Ventura, CA

Music Under The Stars: Sultans of Mambo

August 22, 2009
Courtyard gates open at 6:30, Concert starts at 7:30pm
4200 Olivas Park Dr., Ventura Harbor Area
Phone: (805) 658-4726
Admission: $18/ticket & optional $10/table for 4

Flamenco Rumba Music.

This flamenco, rhythm and bass guitar driven quartet of singers-whose exciting South American sound can be heard on film scores like The Mexican-will rumba you to the dance floor all night long with lyrics in English and Spanish.

Make it a catered affair! Call 805/650-7559 by Friday noon before each concert to reserve a complete hot buffet dinner by BuenaVentura Catering for $13.50 per person. A different menu is served each Saturday 45 minutes prior to the performance.

More info: http://www.cityofventura.net/mus

CHIEFS ALONG THE CHANNEL CAR SHOW: Sunday, August 23rd 10-3

Vintage and modern Buicks, Oldsmobiles, Pontiacs and GMC trucks will be on display at Ventura Harbor during this show hosted by the Channel Islands chapter of the Pontiac-Oakland Club International and the Seaside Goats.

Other activities will include live music by John Marx and The Blues Patrol, a raffle and an awards ceremony.

Ventura Harbor Village main lawn, Spinnaker Drive off Harbor Boulevard, Ventura. Free for spectators; $40 to enter a car. A portion of proceeds will be donated to FOOD Share; take canned or nonperishable items for donation.

more info: http://www.venturaharborvillage.com/

It is time for an update on the real estate market in Ventura. I am happy to report that the Ventura real estate market is improving. But before I give you that information, let me tell you what is happening on a national and statewide level.

Nationally, homes sale prices are up by 2 1/2%.

• Standard and Poors reports that 14 of the 20 major market areas have seen sale prices increased.
• Case-Shiller reports price increases for the first time in three years.
• Case-Shiller also reported that, nationally, prices are reversing from the downward trend and that the real estate market has fully turned the corner.
• The NATIONAL ASSOCIATION OF REALTORS® (NAR) reports that resale home sales have risen for the past four consecutive months.
• The U.S. Department of Commerce reported that new home sales were also up, increasing by the largest percentage in eight years.

Statewide, the California Association of Realtors® reports that the California real estate market has not seen this much activity since December 2000.

• Home sales have been on a steady increase since late 2008.
• June sales were up by 20.1% over the same period last year.
• New home sales were up by 11%.

Ventura County sales and median sales prices are also on an upswing.

• The California Association of Realtors® (CAR) report shows the number of resale homes sold in Ventura County is up by 14.8% from a year ago.
• CAR also reported that the median sales price increased by 6.8%.

A good indicator of the strength of the real estate market is the average number of days a home is on the market before it sells. Homes in Ventura County with prices under $600,000 are selling on an average in less than 90 days! Homes in the $700,000 - $800,000 range are taking slightly longer. Homes over $800,000 and up to $3,000,000 range are averaging 6 months to over 13 months to sell.

Normally, 90 days on the market would indicate that the Ventura real estate market has moved into to a sellers market. The truth is we are not quite there yet. Foreclosures are still affecting the market. But, sellers are in a much more favorable position than they were just a few months ago. One final caveat regarding days on market. The average days a home is on the market is strongly influenced by location, condition and pricing.

Buyers, time is running out! You need to take advantage of the current market conditions because they will not be there for long.

• If you have been waiting for the bottom of the market, it has come and gone; today's affordable pricing is already changing.
• The historic low interest rate of 4.75% is gone as well. However, interest rates are still low (5.2%), but for how long is anyone's guess.
• The California Home Buyers Tax Credit has already used all of its allocated funds and is no longer available.
• The Federal First-Time Home Buyers Tax Credit program will be ending soon (escrow must be closed by November 30, 2009).
• The inventory of homes is shrinking. So, the choices you had a few months ago have also passed you by.

Contact us today so we can help you get into the Ventura home of your dreams today!

Dave and Pat Zumbrun - The Z Team, Ventura County real estate

How much should you Borrow for a Home Loan in Ventura, California?

This question can sometimes be answered by looking into your bank account. You may be limited to the amount of money you have available for the purchase of a home.

The other factor is how much of a home loan can you afford. You may want to put down as little as possible, but the loans amount that you are left with may not make sense from a monthly obligation stand point.

While it might be tempting to borrow whatever amount of money your lender is willing to give you, it is important to think carefully about how much you’ll actually need to borrow in order to purchase a new home. From the down payment to property taxes to insurance to interest rates, there are many factors to consider when making this important home loan decision.

Contrary to popular belief, there is no standard formula for accurately calculating the specific dollar amount you should borrow when purchasing a new home. Many web sites offer calculators to help with deciding what amount you should, borrow, but the variables vary greatly from one site to another. Another rule of thumb suggests that you should never borrow more than 2 1/2 to 3 times your gross annual income, or that 28%, 32% or even 40% is the maximum amount of debt you should ever take on (your total housing payment divided by your gross monthly income).

As mentioned above, you may be forced to borrow the maximum due to the amount of saving you have available to put towards the down payment. What you must do in this case is determine if the home loan that you end up with by putting the least amount down is affordable. There are lots of lenders that will provide you with the loan with the least amount down, but you are the one who has to make the payment, and therefore that really becomes the important question. What if you only have the minimum amount of money for a down payment (which is 3.5% on an FHA loan, in most cases), and the payment is not comfortable. Then you need to either seek out a gift from a relative, determine if the city has a down payment assistance program or continue to save for a larger down payment and less of a home loan.

The best advise I can give you is to speak with a mortgage professional and get yourself pre-approved (not pre-qualified) for a home loan. By getting pre-approved for a mortgage, you not only increase your chance of finding the perfect house for your needs, you also become a “cash buyer”, instantly increasing your bargaining power.

As a mortgage professional, I see my role differently than a traditional loan officer. While my job is to match you with the best mortgage available for your specific needs, I feel that it is also my duty to make sure it is the most responsible home loan as well.

Whether you choose to work with me or not, be aware. A lender will often offer you the maximum amount of money that you qualify for, whether you actually need the full amount of not. Because of this, it is vital that you sit down with a mortgage professional who you can trust to figure out your complete financial picture.

Jay Jacobs

805-218-6651

Pacific Coast Lending

Ventura, California

www.venturamortgageguy.com

How much should you borrow for a Home Loan in Ventura, California?

Real Estate Activity for Ventura

As of 7/13/09

Breakdown of Active Listings:

*does not include properties accepting back-up offers or in escrow

56 attached (condos, townhomes, duplexes)

180 detached

Statistical information used to create this report was obtained from VCRDS. Information Deemed Reliable but not Guaranteed.