Ventura County Real Estate and Community News

 

May 31, 2022

What is a cap Rate

April 6, 2022

New Construction Buyer Commission Rebate Program

Posted in Buying a Home
Jan. 1, 2022

VA Loan Limits Ventura County 2022

VA Loan Limits in Ventura County 2022

One unit:  $851,000

Two Units:  $1,089,000

Three Units:  $1,316,900

Four Units:  $1,636,550

Note:  Keep in mind VA loans are zero down payment loans and require owner occupancy by the veteran.  It is possible to purchase a single family home with a larger loan using your VA entitlement, for more info contact Dave Crowell at American Dream Realty 805-300-3345.

July 13, 2021

1031 Real Estate Exchange Quick Guide Sheet

Jan. 15, 2021

VA Loans in Ventura County 2021

VA Loan Limits in Ventura County 2021

The VA loan limit for a 1 unit property in Ventura County in 2021 is $739,450.  However, in numerous situations lenders can go much higher then the limit of $739,450, including VA loans over $1,000,000 for qualified buyers.

The VA loan is a great product to purchase your home if you are a Veteran of the U.S. Military as the loan is a zero down payment loan.  Furthermore, the VA loan has higher debt to income ratios then conventional loans.

To contact a VA Real Estate expert in assisting you with buying your home contact Dave Crowell, a top producing Ventura County Realtor at 805-300-3345.   Dave is also a veteran of the U.S. Navy.

Oct. 14, 2020

Fall 2020 Real Estate Market Newsletter

 

Fall October 2020 Real Estate Market Update

For those of you who have followed my newsletters over the years, one of my longstanding mantras is that I avoid predictions and focus on real time Real Estate market conditions.  Therefore, I will focus on the current Real Estate market here in Ventura County.

Inventory, or no inventory, is my current theme.  Hence, lack of inventory is driving up prices and creating multiple offers.  Historically low rates under 3 percent, rising equity markets, government stimulus, an accommodative Fed, and the desire to move into the suburbs have catapulted the market to record levels. 

But the real issue is limited inventory, in particular, single family houses priced below 800k.  In the news, we repeatedly hear how people are fleeing California for other areas of the country.  However, the local Real Estate market would beg to differ. For example, on a recent property in the central part of Camarillo listed in the low 600k range, my buyer was one of 14 potential buyers.  My buyer’s offer was accepted when the buyer went 45k above list price, removed the appraisal contingency, and purchased the property As Is.  Interestingly, eight months ago this type of property might be on the market for the normal 30 days it typically takes to move a property.

Why is there no inventory?  First, there are obviously more buyers than sellers.  Second, due to covid-19, there have been less listings as people are hesitant to sell during the pandemic.  Third, and most importantly, in Ventura County single-family homes have not been built to meet the necessary demand.  Most new housing developments in Ventura County have centered around the condo market and zero lot line houses. Very few homes that have any sort of yard have been built in the last 15 years.  This is especially true for Camarillo.  One need look no further than the houses in the Springville Area. 

Let’s look at the data and take a snap shot of single-family homes in the city of Camarillo that are currently on the market under 700k, excluding Leisure Village as of this writing (October 14, 2020.)  There are currently 9 Single Family Homes active on the market in the entire city of Camarillo.  Of those nine homes, five of them are zero lot line homes, meaning – no yard.  In a nutshell, there are basically no homes for sale.  Hence, the resulting multiple offers.

Where do we go from here?  I avoid predictions as it is not prudent for me to offer crystal ball advice.  However, in the interim, the Real Estate market in Ventura County continues to be strong as limited inventory, buoyed by low rates, continue to spur buyer activity. 

About Dave Crowell, Dave Crowell is the Broker/Owner of American Dream Realty in Camarillo Ca and a top producing Camarillo Real Estate Agent, DRE 01845970.  For more information feel free to contact Dave at 805-300-3345 or visit my website at www.mycamarilloproperties.com for seller and buyer tools.  Also, for a valuation report on your home go to:

https://www.mycamarilloproperties.com/cma/property-valuation/

Dave Crowell

Broker/Owner

American Dream Realty

Cell: 805-300-3345

FOR INSTANT PROPERTY VALUATION REPORTS - CLICK HERE

crowelldg@gmail.com
www.mycamarilloproperties.com

DRE Lic: 01845970

June 3, 2020

Coronavirus Real Estate Market June 3, 2020 Update Number 4 – Ventura County is a Hot Market

 

 

Coronavirus Real Estate Market June 3, 2020 Update Number 4 – Ventura County is a Hot Market

 

As I have previously mentioned in past blogs, and in conversations with many of you over the last couple of months, the Real Estate market this spring has been active. 

