The Southern California real estate market is booming. According to DQNews, median home prices in the region have risen by 10.1% in December compared to the same time last year. Sales also rose by 29%.
This is likely because many white-collar workers who did not suffer any economic challenges and have been working from. Many were bound to become first time home buyers anyway, and many of them were encouraged to look for more space and upgrade.
This was bound to happen, however, the lack of inventory, construction interruptions, wildfires and potential sellers not putting properties on the market, the buying surge is amplified and prices are going up. The record low mortgage rates are also a big factor.
According to the LA Magazine, the 30-year fixed mortgage rates hit 2.77% last week which is remarkably low and extremely encouraging to buyers. Buyers could pay hundreds of dollars less on their monthly mortgage payments compared to if they had bought the same exact property and the same exact price last year, simply because of changes in the mortgages rates.
The predictions for the 2020 housing market were hugely outperformed, although 2021 may not have the same amount of a “boom” the 2021 real estate market is predicted to continue to be a shining light in a (hopefully recovering) economy.
If you are hearing all this exciting news about the real estate market but you are not sure if the news applies to you, or if there is an opportunity that will be helpful to your real estate future and plans, all you need to do is talk to a professional. Amin Vali Real Estate Investment can consult with you with no commitments and give you the information and knowledge you need to make a decision that will fit your real estate plans.
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