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Southern California Real Estate Market Update
Hi It’s Monica Diaz and Jay Campbell, welcome to Our Video Blog!
Today we wanted to talk about the current state of the Southern CA Housing Market.
It’s actually quite robust. With interest rates dropping again, it appears there is a frenzy of Home Buyers rushing in to purchase properties. And why not?
In another video coming from us, we’ll outline the 5 reasons purchasing is cheaper than renting. Yes you heard that right. It’s much cheaper to purchase right now with interest rates at HISTORIC LOWS and the cost of renting BRUTALLY HIGH.
There is talk in the media of a potential bubble in housing due to the recent run up in prices in the last 12 months in select areas of So Cal. The Monica Diaz Team says DON”T BELIEVE THE HYPE!
In this article from Pro Tek Valuations they state the following: “The Los Angeles metro area has appreciated 48 percent over the past five years, and while it’s an impressive run, it's far from housing bubble territory.”
Pro Tek goes onto say their data shows bubbles don’t happen until a market appreciates 150 percent or more for five straight years. Their forecast for the next five years still shows home prices in the Los Angeles market seeing a steady uptick, but remaining well below their 2006 peak.
Maybe the most fascinating piece of data from the same article is the comparison of today’s LA median home price ($449,300)which is still well below its peak of $551,500 in the fourth quarter of 2006.
It’s also important to know Pacific Rim Capital and its investors are expected to continue to invest in So Cal Properties for at least the next 5 years. Understanding this, it’s hard to forecast anything but continuing growth in areas where the Pacific Rim population groups are growing.
Let’s not forget the primary driver of appreciation in the California metros-the limited inventory of homes, which often leads to bidding wars. In fact according to the LA Times (yes you can read that paper online web) All nine metros have four or less months of remaining inventory.
if you’re a potential seller or even considering buying property-it’s hard to imagine you should wait any longer.
As always, if you or any of your friends or family or even a member of your Social Network Communities like Facebook is looking to buy or sell a property-REMEMBER-MONICA MAKES IT HAPPEN!
