Camarillo Real Estate Summery
Camarillo has always been one of the most desired cities in Ventura County to live in. The proximately of Camarillo to the Pacific Ocean, and larger cities such as Los Angeles and Santa Barbara has made Real Estate investment in Camarillo a sensible choice. However, Camarillo has not been immune to the epidemic decline in the Real Estate Market.
Below is quick examination of Camarillo's Real Estate Market for the first half of both 2007 and 2008.
|
01/01/2008- 06/30/2008 |
|
|
Total Number of homes sold |
305 |
|
Number of short sale homes sold |
26 |
|
Number of bank owned homes sold |
30 |
|
01/01/2007- 06/30/2007 |
|
|
Total Number of homes sold |
422 |
|
Number of short sale homes sold |
2 |
|
Number of bank owned homes sold |
0 |
As you can see the number of homes sold in the first half of 2008 compare to last year, 2007, have decreased by 28%. At the same time, Camarillo has seen an increase in the sale of short sales and bank owned home sales.
Below is a snap shot of June's real estate sale report for Camarillo. As you can see the total number of sales has decreased slightly, but the number of short sales and bank owned sales have increased considerably.
|
06/01/2007- 06/30/2007 |
|
|
Total Number of homes sold |
70 |
|
Number of short sale homes sold |
0 |
|
Number of bank owned homes sold |
0 |
|
06/01/2008- 06/30/2008 |
|
|
Total Number of homes sold |
63 |
|
Number of short sale homes sold |
9 |
|
Number of bank owned homes sold |
21 |
What Does This Mean For Camarillo Home Sellers?
Home buyers are now looking for the best deals available. The deals home buyers are attracted to in our current real estate market are those offered by lenders through Short Sales or Bank Owned Sales (also known as REO).
If you are unable to compete with the prices lenders have to offer buyers, I would suggest holding off on the sale of your home. The lenders' huge inventory has to end one day and the market will bounce back to a place where you can sell your home for your desired price. However, if you have to sell your home in the current market, please listen to the advice of your RealtorÒ and price your home accordingly.
What Does This Mean For Camarillo Home Buyers?
If you are ready to purchase a home and you feel that "Your" time to become a home owner is now, then you have picked a time of vast home inventory. Your choices of short sales and bank owned homes are increasing by the month. Home owners who have to sell in this market are pricing their homes so they can compete with lenders who are also selling their inventory. I highly recommend that you look all over Camarillo and find the right home that fits your budget and is for sale in the "traditional way."
Why, you may ask? Because when you buy a home from a lender you usually must buy the home As-Is. Whereas, home sellers will disclose to you any known issues that might affect the condition of the home and they might even fix the problem for you before the close of escrow.
No matter how you plan to participate in this up-and-down Real Estate Market I wish you the best of luck.
Also, please feel free to give me a call if you need any advice or help on any Real Estate Related Issues. I can't single-handedly move the market, but I'll be more than happy to help you.
Great post Mana, and reminding sellers to aggressively price to compete with REOs and short sales.
Another great post Mana. I like the way you did this layout. I might "borrow" it for a post soon. I really like this. Good information for buyers and sellers in your area.
Mana, This report really highlights the increase is REOs and short sales in your area. What is the avearge selling price in your area?
Broker Bryant: the average selling price of homes in Camarillo for the first half of 2008 has been about $698,022 down from $700,970 same time last year.
Mana - our MLS just this week added a way for us to pull out the short sales and REOs - scary numbers