First we’d like to take a moment to express our gratitude to Mother Nature for the episodes of rain, hail, light snow and rainbows that have blessed our Ojai Valley over the last couple months. We’re happy to report that Ojai has logged over 9 inches of rain during the current season which is equivalent to what we measured for the entire year in 2014. It’s not nearly enough to get us out of “drought” status, but we we’ll certainly take it!
So how is 2015 shaping up in the Real Estate Market? New homes listed for sale in the Ojai Valley increased 42% month over month which is a pretty significant jump. The sounds of a Spring Market are knocking on our door with increased calls and inquiries from friends, clients and out of area Buyers expressing interest in buying or selling Real Estate this year. And similarly to our weather patterns, although we’ve also begun to see recovery in the drought of housing inventory, the number of homes currently for sale remains low due to the quick absorption rate. This feels like it’s about to change however. Our Michaels & McClung Team alone are readying 5 new listings that will come to the market next week, so we’d guess that March will be the month to notably expand the overall inventory giving Buyers far more selection than they’ve had for some time.
This coupled with interest rates that, although are currently volatile, are still hovering in the high 3% range, suggests that it’s slated to be a steady year in Real Estate. Inman News, a highly regarded Real Estate News source we follow, reports that 2015 will be a breakout year for Real Estate sales for the following reasons: Millennials will be buying homes, Baby Boomers are looking to scale down, and homeowners who faced foreclosure in 2006-2007 could be ready to try home ownership again.
Overall, 2015 looks promising and bright, and we look forward to being the Real Estate consultant that helps you accomplish your personal Real Estate goals. This could be YOUR year!