Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again in Ventura, California

Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again

Last year, 70% of buyers abandoned their home search – and maybe you were one of them. It makes sense. Inventory was low, prices were high, and mortgage rates were up and down like a rollercoaster. All of that made it really hard to find a home you loved – and could afford.

But guess what? The market is shifting.

So, if you paused your moving plans in 2024, it might be time to hit play again. Here’s why.

More Inventory Opens Up More Options

Even if you could make the numbers work, the lack of available homes in recent years probably made it hard to come by something that fit your needs. But inventory is rising, which means you have more options now.

According to Realtor.com, inventory has jumped 27.5% since this time last year (see graph below):

a graph showing the average of a home sale
So, if you were reluctant to list your house because you weren’t sure where you’d go if it sold, you have more choices than you did a year ago. That’s a big win.

Homes Are Staying on the Market Longer, Too

When the supply of homes for sale is low, they’re snatched up quickly because there just aren’t enough of them to go around. And a few years ago, that meant your house could sell overnight. While that’s not always a bad thing, if you’re planning a move and also need to find your next home, a slower pace isn’t the end of the world. In fact, it’s welcome relief.

Now that inventory has grown, homes are staying on the market longer, meaning you don’t have to feel as rushed in the process (see graph below):

a graph of blue bars
The latest data shows the typical time homes spent on the market went up by about 8% this year – that’s higher than we’ve seen since 2020, but still a faster pace than before the market ramped up. And it’s about a week longer than last year. Talk about a sweet spot for movers. It may seem like just a few days, but it gives you more flexibility and time to be thoughtful about your decisions. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, notes:

“There are more homes for sale than in the last few years, which means the market pace is a bit more manageable–with longer days on market–and many sellers are more flexible . . . Though buyers face still-high housing costs, they may find a bit more give in the market, which could give them more time to make a decision, even in the busy spring and summer months.”

And if you’re thinking – but wait – doesn’t that mean it will be harder to sell my house? Don’t worry. With inventory still almost 23% below the pre-pandemic norm, well-priced homes are selling, especially as more buyers step back into the game this season.

Bottom Line

With growing inventory, sellers who want to upgrade, downsize, or relocate have more choices. Plus, with less pressure to rush into an offer, it could be a great time to revisit your home search if you’ve put it on hold.

With more homes on the market and more time to make decisions, what else do you need to see in order to kickstart your home search again? Let’s talk about what’s happening in our local market right now.

Townhomes: A Smart Solution for Today’s First-Time Buyers in Simi Valley, California

Townhomes: A Smart Solution for Today’s First-Time Buyers

Buying your first home in today’s market can feel tough. Between high home prices and mortgage rates, affordability is still a big challenge. And some buyers are making one simple trade-off that’s getting them in the door faster: square footage.

According to the National Association of Home Builders (NAHB), 35% of buyers are willing to purchase something smaller to make homeownership happen. And one place you can usually find a smaller footprint (and sometimes better affordability) is in townhomes.

Why Townhomes Are Gaining Popularity

Townhomes typically cost less than single-family homes due to their more limited size. And that’s a big plus for today’s budget-conscious buyer. As Realtor.com says:

“In today’s market, affordability remains a key priority for homebuyers, making townhomes an attractive option because they are often priced more reasonably than single-family homes. It makes them especially appealing to first-time homebuyers on a tighter budget . . .”

So, if you’re trying to buy but feeling stuck because of rising prices, shifting your focus to townhomes could be one way to get into homeownership without maxing out your budget.

Builders Are Responding to the Demand

Builders have seen buyers’ appetite shift to smaller homes, and they’re adjusting to meet the demand. As Joel Berner, Senior Economist at Realtor.com, explains:

“Builders are making a concerted effort to provide smaller, more affordable inventory to the market in a way that the existing-home market cannot. Townhomes are a significant portion of that effort.”

And the numbers back it up. According to data from Realtor.com, townhomes now make up a bigger share of new construction listings than they did just a couple of years ago (see graph below):

a graph of a growing graph
That means, if you’re interested in this type of house, you have more choices than you would have had over the last few years. And more options that are potentially more affordable are definitely a good thing. It should make your search for your first home a bit easier.

Is a Townhome Right for You?

If you’ve been focused only on more traditional homes with their own yards, an agent can help you explore whether a townhome could work for you. Who knows, you may find out you love the lifestyle. A lot of people do. As an article from the National Association of Realtors (NAR) explains:

“Townhomes tend to cost less than single-family detached homes and can be appealing to young professionals who may desire medium-density, walkable neighborhoods.”

That’s because they’re lower maintenance, they can provide a sense of community with other residents, and they have their own unique amenities. Not to mention, they give you the chance to start building wealth through homeownership without the upkeep that comes with having your own detached, single-family home. And that can be great for first-time buyers who are a bit worried about the maintenance anyway.

