The year 2018 is expected to be a positive one for home buyers in California and other parts of the United States. Residential real estate experts said they expect more moderate increases in the prices of homes this year combined with increasing inventory levels. At the same time, unemployment is low, and consumer confidence is high, which translates to potentially more buyers who feel financially secure.
The current landmark tax legislation has already passed through the Senate and Congress. Now, it is on its way to be signed by the president. A recent survey indicated that many Americans across the United States, including several in California, are nervous about how the law will impact the ownership of residential real estate. Even so, they plan to continue buying in the new year.
Those who have homes near busy roads may naturally view their locations as a detriment during the home-selling process. However, selling a residential real estate property on a high-traffic street offers several benefits. In addition, selling such a house is indeed possible in California.
Ten years ago, the Great Recession took place after the real estate market crashed. Fast-forward to today, and data show that the current residential real estate market looks a lot like the one that triggered the recession. Still, there are many differences between the pre-recession market and the modern market in California and other parts of the United States.
Selling a home can be both an exciting and an overwhelming process in California. Even the most gorgeous of homes may scare away potential buyers if they feature some overlooked issues. A few tips may help those interested in selling residential real estate to seal the deal.
After Labor Day, the statistics show that people in the Bay Area get to work on home buying and selling. According to Mansion Global, an international real estate publication, September is the hottest month for luxury real estate in San Francisco in recent years, and a slumping real estate market hasn't kept high-end buyers away. What does this mean for both real estate agents and prospective property owners?
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.
Many cities in California, including San Francisco, continue to be strong in the area of real estate. In fact, in some parts of the southern part of California in particular, the prices of homes have reached record highs. This may be exciting news for both residential real estate buyers and sellers in the Golden State.
For more than 60 consecutive months, home prices in Southern California have been on the rise. For instance, over the past five years, condo prices have increased by about 76 percent in Los Angeles and Orange counties. Residential real estate prices in this part of the state are expected to continue to go up in the near term as well, which means homebuyers or home sellers in San Francisco may benefit from taking action in the real estate market now.
Homebuyers are buying up a large number of homes in California, particularly in the southern part of the state. These in-demand residential real estate properties are valued at over $1 million. In fact, four counties in the southern portion of the state had more than 21,000 sales of million-dollar homes during the 12-month period ending in April -- an 11 percent increase from the previous year.