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January 2014 Simi Valley Home Sales Report

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Sales Volume for Simi Valley Single Family homes was 18% lower in January 2014 over January 2013.  While Median and Average Prices are up, the over all strength of the market is mixed.  Still homes are slow to come to the market.  Sellers are cautious and make sure they list only when they know they have to make a move.  Other sellers are still bogged down by interest only and adjustable rate mortgages from 7 – 10 years ago that cannot be modified or they still do not have the equity to refinance or they don’t qualify under the new lending requirements for income proof and debt ratios.

Most segments of the Simi Valley Real Estate market are selling very close to full asking price.  Those homes selling below the average 97% to 98% of asking price are really victims of over pricing.  It is understandable that sellers will try to maximize their sale price, however patient buyers will wait on those over priced homes or purchase other homes in the area that more reflect area market rates.

I just returned from Keller William’s Family Reunion which is our international convention.  Our Chairman of the board Gary Keller, each year in his vision speech gives an outlook on the market for the year ahead.  Gary stated:

Simi Valley Real Estate 2014“No other market is more affordable right now than real estate,” he said. He easily illustrated the point with a simple comparison. “The cost of a home is over double what it was in 1989, yet the monthly payment is only up $116! Compare that to the increase in the price of gas, bread and a new car and it’s pretty amazing.” The challenge is helping people understand that he continued.

“This is the graphic you want to put in front every single buyer because they’re going to look at rising interest rates and prices and think that there will be a better time to buy,” said Keller. “The truth is, if they could time the market, they would have already bought.”

Simi Valley Real Estate is inline and in some cases maybe better off than the national averages Gary Keller reported on.  A typical Simi Valley 3 bedroom, 2 bath house at approximately 1500 square feet was selling for approximately $175,000 in 1994 with 9% interest.  Compared to today, that home is over $425,000 with 4.5% interest rates.  Last year those homes were selling for 18% less with 3.25% interest rates.

Rates are predicted to go up and will go up as the economy recovers.  Now is the time to lock down a purchse with low rates and low pricing.  Call me at (805) 432-7705 so I can set you up with property alerts that meet your criteria.

 [wnt_list maptype=”above” exactcity=”1″ ownertype=”all” paginated=”false” sortoptions=”false” maxresults=”90″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”CA” min_price=”350000″ max_price=”510000″ listing_status=”Active” county=”Ventura” city=”Moorpark,Newbury Park,Simi Valley,Thousand Oaks” single_family=”y” condo=”y” townhouse=”y” /]

 

 

Posted in: Market Updates Tagged: homes for sale, market update, real estate, Short Sale, Simi Valley

About Ted Mackel

Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.

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Client Testimonials

Ted actually helped us find a new home AND sell two homes. He was beyond helpful with everything. When looking for a home, Ted didn't waste our time…My husband and I are really busy so this meant a lot to us….he always had plenty of houses lined up for us to look at and he acted as our personal chauffeur. He really knows Simi, so he knew exactly where to take us….and ultimately he found us our beautiful new home. Selling the other two was a breeze…Ted took care of everything. No complaints here!

suelac2

Ted was wonderful in helping us sell our house. He was in constant communication with us and made the process very easy and stress-free. He was very knowledgeable and professional. I highly recommend him.

reuel

Professional and very easy to work with.

geralyn

Ted's continuing knowledge of local real estate markets enabled an immediate, correct valuation of the house we sold. Calm and competent throughout the process, he remained unflappable through the invevitable hurdles. His escrow team at Keller Williams were perfect.

jeff

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1858 Sutter Ave Simi Valley CASold
$45k over list - 6 days on market649950

1858 Sutter Ave Simi Valley CA 93065

1858 Sutter Ave
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  • 3Beds
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  • 1590Sq ft
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