Whether you are thinking about buying or selling a piece of Oxnard CA real estate, the current market conditions will be of importance to you. What is the average home selling for in the city? What types of bids are being offered on above average homes? How close to listing price are home selling for, and how long are they on the market? Who is buying? We are going to take a look at those questions and some of the reasons behind their answers in this article.
Like those in the rest of the United States, California home owners have been hard hit by the explosion of the real estate bubble. However, don't take that to mean that housing prices here are becoming reasonable; it IS still California. Prices are much higher than in other parts of the continent; those selling a piece of Atlantic Canada real estate will still find Oxnard homes beyond their price range.
That's because on the average home in Oxnard California is still selling for around $350,000 in US dollars, well above prices in the rest of the country. So when you hear that prices in California have fallen, it's true, but only because the average house used to be well above $400,000! It's kind of like hoping for a good deal on condos for sale in Kitsilano Vancouver; prices are never likely to fall far enough.
That is bad news both for first time home buyers and sellers alike. Sellers will probably not get an equal return on a home they purchased within the last ten years or so. What you purchased for $450,000 in 2002 will likely sell for less than $380,000 today. You can see the problem when you do the math!
On the other hand, due to more stringent loan standards and market competition, first time home buyers are still unlikely to be able to afford houses even at the lower rate in Oxnard today. Unless you have a very high paying job, you might be better off investing in some Mexico beachfront real estate!
Speaking of investors, if you are wondering who is keeping the real estate market afloat in Oxnard right now, that's your answer. Between the investors and the banks, there is very little breathing room in Oxnard for the average person at this time. First time home buyers are often frustrated by unpredictable bank practices which thwart their efforts at a short sale or auction. These practices also do not work in the favor of sellers, who have to settle for lower prices or be foreclosed.
The investors are incredibly savvy, watching everything from the Kitchener Waterloo real estate listings to the California MLS in order to pick a deal. They count on their current resources to keep them afloat until the real estate market in Oxnard turns back around.
The current market conditions in Oxnard are much the same as they are in any place with potential, whether it is the Annex, Toronto or here in Ventura County. The banks and the investors and their capital are working to squeeze out the hopes of both first time home buyers and sellers. The only person that can guide you through these incredibly tricky waters is a qualified real estate professional!
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