The Elephant Is Moving…..
June 28th, 2009 Categories: Weekly Real Estate Activity In Ventura County
Ever so slowly the real estate is starting to move upward.
Politics will play a hand which will delay the acceleration of price movement but eventually the market will march to its own music.
This upward movement is not only occurring in Ventura County but is taking place throughout the United States.
For investors I am still recommending Oklahoma (Oklahoma City and Enid); Texas and I still recommend that one keeps an eye on Michigan. I will go into more detail for investment properties in my annual review which will be available in July.
As can be noted in the Table below this past week was the first time in many months that listings have increasedin Ventura County. Previously there was a steady decline. This may be just an blip of an occurrence but it stood out.
As noted in this blog over the last several months prices are starting to creep upward. Nothing dynamic but the prices are solidifying the base that has been in effect since November, 2008.
There will be some sideways price activity over the next several months but the worse is over. In fact it has been reported recently that appreciation in Ventura County stands at 5.8% since the beginning of the year. You will note on the chart above that one should expect an 8.7% increase for 2009. In 2010 the appreciation will increase to 17.9%.
The two things needed for the real estate market to really explode upward are new job creation and a significant decrease in unemployment (neither of will happen for a few months). Why? Taxes and added government cost to employers via health care coverage.
There needs to be another element in play before real estate gets it legs and that is consumer confidence which at this time appears to be getting positive.
