The California Real Estate Market: An Overview
As with all real estate markets, specifics vary a great deal depending where you look. The California real estate market is no different. However, the real estate market in defined locations such as cities and states can be explained and generalized. Although, because of the variations within these defined situations generations should be taken as just that – an overview of what the real estate market in these large, defined locations are like – these overviews can still provide great insight into what there is to know about the real estate market. In this case, the California real estate market.
The Role of the Foreclosure Property
Like much of the country, for the next several years, foreclosures will be a major factor that impacts home values throughout the state of California. On average 2.0 out of every 10,000, California houses are foreclosed on. While this number might seem high, it is well below the national average of 3.1 houses out of every 10,000. In comparison to the majority of the country, the real estate market in California seems exceptionally hopeful and prosperous with only 0.1% of homeowners owing more money on their home than the property is actually worth. In 2007, more than 20% of homeowners throughout the country were in this position.
Property Prices within the California Real Estate Market are going to Continue to Rising
Over the last few years the cost to buy a home has increased noticeably throughout the entire country. In the state of California, home values have gone up more than 6% in the last year alone. In the upcoming year, home values are expected to continue to rise, albeit at a slower rate of just under 3%.
Housing Styles
Often, when people think of California real estate they think of beach side living, picturesque views, and lots of sunshine. While these are definite aspects of living in California, residential real estate in California varies tremendously, with many areas catering more so to the demand for real estate in general than living by the ocean. It is because of this, that housing styles such as apartment style condominiums, and multi-level town homes are becoming more and more popular. This is especially true in the more urban areas, and communities closer to the heart of Los Angeles. As you move further out into the more suburban areas, the more traditional split-level bungalows and ranch style homes can be seen, along with the unique charm and architecture that they have also become well-known for. For those looking for beach side living communities like Malibu, and Long Beach remain among the most in-demand and acclaimed areas for such a lifestyle.
The California real estate market, like several others throughout the nation, has experienced dramatic changes because of the number of foreclosures that have taken place. Thankfully, the overall statewide real estate market has improved, while prices are continuing to rise so too is the demand for residential real estate of all kinds, from apartment style condominiums to large family homes, the state of California has something for everybody.