Group today!

 

 

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Contact Information

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