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California Is Still A Hot Real Estate Market
Realty Times Feature Article by Blanche Evans
While some locales may have cooled slightly due to the dot-com meltdown, the California energy crisis, an uncertain economy and other factors, California is experiencing overall increases in sales and property values according to a new report by the California Association of Realtors
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The "2002 Market Pulse: Survey of California Home Sellers" shows that the desire for a larger home, job changes, a desire for a better location and changes in family status were primary reasons behind California homeowners' decisions to sell.
"According to our research, 57 percent of sellers said their primary motivation for selling was the desire for a larger home, followed by 18 percent who sold due to a job change," said C.A.R. President Robert Bailey. "With the median home price in California increasing 25.5 percent in May (from May 2001) to $321,130, it's no surprise that 85 percent of homeowners cited recent increases in home prices as an external factor in their decision to sell. Moreover, 82 percent cited anticipated future increases in home prices as a reason they were selling."
The report, based on responses by recent home sellers, also showed that 17 percent of sellers desired a better location, with 8 percent selling their homes because of changes in family status. The report also listed external factors in their decisions to sell which included recent increases in home prices (85 percent), anticipated future increases in home prices (82 percent), recent low mortgage rates (65 percent) and anticipated future increases in mortgage rates (30 percent).
According to the report, not a single home seller surveyed believed that prices in California have peaked.
Click here to read more about the California market
Buying New Makes Sense
One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.
Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.
New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.
Click here to read more about "Why You Should Buy New".