by Kandy Klee, SFR, BPOR
The most honest answer is, “It depends.” It depends on your goal and reason for making a change. If your goal is to get your family of five out of your parent’s guest house, then it’s going to be a good time for you to buy, but if youre considering an investment property–if you can find a deal–you need to take a close look at what the market is doing now. So let’s take a look at selling, buying and renting in the Conejo Valley this week.
We all know the market has been hot. Houses have been moving fast, with multiple offers. Is this a continuing trend or is the selling market cooling?
This week, we’ll look at Thousand Oaks.
The median selling price rose in the past 12 months from 643,250 to 676,950. (Hint: if you were upside down, check with your agent to get your current value! You’re situation has probably improved.)
The days of market (DOM) is inching upwards from 49 days this time last year to 59 currently. So while it is increasing, it is still less than 2 months. That’s only 8 weekends you have to put up with showings, open houses and keeping it so clean that it looks like no one lives there.
Sometimes we see sellers waiting in November and December and then there’s a rush of spring listings. Contact your agent now and discuss with them if you think you want to list in the spring. You will find, that many agents have buyers waiting for a home like yours. As a seller, it’s better to list when the inventory is lower, than when the flood of spring listings come in. Plus, December home shoppers aren’t looky-loos; they are serious buyers. You can make showings only available at certain times, so it doesn’t interrupt your holiday plans. The housing supply today is 7.37 months, compared to 10-20 months this time last year.
Is it cheaper to rent or is now the time to look at buying?
Well, firstly, mortgage rates fell below 4 percent last week, and conventional loans can be less than 20 percent down. Contact your loan officer today and get your quote. If you don’t have a loan officer, call your agent. We all have teams with which we work closely.
The median rent price in Thousand Oaks has risen from 2,375 to 3,150 in the last 12 months.
Use a mortgage calculator such as www.mortgagecalculator.org to see what your home payment would be as compared to a rent payment. At the median home price of 676,950 and 20% down, your mortgage payment and taxes would be less than the median cost of rent.
I’m thinking about an investment property; are there bank owned properties still?
REOs (bank owned property) and short sales are still here. They are in Thousand Oaks and can be good deals for flippers or buy and hold investors. We are seeing lenders list property on the MLS and simultaneously making them available on auction sites. Auction sites have buyer’s premiums added to the bid and deposit requirements to bid.
Check with your agent on the best way to make offers on these properties and know what you are getting in to so you don’t lose a deposit! While we aren’t in the REO flood of a few years ago, deals are still here and available for investors.
So, how’s the market? It depends on your goal. Discuss your goals with your agent and see if it’s the right time for you to make a move.