Even though the May 2016 Simi Valley Housing Report for the last two months shows a slight reduction in the number of homes sold, the market remains strong. Homes between $500,000 and $600,000 continued to lead all other price ranges in number of units sold for a second month in a row. Inventory below $500,000 continues to shrink. Homes over $800,00 are selling on average 3%-4% below the original asking price, with 2 to 2.5 months on market. Strong sales in the lower price ranges and negotiating in the high ranges will help keep sales in check. The last thing the market needs is run away price inflation. As of May 2016 median home prices for Simi Valley have increased approximately 3.5% since January.
Summer sales will be a key indicator of the strength of the market. Last summer the Simi Valley Housing Market reported 137 units sold in June and in July set a one month record at 151 units sold.
Keys to getting your home sold for the highest price, include:
1. Repair any items you can, do not let a home inspector devalue your home over simple deferred maintenance items. 2. Declutter, pack and prepare your home to show. If you are committed to selling then start the packing and moving process now. 3. Consider hiring a professional home stager to really set off your home’s features and get buyers excited about your home. Inside and outside, make your home looks it’s best.
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