 

However, the Ventura County Real Estate market over the last three weeks or so, for lack of a better term, has been hot, sizzling, blistering, and any other adjective you can think of relating to fantastic.  Therefore, what is driving this Ventura County Real Estate market in the midst of a pandemic and social and economic disarray?

 

First, the Feds, meaning the federal government (federal reserve) is pumping money into “the system” like never seen before.  The Feds are stimulating the economy by buying up assets to shore up the balance sheet including mortgage backed securities, providing business owners grants/loans, stimulus checks, and most importantly keep interest rates at all time lows.  As a result, buyers with a couple of bucks in their pocket, decent employment, and respectable credit can qualify for a mortgage in the three percent range. 

 

Second, the trend is reversing, and the “burbs” are back.  Over the last ten or so years, the Los Angeles city center area including the valley and the westside have seen rapid price increases and significant demand for their real estate as people flocked to live within various parts of Los Angeles to be close to the entertainment and tech industries. 

 

However, we have seen over the last month in particular a recent surge of people from the Los Angeles area wanting to move to the pristine open areas of Ventura County as a result of covid-19.  This recent phenomenon has been spurred by potential buyers looking for home office spaces, larger houses, less people, and better prices.  Some companies have concluded that their workers can function in a home office in lieu of their corporate offices.  Consequently, maybe the trend is reversing back to the “burbs” from the city center.

 

Now the moment you have all been waiting for (drumroll please), the raw data to support my above rationale from The Ventura County MLS May 2020: 

 

New Listings:  535

Active Under Contract:   296

 

Pending: 426

 

Closed:  501

 

Now let’s compare May 2020 to May of 2019 from our local MLS in Ventura County, below is the data from May 2019:

 

New Listings:  1123

 

Active Under Contract:  702

 

Pending:  793

 

Closed:  761

 

As we can see, the activity level has decreased significantly.  In particular, the number of new listings in May 2019 was 1123, compared to 535 new listings in May 2020.  However, that number is to expected as Covid-19 has reduced the number of sellers for social distancing reasons.  But the big takeaway from the above data is the differential of new listings in relationship to closed listings which effects inventory.  In May of 2019 there were 1123 new listings and 761 closed listings for a net difference of + 362 and in May 2020 there were 535 new listings and 501 closed listings for a net difference of + 34. So what does all that mean?  There are significantly fewer properties on the market.  Consequently, with low rates and a large pool of buyers, properties go quickly.

 

Some of my buyers in March and April were hoping for dramatic price decreases due to covid-19.  However, as I have previously mentioned, Real Estate typically trails the economy and in the case with the Feds pumping the system full of money, pricing for Real Estate at least in Ventura County continues to creep at an upward trend.  Consequently, as I have been saying all along, if you need to buy then buy if you need to sell then sell. Timing the market in any asset class is nearly impossible.  Hence, if it makes sense go for it. 

 

About Dave Crowell, Dave Crowell is the Broker/Owner of American Dream Realty in Camarillo Ca and a top producing Camarillo Real Estate Agent, DRE 01845970.  For more information feel free to contact Dave at 805-300-3345 or visit my website at www.mycamarilloproperties.com for seller and buyer tools.  Also, for a valuation report on your home go to:

 

What is my Home Worth

Dave Crowell

Broker/Owner

American Dream Realty

Cell: 805-300-3345

FOR INSTANT PROPERTY VALUATION REPORTS - CLICK HERE

crowelldg@gmail.com
www.mycamarilloproperties.com

DRE Lic: 01845970

May 11, 2020

Coronavirus Real Estate Market Update May 11 2020

 

Coronavirus Real Estate Market May 11, 2020 Update Number 3 – Properties are Selling

 

As I mentioned in my previous blogs at www.mycamarilloproperties.com/blog, Real Estate Transactions are still occurring.  However, the volume of listings and transactions have declined.  Pricing has been relatively stable up to this point.

