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The Andrew Project

by Harold Powell

A few years ago my partners and I agreed to open a transitional living center at a motel that we own in downtown Ventura.  With the help of local churches, pastors, community leaders and city officials a non-profit entity was formed called The City Center.   The goal was to create hope and a hand-up, rather than a handout, out of homelessness. One of the latest success stories is from Emma. Emma lived in a tent for 94 days in the hillsides of Ventura before eventually living at the City Center.  With the help and support of The City Center staff and volunteers, she is get back on her feet and has an apartment of her own.  Emma’s testimony sums up what is possible for those that come to The City Center.  Listen to her testimony and journey.

 

Currently, there are 14 families living onsite with the ability to expand to 30.

In order to house and support the homeless families that live at The City Center – Transitional Living Community,  The Andrew Project was created.   Simply put, the goal of the Andrew Project is to have 1000+ people giving $19/month.  The former Mayor of the City of Ventura, Mike Tracy, has already pledged his personal financial support to give and is committed to enlisting others that will donate $19/month.

If you are interested in supporting this cause to help others like Emma for $19/month go to http://www.thecitycenter.org/donate-2/

 

Our summer Real Estate Market

by Harold Powell

Now that we are midway through 2014 you can see some subtle changes that have taken place in the real estate market. The median appreciation in Ventura County over the past 2 years has reach 29%.  This past year we have experienced a slow down in the pace of appreciation from the previous year.   It also means that sellers have to be more attentive in their pricing and in some cases require a price improvement to get their home sold.  Watch this month’s video for more information on today’s real estate market.

 

 

 

What can we expect in 2014?

by Harold Powell

Everyone is aware by now that we’ve experienced rapid appreciation over the past 2 years.  The question remains as to what 2014 will bring?  The other variable is just how much interest rate changes could impact 2014. Watch the video and find out just how much interest rates and the appreciation has already effected market conditions.

1 million+ homes see 91% demand increase

by Harold Powell

One of the areas of the real estate market that typically takes longer to rebound is the luxury home market.  With the real estate market in it’s second full year of appreciation we can now say with certainty that the over 1 million price tag properties are selling with regularity.

In fact if you look at the quarterly chart below,  over the past 3 years we have seen a 91% increase in the number of homes selling from 3 years ago!  

One of the reasons that we have experienced a resurgence in demand for this type of housing is 25% or more increase values for the under 700,000 market. This new found equity allows has created a perfect move up sellers market. Additionally,  low interest rates continue to allow move up sellers a reasonable payment.  With rates continuing to hover around 4.5%, it appears that we can expect the 1 million plus home market to continue to see solid demand.

How to eliminate PMI

by Harold Powell

Will Rising Interest Rates Affect the Market?

by Harold Powell

Lately, I have been hearing the same question: how will rising interest rates affect the market? Interest rates have crept up in the past 30 days from a little below 4% to about 4.5% now. Generally, in the short term, rising interest rates creates a sense of urgency for buyers.  They want to avoid the possibility of paying a higher interest rate. To begin to answer that question we should look at the months supply of inventory chart.

The months supply of inventory chart tells us how fast we would deplete the current inventory if nothing new came on the market. You can see here on the far right June 2013, we have just about  1 month supply of inventory.  2 years ago we had close to 6-7 months of inventory.  A normal market for Ventura County is between 4-6 months inventory.  So the question here is what is causing the imbalance? Is it the reduction in the number of homes coming on the market or is it the number of people buying ?  Watch the video to find out.

Displaying blog entries 1-6 of 6

Contact Information

Photo of Harold Powell Real Estate
Harold Powell
RE/MAX Gold Coast Realtors
5720 Ralston St. Ste. 100
Ventura CA 93003
(805) 339-3516