Appraisals and CMAs
Appraisals are primarily used to protect the lender’s interest in the property. Just like lenders can be hesitant to issue a mortgage to credit-risky borrowers, they don’t like to underwrite properties for more than they’re worth. Appraisals also are used when other factors have made it difficult to assess your property’s value, such as a lack of real estate activity in your area.
In the last 12 months, there have been 737 detached home sold and 295 sales of condos, townhomes and mod/manufactured homes in Ventura.
The average house was a three bedroom, 2 2/3 bathroom home of 1680 square feet with a list price of $449,123 and a sales price of $434,041 and days on market of 112.
California pending home sales posted higher for the third consecutive month in March, rising from both the previous month and year, C.A.R. reported Tuesday. Additionally, the share of distressed sales dropped for the second consecutive month, as equity sales typically increase with the start of the spring home buying season.
Let’s look at the market activity trends of Ventura between May 2010 and July 2011 for all property types: