Mortgage Rates Hit a Three-Year Low in the Conejo Valley and many experts expect they could drift lower.

If you have been waiting for prices and rates to ease, this may be the moment to sharpen your pencil and talk with a mortgage lender.

It also helps to focus on local Southern California stats, not national headlines. Local conditions can look very different from the national story.

If you are holding off because of a scary headline, pause and look for the source data. Some viral claims (like ‘44% of homes are owned by investors’ or ‘Orange County prices are down 42%’) are often missing context or flat-out inaccurate.

The good news is currently in the local statistics.

 

 

 

 

Median sales prices are down about 6%, which is good news for buyers pairing lower prices with rates dipping below 6%

Closed sales are up 20% year over year, and the median time on market is just 26 days

Sellers are pricing closer to recent comps, with an average list-to-sale ratio near 99%

The real stat to watch is Months Supply of Inventory. A balanced market is often around six months of inventory. Right now we are closer to 2.9 months, which still favors sellers.

If you, or someone you know, is considering buying or selling, the next two months offer great opportunities. Give us a call to review the current market to see if it’s right for you!