The California Housing Market scene is definitely doing way better than other states’. Perhaps the fact that the Golden State is the home of rich Hollywood folks plays a great part in it.
A lot of people still have that California dream and believe that the ideal life they want can only be found in this glamorous state, so part of realizing this dream is establishing roots in California soil. This means new home sales for an even healthier home market.
“But is the California housing market going to improve further? How long is the upward projection going to last?”
Real estate professionals say the California Housing Market will continue to improve.
However, most of them can only foresee good performance until the early part of next year.
Their 2017 projection is a 3.2% increase in the median home price; not a bad prediction, considering how a lot of homes for sale in the previous years had to slash their selling price by a significant amount due to the lingering effects of the global recession.
Now, if you’re a buyer and you’re concerned about how much it will cost you to purchase a home and you’re asking, “Are interest rates going down this week?”, the positive projection remains even if mortgage industry experts say probably not.
Buyers can still count on low levels though, but interest rates are expected to either increase slightly or simply plateau, and toward the end of the year, rates will likely reach 4.5%.
While it would definitely be better if interest rates would take a dip, the scenario is still not discouraging.
If you want to keep track of the variations with the interest rates, get updates from home financing companies because they are always on top of market movements.
A lot of them are active on social media and they share useful information for sellers and buyers of real estate.
It’s worth noting as well that another reason why the positive climate of the California housing market is expected to last well into the coming year is because of the decreased rate of unemployment in the state.
With more people having the financial means to purchase their own home, this really will propel growth for the market.
Suffice it to say, while things can still be better for the Golden State’s housing market, current conditions are workable and it’s something that investors should take advantage of — and that members of the housing industry should be happy with.
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