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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:
“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.
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