But they also come with some other considerations, like dealing with noise through shared walls. If you’re a renter right now, maybe you’re used to that already. But these are the types of things you’ll want to think about. And that’s where an agent’s expertise comes in. They’ll help you weigh the pros and cons, so you understand how a townhome fits into your lifestyle and long-term goals before making your decision.

Bottom Line

If you’re struggling to find a home within your budget, it may be time to expand your search and consider options you haven’t before, like townhomes. Sometimes, compromising a little bit on space is worth it to get your foot in the door.

What matters most to you — space, location, or budget? Let’s figure out where you can flex to make homeownership happen.

Why You’ll Love Owning a Home in Camarillo, California

The Return to Urban Living — Why More People Are Moving Back to Cities in Scottsdale, California

The Return to Urban Living — Why More People Are Moving Back to Cities

After years of suburban and rural migration during the pandemic, cities have been making a comeback in the past couple of years. According to the National Association of Realtors (NAR), the percentage of people moving to cities has risen to 16%. While that may not sound like a big number to you, it is the highest level in a decade – and that’s a big deal (see graph below):

And data from BrightMLS seems to confirm this trend. In a recent survey, 1 in 5 (20.6%) people looking to buy say they want to live in the city.

So, what’s behind this ongoing shift back to urban living? Let’s break down the top three reasons why people are trading quiet suburbs for bustling cityscapes. You may find out you want to sell your house with a big yard and move to an urban oasis, too.

1. Vibrant Culture

Cities have always been hubs of culture, entertainment, and community. They’re packed with energy and there are always endless things to do. During the pandemic, a lot of that excitement was put on pause. But the last couple of years? Cities are buzzing again.

There’s nothing quite like being able to walk to your favorite coffee shop, pop into a local gallery, see a live concert or show, or grab a last-minute dinner at a great spot down the street. It’s a lifestyle that’s easy to love — and one a lot of people want today.

2. Being Close to Work

Remote work is still a thing, but most companies are moving to hybrid schedules or even bringing employees back to the office. That makes living closer to work way more convenient. Whether it’s cutting down a long commute or having more chances to network in person, being close to the office is a big plus — especially for industries that thrive on face-to-face connections.

3. Easy Access To Everything You Need or Want

One of the best things about living in a city? The convenience. Public transportation, top-notch healthcare, and so much more are all within easy reach. For a lot of people, having everything nearby just makes life easier — and it’s a big reason they’re drawn to urban living.

What To Do If You Want To Move To the City

Let’s say you moved to a suburban area during the pandemic and you’re missing the excitement of living right off city streets. You’re probably thinking: how can I afford to move back into the heart of things with how mortgage rates and home prices are? Here’s how other people are doing it.

According to data from the Federal Housing Finance Agency (FHFA), home values have gone up by 57.4% in the last 5 years alone. And that means your house is probably going to sell for more than you bought it for.

If you already own a home in the suburbs, you may be able to sell that house and use the equity you get back to fuel your move. Sure, you may have to compromise and be happy with a smaller, urban space – but if it’s the lifestyle you’re craving – that trade-off is going to be worth it. To find out what’s possible and what it costs to live in an urban area, lean on a local real estate professional.

Bottom Line

The urban renaissance is real. Whether it’s the vibrant culture, being close to work, or having easy access to everything you need, cities are once again calling — and people are answering.

What’s your favorite thing about life in the city? Let me know.

I’d love to find you a home you love where all the hustle and bustle makes life a bit more exciting.

Breaking Into the Market: Smart Moves for First-Time Buyers in Simi Valley, California

Breaking Into the Market: Smart Moves for First-Time Buyers

If you’re like a lot of aspiring homebuyers, there’s a major hurdle standing in your way — the cost of living. From groceries to gas, eggs, and just about everything else, prices have gone up. And that rings true for home prices, too.

But even when everything feels expensive, there are still ways to make homeownership more than an item on your wish list. You may just need to think about where you plan to buy a bit differently.

Think of Your First Home as a Stepping Stone

One of the biggest misconceptions among buyers is that their first home has to be their forever home – or that it has to check all the boxes of what they want right out of the gate. In reality, it’s just a starting point.

Once you own a home, you start to build equity, which grows over time as home prices rise. Down the road, if you want to move — whether to a larger space, a better location, or both — the equity you’ve gained can help you do just that.

So rather than waiting until you can afford your dream home in your ideal neighborhood, consider starting with something that works for now.

Expand Your Search To Find More Affordable Options

If high home prices in your favorite area are holding you back, it’s time to cast a wider net. By keeping an open mind and being flexible with location, you may be surprised at what’s possible within your budget. Many buyers find success by looking in surrounding areas – and some even choose to move out of state.

