There are two major contingencies at the onset of the purchase process in real estate. Knowing when to remove the inspection contingency and loan contingency is important to move the process along to prevent you losing your deposit money.
So, it’s a quirky real estate market right now. We saw inventory climb about 20% from April to May in our local area, yet the number of homes in escrow was relatively flat (even down a smidge) with March. The good news is, in June, we’ve already seen more homes go into escrow than for all of May and it’s not even mid-June. So the market is picking up; as more homes are coming on the market, more homes are selling. Yay! Right now, June inventory is about the same as in May. Now, here’s the quirky part…the buyers. Maybe not so much quirky as they are being choosy about what they buy. When I talk with real estate colleagues, we are consistently seeing homes that are fully renovated sell quickly and many with multiple offers. Homes that are not updated are sitting. Sorry to report that. We tend to think it’s because most buyers want all the work done so they can just move in and enjoy life. Renovations and dealing with contractors isn’t always easy and so even if the price is lower to “compensate” for it not being renovated, buyers aren’t biting. And those homes are just sitting. We are seeing more buyers and relocations now that school is out and summer is underway. Hoping homes will sell as buyers want to be in and settled before the Fall. Keep your fingers crossed!
Lately, great homes for sale under $1,000,000, here in the Conejo Valley, are going into multiple offers. So how do you win the bid? Watch this quick video to learn some great tips on putting together the best offer package to win your dream home!
Want to know more about the mortgage letter you should submit? Click here.
Here’s your 1st quarter real estate market update for the Conejo Valley and it’s looking great out there! Home values are up from 4th quarter and things are selling more quickly too, about 1-2 weeks better on average. The Spring market is here!
Average price of sold homes
Westlake Village – up 15%
Thousand Oaks East – 12%
Thousand Oaks West – 10%
Agoura/Oak Park – 1%
Newbury Park – 1%
When we look at the data, the sweet spot for activity is definitely homes priced $500,000-$999,999, but overall 558 homes sold this quarter in all price points so our inventory is selling.
Days on Market tends to increase with price point (so the more expensive the home, the longer it takes to sell), but homes that are in great condition and staged properly are the most appealing to buyers and often have multiple offers within days of going on the market. Buyer are being picky and swoop up the good ones as they come onto the market.
It’s a great time to sell if you are thinking of doing so. Give me a call – I’d love to help: 818-383-4335.
It’s a HOT Real Estate market right now in the Conejo Valley. Are you ready to be a part of it? Are you thinking of selling or buying? Watch this for some helpful insight and then be sure to watch our other Tuesday Tip video about getting pre-qualified on a loan before shopping for real estate. Selling doesn’t have to be overwhelming. Let’s chat for 15 minutes because you may not need to do as much as you think.
It’s so important for your Realtor to get to know you and vice versa. Take a few minutes before you begin looking at homes to chat with your Realtor. Tell them your dream home wants and needs. Tell them about yourself and your family. The more your Realtor knows about you, the better able she/he will be able to find you that home you have always wanted.
The real estate market is heating up here in the Conejo Valley. Let’s take a look at activity for the first two months of 2017.
The days of market actually represents the homes that were for sale in the last quarter of 2016 so we should start to see an improvement in these numbers as we head into the busy real estate season.