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.
- 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.
- 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.
- 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.