Image via WikipediaThose who are thinking of relocating to California should first find out as much as possible about the current real estate market. First determine if it is a buyer or seller market in that location. A buyer's market usually is defined as a market that is favorable to the buyer. In other words the homes that are selling in the area have been on the market for a long period and the seller is ready to deal at any price. A seller's market is more favorable to the seller. Homes in the area are selling fast in a seller's market and buyers are eager to buy a home. Here are a few important facts about the California real estate market.
Living cost in California are higher and many presume that real estate is also high. This is not always true. One should seek out the popular areas that also have great investment homes. According to recent statistics favorable areas to invest in real estate are Oakland, San Francisco, And Riverside. These areas show signs of improved growth. Sacramento and San Diego are seen as very bad real estate areas.
Recent statistics show that overall home sales in California actually improved during the last few months. Statistics also show that the average price for a sold home in California was $270,000. This is an 9.8 increase over a year ago. Showing the sad state of the economy, most sold homes were recent foreclosures. Statistics also show that foreclosures on homes in California have decreased slowly over the last year. And the typical mortgage for an average home in the state was about $1, 125.00, a slight decrease from a year earlier. The current trends in the California real estate market seem to be stable at present. But of course this could easily change at a moments notice as more and more people enter the real estate market.C
By Sid Merkle
Published: 7/21/2010
