Southern California real estate is on a high. This surge in demand has graced the commercial as well as residential segments. The revival is coming after the great bubble burst of 2008 that sent the sector into a cold slump.
There was a 20 percent increase in transactions in May 2012 and the median price became a 20-month high. According to Jon Walsh, president of Southern California HomesDataQuick, “the spurt in sales for Southern California is driven by low interest rates and an improved economy.”
Thus home sales went up in San Diego County and Los Angeles County with the median price for houses increasing 5.4 percent in the whole of South California from $280,000 to $295,000.
As things are changing there is jubilation in the market with many agents and consultants asserting that the market is in the pink of health now and the emerging market signals are trustworthy.
Attractions of Real Estate
The Southern California real estate market holds many attractions. They include:
• Excellent Locations
• Wonderful Weather
• Entertainment Options
• Good properties
• Many Picnic hotspots
A buyer will never regret the purchasing of real estate in California. There are multiple reasons for it. It gives an escape from cold weather conditions unlike the coastal regions elsewhere. Most people prefer warm climate. Southern California can fascinate any visitor with its warm weather and pleasant surroundings. The scope for unlimited entertainment is plentiful by way of San Diego’s sports festivities, famous museums and good zoos.
Good property mix is yet another attraction. Besides expensive properties southern California also offers options like condominiums closer to the beaches and ocean. This is affordable and is quite a value for money option in housing.
Make a Profit
The analysts and brokers are encouraging buyers by citing at least three reasons to show the revival as genuine.
• No cheap loans floating in the market
• Housing Inventory is very low
• Reduction in distressed properties
Those looking for San Clemente Real Estate exciting properties are now up for grabs. San Clemente, lying in the southern part of the Orange county is extremely business friendly and has headquarters of many business corporations.
A survey conducted by Market Research Group Trulia, is reassuring. It says 60 percent of people expect prices to rise in the next year. Rising prices are also swinging developers into action to create finished properties.
The indications of a housing revival are there. If the rising property prices can drive the construction sector to the erstwhile glory, the housing market will become the engine of economic recovery. The rising house prices can also facilitate mortgage- modification in the medium and long term.
Riding the customer optimism it is not out of place to believe that rising prices may finally peak in the next 10 years. It is very pleasant to see the battered markets like Las Vegas and Sacramento seeing soaring prices. Certainly this is good news for all!