Median Home Prices Still Increasing!

The California Association of Realtors recently reported, "The median price of an existing home in California in June increased 16 percent and sales increased 3.6 percent compared with the same period a year ago".

Locally, Ventura County reported a median home price of $685,760, a 2.8 percent change over May of 2005, and a 9.7% increase in median home price over June of 2004.

Overall, it's still a strong market in both the state of California, and Ventura County.

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Just Listed!

This one is brand new on the market and has a wonderful, private, and oversized lot. The home is over 1500 sq ft with 3 bedrooms and 2 baths. Priced at $589,900 this is a great value!

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New Listing!

9032 Santa Margarita Road

Ventura, CA 93004

$739,900

Well maintained 3 bedroom plus office, 2.5 bath with over 2100 square feet of living space. Nicely landscaped with 3 patios. New 40 year roof. Upgraded loop carpeting and ceramic tile throughout the family room, breakfast area, kitchen, 1/2 bath, and interior laundry. The kitchen has been updated with new ceramic tile countertops and stainless steel appliances.

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Price Reduced $35,000

Live just steps from the beach! This home needs some TLC and someone with a vision. Possible guest quarters, or better yet, build your dream home complete with views of the harbor and ocean. Check it out!

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Sign of the Times

Here's an interesting report from the National Association of Realtors. In several hot housing markets across the country, homeowners are heading off constant inquiries from eager buyers and developers by posting "Not for Sale" signs in their yards.

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Open House Sunday! June 17, 2005

740 Montgomery

Ventura, CA 93004

Better than new 4 bedroom, 2.5 bath home on quiet tree lined street. This home has been redone top to bottom. Come take a look!

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Price Reduction

You know that lowest priced place in Ventura? It just had a price reduction to $310,000. Check it out at http://www.hopegoss.com/Ventura__CA_listings/dfqdvfw7qjdb.shtml

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California Affordability Index

The California Affordability Index fell to 16 percent in May according to the California Association of Realtors. This was a 3 percentage-point decrease compared with the same period a year ago when the Index was at 19 percent. The Housing Affordability Index measures the percentage of households that can afford to purchase a median-priced home in California. The median price home in California stands at $522,590 as of May, as reported by C.A.R.

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Lowest Priced Condo in Ventura

The lowest priced condo is a 1 bedroom unit across from the Pacific View Mall. BuenaVentura Gardens in located on Dean Drive and the condos were built in 1965. They are known for their generous size and 1 car shared garages. Oh yeah, I forgot to mention, it's priced at $312,500.

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More on Mortgage Rates

We've been hearing for months that rates are going to head upwards, and until now, it seemed to be the boy who cried wolf. We are seeing rates definitively heading upwards for many mortgage products. If you are thinking of buying, or refinancing, you might want to get that rate locked soon. Many financial reports are due out soon that could have an impact on rates in the next weeks.

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Million Dollar Mobile Home

The National Associations recently reported:

"A two-bedroom, two-bathroom mobile home on a lot in Malibu, Calif., is selling for $1.4 million, while Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow. "

I'm speechless.

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Why Hasn't My Home Sold Yet?

We all hear it's a hot, hot, hot market right now and in turn, we all assume that everything is selling like hot cakes. Not! (I know, I know, that phrase isn't cool anymore.) The biggest reason homes are not selling in a reasonable amount of time these days is that they are not priced according to the comparatives. Here are the top reasons a home will sit on the market too long:

• Price. A home should be priced according to the sold comparatives over the past 3 months. Considerable allowances should be made if the home is not in top shape. Buyers want a home that they can move in to. If they can't they want compensation for the time and trouble it takes to upgrade the home.
• Condition of the home. If considerable upgrades are needed to make the home livable it takes just the right buyer. Many buyers are just too busy to worry about having a new kitchen installed. Beware of offensive smells too. It sounds like such a small problem, however, many buyers are immediately turned off by the smell of pets, smoke, etc. Don't just cover it up, remove the problem.

There are other reasons:

• Seller terms such as close of escrow, etc.
• Cooperating commission offered by the listing agent
• Inventory of comparable homes

Work closely with your real estate professional, and take their advice seriously. They do this for a living and work with buyers and sellers on a daily basis.

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Mortgage Rates

Last Thursday Greenspan raised the Fed Funds Rate .25% for the ninth consecutive time, commenting that inflation is in check, but they are continuing with their game plan. Two or three more hikes are probably in the works. Many people are surprised by this, but mortgage rates responded by improving slightly to the good news on inflation. The next big news will be out Friday, the Jobs Report.

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Happy Fourth of July!

It's a great day to relax, have a barbeque, and hang out with family and friends. Enjoy!

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Open Sunday 1pm - 4pm

108 Santa Cruz

Oxnard

Come by and check out this brand new listing at Hollywood Beach. It has an awesome location just steps to the beach and harbor, not to mention there us no through traffic! Possible guest quarters, or start over and build your dream home complete with awesome views from the 3rd story or roof deck. $1,285,000

www.HopeGoss.com