 I like to steer away from the crystal ball and not make Real Estate Predictions.  Hence, let look at the data, “follow the numbers:”

Below is the activity from April of 2020, this year from our local MLS in Ventura County:

 

A.    New Listings:  475

 

B.     Under Contract: 289

 

C.     Pending:  416

 

D.    Closed:  487

 

2.     Now let us compare April 2020 to April of 2019 from our local MLS in Ventura County, below is the data from April 2019:

         

A.    New Listings:  1072

 

B.     Under Contract:  574

 

C.    Pending:  797

 

D.    Closed: 699

 

As you can see, the activity level has decreased significantly. In particular, this has been seen in new listings.  However, an important component is that the amount of properties under contract on a percentage basis is the same.  In April of 2020, 289 properties went under contract and there were 475 new listings for a percentage of 61%.  In April of 2019, 574 properties went under contract and there were 1072 new listings for a percentage of 54%.  What is the takeaway from that data?  While the volume has decreased, properties are still going into escrow at the same, if not greater percentage frequency, than the previous year.

 

Of course, the number one question that I get on a daily basis is “What about Real Estate prices?”  The good news for sellers is that prices have increased 3.8 % from March of 2019 to 2020 in Ventura County according to our local MLS.  For those that know me, I steer away from Real Estate price predictions, in particular this spring.  As the Federal Government has pumped so much money into the system, kept rates at historic lows, the pricing of equities and real estate have remained solid for the most part.

 

Consequently, if you need to buy, then buy.  If you need to sell, then sell. As of this writing the numbers have indicated that the volume has decreased but prices have remained stable. 

 

About Dave Crowell, Dave Crowell is the Broker/Owner of American Dream Realty in Camarillo Ca and a top producing Camarillo Real Estate Agent, DRE 01845970.  For more information feel free to contact Dave at 805-300-3345 or visit my website at www.mycamarilloproperties.com for seller and buyer tools. 

Also, for a valuation report on your home go to:

What is my Home Worth

 

Dave Crowell

Broker/Owner

American Dream Realty

Cell: 805-300-3345

FOR INSTANT PROPERTY VALUATION REPORTS - CLICK HERE

crowelldg@gmail.com
www.mycamarilloproperties.com

DRE Lic: 01845970

April 24, 2020

Real Estate and the Cornoavirus

 

Re: Coronavirus Real Estate Market Update 24 April 2020 - Update Number 2

 As I mentioned in my previous Update, transactions are still occurring during the Coronavirus Pandemic.  The frequency of Real Estate transactions has declined significantly.  Of note, real estate prices have not declined.  Rather than delve into an extensive analysis, and as I mentioned during my last update, I think it is prudent to avoid predictions but to focus on Data, real numbers.

 

 1.      Hence, let’s look at what the numbers derived from the Ventura County MLS for all of Ventura County from April 1 to April 23 2020 state:

 

A.     New Active Listings = 412

 

B.     Active Under Contracts = 198

 

C.    Pending = 342

 

D.   Closed = 389

 

2.      To form an analysis on the above numbers, let’s look at the numbers from last year (April 1 to April 23 2019) from the same time period:

 

A.    New Active Listings = 892

 

B.     Active Under Contracts = 513

 

C.    Pending = 585

 

D.   Closed = 548

 

As predicted, the volume and sheer number of closings are significantly less from the previous year.  The true indicator will be the month of May, as many of the closings in April of this year were deals consummated at the end of February and beginning of March before the world shut down.

 

Of course, the number one question that I receive from prospective homebuyers and home sellers: Are Real Estate prices declining or do you think that prices will decrease in the future?  Again, I think it’s important to look at actual data.  As of this writing, Real Estate prices have not declined but we have to remember that Real Estate is typically trails the economy is the asset is not liquid.  For example, using data from corelogic in the City of Camarillo, the mean average closed property in February of 2020 was $634,000 and in April 2020 it was $675,000.  However, it will be important keep tabs on the mean average going forward for closed properties particular in the late summer and early fall.  I will keep you updated.

