California tends to be a trend setter. The arts, technology and fashion are often cited, but could the State also lead the real estate market to recovery?
Some uncertainties remain about the housing market: home value fluctuations are continuing in hard hit areas, tight lending criteria makes it difficult for borrowers to find financing and uncertain unemployment continues to undermine consumer confidence.
Despite those concerns, this may be a great time to buy a home due to state tax credits, low interest rates and more affordable prices. California inventory is still relatively low compared to other states, which typically fuels price gains. Sure, you might have a harder time finding a pool in the neighborhood you like, but the point is, houses are moving again. People are looking for bargains and finding them.
The California Association of Realtors reported that California’s February 2010 median home price is up 14% from the low point in February of last year. Traditionally, home buying season starts in April.
California sweetened the prospect of buying a home with a $10,000 state tax credit beginning in May just in time to replace the expired federal tax credit.
No one knows the future, but experts are coming to a consensus:
If you’re in the market for a home and you have stable employment, this could be your chance for a great deal at a great rate.
If you’re in a house with an adjustable-rate mortgage and you have the equity required to refinance, you may want to fix your rate.
With a phone call and a few minutes, our real estate representatives can pre-qualify you for a home purchase. Knowing how much you qualify for will help narrow your search and give you an added advantage when it comes to making an offer. If you’re already a homeowner and are looking to lower your interest rate or convert an adjustable rate loan to a fixed rate, we’ll give you a free mortgage analysis to see if we can save you money.