Statistics show that the market for home properties was hot in the month of August in the state of California. This is in line with the normal activity of the residential real estate market in this season of the year. August usually sees a final burst of home-purchasing activity right before the fast-paced summer season draws to a close.
Houses that are for sale are being bought 2 percent more rapidly than they were around this time in 2015. In addition, prices are reaching new record highs. The median house listed at Realtor.com had a price tag of $250,000 recently, which is 8 percent higher than the listed amount last year.
Right now, since the school year has started, there has been a slight decrease in home buying interest. These current real estate conditions provide greater opportunities for frustrated purchases who are still in the market to more easily buy homes due to less competition. Multiple cities in California currently are among the top cities in the country for the hottest real estate markets, where houses are selling quickly and where buyers have shown a great amount of interest in available properties.
With California’s residential real estate market remaining hot, now may be a perfect time for people in the Golden State to try to find and purchase their dream homes. However, if deals are not approached in the correct way, they can easily fall through. An applied understanding of the law may help people to successfully navigate their real estate transactions and achieve their goals of homeownership.
Source: visaliatimesdelta.com, “Five hottest real estate market in California“, Mike Allen, Sept. 9, 2016