Published On: October 13, 2022308 words1.5 min read
Should a recession be in our future I believe our local market will do better than most as demand for local housing continues to exceed supply. Work from home is a game-changer continuing to bring new Buyers from as far away as the Westside to our community. According to California Association of Realtors, work from home has driven 60% of California transactions year-to-date. If you’re considering selling don’t expect to get more than the last comparable sale, and comparing one house to the next can be challenging. It’s human nature to hang-on to the highest price that was ever whispered in your ear at a cocktail party by a real estate salesperson. It’s time to admit… that ship has sailed. Buyers now clearly recognize the market shift, and Buyers are now calling the shots.
The number of local listings grew slightly over the last couple months and now seems to have plateaued. I found only 283 active listing in the greater Conejo, 79 of which were listed for less than $850,000. As our median selling price has edged over $1ml. the increased number of lower-priced homes for sale represents a significant shift in our market. More condos and townhomes reaching our market is great news for first-time homeowners. The other market shift I’ve recognized is the increasing separation in price between the fully-renovated homes and non-renovated (older) homes. Our frenzied market of the last 3 years has brought little distinction in price between the two, but now non-renovated homes are seeing price reductions while fully renovated homes continue to push higher (albeit more slowly). The rise in rates combined with recession fears has reduced the number of Buyers, but those Buyers are still willing to pay top-dollar for fully renovated homes. Wondering what a fully-renovated home looks like and what it costs to achieve, give me a call.