Home Buying in Ventura>Question Details

Sara, Home Buyer in Ventura, CA

It seems to me that there is a complete shortage of houses in Ventura. Why is that? If I had a million to spend than I would be fine.

Asked by Sara, Ventura, CA Thu Jan 10, 2013

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Sara’s answer
I am currently working with an agent who has worked with my parents for many years and has 34 years of experience working in Ventura, so I feel pretty confident in her abilities. She keeps trying to find places, but I am holding out for certain areas in Ventura since this is going to be a home we plan to stay in for the rest of our lives. No joke. So there are some houses for sale in areas that I, to put if frankly, just don't want to raise my small children in. My agent says to keep waiting until March when the market should pick back up. So, I am trying to wait, it's just difficult & worrisome when each day goes by and there's nothing new on the market. There were 2 houses that hit that I was slightly interested in and they went to investors who paid 50-60K in cash over the asking price! How can we compete with that?! The bidding wars on properties that do hit the market have gotten crazy. That worries me too. It's like sharks fighting over a small piece of meat. It's a frenzy.
0 votes Thank Flag Link Fri Jan 11, 2013
So sorry, Sara, that this is happening to you. It's happening to many others like you. I have clients just like you and the only thing I can say is that the ones who suceed.....the ones who get what they want.....are those who refuse to give up.
Flag Fri Jan 11, 2013
Sara,
I am not a Realtor, but a long time property inspector. I can confirm your frustration as many of my clients have worked for months to find a property. Unfortunately, California home builders have not been building over the last five years which is not helping as we still have an increasing population. I think if you find the right Realtor, they can sometimes find a property coming on the market before it becomes know to all and this may help you. I definitely think going it alone or without a great agent would be a big mistake. We were up 30% in number of inspections last year so their are properties moving, it's just a matter of getting the help you need to find one.
0 votes Thank Flag Link Thu Jan 10, 2013
Hi Sara,

Ventura has a total 94 single family homes & condos listed for sale in the local Multiple Listing Service today - that is low inventory! How soon are you ready to buy? Are you working with an experienced Realtor now who contacts you daily with new properties listed for sale in your price range? It's important to work together as a team to find and buy a residence in beautiful Ventura.
I'd like to know if we could work together to accomplish your real estate goals, if you're not using the services of another real estate professional at this time. Please feel free to contact me with your housing needs. Thanks for your real estate question and comments.

Sincerely,

Karla Reed, Broker
805-320-0113
karlyjoreed@gmail.com
0 votes Thank Flag Link Thu Jan 10, 2013
Hello Sara:

That is true for the most part, depending on your needs and desires. Sellers are sitting on the fence right now and with interest rates so low the supply is not meeting demand. If you look at purchasing
a home as a game of patience, you will prevail.

Please don't give up. Your can tell you right away when a home hits the market.

At this time the best plan is offering full price on a home you like, subject to appraisal of course, so you are protected in case it does not meet value. In some cases, our offers have been over asking
if we know the demand.

Good Luck Sara.
0 votes Thank Flag Link Thu Jan 10, 2013
There's a complete shortage of houses California cities. Fewer foreclosures...more loan modification and short sales working...lender groups are buying foreclosures at auctions so fewer hit the market. Many sellers are now holding onto the spring and summer months...
0 votes Thank Flag Link Thu Jan 10, 2013
Hi Sara... You are in the same boat as all your "Buyer competition" -- The only way to succeed (without getting left behind) is to get pre-qualified immediately, place offers on a lot of homes, and be sure to be VERY flexible on your priorities. If you pay 3% over asking on a home that's priced at $350K, you will be offering $360K. If you decide to offer at or below asking price, you will be beaten out by higher or all cash offers. Then in a month or two, a similar home will be $360K and you would have wished you bought the 1st one. Working with an experienced team of agents that can guide you thru the current challenging real estate market, is vital to you in accomplishing your goals.
Current Ventura home listing inventory:
Ventura New Listings (17)
Ventura Foreclosure Listings (9)
Ventura Short Sale Listings (71)
Ventura Single Family Homes for Sale (140)
Ventura Condos & Townhomes for Sale (40)
Good luck in your efforts to become a homeowner!
0 votes Thank Flag Link Thu Jan 10, 2013
I've got news.....I have clients with a million + and can't find anything for them. The shortage has hit almost every price point. Call me in late February when I expect to see more homes appear on the market. As a matter of fact, let me know what you are looking for now so I can help you get what you want when or before it hits the market. If your expecatons are realistic, we'll succeed!
0 votes Thank Flag Link Thu Jan 10, 2013
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