Real Estate Market

Ventura Real Estate Talk: July 2019

National Real Estate Overview

Note: May 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago (5.40 million in May 2018).     

National Association of Realtors May 2019 DataNAR's chief economist, Lawrence Yun, said the 2.5% jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”

The median existing-home price for all housing types in April was $277,700, up 4.8% from May 2018 ($265,100). May’s price increase marks the 87th straight month of year-over-year gains.

Total housing inventory at the end of May increased to 1.92 million, up from 1.83 million existing homes available for sale in April and a 2.7% increase from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, up from both the 4.2 month supply in April and from 4.2 months in May 2018.

Properties remained on the market for an average of 26 days in May, up from 24 days in April and equal to the 26 days in May of 2018. Fifty-three percent of homes sold in May 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 decreased to 4.07% in May, down from 4.14% in April. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 32% of sales in May, unchanged from the 32% the month prior and up from the 31% recorded in May 2018.

The price is right... Or is it?

Dining room view of home listingIf you are planning to put your home on the market -- especially if you live in a place where prices are rising and buyers are competing for homes -- it can be tempting to list your property at a high price hoping that you'll actually get it. After all, it can work with cars, why not with homes?

You may want to think twice -- the resale of homes and automobiles are very different things.

Experienced Realtors who have been through dozens, scores, or even hundreds of transactions, will advise you to price your home appropriately from the outset because it's pivotal to seeing the home sold quickly and at the best price. Research backs up what experienced Realtors already know: overpricing your home and then lowering the price a few times most often leads to a final sales price significantly below what you originally should have asked for it.

And, to make matters worse, the longer a home remains on the market, the deeper the discount is likely to be off the original price. Ouch!

How to price your home correctly

Many homeowners seek to price their home based on factors like the price they paid for it, the balance that they currently owe, or simply on the profit they need to buy another house or to meet their financial goals. These motivations are perfectly understandable but in reality the value of your home is what the market will bear. Here's the problem: If a property is overpriced, some potential buyers will avoid looking at it at all (and having no one show up to see it is a pretty clear message from the market). Others may view the home but walk away without making an offer.

So, what can you do? Choose a Realtor who can provide you with the best comparative market analysis (CMA) and who understands your local area intimately. Some agents may attempt to woo you with an inflated price -- it probably happens every day somewhere -- but in the end the market will speak clearly, and choosing an experienced Realtor who understands the importance of market-driven pricing will end up being a choice you won't regret.

Your Realtor's CMA should include sales prices for similar properties nearby that have sold recently, prices for currently listed homes (these will be your competition), and prices of homes that were taken off the market because they didn’t sell. Look for a Realtor with demonstrated experience who can factor in a range of local market issues to produce that all-important first price.

If the price is right from the beginning, it usually means not only a faster sale, it typically means more money in your pocket.

Celebrate Summer At Ventura's Surf Rodeo!

Yeehaw!!! It’s time for the 12th annual Surf Rodeo & Surf Music Festival!!! This favorite summertime community event is returning to beautiful Pierpont Beach on Saturday, June 13th, and Sunday, June 14th, from 10:00 am to 8:00 pm daily. Do not miss out on any of the fun!

Spend the weekend dancing away to the 30 bands. Ride the waves or watch the Surf Contest. Show off your skills in the “Wimbledon” of Cornhole Tournaments. Check out exciting Rodeo Competitions like barrel racing and greased pig paddle races! Dine on delicious food from your favorite local vendors and cool down with an ice cold beer from the Beer/Wine Gardens. Swing by the Street Fair to find unique items from around 70+ vendors. Take a turn on the mechanical bull, try the beach activities, swing by the Kids Corral….and so much more! Find the full schedule
HERE!! This festival is fun for all ages!
 

Live Music Lineup

Saturday, June 13th

Sunday, June 14th

Chappy Stage

Chang Stage

Chappy Stage

Chang Stage

Music E.T. Sound

Brian & Rowena

Shiragirl

Music E.T. Sound

Art City Monsters

Music E.T. Sound

Rising Son

Brian & Rowena

Hy Brasil

Jumpstart

Shakey Feelin

Socialeyes

Kings Revenge

Bad Leaf

B-side Players

Honey Owl

Dani Stacy

Sik Sik Sicks

Rob Leines

Hannah Jobus

Bikini Cowgirl & Cowboy

Zepp Heads

Highway Starr

Stoneflys

James Kaye

Jackass

Zach Deputy

Paige Peel

Raging Arb and the Redheads

Sitting on Stacy

Yachtley Crew

Noble Grizwald

Radkey

Sir, Please

Hep Cat

Aaron Pax Taylor

The Expendables

Cydeways

 

Wordsauce



Ticket Information
Day Pass: $40 per person
Weekend Pass: $55 per person
Children 10 and under are FREE!

Purchase tickets in advance HERE to avoid the lines! Tickets will also be available for purchase at the door.

    
The Surf Rodeo & Surf Music Festival is just one of the incredible community events taking place throughout the year Ventura! These fantastic events are just one of the many reasons why Ventura is such an incredible place to live! Search Ventura Homes For Sale to join in on all the fun! Give Blake Mashburn a call at (805) 856-9350 and visit his Website to find your dream home today!


Image Credit: Surf Rodeo & Surf Music Festival 

 

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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