Ventura County’s Housing Market: The Spring 2020 Outlook

Spring has sprung and it is usually a prime time for people seeking to buy a new home. However, we live in strange and uncertain times. The housing market in California is being impacted by economic uncertainty which has been worsened by the COVID-19 outbreak. According to the California Association of Realtors (CAR), this uncertainty is behind what may be a 2.5% rise in the price of new homes in Ventura County. This trend, according to the CAR, is likely to continue through the spring and for the foreseeable future. However, the news here is not all bad. If you are a seller, then this could mean that you may be able to make a profit from selling your home. (The Catch-22 here is that you may have to market to relatively fewer buyers.)
Other Developments in the 2020 Spring California Housing Market
• San Jose, Calif., will continue to be a tough housing market. With only four homes for sale per 1,000 households, Ventura County and indeed San Francisco will both remain challenging territories for realtors and for people who wish to sell their home.
• Low housing supply in Ventura County is expected to carry over from the last decade and last through the spring of 2020.
• Rental list price is expected to rise for Ventura County to nearly 2.8K. (Source Zillow).
• Millennials will still dominate the market. Just as in other parts of the country, Millennials will continue to be the largest part of the home buying market in Ventura County. This will be aided by their relative comfort with searching for a home via virtual Internet tours and their ease with using mobile technologies to scan for homes. This is good news as they were expected to dominate market regardless of COVID-19 and is one of the many positive indicators that the market will survive these uncertain times with stability.
At the end of the day, both buyers and sellers will need to rely on experts to help them navigate these difficult times in the real estate market in Ventura County and in the nation as a whole. Real estate experts such as my team can help homebuyers and sellers in their ability to research and collect data that effects the decision to either buy or sell a home. My Ventura County real estate team can help you decide what is best for you in the near and long-term. We have Ventura County homes for sale that suit a variety of needs.