Camarillo Real Estate Inventory remains at low levels

The level of inventory in the Camarillo and Ventura County real estate markets continues to run at an extremely low level.



As you can see from the data above (which was taken from the local mls), in both Camarillo and Ventura County there is less than 1 month of inventory of single-family homes on the Active Market for properties less than $1.0 million.  In Camarillo at the moment, there are only 10 single family homes priced under $400,000 in Active Inventory. In all of Ventura County there are fewer than 100 single family homes on the Active market.  That's the entire county.  This is bad news for so many of you who are wanting to buy a home because it means competition will be fierce in the near future.  But, for Seller's things are looking up.  Values continue to rise and nothing seems to be getting in the way of that.  We've even made it through the tax hikes in January and the Sequester without the stock market taking much of a hit. However, it's my sense that the markets could begin to wobble down the road a few months once we start seeing whether or not these two items will have any real impact on the economy as a whole.

I do know that I have had a few buyers cancel showings due to furlough activity at the base.  Eventually that will lead to a slowdown in our growth.

So, my advice to anyone who is thinking about selling their home in Camarillo or Ventura County...don't wait.  Take advantage of this opportunity before the window closes.

Wallbangers at Pt. Mugu

Normally I like to keep my blogs focussed on the real estate.  But as we close the year, I wanted to take a minute to talk about some of the most important people we have in Ventura County and the country as a whole.  A few weeks ago, I was honored to attend the Change of Command Ceremony for my friend and client Commander William Reed.  He took over the Command of the Carrier Airborne Early Warning Squandron One One Seven from Commander Fred Goldhammer.  I was part of an intimate group of people who were invited to witness this time honored tradition of the US Navy.



Living in Santa Rosa Valley and Camarillo, surrounded by so many men and women who serve out country out of Pt. Mugu and Pt. Hueneme and other areas around Ventura County is always a reminder to me about the sacrifice these people make on behalf of you and I, the citizens of the USA and our constitution. But there was something about being there that day.  On base at Pt. Mugu, hearing Captain Kevin Mannix talk about the threats we still face around the country and then, especially hearing about what this specific group of men and women will do over the next 12 months drove it home for me.  We have the leisure of our freedom, we have the ability to walk and talk and create wealth and go to church and so many other things that we take for granted because of men and women like the Wallbangers and my friend William Reed.

For those of you who don't know, and I certainly did not until a few weeks ago, but the mission of the Banger Nation is "First off the flight deck and the last to recover, the Wallbangers provide Command and Control and Airborne Early Warning ANY TIME, ANY PLACE in order to accomplish our Warfare Commanders' intent. The Wallbanger team stands ready to deliver time critical situational awareness and decisions necessary to support our Navy-Marine Corps, Joint, and Coalition Partners in waging ware and peace." They fly (as you can see from the pictures) "the most advanced version of the Northrop-Grummann E-2C Hawkeye 2000, an all weather, carrier based airborne command and control aircraft that provides early warning surveillance of enemy disposition..."

The Change of Command Ceremony was a real reminder for me just how dangerous a world we still live in.  It was a real reminder for me just how much the men and women of our armed services give for our freedom. I can't say thank you enough.  Words are just insufficient to match the sacrifice. But, nevertheless, I say thank you for your commitment and your sacrifice, for your hard work, for the loved ones who stay home and support you, for the loved ones who support the spouses and children of these brave Americans.

I am honored to call Commander William Reed my client, I am blessed to call him a friend and I am humbled by the job he has undertaken to lead the Banger Nation on behalf of our country.

Camarillo Inventory of Homes

The inventory of single family homes in Camarillo and Ventura County remained at very low levels. In Camarillo today there is only one SFR on the market today under $250,000 and only 6 from $250,000 to $400,000.  Only 36 homes are on the Active market under $1.0 million.  In total, that leaves us with an inventory of of less than 1 month (.6 months to be exact) of single family homes in Camarillo less than $1.0 million.  Over $1.0 million there are 14.7 months of inventory on the Active market.  The numbers are similar when you expand the search to all of Ventura County.  Needless to say, under $1.0 million, we should continue to see price appreciation and a Seller's market until these inventory levels get back to 3 to 4 months.  If you are thinking about Selling your home in Camarillo or Ventura County, now is a good time for you to call me to discuss your options.  I look forward to hearing from you.  

Camarillo Home Sellers are finally in a better position!

