Thousand Oaks, California is located in beautiful Ventura County and consists of a city-owned library, teen center, senior center, cultural center, and a quality infrastructure. The temperature is perfect all year round. Thousand Oaks is an ideal location, with an inviting climate, country setting, and attractive living conditions.
Selling a home in Thousand Oaks, Calif., can feel like stepping inside a whirlwind of decisions and complications. If you are ready to sell a home, put the following practical information to use.
 |
||
| Population 117,005 | Median Age 37.7 yrs | Household Size: 2.75 |
| Avg Home Value: $324,800 | July High: 87.5°F | January Low: 39.7°F |
Selling a Home in Thousand Oaks
Median home prices have increased in Thousand Oaks and will continue to do so. If you are selling a home in Thousand Oaks, expect to face a seller’s market in which buyers are willing to pay top dollar for a home in this beautiful area. Buyers will simply pay more to live in this safe, gorgeous community located only 12 miles from the Pacific Ocean. Before you sell your home, use the following information to prepare you for your next home purchase.
Obtain Preapproval for a Home Loan
There is nothing worse than selling your home without ensuring you will be eligible for a mortgage loan for another. Before you sell your home, research homes in the area where you would like to live. If you are looking to buy a house more expensive than the one in which you currently live, be sure that you will be able to afford the upgrade in monthly mortgage payments. Then, contact a local lender and obtain preapproval for your loan. This will ensure you will not have to rent or buy a home you dislike after selling your current home in Thousand Oaks.
Calculate Your Estimated Earnings
How much money will you make from your sale? To determine a rough estimate of this amount, first call your lender to learn your mortgage payoff balance, or the amount you still owe on your home. Then, determine your home’s fair market value. This is the highest reasonable price at which you can sell your home, given the current real estate market in Thousand Oaks. The fair market value of your home will give you an approximation of how much you can expect the purchase price on your home to be.
Next, estimate the cost of selling your home. Your real estate agent can help you come up with a good estimate of these costs, as he or she has experience working with sellers. Be sure to include:
- Real estate commission
- Property sales tax, if applicable
- Prorated costs for any expenses, such as property taxes and homeowners’ association fees
- Any other fees sellers in your area typically pay, such as inspection costs
Finally, deduct the cost of your mortgage payoff balance from the home’s fair market value. Then, subtract your estimated cost to sell from the remainder. The balance will be the amount you can expect to earn as a result of your home sale.
A Practical Example
To clarify the information given above, consider the following example. If you owe $150,000 to your lender, this amount is called the mortgage payoff. Next, imagine the fair market value of your home is $250,000. If you estimate your costs to sell at $25,000, you can determine your earnings using the following equation:
$250,000 (Fair Market Value) - $150,000 (Mortgage Payoff) - $25,000 (Selling Costs) = $75,000 profit
With these practical tools, you can secure a home mortgage loan for your next house and learn how much you can expect to earn while selling a home in Thousand Oaks.
By Stephanie Allen
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®