Simi Valley Real Estate Reality - Why Multiple Offers Don't Mean Squat!
I track every month, the closing statistics for Simi Valley and Moorpark sales on my Wordpress Blog, www.homebuysblog.com. I started this detailed look last year and took the monthly closing data back to 2006 as our MLS systems until recently did not archive data. Our MLS system would purge the records that were three years or older and the database software could not handle the volume.
I keep hearing from agents about how the market has bottomed out and that there are multiple offers on every property and that it looks like the recovery is underway. Well, I'm going to take the air out of this balloon, before the trouble begins again.
The newspaper, TV, Magazine all say that sales are way up. What we need to look at is, that the market is different zip code to zip code and Simi Valley, while looking better than the fall winter of 2007 - 2008, still has a long way to go before a recovery can be claimed.
Why are there multiple offers, shrinking inventory and declining prices?
Low interest rates, tight inventory and tax credits are are getting buyers excited, but the numbers clearly show that a recovery just is not here yet for Simi Valley Real Estate.
What should you do if you are a buyer?
If you are looking for something a little different to do on the weekends. Something you can take the kids to; then the Santa Susan Train Depot located on the east end of Simi Valley is open from 1:00 pm to 4:00 pm on Saturdays and Sundays. The Santa Susana Historical Train Society maintains an HO scale model train layout depicting the 1950's Simi Valley Area. Please visit the Depot's site for more information viewing the trains as I noticed their website has some conflicting information on when the model trains run. http://www.ranchosimifoundation.com/
The original 1903 depot has been restored and houses the model train layout. you can enjoy a piece of our Simi Valley history an enjoy a large model train layout maintianed by the Santa Susana Railroad Historical Society.
Karen Betancourt New Team Leader for Keller Williams Simi Valley Karen’s career in the real estate industry began in 1984 when she obtained her real estate license and began as a residential sales agent focusing in the Moorpark and Conejo areas for Century 21 Village Oaks. She was asked to become the sales manager of the company 3 years later. Approximately 2 years later, the owners of Century 21 Village Oaks merged with Century 21 Ambassador which was owned by Bob Majorino. At that time, Karen worked closely with Bob Majorino in planning and executing the merger of the two companies and continued to co-manage the merged offices with Bob under Century 21 Village Oaks for approximately 7 years. As general manager, Karen created and implemented the training program for new and experienced agents in addition to handling the overall management of the office including staffing, advertising, finances of the operation, creating and implementing the business plan for the company to name a few. Karen again worked closely with the owners in the acquisition of the Prudential franchise and the transition from Century 21 Village Oaks to Prudential California Realty. While real estate management was the field she enjoyed most, Karen entered the world of single motherhood at this time and decided to transition to a related field that would offer her the additional benefits and security she needed at this time thus began her escrow career. Beginning at Townsgate Escrow, she soon found herself in the world of title as they were acquired by Chicago Title. A year later, joining all of her colleagues she moved to Fidelity Title and became their top producing resale desk in Ventura County for many years. She attained this through her marketing efforts which she brought from her real estate background and previous employment and continuously operated a successful unit with 4-5 assistants a majority of the time. With her children now older, Karen decided to leave the escrow field in October and started up a website business with some partners. While deciding what she wanted to pursue next after setting up the website business, a mutual friend connected Robert Harris and Karen which resulted in her joining us here at Keller Williams Simi Valley as Team Leader. Keller Williams Simi Valley is excited to welcome Karen Betancourt to lead our team.
Simi Valley Real Estate is #6 on the Business Week most improved home sales list (national)
I am not one to hype, so I will give you the good and the bad of this article. As you dig into the details of Business Week's report on Simi Valley real estate, the trend of shrinking inventory and delcining prices is still in full motion. Typically shrinking inventory is a stabilizing factor and helps prices to rise. Not so in this case as there are major economic factors that are keeping a market turn around at bay.
True - Houses are selling with multiple offers
True - Buyers are getting frustrated
False - You better buy now before you are locked out
True - Now is a good time to buy
True - You have time to make an educated smart buy
True - If you miss out on a property there will be more and better properties coming on market.
I am an advocate of making a smart buy and being able to walk away from a buy or escrow if the situation is not right.
Businessweek has Simi's 93065 at Number 6 on thie list:
Simi Valley, Calif.
ZIP: 93065
Metro area: Oxnard-Thousand Oaks-Ventura
Annual home sale increase: 77%
Fourth-quarter sales: 207
Median home price: $405,000
Median home price change: -16.3%
Non-distressed sales percentage: 57%
A quick look shows that the number of homes sold is up 77%. That was relatively easy as this time last year the market was so dead even a defibrillator could not jump start buyers into action. Notice that the median price is down, not even and not positive. Also notice that the distressed market is accounting for nearly 43% of all sales. Notice that this report includes only the west side of Simi Valley which is home to a larger percentage of higher value homes. I am sure if we add the numbers in from the 93063 zipcode that the report would be much different. Business week's most improved home sales list might look different if we took it by area and not individual zip codes. With that said, it is true that certain areas are relatively holding their own and not caught up in the decline, but Simi Valley has seen a good drop in price citywide.
What does this all mean for those looking to make a purchase now.
Please be sure to stop by www.HomeBuysBlog.com for more up to date information on the Simi Valley Real Estate Market.
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Simi Valley Real Estate Specialist Licensed over 12 years, California DRE 01224852. Dedicated to earning your trust and respect long before I ask for your business. Simi Valley homes for Sale.
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