Real Estate Trends California
The Facts About California real estate Investing
It would seem to most people that there would be few opportunities for California real estate investing. The state has one of the highest costs of living of all the states in the country. While this increase in cost of living keeps many Americans from moving out West, there are still some people who make the state their permanent residence. There is constantly an influx of people moving into the state of California creating a constant demand for real estate. This demand is what keeps California investing an opportunity for real estate investors.
For successful investing in California property, investors much keep a consistent watch on the real estate trends. While there are some cities in the state that will always be popular, those cities that present the biggest opportunity for investing are always changing. Investors must pay close attention to market trends in these cities.
In California real estate investing, there are some key factors to pay attention to. One of these factors is the average days on the market for homes. This number lets investors know how long they can expect for a home to stay on the market before it is sold. If the number decreases over a period of time then the market is speeding up and it is a good time to invest. On the other hand if the average days on hand is increasing, the market is slowing. Investors that currently hold properties should sell to keep from losing money in California real property investing. In the case that time on the market is increasing, investors in California real estate might need to adjust the price of their homes to make sure they are selling.
Sacramento and San Diego are two key markets that are slowing. California real estate investing in either of these markets is not advised. Investors that already have these markets real estate in their portfolio should divest the properties quickly. The exception is if the properties are rentals rather than homes for sale. However, if the homes are intended to be sold, the best time to do so is now. Waiting to sell the properties could result in losses.
Condominiums are one type of property that never seem to lose steam in California. In most cities, even those that overall home sales are declining, purchase of condos are still on the rise. The California real estate investing market is safe for condos.
Oakland, San Francisco, and Riverside are a few cities that are safe for California real property investing. Despite the decline in many other California cities, these continue to display signs of growth. In the past, California real estate has proven to be trendy. Residents do not remain interested in one place for an extended period of time. While investors will be able to make a profit in these areas for the time being, they should not expect for these markets to be profitable for long.
For the best opportunity for success in California real estate investing, investors should study the markets for a period of time prior to making any transactions.
About the Author
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If you had to buy a home right NOW in your area, would you be able to afford one?
Since October 2003, I have watched the price of land as an indication of the inflation of real estate. In October 2003, it was still possible to purchase land in my county for under $2000 per acre. Now, that same acerage is pushing 12,000+ (no utilities installed, either). That’s a 6x increase in 2 1/2 years. I’m tapped out of any hope in this market.
So, how is it for you? Any future in homebuying in your area? Still going strong? Salaries keeping pace? Inflation not a factor yet?
What is your general area (like Southern California…Upstate New York…) and how have the trends been lately AND if you had to start over & buy anew, would you be able to get a home?
071007 8:43
Land in the Houston area has been steadily rising, but not at ridiculous rates. Yes, I could buy land and/or a house now. It would stretch my budget a tiny bit more than when I bought this house 5 years ago, but it would be doable.
2,100 square foot house in a gated community with lots of upgrades (outskirts of Houston) still goes for about $175,000.
Please be aware that the big controversy in Texas is that appraised values on homes are capped at 10% per year. Many home appraised values go up almost 10% every single year. This is killing folks! Your mortgage payments (if you escrow taxes) can go up a hundred bucks a month EACH YEAR! That $175,000 house typically carries a tax bill of about $4,000 per year.
Most family neighborhoods are going for $75 to $100 per square foot.
I believe that an acre of land is about $7,500 to $10,000 near town, and as low as $2,000 if you get out in the country and buy farmland.
Banking Trends and Careers, Part 1 of 4 (Careers)
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