Oxnard provides plenty of shoreline, making it a prime location for oceanside properties. Alongside perks like Oxnard Beach Park and its several other beaches, residents and buyers love the area for community events like the California Strawberry Festival, shopping centers like The Collection and RiverPark, and its historic Victorian architecture. When timing out your search for Oxnard houses for sale, consider the factors below.
The real estate market
Ideally, buyers searching for a beach house in Oxnard should search during a buyer’s market. This is when there is lower demand from buyers and higher housing inventory, which creates ideal conditions for buyers to negotiate and secure a good deal. It’s best to avoid a sellers’ market or when there isn’t enough housing supply to meet buyer demand. Buyers looking in a sellers’ market may experience longer home searches and typically make offers with fewer perks and higher prices.
In Ventura County, the market is experiencing an overall cooling trend. With median prices down for single-family homes and home sales down 17.4% in the past month, those searching can expect less competition for more homes. Oxnard has experienced a 37.1% reduction in home sales, although the median price for single-family properties has increased by 3.1%. Market conditions vary from region to region, so keep up to date when starting your search.
In Ventura County, the market is experiencing an overall cooling trend. With median prices down for single-family homes and home sales down 17.4% in the past month, those searching can expect less competition for more homes. Oxnard has experienced a 37.1% reduction in home sales, although the median price for single-family properties has increased by 3.1%. Market conditions vary from region to region, so keep up to date when starting your search.
Buying by season
Buyers looking for Oxnard real estate should also consider the season they buy. Generally, the best time for buyers searching for a beach property is the winter, as sellers are more interested in closing on a deal when buyer demand is low. Additionally, the types of sellers listing in the winter are usually interested in a speedy sale, which you can use to your advantage in negotiations. However, lower prices and a quicker sale come at the cost of fewer options.
Buyers looking in spring will face the most competition as the season marks the beginning of home sales. Buyers will compete with other people interested in closing on a property before fall, while sellers can afford to be pickier about the offers they accept. However, spring provides the most options for buyers, which can be integral to finding the right beach home.
Great summer weather also draws buyers out looking for beach homes, which makes it a tricky time to buy. Oxnard homes for sale look most desirable in the season they’re most popularly used, and great weather is generally better for home showings and open houses. Although buyers at the beginning of the summer can expect competition, those who can afford to wait until the end of summer may catch sellers interested in closing on a deal before fall.
Buying by month, week, and day
Due to the lull of buying in the winter season, the best month to buy a beach home is in December. Although it doesn’t snow in Oxnard, colder and wetter weather makes marketing a sale more challenging, while additional responsibilities related to winter holidays make it difficult for buyers to search in the month. Not only can buyers cash in on better deals and faster sales, but they can also benefit from more attentive service from an Oxnard realtor, as it’s their down season as well.
Weekly trends don’t follow monthly trends, as the best week to buy real estate is the third week of September. Fall can have several benefits for buyers on the search for a beach home, as sellers who listed their properties in late spring are eager to close on a deal. Price reductions are more common, and buyers have more leverage to negotiate. Additionally, most buyers have already found a property they love, meaning there’s less competition for the remaining listings.
Daily trends follow monthly trends, as the best days to buy a house are December 26th and December 31st. People are otherwise occupied with Christmas sales or celebrations for the new year, creating a plummeting demand from buyers. This, coupled with unpleasant weather, makes buying before and after significant holidays a great choice for a beach home purchase.
Weekly trends don’t follow monthly trends, as the best week to buy real estate is the third week of September. Fall can have several benefits for buyers on the search for a beach home, as sellers who listed their properties in late spring are eager to close on a deal. Price reductions are more common, and buyers have more leverage to negotiate. Additionally, most buyers have already found a property they love, meaning there’s less competition for the remaining listings.
Daily trends follow monthly trends, as the best days to buy a house are December 26th and December 31st. People are otherwise occupied with Christmas sales or celebrations for the new year, creating a plummeting demand from buyers. This, coupled with unpleasant weather, makes buying before and after significant holidays a great choice for a beach home purchase.
Other considerations
A few other factors beyond seasonality and market trends impact the best time to buy a house. Searching when there’s low inventory can create challenges for buyers, as there are fewer options overall, which keeps prices high. Although inventory in Ventura County has increased 42.1% compared to the same time last year, there’s still only 2.7 months of supply, which is a ways away from a more balanced 6-month supply.
Mortgage rates can also create a barrier for buyers planning on financing a beach home with a loan. With each one-point increase, buyers lose ten percent of their buying power. Currently, average California rates for a 30-year fixed loan are 7.21%, and rates for a 15-year fixed loan are 6.57%. This, combined with low inventory, may cause buyers to wait for better conditions before starting their search.
Ultimately, the best time to buy is when you’re able to dedicate yourself to the process. Consider personal factors that might hinder your searches, such as responsibilities to a job or family members. Also, assess how often you’ll use a beach home. While a beach home is a great investment for buyers who love Oxnard and can frequent the property regularly, those who like vacationing in several different places or who can’t travel to the property easily may want to postpone their search.
Mortgage rates can also create a barrier for buyers planning on financing a beach home with a loan. With each one-point increase, buyers lose ten percent of their buying power. Currently, average California rates for a 30-year fixed loan are 7.21%, and rates for a 15-year fixed loan are 6.57%. This, combined with low inventory, may cause buyers to wait for better conditions before starting their search.
Ultimately, the best time to buy is when you’re able to dedicate yourself to the process. Consider personal factors that might hinder your searches, such as responsibilities to a job or family members. Also, assess how often you’ll use a beach home. While a beach home is a great investment for buyers who love Oxnard and can frequent the property regularly, those who like vacationing in several different places or who can’t travel to the property easily may want to postpone their search.
Ready to start your home search?
There are several factors to consider when determining the best time to buy a beach home in Oxnard. Current market trends and the upcoming winter season creates prime conditions for buyers to start their search today. However, it’s also important to consider factors like interest rates, personal motivations, and constraints. When you’re ready to start your search for beach homes in the area, contact experienced local agent Ann Howarth to guide you through the process.
