Simi Valley Housing Market News August 26, 2008

Simi Valley Housing Market News August 26, 2008

Simi Valley Housing Market Update

After four straight months of stronger sales in Simi Valley, the news is trying to find it’s way in this turbulent market. There is no doubt that Simi Valley’s foreclosure and short sale market have brought the bargain buyers out to look to either accumulate investments properties or first time buyers to make that long awaited purchase after being forced to sit on the sidelines for several years.

This might buck the typical Simi Valley trend of the slower fall real estate sales we have seen every year for the last 10 years. Starting January 1st 2009, investors will be limited to owning 4 properties total that are financed with Fannie Mae and Freddie Mac backed loans. I would not be surprised to see some increased buying before the end of this year as investors with more than four properties finance additional purchases while they can.

The action in the sales we are seeing in Simi Valley, are on the entry level and lower side of the Single Family Detached homes. Condos and Town home sales are still sluggish as many buyers try to avoid HOA fees. I will have the August Market Numbers Report posted near the end of the 1st week of September.

Related Stories:

• Discounts and interest rates fuel home sales
• Home sales soar as prices dip
• Quick Take on the Economy: August 25, 2008