Camarillo Homes Inventory
The Inventory level of homes for sale in Camarillo is surprisingly low. In fact, within most price categories (tracked on my website), the inventory levels are less than half or even one third of what they were from 2003-2007. However, the AVG days on the market has doubled from 40 (during 2000-2005) to currently 80-90. (see graphs)
Watch for a spike in new listings during Feb, Mar & Apr. Many new bank-owned properties will be hitting the market, as well as the traditional increase in new listings that Spring brings.
There are many anxious buyers waiting for more selection and good values. Homes that are priced well, are getting multiple offers . If you are looking to buy in Camarillo within the next six months, now is the time to start looking at values and getting a good idea of what you want. You should also be preapproved by a lender, so when the right home is listed at a great price, you can act quickly. View Sales Charts
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What is a short sale?
Sometimes referred to as a short pay, this is simply when a homeowner's mortgage is more than what they can sell the property for, therefore, they are "short". In almost all cases the homeowner is behind on the monthly mortgage payments and/or property taxes. The homeowner lists the property for sale in an effort to avoid foreclosure. Once an offer is received and accepted by the seller, the listing Realtor submits the offer to the financial institution (bank) holding the note payable on the property along with the seller's financial statement, bank statements, tax returns and a letter stating why they can no longer afford their house payment. This offer is "subject to lender approval". The bank may accept this offer and" forgive" the deficiency (the difference between the amount owed and the amount offered) or decline the offer and foreclose. To foreclosure is a lengthy and costly process for the bank and with home values declining more money is lost during this process. Therefore, banks are strongly inclined to consider accepting the short pay. As a buyer making an offer on a short pay it can be very frustrating. Unlike a normal sale, it can take literally months to get a response from the bank and you may not like the answer. Short sale approval is what you are waiting to hear and while the bank's employees jump through the corporate hoops, the listing agent of the property that you are trying to buy can continue to accept offers from other buyers on the same property. In the end, if the short sale is approved, the bank will work with the "best" offer. Usually this is the highest offer, but also the most qualified buyer. Hang in there, this can be a great way to buy a home for under market value, but it is essential that you have proper representation. Always work with a seasoned Realtor who understands the short sale process. |
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Prison Hospital Update:
The nonprofit group, taxpayers for a safe Ventura County, has filed a law suit against J.Clark Kelso to stop his plan for the prison hospital. The suit was filed on 1/22/09 with a Federal Court in Los Angeles. A Federal Court judge appointed Kelso to oversee The State healthcare system after finding the medical care unconstitutional. The lawsuit claims that Kelso's plan does not meet Federal provisions requiring it to be the "least intrusive means necessary to correct the violation".
Another roadblock for Kelso has surfaced from a statement made by the Ventura Local Agency Formation Committee (LAFCO) whose approval is necessary to secure water and sewer services at the prison site. Kelso will have to get approval from the City of Camarillo or Oxnard for services and obtain LAFCO approval as well. Camarillo City Officials have already balked at the providing water to the hospital. The City of Oxnard has also gone on record against the hospital and said its sewer system does not have the capacity to service the prison hospital. Another option is for the hospital to have their own on-site services getting water from a private well and developing a sewage treatment plant. |
