Why You Should Invest in a Home in California in 2021
Market Report Videos - By Property Wire
The pandemic is still here and has taken its toll on many businesses. Yet, real estate seems to have been the same if not better. Low mortgage rates have been introduced to the market to keep real estate alive given the limited supply and a significant demand in homes. One state that is doing great despite the pandemic is California which is home to almost 40 million people.
Historically, mortgage rates have always been higher in California compared to most other states in the country due to its popularity and high interest in cities like San Francisco and Los Angeles. However, the population of California has not changed much since 2019 according to some reports. In contrast, its population has decreased since as many as 200,000 people have chosen to move to other states to downsize and lower costs. California’s real estate market managed to finish 2021 on a high note with new records in median home price.
The pandemic and its subsequent restrictions including lockdowns resulted in open houses being cancelled. When there is no show there are no buyers. However, technology seemed to be able to help real estate. Virtual home tours and videos allowed real estate agents to promote homes and as a result people could continue buying homes despite the pandemic.
The same trends can be seen in other states across the country as well, where technology serves all. However the strongs housing demand within California has made it one of the most popular states in the country.
Although the mortgage rates are still low, you do not have to hurry to buy a home in California since the mortgage rates are not to increase any time soon now, at least for the next couple of months. On the other hand the increase will not be that significant. Your best bet would be to tread carefully like you would do so before the pandemic.
If you are looking to buy a house in california you might do as well in the beginning of the year or in the winter months where home sellers are in a hurry to sell their home. However, remember that homes in cities like los angeles and san Francisco are expensive. So if you are running on a limited budget you might as well consider cities like Sacramento, Oakland, etc.
