6 S T A R H O M E S | V C S T A R . C O M / H O M E S | S u n d a y , A p r i l 2 4 , 2 0 1 6 | A D V E R T I S I N G S E C T I O N VENTURA COUNTY SHOWCASE STAR HOMES BY WENDY DAGER SPECIAL TO STAR HOMES When the housing bubble burs t in 2008 and many properties went into foreclosure, real estate investors sprung into action within four years, purchasing homes for cash, either to “flip” or use for rental income. This trend has since declined due to the market’s current inventory shortage, as well as the fact that many homes are selling for listing price or even higher, particularly when there is a bidding war between multiple buyers. There are also fewer distressed properties — short sales, bank foreclosures or at auctions — than there were in the years f ollowing the 2008 crisis. According to a recent California Association of Realtors (C.A.R.) survey of its members , in- vestors are purchasing more “niche properties,” such as commercial, land and mobile homes rather than single-family dwellings. Also revealed in the survey are that fewer California investors are renting out their proper- ties, 26 percent of investors are “flipping” their properties, and 12 percent are leaving them vacant to use as vacation homes or for other reasons. Only 55 percent of California investors paid cash for properties so far in 2016, com- pared to last year’s 66 percent. According to Daren Blomquis t, RealtyT rac’s senior vice president of communications, this data corresponds with the national trend. Re- altyT rac, which provides r eal estate data abo ut homes across the U.S., showed that 44 percent of all home sales, including single-family and condominiums, were distressed sales at the peak of the housing crisis in the first quarter of 2009. “Now, as of the first quarte r of this year, it’s down to 18.2 percent natio nwide,” said Blomquist. “It’s still elevated because we have this long tail of distresse d sales, but it’s definitely trending downward and there’s less opportunity for investors to buy properties at a discount.” In Ventura County, distressed sales are e ven lower at 13 percent, so if investors are looking into other housing markets, the highest per- centage of distressed sales are in metro areas such as Chicago; Flint, Michigan; Baltimore; and Tallahassee and Jacksonville, Florida. For home sellers, cash is still generally king in terms of accepting offers, but the percentage of cash buyers was down from 40 percent in 2012 to 32 percent nationwide this year. In Ventura County, cash buyers comprised only 20 percent of sales. “The cash buyers are also backing out because they were trying to get in near the bot- tom of the market and buy some great deals and many of them have pulled back because prices have jumped pretty fast,” said Blomquist. “We see the mix shifting back toward first-time homebuyers nationwide.” FHA loans have become appealing to first- time homebuyers, with this type of loan used for 15 percent of all sales the first quarter of this year. The problem, howe ver, is that higher- priced markets that are less affordable — where home price growth has outpaced wage growth — there are likely going to be fewer FHA buyers. Ideally, if a homebuyer has cash, or at least a substantial down payment, there is a bet- ter chance of purchasing a home in Ventura County in current market conditions. Investors, distressed s ales less common in county market MARC & TIFFANY ANGELES/TNS Derek Fisher’s traditional-style home in gated Hidden Hills sits on more than an acre with a swimming pool and spa, a detached guest- house and a two-stall horse barn.
