Home Buying in 93030>Question Details

Janice, Home Buyer in 93030

We sold our home in Oxnard at the peak in 2005 and moved to the central valley, where we bought our home at the peak. We really want to move back to

Asked by Janice, 93030 Fri Oct 9, 2009

Oxnard but would lose a substantial amount, although not all of the money we invested in our current home. Is it wise to take to lose in order to gain by purchasing in Oxnard while prices and interest rates are down, or should we wait until we can recoup some money in our current home?

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Hello Janice,

It's all relative; when the price of your current home has risen enough for you to feel you haven't taken a big loss, the price of the one in Oxnard you wish to purchase will have gone up, too. As a matter of fact, since Oxnard is coastal property, the one you want to purchase will have gone up in price higher and faster than the one you want to sell.
These things are never all about money; the bigger question is.....where do you want to lay your head down every night? Where do you want to awaken every morning?
Interest rates are very low; prices are forecasted to rise in 2010 in Oxnard; these aren't easy decisions, but really, I think the Oxnard home will be more expensive when you are ready to try to recoup your money in the Central Valley
I'm here to help you on this end and can recommend a reliable broker where you are living now. What ever you decide....good luck and happy house hunting!
1 vote Thank Flag Link Fri Oct 9, 2009
Hello Janice,

I am checking in with you to see if you are still thinking about making a move back to the Oxnard area. Please call me to discuss the options that are open to you, including taking advantage of the new State of California tax break for people buying a home that has never been lived in after selling their primary residence.
0 votes Thank Flag Link Tue Apr 6, 2010
It's a wash...sell low...buy low...plus your property taxes will be a smidge lower if you buy your new home in Oxnard before the prices begin to creep back up.
0 votes Thank Flag Link Fri Nov 6, 2009
Janice,
I agree with Heidi regarding Oxnard as a better investment. However, I approach real estate as a landlord, and have noticed that Oxnard is a fairly unique city, when compared to the rest of Ventura County (overall).

You see, the number of homes sold to low-income, stated income Buyers with Option ARM mortgages was phenomenally high. This caused a surge in prices in the 25% or more per year range. Well, during the correction, (2005-2008) one could take a "walking tour" through entire neighborhoods devastated by foreclosures. Homes prices in Oxnard have returned to levels last seen in early 2002. However, the rest of the County is generally at the price point we saw for homes selling in early 2003 (just before the option ARMs became prevalent).

So, given that data, one would likely be able to predict a substantial amount of "equity adjustment" in favor of Buyers that take advantage of this apparent pendulum swing. Another tip: Buy in a tract that was built in 2004-2007, as most if not all of these homeowners were induced by 100-105% financing and have lost their home, unfortunately, to a short sale or foreclosure. So, these prices in newer tracts will tend to be even lower today than in surrounding neighborhoods. Once we return to a more normalized market (2012?), you will be the proud owner of a newer home with modern amenities and a lower tax basis. Good luck in making that decision. We can sell houses, but only you can by a "home" ...
0 votes Thank Flag Link Fri Oct 9, 2009
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