Ventura County Real Estate Blog

Median Sales Price

2008-05-16T13:44:00.000-07:00

Calif. median home price - March 08: $413,980(Source: C.A.R.)

Calif. highest median home price by C.A.R. region February 08: Santa Barbara So. Coast $1,140,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region February 08: High Desert $210,66-(Source: C.A.R.)

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1628 Aldercreek Place, Westlake Village, CA

2008-05-16T11:13:00.000-07:00

Beautiful Mediterranean 5 bedroom, cul-de-sac home ON THE ARROYO in North Ranch. Large private lot with sweeping lawns, manicured gardens and views. Resort style backyard has newer Salt Water System for Pool and Spa. Newer Solar Energy System reduces utility expenses. Newer kitchen has Viking Range and Grill, granite countertops and travertine floors. Stunning Master Suite with fireplace and updated Master Bath. Tasteful top-of-the-line carpets and rich rosewood and chestnut floors reflect the mediterranean old world feel. Too many upgrades to mention. You must come see.

www.1628aldercreekplace.com

Map

Virtual Tour
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Current Interest Rates

2008-05-14T13:34:00.000-07:00

30 Year Fixed Rate/Conforming: 5.875%

30 Year Fixed Rate/Conforming/Jumbo: 6.125%

30 Year Fixed Rate/Jumbo: 7.125%

7/1 ARM-7 Year Fixed/23 Year ARM/Conforming: 5.375%

7/1 ARM-7 Year Fixed/23 Year ARM/Jumbo: 6.375%

5/1 ARM-5 Year Fixed/25 Year ARM / Conforming: 5.125%

5/1 ARM - 5 Year Fixed/25 Year ARM / Jumbo: 6.125%

Rates are based on 1% purchase money.

Rates are subject to change without notice.

www.TheMMTeam.com

DID YOU KNOW?

2008-05-12T10:53:00.000-07:00

"The only way to know when the market has hit bottom is when it passes you by on the way back up. Then it is too late because sellers are aware of the same facts as buyers, and negotiating room is diminished." -Brian Buffini

Smart Money?... more to come!

www.TheMMTeam.com

Median Sales Prices

2008-05-09T10:30:00.000-07:00

Current Interest Rates

2008-05-07T15:34:00.000-07:00

30 Year Fixed Rate/Conforming: 5.75%

30 Year Fixed Rate/Conforming/Jumbo: 6.0%

30 Year Fixed Rate/Jumbo: 7.0%

7/1 ARM-7 Year Fixed/23 Year ARM/Conforming: 5.125%

7/1 ARM-7 Year Fixed/23 Year ARM/Jumbo: 6.125%

5/1 ARM-5 Year Fixed/25 Year ARM / Conforming: 5.0%

5/1 ARM - 5 Year Fixed/25 Year ARM / Jumbo: 5.875%

Rates are based on 1% purchase money.

Rates are subject to change without notice.

www.TheMMTeam.com

The Housing Crisis Is Over

2008-05-07T14:38:00.000-07:00

By CYRIL MOULLE-BERTEAUX - Wall Street Journal

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.

Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.

Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what's going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.

The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.

Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.

Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.

The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.

In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.

The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in "months of supply" terms. That's the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high – but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.

Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.

Inventories will drop even faster to 400,000 – or seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.

Many pundits claim that house prices need to fall another 30% to bring them back in line with where they've been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.

Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one's income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today's house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.

This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.

When the rate of house-price declines halves, there will be a wholesale shift in markets' perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.

More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.

A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy.

We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.

Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.

Article can be found here: http://online.wsj.com/article/SB121003604494869449.html?mod=opinion_main_commentaries

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West Ventura Real Estate Statistics - April '08

2008-05-05T10:51:00.000-07:00

Click image to enlarge.

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Simi Valley and Moorpark Real Estate Statistics - April '08

2008-05-05T10:49:00.001-07:00

Click image to enlarge.

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Conejo Valley Real Estate Statistics - April '08

2008-05-05T10:40:00.000-07:00

Click to enlarge image.

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Median Sales Prices

2008-05-02T10:11:00.000-07:00

Calif. median home price - March 08: $413,980 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region March 08: Santa Barbara So. Coast $1,140,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region March 08: High Desert $210,660 (Source: C.A.R.)

www.TheMMTeam.com

Current Interest Rates

2008-04-30T16:33:00.000-07:00

30 Year Fixed Rate/Conforming: 5.625%

30 Year Fixed Rate/Conforming/Jumbo: 6.125%

30 Year Fixed Rate/Jumbo: 7.125%

7/1 ARM-7 Year Fixed/23 Year ARM/Conforming: 5.375%

7/1 ARM-7 Year Fixed/23 Year ARM/Jumbo: 6.125%

5/1 ARM-5 Year Fixed/25 Year ARM / Conforming: 5.25%

5/1 ARM - 5 Year Fixed/25 Year ARM / Jumbo: 5.75%

Rates are based on 1 point purchase money.

