The Case Shiller Index is one of the most nationally recognized indicators on the overall health of the real estate markets around the country and the came out today with their report that states that we had another national rise of 2% year-over-year from August 2011 to August 2012. The closest big city index for Camarillo Sellers and others in Ventura County real estate is the Los Angeles index and it reflected a 2.1% year-over-year gain as well. You can read the full report at http://bit.ly/SvgbC5.
However, they did have some long-term housing concerns. The most near-term risk the the infamous "fiscal cliff" that we face the beginning of 2013. The consensus is that the DC politicians will figure out whatever they need to do to pass the buck on this down the road to the next president, the next Congress to deal with. But, given the politics of the day, there is certainly some risk that we will hit January 1, 2013 without a solution to this large problem. If it does happen, it will have a negative impact on both the equity markets and the real estate markets.
The second risk identified as a more long-term risk is that of the Baby Boomer generation selling and downsizing their current homes. This may leave a gap of buyers at the higher end causing larger homes to come down further in value than they already have.
Zillow.com reports that Camarillo values are up 4.3% year-over-year and with national prices rising now for the last few months, I would expect that trend to continue in the short term. But, if you are thinking about selling your home in the 93010 or 93012 zip code, now may be a good time to take advantage of the window of opportunity that presents itself in this market.
In the meantime...have a great day!
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