A small city near San Francisco, Vallejo, was recently called the hottest market for housing in America. This high residential real estate ranking came from an online real estate site back in June. This might come as a surprise to some since Vallejo actually became the biggest California city to declare bankruptcy during the Great Recession of 2008.
Over the years, Vallejo has developed a reputation for featuring squalor and crime. In fact, it was called a miserable and dying city by Forbes and Newsweek, respectively. However, now the city that briefly served as the state capital from 1852 to 1853 is making a major comeback.
Part of the reason Vallejo is so popular these days is because young professionals who cannot afford homes in San Francisco are viewing Vallejo as a viable alternative for home-buying. Business owners and community organizers have worked hard to keep the city going strong, with the downtown undergoing a revitalization. As a result, the city is now actually considered a desirable destination.
Home buyers who are interested in the San Francisco Bay Area very well may find promising residential real estate buying opportunities in Vallejo. However, even the most exciting of deals can quickly turn sour or fall through if the buyer does not understand the process or misses an important step along the way. An attorney can help with each step of the homebuying process, including crossing all t's and dotting all i's, to ensure that one's ultimate goals are achieved in the competitive California real estate market.
Source: businessinsider.com, "Tour the obscure California city that's suddenly the hottest housing market in America," Melia Robinson, Aug. 1, 2017