BiggerPockets

Things are Looking Up for Ventura County Real Estate

Thursday, January 07

Things are looking up for Ventura County real estate.  With sales figures rising for the last several months thanks in large part to the homebuyer tax credits, housing prices and interest rates remaining relatively low, the real estate market of 2010 stands in start contrast to the bleakness of the same time last year.  New home construction permits are also up, indicating that people are buying new homes again as well.

Home prices across the country went up 0.6% last month.  While that doesn't seem like much, that amounts to more than 7% over the next 12 months if things stayed the same.  That's not bad, especially when you consider how dire the market was at the same time last year.  Home sales were 61% higher and condo sales were up 111% higher across the country when compared to the same time last year.

While the interest rates are at a relatively low point right now (around 5%), mortgages are expected to get more expensive in 2010.  Freddie Mac has projected that they expect to see interest rates hit 6% or higher as the year progresses.  The reason for the increase in interest rates is due to the positive changes the economy looks to be taking, including a projected moderate growth and the Federal Reserve's phase down of purchasing mortgage backed securities.

What does all this mean for you?  If you are planning to purchase a Ventura home, please contact us as soon as possible so that we can get the best possible and lowest mortgage rates available for you before they start to rise.  You need to act now because things really are looking up for Ventura County real estate.

Dave and Pat Zumbrun, the Z Team for Ventura County real estate

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