Westlake Village Homes For Sale – Quick Market Update
Quick Market Update – Westlake Village Homes For Sale
The housing market remains fairly consistent as a whole, particularly in Ventura County with overall low interest rates as well as low inventory. If you have been looking for Westlake Village homes for sale you are likely familiar with this low inventory. A good point for the economy in general is that consumer spending and income levels rose throughout the month of July. This will likely translate over to spending in the housing market. Home sale prices continue to increase 1% month-over-month and a whopping 27.2% year-over-year.
As first time homebuyers enter the market they will have an increase in buying power due to the sustained low interest rates. As of July 26th, 2021 the 30-year mortgage rates were 2.87%. This is a rise in 1 basis point but the 3rd week in a row of stability. With the rental market nationwide hitting an all time high it just makes more sense for first time homebuyers to purchase if they are able to swing it. If a first time homebuyer in Ventura County is able to purchase a home at $650,000 with 20% down their monthly mortgage is estimated to be $2,942 per month including taxes and insurance. The average rent of an apartment in the same area is $2,500 for a 2-bedroom. While we realize not everyone is able to come up with 20% down this is not always necessary. We love helping our first time homebuyers through this process and showing them what is possible.
If we can help you navigate this competitive market our team is experts in negotiating and finding off market properties to help you achieve all of your real estate goals. Whether you are looking for your first home or your 2nd investment property we are here to help answer any questions you may have and to make the process as easy as possible for you. If you are looking for Westlake Village homes for sale do not hesitate to reach out to us with any neighborhood specific questions or market updates you may be curious about!