In today’s blog we recap ten reasons why today is a good time to sell…if a person is thinking of selling their real estate, but have been waiting until times got better. Most of these statistics are national, but the Ventura CA real estate market has improved in a similar fashion and in the price range below $500,000, Ventura has done better than many markets.
The National Association of Realtors (NAR) reports “the optimism in home values increases even more the further the outlook: Seventy-nine percent of real estate professionals and 62 percent of home owners say home values will likely increase in the next two years, according to the survey.
Freddie Mac (FHLMC) says:
Home values are expected to increase 2 to 3 percent next year.
Household formation is expected to increase to a net 1.20 million to 1.25 million household in 2013
Vacancy rates are expected to drop to 2002 and 2003 levels for apartments and single-family homes for-sale “as household formation outpaces new construction.”
Still, mortgage rates are expected to stay below 4 percent, Freddie Mac reports. Thursday, the rates for a 30 year mortgage were 3.35%.
Home prices are edging up in most markets, and buyers are taking notice. Buyer surveys recently have shown that home shoppers expect home prices to continue to inch up, and they want to cash in before they rise too much higher.
“Every single thing about housing is flashing green” with household formation rising, inventory falling, and affordability hovering at record highs, James Dimon, chief executive of J.P. Morgan Chase told CNBC last month.
Ninety-three percent of millennials, aged 18 to 34, say they plan to buy a home at some point, according to Trulia’s 2012 American Dream Survey.
According to the latest data from RealtyTrac, foreclosure starts dropped from a year ago in 28 states — most notably in Oregon (which saw an 84 percent drop), Pennsylvania (67 percent), California (63 percent), Arizona (59 percent), and Georgia (51 percent).
The Federal Reserve announced Wednesday that it plans to keep interest rates low as long as the unemployment rate is above 6.5 percent.
More Americans are growing confident about selling, with the share of those who say now is a good time to sell rising 5 percentage points in November to 23 percent and reaching its highest level since Fannie Mae started its survey in June 2010.
Housing starts continue to gain steam, rising 3.6 percent in October to their highest rate since July 2008, the Commerce Department reports. Regionally, housing starts rose the most with a 17.2 percent surge in the West.
Meanwhile, a rise in home prices is helping to lift consumer confidence.
In the third quarter, the ratio of rent to after tax mortgage payments was 107%, according to Deutsche Bank. A rent to mortgage ratio above 100 means that mortgage payments are cheaper than rent for the median home owner. Many tenants are now making the decision to buy.
The Wall Street Journal reported:
Standard & Poors / Case-Shiller 20 City Index showed prices rose by 4.3 from a year ago in October. A separate index by Lender Processing Services Inc. showed national home prices were up by 5.2%
Ventura CA Real Estate – Exit Realty By The Sea
Our Agency offers Listing, Sales and Property Management Services in Ventura, Oxnard, Camarillo, Port Hueneme, Ojai, Santa Paula, Fillmore and Moorpark. Ask us about our free, no obligation real estate consultations and let us show you how we can strategically market your home to a successful sale. 805.656.8000