Many Ventura County home buyers are finding the process of buying a home today to be very frustrating. In
large part, this is due to a lack of Ventura County homes for sale. Inventory is down, especially in the lower price range and with today’s lower interest rates, we are seeing more buyers wanting to take advantage of these low rates.
Supply and demand is an economic model of price determination in a market. Simply put, low supply, high demand pushes prices up.
If we translate that to the current Ventura Real Estate Market, we see that well priced homes are receiving multiple offers, and buyers are having to make numerous, highly competitive offers to obtain the Ventura County home that they want.
How can you compete, what do you need to do to be competitive?
First have your financing in place, speak to a lender and get an approval letter or if you are buying with cash, have that cash readily available and a bank statement showing proof of funds that should be included with the offer. Today’s real estate market is no time to make low ball offers.
If you open yourself up to being in a counter offer process, please know that while you are in this counter offer process, the seller can and usually will, accept a better offer and once an offer has been accepted by the seller, the seller does not have to continue the negotiations of a counter offer with you.
It is no longer a buyers’ market in Ventura County, especially in the mid to lower price range. An experienced Realtor can advise you on the specifics of the home and area you are interested in.
Write a clean offer, meaning that you should have as few contingencies as possible, while still protecting yourself in the purchase, and remember, as mentioned above, you do not want to get into a counter situation, if at all possible. An offer is a combination of price and terms, all should be competitive.
If you have any questions about buying a Ventura County home in today’s sellers’ market, please give Kathy Stoltman a call at 805-746-1793.
