Agoura Hills Real Estate Outlook Viewed Favorably
The lull in the market is about to subside, so says local expert Jason Ross, an agent with Coldwell Banker. The proof may be on his side as the increase in resale values for November 2006, a usually slow time for home sales, contradicts widely held views that the market is in for a correction.
Los Angeles, CA, December 28, 2006 --(PR.com)-- Ask most anyone in the housing market if they are ready to jump in, and chances are you will hear lots of "wait-and-see" responses from many. While the sales have been slowing, and homes are lingering on the market longer, the average price in Agoura Hills, a suburban family city at the western edge of Los Angeles County, California, has been rising.
"In November 2006 we saw prices of single family homes rise 5.3% over prices in November 2005. Condo prices for the same period rose 13.3%. This shows proof that in spite of all the talk about falling prices, people should think twice about waiting, especially since interest rates have remained pretty low," Ross said.
Agoura Hills offers residents an exceptionally high quality of life complete with some of the best schools around. The award winning Las Virgenes Unified School District has always been a large draw for residents of the nearby San Fernando Valley who want to increase the quality of their children's education but do not wish to pay the price of private schools that so many families have had to resort to.
Buyers that wait are usually in no hurry to become homeowners, but the homeownership experience still holds the best promise of passively building one's personal net worth. Still, many renters, unaware of the tax rewards of home ownership, miss out on the boom years when they happen. Often times, these buyers opt to buy when the market is in a frenzy. Those who remain on the sidelines miss their greatest opportunities to take advantage of market conditions. But even if a house gains 4% in value a year, conservative by California standards, and much more likely to become the norm, that would mean that a family purchasing any home for $600,000 would have a personal net gain of $102,000.00 in just 4 short years. In 4 years the value of that same house would be about $702,000.00 if the market went up only 4% each of those 4 years.
Ross notes that during 2004 and 2005 the market suffered from an unusual shortage of houses available, which in turn fueled prices skyward very quickly. A similarly wild run-up in prices occurred in the late 1970's in California.
"From 1975 to 1980 the average house price rose from $41,600 to $99,550, and NEVER went back down. In fact the highest loss of value for a single year in California in the last 40 years was in 1993 when prices dropped a marginal 4.5%. And that's when the economy was in terrible shape," Ross added.
For most home sellers in Agoura Hills, the rewards of ownership will be financially great when they sell. The biggest loss many of them face is that the new city they may be headed to just won't be the same as the small town charm that makes Agoura Hills such a wonderful place to call home.
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"In November 2006 we saw prices of single family homes rise 5.3% over prices in November 2005. Condo prices for the same period rose 13.3%. This shows proof that in spite of all the talk about falling prices, people should think twice about waiting, especially since interest rates have remained pretty low," Ross said.
Agoura Hills offers residents an exceptionally high quality of life complete with some of the best schools around. The award winning Las Virgenes Unified School District has always been a large draw for residents of the nearby San Fernando Valley who want to increase the quality of their children's education but do not wish to pay the price of private schools that so many families have had to resort to.
Buyers that wait are usually in no hurry to become homeowners, but the homeownership experience still holds the best promise of passively building one's personal net worth. Still, many renters, unaware of the tax rewards of home ownership, miss out on the boom years when they happen. Often times, these buyers opt to buy when the market is in a frenzy. Those who remain on the sidelines miss their greatest opportunities to take advantage of market conditions. But even if a house gains 4% in value a year, conservative by California standards, and much more likely to become the norm, that would mean that a family purchasing any home for $600,000 would have a personal net gain of $102,000.00 in just 4 short years. In 4 years the value of that same house would be about $702,000.00 if the market went up only 4% each of those 4 years.
Ross notes that during 2004 and 2005 the market suffered from an unusual shortage of houses available, which in turn fueled prices skyward very quickly. A similarly wild run-up in prices occurred in the late 1970's in California.
"From 1975 to 1980 the average house price rose from $41,600 to $99,550, and NEVER went back down. In fact the highest loss of value for a single year in California in the last 40 years was in 1993 when prices dropped a marginal 4.5%. And that's when the economy was in terrible shape," Ross added.
For most home sellers in Agoura Hills, the rewards of ownership will be financially great when they sell. The biggest loss many of them face is that the new city they may be headed to just won't be the same as the small town charm that makes Agoura Hills such a wonderful place to call home.
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Contact
Jason Ross Realty
Jason Ross
805-551-5308
http://www.socalhomeguide.com
Jason Ross
805-551-5308
http://www.socalhomeguide.com
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