Real Estate Market

Ventura Real Estate Talk: November 2019

National Real Estate Overview

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

Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines.

Total existing-home sales (transactions that include single-family homes, townhomes, condominiums, and co-ops) fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September. Despite the decline, overall sales are up 3.9% from a year ago (5.18 million in September 2018).

National Association of Realtors August 2019 DataLawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”

The median existing-home price for all housing types in September was $272,100, up 5.9% from September 2018 ($256,900), as prices rose in all regions. September’s price increase marks 91 straight months of year-over-year gains.

Total housing inventory at the end of September sat at 1.83 million, approximately equal to the number of existing homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.

Properties typically remained on the market for 32 days in September, up from 31 days in August and even with September 2018. Forty-nine percent of homes sold in September 2019 was on the market for less than a month.

First-time buyers were responsible for 33% of sales in September, up from 31% in August and 32% recorded in September 2018. NAR’s 2018 Profile of Home Buyers and Sellers – revealed that the annual share of first-time buyers was 33%.

As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in September 2019, unchanged from August but down from 16% recorded last September. All-cash sales accounted for 17% of transactions in September, down from 19% in August and 21% in September 2018.

“For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.61% in September, down from 3.62% in August. The average commitment rate across all of 2018 was 4.54%.

“Mortgage rates under 4% are amazingly attractive for homebuyers,” said Yun. “The rise in foot traffic as evidenced by the open rates of SentriLock key boxes shows growing buyer interest.”

 


 

Top Reasons to Hire a TOP Ventura Realtor for all your Buying & Selling Needs!

Enjoy Buying or Selling your home by working with a realtor! Although you might be tempted to navigate the housing market on your own, there are numerous reasons why working with a realtor is beneficial to you. Check out these top reasons why you should work with a realtor (especially the top realtor in Ventura!!) when buying or selling your home!

 

Experience & Knowledge: With all of the years of experience and education, realtors have a deep understanding of every aspect of the real estate market.

Information Filter: Instead of having to weed out the information that you actually need, realtors can do that for you. They will only show you houses that fit within your needs and budget.

Local Expert: Realtors are experts in their communities. From knowing neighborhoods to understanding the market specifics of their location, realtors provide an invaluable resource.

Guide: Realtors always lead to guidance. They will always keep your best interests at heart and provide suggestions as you move throughout the buying or selling process.

Networker: Realtors have a vast network of professionals that work in related fields. They can provide recommendations of service providers that will help assist you with any of your real estate needs.

Negotiator: Negotiation is a major part of buying a house and realtors are incredibly well versed in this area. Unlike a buyer or seller who has more of an emotional connection to the homes, a realtor stays professional throughout the negotiation process.

Time & Hassle Saver: There are a lot of technical aspects....and paperwork....that go into real estate deals. Avoid missing any important details by working with a realtor who knows exactly what to look for. They will also be there to answer any and every question you might have throughout the process.

 

If you are interested in Buying or Selling your home and working with the best realtor in Ventura County, give Blake Mashburn a call today at (805) 856-9350 or visit our website at http://www.blakemashburn.com/.

 

Discover Something Beautiful At The Ojai Holiday Home Tour & Marketplace!

Kick-off the holiday season in beautiful Ojai, California at the 23rd Annual Ojai Holiday Home Tour & Marketplace! Explore four stunning Ojai Valley homes on Saturday, November 16th, and Sunday, November 17th. Each home has been matched with talented local florists and gardeners that have created marvelous displays that match the architectural features of the homes. The tour hours are from 10:00 am to 4:00 pm daily This favorite annual event benefits the Ojai Music Festival and its Bravo! Education and Community Program, which offers free music programs to community members and students.

 

2019 Holiday Homes

  • The Wall House
  • Tuscan Ranch
  • Foothill Farm
  • El Sombrero

This self-guided tour allows you to visit the homes in any order. Visitors are able to drive to The Wall House, Tuscan Ranch, and Foothill Farm. The El Sombrero home can be accessed via the free shuttle service. The shuttle will pick up from Monica Ros School (793 McNell Road). Please note, the last shuttle will depart at 3:30 pm on Saturday and Sunday.

Advance tour tickets cost $40 per person. They can be purchased by calling (805) 646-2053, online HERE, or in person at one of the following locations:

  • Attitude Adjustment | 1129 Maricopa Highway, Ojai

  • Flora Gardens | 245 Old Baldwin Road, Ojai

  • Rains Department Store | 218 East Ojai Avenue, Ojai

  • Fox Fine Jewelers | 560 East Main Street, Ventura

Tickets can be picked up from the Will Call Box Office will be located in Libbey Park. Day of tickets, which will cost $45 per person, will also be available at the Marketplace and each of the homes.

 

When you are not exploring the homes, be sure to swing by the Holiday Marketplace in Libbey Park. This great event features 40+ artisans and vendors selling a variety of home, lifestyle, and fashion goods. Cross off everything on your holiday shopping list and find unique items for yourself and Ojai home. Admission to the Marketplace is FREE! A portion of all sales also benefits the Ojai Music Festival and its Bravo! program. The Marketplace will be open 10:00 am to 5:30 pm Saturday and 10:00 am to 4:30 pm on Sunday.

 

2019 Marketplace Vendors

Jewelry: Cindy Kalmenson, Little Muse, Patricia Cuenot, Ramina Rechard Pearls, and Shari Milner Designs

Home Décor and Gifts: Art Mina, Bazaar Boutique, Bliss Art Designs, Bohemian Bowls, Firestick Pottery, Heritage Succulents, Hostess Gifts to Go, Istanbul Art Design, Laura Stitches, Lavender Blue, Little City Designs, Metal Mountain, Once Upon a Storybook, Sweet Mello, Susan Bruce, and Terry Sharp 

Edibles: Julie’s Cookies and Gourmet Blends

Clothing and Wearable Art: Alpaca by Karim, Art Couture Dominique, Dale Michele, Gerie’s Fashion Closet, Leslie Marcus, Limelight Boutique, Louise’s Hats, Tiny Tot Threads, and Your Needs Company

Bath and Body: Fiamma Naturals, From the Heart of Ojai, and Ojai Dirt Candy

Find your own spectacular home in Ojai! Search Ojai CA Homes for Sale. Give Blake Mashburn a call at (805) 856-9350 and visit our website at https://www.blakemashburn.com/ today.



Image Credit: Ojai 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