A home purchase is not like buying a dishwasher – you can’t just “return” it if things don’t pan out the way you planned a few weeks down the road. Once you’ve sealed the deal, you’re stuck. And while this is usually a good thing when you find the right home, it’s important to place a few contingencies in the contract before you agree to take over ownership and commit yourself to a mortgage.
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The current California housing market can be described in so many di erent ways. Right now the state is experiencing an inventory crunch, and housing a ordability is a real problem. Housing action is starting to shift inland as supply in coastal areas remains tight. But what about the people who make up the California housing market? Let’s have a closer look at the individuals who are part of the buying and selling process in California real estate for 2016.
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Getting approved for a mortgage these days is nowhere near as easy as it was before the economic debacle back in 2008. Lenders are a lot more stringent in their mortgage lending criteria, and for good reason: they don’t want to get stuck with a pile of loans in default. About one-third of all mortgage applications are denied by lenders, according to the Mortgage Bankers Association. And half of refinancing applications are also rejected.
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Millennials now make up the largest proportion of the population in the US at over 80 million. With so many of these 20- and 30-somethings, one could only assume that they’d simultaneously make up a large part of the real estate market. But that’s not necessarily the case. Millennials are taking their time testing the waters of the housing market, for a variety of reasons.
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Housing prices in California have long been higher than most other states in the US, and the gap just seems to be getting bigger. Unfortunately, that’s driving many blue-collar and middle-class residents out of the state.
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Whether there are tons of competing listings in your neighborhood or you happen to be in a slow market, making your property stand out from the crowd is crucial to a quick sale. And while an affordable listing price may be the first thing that buyers may be attracted to, there are plenty of other tings you can do to lure buyers to your listing and get your home sold quickly.
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If there’s any state in the US that has experienced a sizzling hot real estate market over the recent past, it’s California. 2015 was a stellar year that brought significant growth and milestones in California’s housing’s recovery.
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California’s housing market has been through an extended period of tight inventory, high prices, and mediocre housing affordability. But the numbers are teetering in our favor, no matter how gradual and slow the improvement. All in all, the overall housing market in California improved in 2015 from 2014 with sales increasing, affordability improving, and foreclosures on the decline.
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All-cash sales have surged across the country, and Bay Area cities are realizing some of the biggest spikes.
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Home is where the heart is. But it’s also where the money is. Your home is more than just a place to lay your head at night and raise a family. It also comes with a number of financial perks, even though you may have had to take out a loan in order to buy […]
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