What Homeowners Need to Know About the Current Real Estate Market in The Channel Islands Harbor

October 11,2021 | Posted By Arlene Beckwith in Real Estate
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Are you looking to sell or buy a home in Channel Islands Harbor, Oxnard, CA? To make educated decisions, it is best to learn about the current happenings in the area's housing market. Here, we have gathered vital facts about Harbor's real estate and what you should expect in the future. But before we delve into these facts, let us catch a glimpse of Channel Island Harbor's economic drivers.

An Overview of Channel Islands Harbor Economy

Channel Islands Harbor is a favorite residential and vacation destination for several individuals who serve its businesses that account for significant economic activity in the region. In 2016, these businesses generated approximately $74m in sales. Between 2012 and 2016, Harbor businesses recorded a compound annual growth rate(CAGR) of 6.3%. The growth rate was projected to clock 4.2% per year for the next five years to give $92m in the total market value of the area's sale activity. However, the COVID-19 pandemic is sure to disrupt the projected growth significantly.

The largest industries in the region ranked in order of employee count include full-service restaurants, real estate, other recreational sectors, water transportation, shipbuilding and repair, and wholesale trade.

Annually, Channel Island Harbor operations and households generate about $28m in taxes to Federal, County, State, and local governments. Property tax accounts for the largest portion of Harbor's taxes.

There are new projects expected to boost Harbor's economy incredibly. Among the most popular ones is Fisherman's Wharf project comprised of 400 units, a 1000 square foot promenade, a one-acre park, and 36,000 square feet of office, restaurant, and retail space. Another one is the Hyatt House Project, geared to replace the old Casa Sirena Property with a 5400 square foot restaurant and a 260-room hotel. With that in mind, let us dive into Harbor's housing market.

What is the Housing Market Like Today?

With the COVID-19 pandemic wreaking havoc on the US economy, most individuals are holding back from buying or selling commercial and residential properties.

However, for the risk-takers, 2020-21 is a reasonable period to invest in the Channels Islands Harbor real estate. Both sellers and buyers enjoy little competition. Homes on sale draw more interest, while prospective home buyers get the opportunity to grab remarkable properties below the market value.

A critical concern for potential homebuyers in Channel Islands Harbor is the financials. As a buyer, you will need to take care of several upfront expenses, including property cost, repair costs, closing costs, insurance, and more. In your quest for favorable home financing, it is best to explore several mortgage options.

The good news is that interest rates are continually dipping. As of 28th October 2020, the average 30-year fixed mortgage rate and 15-year fixed mortgage rate stood at 3.03% and 2.46%. With a 20% equity on a property, you enjoy lower interests than a homebuyer financing a larger portion of their purchase. While the interest rates are relatively favorable to borrowers, the present economic situation poses a huge risk to lenders when borrowers default on their loan payments. For this reason, lenders have put in place stringent loan eligibility requirements.

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What Does the Future Hold for Channel Islands Harbor Real Estate?

In the current economic situation, no expert can precisely tell what the future has for Channel Islands Harbor housing market. However, most financial experts foresee an economic downturn marked by shocking jobless claims and very distinct from any previous recession. However, by learning more about the Channel Islands Harbor housing market and partnering with competent real estate agents in the area, amassing real wealth from this market should not seem daunting.

The Channel Islands Harbor Homes

Prospective homebuyers can leverage the buy low sell high strategy, where you acquire a property below market value and sell at higher at a later date. It is highly recommended to cash in distressed properties. But you will want to avoid foreclosure auctions due to the likelihood of finding homes with serious repair needs. Instead, look for properties being sold by distressed individuals and not listed in the market—for example, a house belonging to a divorcing/separating couple or relocating family. It is time to make a final decision before the prices plummet further for individuals thinking about selling a property in Channel Islands Harbor.

Embark on a remarkable home selling or buying experience by partnering with Arlene and Keith Beckwith, Channel Islands Harbor real estate experts boasting decades of experience and a portfolio of over $500m worth of sold properties. Contact us at 805-338-4466 or 805-338-3363 to learn how we can help with your property needs.

What Options Are Available to Home Sellers?

Are you ready to sell your home in Channel Islands Harbor? You will want to learn about your selling options. To get started, ask yourself the following questions.

  • Are homes in Channel Islands Harbor selling at the asking price, or sellers have to lower their prices to score a sale?
  • What is the average time it takes to sell a home in your community?
  • If you are selling in the traditional manner, have you considered closing costs and agent commissions sellers pay?
  • With your property fixed, what costs will you incur to list your it in Channel Island Harbor MLS (Multiple Listing Service)?
  • Do you have the resources to wait, or would you rather sell your home now?

 

Working with a direct buyer is the best option for individuals trying to sell a Channel Islands Harbor property. With this strategy, you avoid costs and time wastage synonymous with hiring an agent and traditionally selling a home.

What Can You Do as Home Buyer?

Homeowners are indeed more reluctant than ever to sell their homes with the current economic uncertainty. But this does not eliminate your chances of finding an incredible deal or two in Channel Islands Harbor's housing market. According to Zillow data, presently, there are 35 homes for sale in Channel Islands Harbor, ranging between $375k and $3.2m. Seventeen of these homes are single-family units.

Whether you want to invest or find your dream home in Channel Islands Harbor, at Arlene and Keith Beckwith, we can help you find a property specific to your housing/investment need and budget. We excel in passing deals to ready buyers. Doing so, we sell homes relatively quickly and reduce miscellaneous expenses such as commissions and marketing. Our ultimate goal is to make every party involved in the transaction emerge a winner.

Learn More about Channel Islands Harbor Real Estate

If you are a potential home buyer or seller and would like to discover the options available to you, Arlene and Keith Beckwith can leverage their decades of expertise in the Channel Islands Harbor housing market to help you convert your vision into a reality. Reach us at 805-338-4466 or reach us by cell: 805-338-3363 or message us online to find out more about our real estate services in Channel Islands Harbor, Oxnard, CA, and get reliable help with your investment or housing needs.