Rates are subject to change without notice.

www.TheMMTeam.com

Moving With Children

2008-04-29T15:04:00.000-07:00

Moving is an exciting time full of commotion that can be tough on everyone, including the children. The impact the move will have on kids usually is age-related. Babies, toddlers and young children tend to deal well with moving, while adolescents may resent and resist the move. Here are a few timeless tips that may help all families on the move:

* Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.

* Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.

* Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.

Moving Babies and Toddlers
Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:

* Pack their rooms last and keep favorite toys and other must-haves close at hand.

* Try to stick to established routines like lunchtime and naptime.

* Once in the new house, young children may need to be reminded about which household appliances are dangerous and other safety precautions or rules they learned at the previous house.

Moving Preschoolers and School-Age Children
Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:

* Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.

* Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.

Moving Adolescents
Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:

* Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”

* If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.

Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly. Your real estate professional has helped many families move and is a great resource for more information about moving with children.

www.TheMMTeam.com

Median Sale Prices

2008-04-29T14:57:00.000-07:00

Here are the median sales prices recorded in March for single family homes, condos and new construction in the following communities:

Agoura Hills - $527,500
Calabasas - $1,065,000
Camarillo - $487,500
Fillmore - $402,000
Moorpark - $555,750
Newbury Park - $572,500
Oak Park - $431,500
Oxnard - $360,000
Santa Paula - $334,000
Simi Valley - $500,000
Thousand Oaks - $485,000
Ventura - $432,500
Westlake Village - $965,000
Woodland Hills - $500,000

Source: Data Quick

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Wireless Telephone Laws FAQs

2008-04-29T11:55:00.000-07:00

Two new laws dealing with the use of wireless telephones while driving go into effect July 1, 2008. Below is a list of Frequently Asked Questions concerning these new laws.

Q: When do the new wireless telephone laws take effect?
A: The new laws take effect July 1, 2008

Q: What is the difference between the two laws?
A: The first law prohibits all drivers from using a handheld wireless telephone while operating a motor vehicle. (Vehicle Code (VC) §23123). Motorists 18 and over may use a hands-free device. The second law prohibits drivers under the age of 18 from using a wireless telephone or a hands-free device while operating a motor vehicle (VC §23124).

Q: What if I need to use my telephone during an emergency, and I do not have a hands- free device?
A: The law allows a driver to use a wireless telephone to make emergency calls to a law enforcement agency, a medical provider, the fire department, or other emergency services agency.

Q: What are the fines if I’m convicted?
A: The base fine for the FIRST offense is $20 and $50 for subsequent convictions. According to the Uniform Bail and Penalty Schedule, with the addition of penalty assessments, a first offense is $76 and a second offense is $190.

Q: Will I receive a point on my drivers license if I’m convicted for a violation of the wireless telephone law?
A: NO. The violation is a reportable offense: however, DMV will not assign a violation point.

Q: Will the conviction appear on my driving record?
A: Yes, but the violation point will not be added.

Q: Will there be a grace period when motorists will only get a warning?
A: NO. The law becomes in effect on July 1, 2008. Whether a citation is issued is always at the discretion of the officer based upon his or her determination of the most appropriate remedy for the situation.

Q: Are passengers affected by this law?
A: No. This law only applies to the person driving a motor vehicle.

Q: Do these laws apply to out-of-state drivers whose home states do not have such laws?
A: Yes

Q: Can I be pulled over by a law enforcement officer for using my handheld wireless telephone?
A: YES. A law enforcement officer can pull you over just for this infraction.

Q: What if my phone has a push-to-talk feature, can I use that?
A: No. The law does provide an exception for those operating a commercial motor truck or truck tractor (excluding pickups), implements of husbandry, farm vehicle or tow truck, to use a two-way radio operated by a "push-to-talk" feature. However, a push-to-talk feature attached to a hands-free ear piece or other hands-free device is acceptable.

Q: What other exceptions are there?
A: Operators of an authorized emergency vehicle during the course of employment are exempt as are those motorists operating a vehicle on private property

DRIVERS 18 AND OVER
Drivers 18 and over will be allowed to use a hands-free device to talk on their wireless telephone while driving. The following FAQs apply to those motorists 18 and over.

