Real Estate Market Recap

Sometimes, it’s important to reassess just how fortunate we are to live in what is often referred to as an area with the "finest weather in the country." No smog, ocean breezes, natural beauty, endless recreation possibilities, and a true sense of family. Ventura County and it’s surrounding communities – an area of high demand and a great place to buy and sell real estate!

Here’s a look at our current market. As we’ve mentioned in the past several months, we’re experiencing a correction of the steeply rising prices of the past few years. It’s a leveling off period. Many of you have not experienced a correction before. Gratefully, it’s a mild one as opposed to the early 90's when interest rates rose sharply and the economy declined.

There are several factors that make this a very favorable market for buyers. Today, interest rates are lower then they were last year this time and our economy appears to be strong. Homes are staying on the market longer now, so it’s not a race to rush out and immediately put in an offer on a property before it swiftly disappears. The fine art of negotiation is of keen importance. If mortgage rates continue to hold steady as they are expected to do, that’s a great buying incentive.

As we enter the 2007 busy buying season, prices may begin to rise a bit as supply is not sufficient to meet demand. Inventory is down from previous months. Listings should increase as sellers recognize the opportunity for advantageous competition. Also, because potential sellers are usually well aware that their houses may be on the market for 90 days or longer, those needing to make an “over the summer” move may put their houses up for sale earlier in the year than we’ve seen in the past. Again, it’s a great time to either list a home or buy one.

All in all, the remainder of 2007 should be a very good year in our local real estate market. We are very proud of the strength of the Prudential name, its reputation, and Prudential California Realty’s incredible alliance of Prudential Partners, all of which are here to help us give you a genuine edge when it comes time to look for a home or to sell one.
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