If you have any questions about buying or selling a home in Oxnard California, feel free to reach out to Ventura County Homes By Ainslee by filling out one of the forms on this page, by email at AinsleeCharles@Gmail.com, or by call/text to 805-232-8503.
Buying a House in Oxnard
Are you thinking about buying a house in Oxnard but don’t know where to start? Before you hit the streets looking at homes for sale, there are some steps you can take to make the process easier. Here are some tips for Oxnard residents to consider to help them buy a home.
CLEAN UP YOUR CREDIT
Unless you have the ability to pay with all cash, you will most likely need a loan from a bank or other mortgage lender. One of the factors that banks use in determining if you are qualified for a loan, and how much you’re qualified for, is your credit score. If you know your credit score well in advance of starting your home search, it will give you time to take the necessary steps to increase your score, such as paying down credit card debt. If you are collecting your free annual credit report, this can help you identify any mistakes or errors on your report and get those corrected as fast as possible.
SAVE, SAVE, SAVE
The biggest hurdle for many looking to buy a house in Oxnard is the down payment. If you were to put the “standard” 20% down on a median priced Ventura County property of $608,000 (as of the writing of this article), that would mean you would have to have at least $121,000. For many, that right there is a non-starter. Fortunately, there are a few programs out there that allow potential homeowners to use a lower down payment, such as Federal Housing Administration (FHA) loans. Using a FHA loan, your down payment could be as little as 3.5%. Just be aware that lower down payments usually come with higher interest rates and/or Mortgage Insurance Premiums (MIP) or Private Mortgage Insurance (PMI).
Although some may question the reason why, a higher down payment can sometimes make your offer look more serious than that of a buyer with a lower down payment. This could be helpful to know in a strong sellers’ market or may not be important at all in a strong buyers’ market.
When you are pretty confident you are ready to start your search for your Oxnard home, you should think about getting a pre-approval from a lender. A pre-approval is a document provided by a lender after a review of your financial information that states how much you will likely be able to borrow from them. You will often be required to submit financial statements to the lender prior to the pre-approval, such as pay stubs, tax returns, etc. Not only is the pre-approval letter helpful to you, so that you have a good understanding of how much you can afford, but some sellers may require a pre-approval letter when submitting your offer on the property.
Once you have a sense of your budget, you can start your search for your Oxnard home. Some people prefer to look at real estate listings on their own, using websites such as Zillow, Redfin, Trulia, etc. Others may prefer to start working directly with a real estate agent, who can set you up with Multiple Listing Service (MLS) searches that will automatically email you new homes that come on the market that match your criteria.
Choose Your Oxnard Real Estate Agent
We have written articles about this particular subject in the past, such as this one here, so we won’t go into too much detail here. Just make sure that you are taking the time to interview and choose a real estate agent that you are comfortable working with and who you believe will have your best interest at heart. Ideally, the Oxnard realtor that you choose will already have a preferred team of local professionals to work with, such as a trusted lender, escrow and title company, etc., so you shouldn’t have to worry about finding these on your own.
Be Prepared For The Journey
Depending on the Oxnard real estate market conditions at the time, you could be looking for a home for weeks or even months. In a strong sellers’ market, you can expect multiple offers on any reasonably priced home in a decent neighborhood. With that being the case, you should try not to fall in love with any particular house knowing that there will more than likely be stiff competition competing for that house. It is recommended that if you do find a house you are interested in, you make sure to go view it as quickly as possible and submit an offer shortly thereafter. In a strong buyers’ market, you may have the luxury of houses sitting on the market for a very long time. There is often no rush to submit your offer and you may be able to find multiple homes that you love. Your realtor should have a feel for the market conditions and should offer you advice on the urgency and price at which you should be submitting offers to have a reasonable chance of them getting accepted. Just remember, the home buying process is a marathon, not a sprint, so be prepared for the ups and downs of the home buying process.
Buying a House in Oxnard
If you are looking to buy or sell residential real estate in Oxnard California, feel free to contact me at any time. I also help clients in Ventura, Camarillo, Port Hueneme, and the rest of Ventura County. I can even help you buy or sell condos, townhomes, or rental properties. I can be reached by email at AinlseeCharles@gmail.com, or by filling out one of the forms on this page. You can also give me a call or send me a text anytime to 805-232-8503. I will be happy to help you in any way that I can.