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Oct 30, 2023 · If you're wondering whether it's a good idea to buy a home in the Golden State, we break down the pros and cons. Discover if buying a house in California aligns with your goals and if it's truly worth the investment.
- Renée White
- Rent vs. Buy in California
- The 4 Biggest Challenges of Buying A House in California
- How to Get A Great Deal on A Home in California
- FAQs About Buying A House in California
Because of the extremely high home values in California, saving up your down payment can take a while. Many people may even prefer to rent long-term instead of buying in a high-priced market like California. The truth is that whether renting or buying is better for you is going to depend on how long you plan to live where you currently are. 👍 When...
📈 The Housing Market is Competitive
The California housing marketis one of the most competitive in the nation, and California housing prices are among the highest in the U.S. According to Zillow, the median home value in California is a staggering $790,475. That’s more than double the U.S. median home valueof $344,141. Bidding wars are common in California home sales – and many of these high bidders are paying in all cash. A recent Redfin reportlooking at metro areas in which homes sold for six figures over the asking price mos...
💰 You May Need a Jumbo Loan
With prices this high, you may need a jumbo loan to finance your purchase. Because Jumbo loans are a little riskier than smaller mortgages, they usually require a larger down payment, and may also have a higher interest rate. A jumbo loan is a mortgage used to finance expensive properties that won’t qualify for a conventional loan. Also known as a “non-conforming conventional mortgage,” they’re in an amount greater than the maximum amount set by Freddie Mac, Fannie Mae, and the FHA for loans...
The best way to get a great deal on a California home is to work with an experienced real estate agent who knows the local market. They can help you in a number of ways: 1. Provide insight into the local housing market 2. Find homes that haven’t yet been publicly listed by networking with other agents 3. Advise you on how to make a strategic offer ...
Is it Smart to Buy a Home in California Right Now? In California, home values have skyrocketed to record highs, with many homes selling above the asking price. Although it may be expensive to buy now, prices could climb even higher in the future. If you plan to stay in the state for more than five years, buying will allow you to build equity and av...
- Save for a down payment. The average down payment on a new home in California was $103,000 in the spring of 2022. That’s a staggeringly high sum if you’re on a tight budget, but you probably don’t need that much cash to buy a place here.
- Get preapproved for a mortgage. Getting preapproved for a mortgage is a crucial piece of buying a house in California (or anywhere, really). It shows that a lender has done a preliminary review of your finances and is likely to loan you a certain amount to buy a home.
- Find the right lender. You don’t necessarily have to get your mortgage through the same company that offers you a preapproval. In fact, you will want to compare multiple lenders to determine who can give you the best rate.
- Find the best local real estate agent in California. Your lender helps you get the money you need, but an agent helps you find where to spend it. Working with a real estate agent gives you professional, expert guidance as you navigate the challenges of being a buyer — local pros know where to look based on your budget, and how much to offer once you find something you love.
6 days ago · The good news: 24% of Californians could afford the median-priced condo/townhouse in Q1 2024. The bad news: you'd still need a healthy income of around $167,600 to manage the $4,190 monthly payment on a $655,000 condo. California vs. The Nation: Affordability in Perspective.
Apr 13, 2023 · Is it worth it to buy real estate in California? California has one of the most expensive housing markets in the United States , with high median home prices and relatively high property taxes and insurance costs.
Ultimate Guide to Buying a Home in California. Everything first-time home buyers need to know about buying a home in the Golden State. Let's make home possible. REALTORS® help make it...
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Sep 28, 2023 · The California real estate market is one of the most expensive in the U.S. that’s adjusting to higher mortgage rates and rising inflation. However, the Golden State housing market remains healthy...
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