According to a report from Realtor.com, these are some of the best markets for first-time homebuyers this year (see chart below):

Of course, moving to a different state isn’t for everyone – and isn’t a necessity. The right agent can help you find more cost-effective options wherever you are.

If you want to stay local, looking just outside your preferred neighborhood could help you find something you can afford that’s still pretty close to your favorite restaurants, shops, and activities. Sometimes, moving as little as 10 minutes away makes a big difference.

And the best way to see what’s available is to work with a real estate agent who understands the local market and can help you identify hidden gems nearby. An agent can point you to communities you may not have considered that have lower price tags now and are steadily gaining value and appeal. That way you can buy your first home and be set up to gain equity through the years.

Bottom Line

Today’s cost of living is a challenge for many homebuyers. But by exploring different areas and working with a knowledgeable agent, you can take that first step toward owning a home — and building equity for your future.

How far outside of your area would you look to make homeownership happen? Let’s connect to chat through your options.

Home Price Growth Is Moderating – Here’s Why That’s Good for You in Simi Valley, California

Home Price Growth Is Moderating – Here’s Why That’s Good for You

Over the past few years, home prices skyrocketed. That’s been frustrating for buyers, leaving many wondering if they’d ever get a shot at owning a home. But here’s some welcome news: that whirlwind pace of home price growth is slowing down.

Home Prices Are Rising at a Healthy Pace

At the national level, home prices are still going up, but at a much more moderate, normal pace. For example, in November, the year-over-year increase in home prices was just 3.8% nationally, according to Case-Shiller. That’s a far cry from the double-digit spikes that occurred in 2021 and 2022 (see graph below):

a graph of green and white linesThis more normal home price growth might make buying a home feel more attainable for many buyers. You won’t face the same sticker shock or rapid price jumps that made it hard to plan your purchase just a few years ago.

At the same time, steady growth means the home you buy today will likely appreciate in value over time.

Prices Vary from Market to Market

While the national story is one of moderate price growth, it’s important to remember that all real estate is local. Some markets are seeing stronger growth, while others are cooling off or even seeing slight declines. As Selma Hepp, Chief Economist at CoreLogic, notes:

“Regionally, variations persist, as some affordable areas – including smaller metros in the Midwest — remain in high demand and continue to see upward home price pressures.”

Meanwhile, other regions saw slight month-over-month declines in November, according to Federal Housing Finance Agency (FHFA) data (see graph below):

a graph of a graph showing different colored squaresWhat does this mean for you? It’s crucial to understand what’s happening in your local market. A national average can’t tell the whole story. That’s where working with a local real estate agent can really help. They have the tools and expertise to give you the full picture of what’s happening in your area and how to plan for that in your move.

Bottom Line

Home prices are growing at a more manageable pace, and working with a local real estate agent can help you navigate the ups and downs of your specific market.

How have changing home prices impacted your plans to buy? Let’s talk about it.

Why Buying a Home Now Is Your Winning Play in Prescott Valley, Arizona

Buyer Bright Spot: There Are More Homes on the Market in Phoenix, Arizona

Buyer Bright Spot: There Are More Homes on the Market

The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry you won’t be able to find something in your budget.

But here’s what you need to know. The number of homes for sale has grown a whole lot lately and that’s true for both existing (previously lived-in) and newly built homes. Here’s a look at those two bright spots for buyers right now and why they may make it a bit easier to find the home you’re been looking for.

1. There Are 22% More Existing Homes for Sale

Data from Realtor.com says the number of existing homes for sale improved by an impressive 22% in 2024. And experts say your pool of options is expected to get even better this year. Forecasts show inventory is projected to grow another 11-15% by the end of this year (see graph below):

a graph of sales in inventoryHere’s why this is so good for your search. If you haven’t seen a house with all the features you need, just know that, as the number of homes for sale grows, you’ll have more options to choose from. That means a better chance of finding a home that checks all your boxes. As Ralph McLaughlin, Senior Economist at Realtor.com, says:

“It could be a particularly good time to get out into the market . . . you’re going to have more choice. And that’s not something that buyers have really had much over the past several years.”

2. There Are More Newly Built Homes on the Market

According to data from the Census and the National Association of Realtors (NAR), 31.1%, or roughly 1 in 3, homes on the market right now are newly built homes. That’s more than the norm (see charts below). But don’t worry, that’s not because builders are overdoing it – it’s just that they’re trying to catch up after years of underbuilding.

a graph of a pie chartAnd the best part is, since builders have been focusing on smaller homes with lower price points, you may actually find out new builds are less expensive than you’d expect. So, while a lot of people write off new construction because it’s easy to assume the costs are way higher, lately, that price gap isn’t as big as you’d think. As CNET says:

“If you live in an area where there’s a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”

If you haven’t been able to find a home that’s in your budget, it’s time to ask your agent about new builds. If you don’t, you may have been cutting your pool of options by about a third.

