Tips on buying a new condo & townhome home in Sacramento, CA
California Market Defines, Defies Stratosphere
Realty Times Feature Article by Broderick Perkins
All during the recession California proved itself a Golden State, breaking home price record after record. Even as the recession wanes, waxing fears of higher interest rates and inflation, the records just keep falling.
Like the Energizer rabbit that keeps going and going, the nation's most populous state enjoyed closed sales in March that boosted the median single-family detached home price to a yet loftier record -- $305,940, according to the California Association of Realtors
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"The residential real estate market is the 'sweet spot' in California's economy and is a manifestation of consumers' confidence," said CAR president Robert Bailey.
The new price represented an 18.8 percent gain in altitude -- catapulted by a 13.1 percent thrust in sales -- compared to the same period a year ago, CAR reported. And with a median price that's only $56,000 cheaper, condo prices skyrocketed 21.5 percent, fueled by sales 38.5 percent greater than last year -- all that in a massive geographic area. California is the nation's third largest state.
"If you take a look at California from North to South, there were median increases in almost every region in the state. Housing is truly helping the overall economy," said Bailey, also broker-owner of the three-office Bailey Properties in Santa Cruz.
Click here to read more about the California real estate 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".