5 Things You Need to Know About the California Real Estate Market
Are you thinking about moving to California? It’s the land of sandy beaches and celebrity encounters, but the California real estate market can be complex. Are you a property owner in California and want to know the best time to sell your home or other property?
California is a beautiful and diverse state filled with big cities and breathtaking countrysides. If you want to sell your California home, then you need to know about the housing market and how it can impact your price and odds of selling your home.
We created this guide to help you learn five important facts about the housing market in California.
California Real Estate Market: Now’s A Good Time
While sales in late 2021 were down compared to the beginning of the year, housing sales are still the best seen in over a decade. California is an important state with many opportunities both personally and professionally.
People still flock to the state to follow their dreams and retire in the warm sunshine. In 2022, don’t expect this to stop and only increase as the year goes on.
Real Estate Prices Skyrocketing
California is known for its high home prices, but that hasn’t stopped people from buying up properties at premium prices. There has been double-digit growth in home and property prices over the last few years and that is expected to continue.
Houses are not sitting empty for long despite the increase in overall prices. In fact, homes are selling so fast, it’s leading to many homebuyers being shut out of the market cause the supply isn’t there.
Good Lending Environment
While home sellers have a lot to look forward to in 2022, so do home buyers. It’s a favorable lending environment with many 30-year fixed mortgages maintaining a 3.5 percent interest rate or lower.
While much of the country is suffering from inflation, California’s economy is healthy and vibrant. This keeps the overall interest rates from growing unlike much of the country.
High Asking Prices
While the prices for many homes are seeing a massive jump, the low supply is also making homebuyers provide bids higher than the asking price. They know the home goes to the highest bidder, so they’re willing to exceed the asking price if it means getting the home.
Houses are getting into bidding wars as multiple buyers seek the same home. This is great news for home sellers so sell your house here.
Where You Move Matters
The median home price and price increases change depending on where you look. San Francisco Bay has an average price of $1.2 million with a yearly price increase of 13 percent. Los Angeles Metro has a median price of $720,000 and a 15.2 percent yearly price gain.
Take a Chance on California
The California real estate market is hot for both buyers and sellers. Homes are flying off the listings in less than two weeks and people flock to new listings. Interest rates are good for buyers and home prices are great for sellers.
If you want to learn more about California housing, then please explore our site.