Just when we thought it couldn’t get any lower, inventory has fallen to levels standard in the mid 1990’s, following the crash of ’89.
The general impression in the real estate community is that prices have solidified. That is, they will likely not fall any further (in the Ventura area). Prices will likely stay similar to where they are now for another 1-1.5 years. Unless of course inventory plummets to unheard of figures, in which case that pace will speed up.
This is good news for both buyers and sellers. More sellers are finding that now may be the time to sell in order to buy a different property (lower property taxes, lower interest rates). Also, buyers will enjoy new and upcoming inventory made up of many more standard sales as opposed to foreclosures and short sales.
The market is definitely recovering. If you’re buying or selling: be patient. We’re heading towards a good time.