 

What does all this mean? My take is, watch the numbers and avoid predictions.  If you need to sell, then sell. If you need to buy, then buy.  If you have no sense of urgency then by all means wait and see what happens.  One thing is certain there is less inventory and still a considerable amount of properties going into escrow as evidenced by the April activity, which on the surface bodes well for potential sellers.        

 

About Dave Crowell, Dave Crowell is the Broker/Owner of American Dream Realty in Camarillo Ca and a top producing Camarillo Real Estate Agent, DRE 01845970.  For more information feel free to contact Dave at 805-300-3345 or visit my website at www.mycamarilloproperties.com for seller and buyer tools.  Also, for a valuation report on your home go to:

What is my Home Worth

 

 

Dave Crowell

Broker/Owner

American Dream Realty

Cell: 805-300-3345

FOR INSTANT PROPERTY VALUATION REPORTS - CLICK HERE

crowelldg@gmail.com
www.mycamarilloproperties.com

DRE Lic: 01845970

 

April 10, 2020

Coronavirus Real Estate Market Update April 2020 - Update Number 1

For the past couple of weeks, I have received multiple questions from folks in regard to the Coronavirus and the effect it will have on the Real Estate market.  I am not a scientist nor do I pretend to be one, so I will leave the medical part up to the experts. 

 

However, I am a Real Estate Professional with extensive experience in the Southern California Real Estate market representing buyers/sellers and buying and selling my own properties.  Thus, below are my summarized Observations:

 

Observation 1:  The crystal ball and speculation are fun, but to coin a phrase from my old Econ Professor at the University of Redlands some thirty years ago, “show me the data.”  Hence, lets look at what the numbers say over the last week from 3 April 2020 to 10 April 2020 in the Ventura County MLS for all of Ventura County:

A.     New Active Listings = 137

B.      Active Under Contracts = 137

C.      Pending = 119

D.    Closed = 135

 

Analysis 1:  Obviously there are still buyers and sellers of Real Estate based on the numbers but not to the extent of a normal spring which would typically have numbers two or three times the above amount.   Also, about 70 percent of the pendings over the last week were contracts taken in early March.

 

Observation 2:  The under $700,000 real estate market and other unique properties have been fairly active with multiple offers on some properties. 

 

Analysis 2:  There is a limited supply of active listings in some property categories as numerous sellers have postponed their listings but there are still active buyers of Real Estate.  Thus, with fewer listings, buyers are competing for properties.  Hence, inventory is limited.

 

Thus, the Question what happens after the virus as it relates to Real Estate: 

Again, I will avoid the crystal ball and unwarranted speculation and focus on past data from previous recessions (Economist predict a recession of some sort from the virus) and the effects it had on the Real Estate Market , below are National Averages from Corelogic the biggest data collection company for Real Estate Prices:

1980: 6.1 % Increase

1981:  3.5 % Increase

1991:  1.9% Decrease

2001:  6.6% Increase

2008: 19.7 % Decrease

 

Thus, in three out of five recessions, prices of Real Estate increased.  Of course, we don’t know what happens after this predicted recession, we can only use data to help us make informed decisions.   We also know that in Southern California the above numbers can be skewed as our increases and decreases are typically greater than the national averages. 

 

Therefore, it boils down to what a buyer’s or seller’s timeline for a purchase or sale is.  Market timing is a futile experience and nearly impossible to predict.  If a buyer plans on living in a home for 10 to 20 years, whether they buy now or after the virus plays itself out is probably not as relevant as many speculate.  If a buyer finds a property they like, then buy it.    If a seller needs to sale, one advantage to putting the house on the market at this time, is they will have less competition from other sellers.   In summary, use data, your personal financial situation, and your own timeline to make your Real Estate decisions.  

 

About Dave Crowell, Dave Crowell is the Broker/Owner of American Dream Realty in Camarillo Ca and a top producing Camarillo Real Estate Agent, DRE 01845970.  For more information feel free to contact Dave at 805-300-3345 or visit my website at www.mycamarilloproperties.com for seller and buyer tools.  Also, for a valuation report on your home go to:

What is my Home Worth



Dave Crowell
Broker/Realtor
American Dream Realty
Direct Line: 805-300-3345
email: crowelldg@gmail.com
www.davecrowellrealtor.com



 

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