Q: Does the new "hands-free" law prohibit you from dialing a wireless telephone while driving or just talking on it?
A: The new law does not prohibit dialing, but drivers are strongly urged not to dial while driving.
Q: Will it be legal to use a Blue Tooth or other earpiece?
A: Yes, however you cannot have BOTH ears covered.

Q: Does the new hands-free law allow you to use the speaker phone function of your wireless telephone while driving?
A: Yes.

Q: Does the new "hands-free" law allow drivers 18 and over to text page while driving?
A: The law does not specifically prohibit that, but an officer can pull over and issue a citation to a driver of any age if, in the officer’s opinion, the driver was distracted and not operating the vehicle safely. Text paging while driving is unsafe at any speed and is strongly discouraged.

DRIVERS UNDER 18

Q: Am I allowed to use my wireless telephone hands free?
A: NO. Drivers under the age of 18 may not use a wireless telephone, pager, laptop or any other electronic communication or mobile services device to speak or text while driving in any manner, even hands free. EXCEPTION: Permitted in emergency situations to call police, fire or medical authorities. (VC §23124).

Q: Why is the law stricter for provisional drivers?
A: Statistics show that teen drivers are more likely than older drivers to be involved in crashes because they lack driving experience and tend to take greater risks. Teen drivers are vulnerable to driving distractions such as talking with passengers, eating or drinking, and talking or texting on wireless phones, which increase the chance of getting involved in serious vehicle crashes.

Q: Can my parents give me permission to allow me to use my wireless telephone while driving?
A: NO. The only exception is an emergency situation that requires you to call a law enforcement agency, a health care provider, the fire department or other emergency agency entity.

Q: Does the law apply to me if I’m an emancipated minor?
A: Yes. The restriction applies to all licensed drivers who are under the age of 18.

Q: If I have my parent(s) or someone age 25 years or older in the car with me, may I use my wireless telephone while driving?
A: NO. You may only use your wireless telephone in an emergency situation.

Q: Will the restriction appear on my provisional license?
A: No

Q: May I use the hands-free feature while driving if my car has the feature built in?
A: NO. The law prohibits anyone under the age of 18 from using any type of wireless device while driving, except in an emergency situation.

Q: Can a law enforcement officer stop me for using my hands-free device while driving?
A: No. For drivers under the age of 18, this is considered a SECONDARY violation meaning that a law enforcement officer may cite you for using a hands-free wireless phone if you were pulled over for another violation. However, the prohibition against using a handheld wireless telephone while driving is a PRIMARY violation for which a law enforcement officer can pull you over.

FAQs provided by CHP (California Highway Patrol). If you have further questions please contact Fran Clader, Media Relations Office: (916) 657-7202 .

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It's Spring. Ready to Buy a Home Yet?

2008-04-25T12:06:00.000-07:00

Spring has always been busy for real estate. Even though buyers and sellers remain cautious, now could be a good time to make a move

by Prashant Gopal - source www.BusinessWeek.com/

The spring home-buying season is upon us. In small towns and big cities alike, "Open House" and "For Sale" signs are sprouting like crocuses. But it will take more than pleasant weather to thaw the ice-cold real estate market.

Many buyers—especially now that the housing slump is in its third year—are reluctant to take a chance on real estate in the face of continuing price declines, foreclosures, record gas prices, job losses, and general economic uncertainty.

Spring is traditionally the busiest time for real estate, largely because parents, readying for a summer purchase, don't want to move during the school season.

A Silver Lining
"Certainly it will be a big test," says James Hughes, Dean of the Edward J. Bloustein School of Planning & Public Policy at Rutgers University. "If it doesn't pick up this spring, then we'll have another year on the down cycle. If it does pick up, we'll have modest stabilization."

Where some see despair, others see hope. Sellers, who were once clinging to boom-time expectations, are trimming asking prices. But the news isn't all bad for buyers. In fact, for some the timing couldn't be better. The lower prices—at least in some markets—are making homes affordable for first-time home buyers and more attractive for investors on the lookout for fire-sale discounts.

Of course, a flurry of foreclosures is also responsible for pushing down prices and adding to the glut of unsold homes, even in many of the nation's most affluent cities and suburbs.

Some Good Deals
BusinessWeek.com, with the help of Mountain View (Calif.)-based Altos Research, a real-time housing research firm, ranked 14 of the country's largest cities based on how much sellers have slashed listing prices. At the top of the list is Sacramento, where the median asking price on Apr. 11 was $226,978—a 29% drop from a year earlier, according to Altos.

