Is it still a seller’s market today in Oxnard?
As experts in the Oxnard real estate market, we are asked this a lot.
As of the writing of this article, we are seeing a strong seller’s market in Ventura County. However, there are several factors that dictate how quickly and how much your Oxnard house sells for.
First off, it really depends on the property type and location.
Most properties in great locations that are priced correctly have been flying off the shelves. It is not uncommon for a well priced home to receive multiple offers above asking price over the first weekend that it’s on the market.
There are common things that potential home buyers are looking for– good neighborhoods, great school districts, easy access to the 101, shopping, close to work, etc. If you have a house with some, or all of these traits, your home has the potential to be a hot commodity. Sellers with a highly desirable property are in control of the market at this time.
But for condos and townhouses – the story can be a little bit different. The thought of paying Homeowner Association (HOA) fees can potentially scare off some buyers. Depending on how high the monthly HOA fee is, you may have to offset your asking price by a considerable amount as compared to a similar property without HOA fees.
Investment properties are in demand. The massive amount of foreign cash flooding in to invest in US real estate has impacted the Ventura market in unique ways. Although you can more than likely get better returns on your money in other markets, some foreign investors like the thought of investing in California, even knowing the fact that they are more than likely getting a lower return.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace. We are also seeing them pick up not-so-good deals because they consider real estate in Southern California as a good safe haven for their money.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out. That being said, with Oxnard housing in such high demand, some of these properties are being picked up by regular homeowners.
Financing can still be an obstacle for some buyers. Although lending standards have loosened over the past few years, they are still more strict than they were before the last housing bubble. We are starting to see “stated income” loans creep back into the market place, so it will be interesting to see what the next few years hold. It is still a good idea to speak to a lender early on in the process to get an understanding of what you can and cannot qualify for.
Sound confusing? It can be, but We Can Help.
There’s a lot of shakeup in the US economy taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Oxnard because we believe in the community and the people here.
If you need to sell a property in Oxnard, or anywhere in Ventura County, we can help you.
We buy houses like yours from people who need to sell fast.
Or if you are looking for top dollar, Ainslee Charles is a licensed realtor and can speak with you about listing your house on the open market.