Looking to buy in Southern California?
According to The Real Estate Media, if you are looking to buy a home in Southern California, you should expect to pay higher prices than were available last year.
Just last month in May, Southern California saw a 20% increase in home sales and we hit a 20 month high for the median price in homes.
DataQuick President John Walsh recently commented, “The market is being slowly nursed back to health by low interest rates, a modestly improved economy and, we suspect, a widening sense that the housing sector is at or near bottom”, in regards to the increase in real estate sales.
According to DataQuick, home sales in San Diego County alone jumped by a whopping 21.5 percent in May when compared to the same month a year ago. Home prices increased even more in Los Angeles by 25.3 percent, when compared to a year ago. For all of Southern California, real estate sales increased by 20.6 percent in May and the media price for a house went from $280,000 to $295,000 – a 5.4 percent increase.
There are various factors which are contributing to the increased prices for the Southern California coastline. Low mortgage rates have helped improve the economy and having home prices at a near or bottom low make home buying perfect at a time like this. In mid 2007, the median home price was at $505,000. Now, it is around $295,000 – a 40 percent decrease.
For those whom have held off on buying a home because of the thought that prices will continue to drop, the bottom of the price decrease is here. Buyers are now seeing the evidence of recovery kicking into gear across the state and those who held back before, are now purchasing the home they’ve been saving up for.
Housing affordability in Southern California is about as good as it will get with the combined low housing cost and all time low point in the interest rates for loans. Now is the time to buy, as if we haven’t said it before! Contact The Lawhead Team to receive expert advice on buying your next home.