Actively working with a buyer this week, who is looking for an entry level (plus or minus $400k – preferably closer to $350k), single family home in Ventura, has brought shades of 2003 back to mind. It’s crazy out there!

I first previewed a brand new REO listing on Fallen Leaf ($415k) in east Ventura late in the afternoon of the day it came on the market. It was in excellent condition – unlike many bank foreclosed homes. I called my client and we agreed to meet at the house at 8:00 the next morning before she went to work. But I only found out later that morning that an offer had already come in the previous evening and was accepted.

Then a new “regular” listing came on the market ($399k) and it was a beautiful home completely renovated – multiple offers were immediately submitted. Bummer.

What my client would really prefer is a home in mid-town, so when a home on Lemon Grove came on the market yesterday ($385k), I called the agent and she’d already gotten about 10 calls on it. I met my client at the home last evening after work and we agreed to see it again at 8:00 a.m. this morning. But to my surprise, when I jumped on the MLS at home early this morning, the property was already listed as pending! So we canceled our meeting. Bummer again!

Another gorgeous REO home came on the market earlier this week on San Clemente ($425k) that didn’t meet the needs of my client, but it too sold within a day or so.

In our MLS, I just did a quick “polygon” general search of mid-town, wanting to see how many homes were available under $425k – just 4 and they were all small homes.

As I’ve reported in the past couple of weeks, inventory for single family homes in Ventura has dropped about 25%, and it’s evident in the competition for that entry level, single family home.

When my client asked what a seller might accept for a home, I stated two important criteria:  1) not only what the seller will accept, but 2) what the other buyers competing against her are willing to pay for that same house.

So despite what’s in the national media about our lousy economy and all, there are still many buyers out there taking advantage of these depressed prices, the $8,000 tax credit and super low interest rates.