Bottom Line

More choices could be the key to unlocking your homebuying goals in 2025. Reach out if you want to see what’s available in and around our area.

What features are you looking for in your next home? Let me know and I’ll put together a list of homes you’d love.

Two Resources That Can Help You Buy a Home Right Now in Camarillo, California.

Two Resources That Can Help You Buy a Home Right Now

A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expenses, saving enough to buy your first home is more of a challenge. But here’s the thing. With the right resources and help, you can still make it happen.

There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect. Let’s explore just two of the solutions that could help get you into your first home no matter the market.

1. FHA Loans

If your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:

  • Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.
  • Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing. This means, when conventional loans aren’t an option, you may still be able to get an FHA loan.

The first step is to connect with a lender who can help you explore your options and determine if you qualify.

2. Homeownership Assistance Programs

And if you need a more budget-friendly down payment, that’s not your only option. Did you know there are over 2,000 homeownership assistance programs available across the U.S. according to Down Payment Resource? And more than 75% of these programs are designed to help buyers with their down payment. Here’s a bit more information about why these could be such powerful tools for you:

  • Financial Support: The average benefit for buyers who qualify for down payment assistance is $17,000. And that’s not a small number.
  • Stackable Benefits: To make it even better, in some cases, you may be able to qualify for multiple programs at once, giving your down payment an even bigger boost.

Rob Chrane, CEO of Down Payment Resource confirms a little-known fact:

“Some of these programs can be layered. And so, in other words, you may not be limited to just one program.”

If you want to learn more or see what you qualify for, be sure to lean on the pros. A trusted real estate agent and a lender can guide you through the process, explain the help that’s out there, and connect you with resources to make buying a home a reality.

Bottom Line

If you’re ready to stop wondering if buying a home is possible and start exploring solutions, let’s connect.

3 Reasons To Buy a Home Before Spring in Prescott Valley, Arizona

3 Reasons To Buy a Home Before Spring

Let’s face it — buying a home can feel like a challenge with today’s mortgage rates. You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?”

But here’s the thing, no one knows for sure where mortgage rates will go from here, and waiting could mean facing more competition, higher prices, and a lot more stress.

What if buying now — before the spring rush — might actually give you the upper hand? Here are three reasons why that just might be the case.

1. Less Competition from Other Buyers

The winter months tend to be quieter in the real estate market. Fewer people are actively looking for homes, which means you’ll likely face less competition when you make an offer. This makes the process feel less rushed and less stressful.

According to the National Association of Realtors (NAR), homes sit on the market longer in winter compared to spring and summer (see graph below):

a graph of blue and green barsFewer buyers in the market means you’ll likely have more time to make thoughtful decisions. It also means you may have more negotiating power. According to the Alabama Association of Realtors:

“A significant benefit of buying a home in winter is the reduced competition. Because of the perceived benefits of spring, many buyers delay the start of their house hunt. As a result, you will find fewer people competing for the same properties during winter. Less demand can translate into more negotiating power as sellers may be more willing to entertain offers or agree to concessions to get a deal closed quickly.”

2. More Negotiating Power

With homes staying on the market longer, sellers may be more willing to negotiate. This can lead to better deals for you as a buyer, whether that means a lower price or added incentives, like sellers covering closing costs or making repairs. As Chen Zhao, an Economist at Redfin, points out:

“. . . buying during the off season means less competition from other buyers. That means potentially negotiating a better deal.”

Plus, when demand is lower, sellers often feel more pressure to work with serious buyers. This could give you an edge to negotiate terms that work best for your situation.

3. Lock in Today’s Prices Before They Rise

Historically, home prices tend to be at their lowest point in the winter months, too. According to data from NAR, home prices last year were at their lowest in January, February, and March — right before the spring buying season kicked in (see graph below):

a graph of prices and numbersThis trend isn’t new — Bright MLS shows between 2010 and 2024, home prices in January and February were, on average, 15% lower than during the month of peak home prices (typically June). Buying in the off-season means you’re more likely to avoid paying the premium prices that come with the high demand of spring.

On top of that, home prices generally appreciate over time, meaning they tend to go up year after year. That means if you’re ready to buy and you can make it happen, you’re not only taking advantage of what might be the lowest prices of the year, but you’re also locking in today’s price before it increases in the future.

Bottom Line

While spring may seem like the obvious time to buy, moving before the peak season can give you significant advantages, like less competition, more negotiation power, and lower prices.

If you’re ready to explore your options, let’s connect.