The Wall Street Journal has a phenomenal video discussing why real estate bidding wars are back. Read below to for a quick synopsis and what’s happening in Ventura.

Buyers

• Why are we seeing multiple offers?
• Buyers are hearing calls to: buy low, sell high.
• There is a belief that we are at the bottom of the real estate cycle.
• Inventory is low (Ventura is down 45% compared to the national decline of 30%)
• Interest rates are at record lows
• Many buyers are in the market looking for few homes
• Many feel that they can make a lot of money with real estate.

Sellers

• If you’re selling a 3 or 4 bedroom tract home in Ventura, you will almost certainly get multiple offers if you are priced correctly.

The Market

• This video reiterates my late March blog post over what’s going on the local market.
• What can change?
• Interest rates can go up, causing buyers to leave the market.
• Unemployment can drop, causing even more buyers to enter the market.
• Shadow inventory of foreclosures? Don’t worry about it. There is a huge appetite for foreclosures and these deals are being swept up.