Other markets with declines of 20% or more include Sacramento, Phoenix, and Los Angeles. On the other hand, Texas markets such as Houston, Austin, and Dallas, where inventory is relatively tight, have been doing much better. (It probably helps that the oil and gas industry, a key element of the state's economy, is booming.) The annual asking price in Dallas actually increased 6.4%.

Annual listing price information was not available for Manhattan, one of the world's tightest markets. But a recent report indicated that the median Manhattan condo and co-op sales price in the first quarter rose 13% compared to the same quarter a year ago.
"Yes, there is some opportunity for buyers and investors to find good deals but the conditions for them to get financing are tougher," says Michael Simonsen, Altos co-founder and CEO. "People in the strongest positions might be able to take advantage of it. But clearly there is far more inventory than investors to pick it up."

"A Redistribution of Wealth"
David Zugheri, co-founder of First Houston Mortgage, says the best properties located in or near downtowns in Texas are selling briskly. But owners of new homes built miles from job centers are seeing steep price declines.

Zugheri is optimistic the spring will help to awaken the Texas housing market. "There are going to be first-time home buyers coming out of the woodwork," he says. "Some people get tax refunds, and they're going to use them for a down payment. One man's loss is another man's gain. There will be a redistribution of wealth here that we haven't seen since the mid-1980s."

Sellers in Las Vegas are having to compete with a flood of heavily discounted bank-owned properties, says local mortgage broker Colleen Jane McGrath. But investors are returning to the market and scooping up houses, sometimes at 50% of the last list price. And they're renting the homes to people who lost their own houses to foreclosure, she says.

Not the Best Time to Sell
In Los Angeles, buyers are concerned about the uncertainty in the market, says Simon Bliss, marketing manager for American Financial Realty & Mortgage in West Hollywood. "It has scared people so much that there's a huge standstill in the market," Bliss says. "It's like trying to second-guess a hurricane."

Rick Sharga, vice-president for marketing at Irvine (Calif.)-based RealtyTrac, an online marketplace for repossessed real estate, says it's a bad time to be a seller.

"If you're a seller, it's a good time to take the 'For Sale' sign off the front lawn," Sharga says. "If you don't have to sell, now is a good time to be on the sidelines. That's one of the reasons that the jury is out on how active the spring buying season is going to be."

Article can be found at http://www.businessweek.com/lifestyle/content/apr2008/bw20080417_795645.htm?chan=autos_real+estate+--+lifestyle+subindex+page_real+estate+news

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Median Sales Prices

2008-04-24T13:24:00.000-07:00

Calif. median home price - February 08: $409,240(Source: C.A.R.)

Calif. highest median home price by C.A.R. region February 08: Santa Barbara So. Coast $1,295,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region February 08: High Desert $220,380(Source: C.A.R.)

www.TheMMTeam.com

Current Interest Rates

2008-04-24T13:11:00.000-07:00

30 Year Fixed Rate/Conforming: 5.75%

30 Year Fixed Rate/Conforming/Jumbo: 6.25%

30 Year Fixed Rate/Jumbo: 7.0%

7/1 ARM-7 Year Fixed/23 Year ARM/Conforming: 5.50%

7/1 ARM-7 Year Fixed/23 Year ARM/Jumbo: 6.375%

5/1 ARM-5 Year Fixed/25 Year ARM / Conforming: 5.25%

5/1 ARM - 5 Year Fixed/25 Year ARM / Jumbo: 6.25%

Rates are based on 1 point purchase money.

Rates are subject to change without notice.

http://www.themmteam.com/

1131 Ashbury Court, Camarillo, CA

2008-04-24T11:45:00.001-07:00

Rarely on the market, Arneill Ranch one-story home with a beautiful courtyard entry. Nestled in a cul-de-sac, this home has a three car garage, built-in BBQ, covered patio, fruit trees and ample lawns. An inviting spa sits within a secluded patio just off the master bedroom. The many skylights allow for plenty of natural light. Freshly painted, this approximately 1,956 square foot home has four bedrooms and two baths, a formal living room and dining area, a family room with a fireplace and an eat-in kitchen area. The master bedroom/bathroom has a walk-in closet and a double sink vanity. Other amenities include an intercom, a central vacuum, a wall safe, indoor laundry and a whole house hot water system.

http://www.themmteam.com/

Westlake Village Average Price - March '08

2008-04-21T11:51:00.000-07:00

This is a comparison of average prices for the area of Westlake Village, CA, between 2007 and 2008. Notice how Westlake Village has increased in price from last year!!!

Click on image to enlarge