Camarillo Home Sellers are finally in a better position! During the last 5 years as values have been coming down because of all the bank-owned sales and Short Sales in your Camarillo neighborhood, you have been in a no-win situation if you had to sell your home.  Your value was going to have to come down because of all the declining-value  distressed sales.  See chart below for the declining REO Activity in Camarillo.



But it appears we, at the least, have a window where values are beginning to rise again. A big part of values beginning to rise is because the foreclosure activity is beginning to wane. But most of the increases are due to what I have talked about in the last few blog posts which is that the inventory is down significantly.  As you will see from two posts ago at http://wp.me/p24x2o-1I , for all homes under $1.0 million in Camarillo, the inventory is down around 1 month. That provides a good opportunity for Camarillo Home Sellers because it allows you to compete with fewer Sellers and a demand of Buyers that seems to be unending.

So, if you have been thinking about selling your Camarillo home, now may be the right time.  Click on the link below for your free Home Evaluation so we can get started on helping you to make that decision.

New Info on Foreclosure Data in California

New reports are out this morning from the people at foreclosure.com.  They are stating that in October of 2012, the foreclosure cancellations in California were up 62.1% from the month prior and they think that the main source of the increase is the new law that will go into affect in January called the California Homeowners Bill of Rights.  One of the primary features of this law is to prevent "dual-tracking".  Basically what that means is that if you are under consideration for a loan modification or have submitted a request for a Short Sale, your lender has to CANCEL your foreclosure proceedings.  In the past, the lenders have been able to process your foreclosure at the same time your are in process for a Short Sale or Loan Modification.  That way, if you were denied for either, the bank was still in the position to move forward and complete the foreclosure right away.  

While this is a great new law for homeowners, it will have a continue negative affect on the amount of inventory that is available in California.  As I have said in my last few blog posts, the level of homes available to buy in California is down to almost record levels and that will have a dramatic impact on values.  When demand is high (and it is high) and inventory is low, it almost always means that values will be on the rise.  The National Association of Realtors is projecting that, assuming we avoid the infamous "fiscal cliff", that real estate values will rise nationally by 5.1% next year.  If the inventory levels remain at their existing levels, I believe values in California, Ventura County and Camarillo and surrounding communities will rise more than that.  

If you think that you may have to, or want to sell in the next 6 months, the market should be support higher values than you thought were achievable 6 months ago.  

One other thing to note today that we certainly want to keep our eye on is the delinquency data.  LPS, one of the country's largest servicing companies is stating that foreclosure starts in September suddenly spiked by 7.7% from the month earlier.  They are stating that most of the increase came in homeowners who are now 30 days late on their mortgage.  This "new" activity is troubling and it points to continued weakness in the overall economy.  

Please let me know if you know anyone who is thinking about buying or selling in the next 6 months.  It is the best time ever to use a Realtor who knows the market and understands the foreclosure and Short Sale process.  

Sellers Market - Inventory Week of November 12, 2012

If you have been thinking about selling your home...now is one of the best times we have seen in recent history due to a lack of inventory on the market in Camarillo and Ventura County. As you will see from the chart below, most categories of Single Family Homes in Camarillo and Ventura County have apx. 1 month or less of Active Inventory.  To give you an example, in the $400,000 to $650,000 range, there are only 18 homes on the market in Camarillo as of 11/12/2012 per the MLS.  In the last 12 months, in that same category, there were 324 homes sold.

[caption id="attachment_107" align="alignleft" width="555"] Low Inventory means prices will continue to increase.[/caption]

If the pace of sales maintains at the current levels then we only have .7 months worth of inventory available for new buyers.  All expectations are that demand will continue to be high as long as interest rates stay low and the economy doesn't fall back into a recession.  As a Seller, what does that mean to you? Well, with fewer homes on the market it means that you get to be more aggressive with your price.   So, if you are thinking about selling your Camarillo home or your home anywhere in Ventura County, today's market is much more positive than it was earlier this year and prior.So, please take some time and head to my website where you can complete a form to get more information on what the value of your home looks like in this new market.  See the link below:

http://2cidirect.com/free_home_valuation.asp

Thank you!

I just wanted to take a minute on this Veteran's Day to say thank you any and all of you who serve our country. Thank you for your service to our country. Whether it be civilian or military involvement, I am honored by your dedication to support with your time and, some, with your lives, the founding principals of freedom. It is a brave and honorable thing that you do and I am so thankful for your work.

You have my constant appreciation and respect!