Two words alone have, rightly, loomed large in discussions about California’s housing market this year: inventory and affordability. A tight supply of homes available for sale has helped to keep strong upward pressure on home prices, which in turn has caused further deterioration of affordability in the state. As housing becomes more expensive, and the cost of living between expensive central areas and outlying counties expands, people begin to make decisions on the trade-offs between living farther out (and in larger houses) and commuting longer to their jobs. For your next purchase or rental who’s got your back? Subscribe and/or Follow me on Twitter for strategies to navigate the housing market!
June, July and August are considered peak sales months for real estate so it is a surprise that sales cooled in July of this year. As VERY strong demand in rentals persists, this might be an early sign of buying demand weakening by California house consumers.
California real estate moves higher in June. Is the economy getting stronger or is lending getting easier?
Take a look! Home pricing is getting MORE expensive! The median price of a home has now reached over $500K statewide! What is driving the growth in pricing? Take a closer look! Sales of single family homes DECREASED from last year and the previous year! From my conversations more homeowners are staying put, making housing more scarce and driving prices of existing homes higher. Many homeowners are taking advantage of lower property taxes by holding onto what real estate they have instead up trading up or down. Questions? Email me for more assistance on how to buy or sell a home in this market!
This is an honest explanation of how the 2008 housing crises was able to happen from a home buyers perspective and challenges traditional thinking about buying houses as investments.2008 Housing Bubble
I hope everyone had a safe and enjoyable Memorial Day weekend – but so much for taking time off – this weekend was a WORKING weekend! For those searching for rentals just know that the rental market is heating up – HOUSES ARE RENTING QUICKLY! With inventories of rental single-family homes down, it is more challenging finding a rental that doesn’t already have an application on it. But Don’t get frustrated, get prepared! DRIVE THE SIGNS! It may sound like a waste of time but being in the right place, at the right time is how renters are scoring their next home! We showed a 4-plex in Torrance California this weekend and received multiple applications for the same unit – but only 1 applicant had a copy of their picture ID, 4 weeks of pay stubs, and a blank check for the application fee. Guess who’s in the front of the line for the unit? It was another lesson that if you plan on attending a house rental viewing, come prepared!