Melissa Cummings Group

November 9


California Real Estate Facts You Should Know

Whether you are a first time home buyer or you are an experienced real estate investor, there are a few California Real Estate Facts you should know. These facts will help you decide whether it is a good time to buy a home in California.

Home prices are 2.5 times higher than the median home price

Almost half of Californians say housing affordability is a problem in their own part of the state, according to a new report. In fact, the cost of buying and owning a home has been rising faster in California than in the rest of the country for the past several decades.

In 2010, the average price of a new home in California was more than two and a half times higher than the national average. This was true for both inland and coastal communities. The typical price of a new home in Riverside-San Bernardino County was more than three and a half times higher than the national median.

While it’s hard to pinpoint a single factor driving these trends, a closer look at household level data suggests that higher prices are associated with higher crowding rates.

San Francisco home prices rose.5% to $1,250,500

Despite the recent downturn, San Francisco home prices have steadily risen over the last several years. This is the result of increasing demand for housing in the city, which is also driven by the tech industry.

While other parts of California are experiencing price declines, the Bay Area has not seen as much, largely because of the shortage of available homes. The number of new construction permits is slowing down, which means that supply is not growing with demand. However, the average sale price of a home in the Bay Area has continued to increase, as have prices in neighboring towns.

During the recession of 2007-09, San Francisco home prices fell slightly. However, they climbed again after the economy started to recover. Now, with a stronger economy and more people looking to purchase homes, prices are expected to rise.

San Bernardino home prices fell.1% to $480,000

Despite the strong economic growth in California, home prices are starting to decline. While a few communities in the Bay Area saw price increases, the majority of the counties saw a decrease in year-over-year home prices.

The average price of a home in San Bernardino County was $480,000 in October. This was a slight increase over the previous month, but still a significant drop from last year’s figure of $525,000.

The smallest year-over-year increase of the past 29 months was recorded in October. The California median price was $801,190 in October. The number of homes sold also declined, marking the fourth consecutive month of decline.

A change in the mix of sales and the tightening of lending standards continue to put downward pressure on home prices. However, the tight housing inventory has resulted in a statewide median price that set a new record high.

Home financing is a common barrier for people dreaming of owning a house

Whether you’re a first-time home buyer or you’re a veteran who is relocating to a new area, you’re likely to encounter several barriers in the home financing process. Buying a home is a long-term investment, and there are a number of ways to help you through the process. Many programs are available at the local level, while other options are available through nonprofit organizations.

Pre-approval is a key step in the home financing process, and it helps you determine how much you can afford. Lenders evaluate your income, credit history, and assets before approving a loan. Depending on your circumstances, you may be required to provide documentation such as W-2 statements, investment account statements, and bank statements. If you are a military member, you can receive a VA loan, which does not require a down payment and does not require mortgage insurance.


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