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Ventura Bidding Wars are Back [Video]

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Real Estate Bidding Wars are Back

Real Estate Bidding Wars are Back

The Wall Street Journal has a phenomenal video discussing why real estate bidding wars are back. Read below to for a quick synopsis and what’s happening in Ventura.

Buyers

  • Why are we seeing multiple offers?
    • Buyers are hearing calls to: buy low, sell high.
    • There is a belief that we are at the bottom of the real estate cycle.
    • Inventory is low (Ventura is down 45% compared to the national decline of 30%)
    • Interest rates are at record lows
    • Many buyers are in the market looking for few homes
    • Many feel that they can make a lot of money with real estate.

Sellers

  • If you’re selling a 3 or 4 bedroom tract home in Ventura, you will almost certainly get multiple offers if you are priced correctly.

The Market

  • This video reiterates my late March blog post over what’s going on the local market.
  • What can change?
    • Interest rates can go up, causing buyers to leave the market.
    • Unemployment can drop, causing even more buyers to enter the market.
    • Shadow inventory of foreclosures? Don’t worry about it. There is a huge appetite for foreclosures and these deals are being swept up.