California residents who are not married to their partners may have few legal protections when it comes to purchasing a home with them. Therefore, it may be a good idea to create a written agreement as it relates to what happens if an individual splits with a partner. If a split were to occur, a contract could determine who moves out or if the house is sold as a result.
Homeowners in California who are saddled with two mortgages may find it easier than they think to sell their home. The process of selling a home with two mortgages is similar to that of selling a home with just one mortgage, but it is important to be aware of all the facts.
Many people shopping for a home in California feel the mismatch between their earnings and home prices. The increase in home prices since 2011 has outpaced a modest rise in wages. According to government data, home prices went up by over 20 percent since a peak in March 2007 before the housing market collapse. During the same period, people have only experienced gains in wages of under 10 percent.
Millennials and other first-time home buyers prefer smaller starter homes over the large homes that developers built throughout California in the past decades. Many Baby Boomers who bought them in the 1980s and 1990s have been met with sluggish demand when they listed their "McMansions" in this seller's market.
California residents may believe that they are out of luck if they can't find a house by September in a given year. However, the fall months may actually provide an opportunity to purchase a home. During this time, there may be fewer people actually looking for properties, which may result in fewer offers for homes on the market. When a home receives multiple offers, the price might be driven up.
California residents often dream of purchasing a home of their own. It can be exciting to visit homes for sale and to make the decision to place a bid. Many home buyers also find that waiting to find out if an offer has been accepted can be a bit stressful, particularly when they have to wait more than a few days to get a response.
California residents may have noticed that home prices keep climbing even though incomes have largely failed to keep pace. According to data from CoreLogic, 46 percent of the top 50 housing markets in the United States were overvalued at the end of July 2017. A market is overvalued when home prices are more than 10 percent higher than what is considered a long-term sustainable value. Only 16 percent of markets were undervalued while the other 38 percent were considered a fair value.
The number of people signing contracts to buy homes climbed in California and other western states in July, but this was not enough to assuage the growing fears of industry experts. The number of new residential real estate contracts across the country as a whole fell in July for the fourth time in five months, and analysts are putting the blame on dwindling supplies rather than unfavorable economic conditions. A robust and growing economy, healthy employment figures and low mortgage interest rates continue to fuel the demand for houses. However, buyers in many of the nation's most active markets are finding few suitable properties to choose from.
Senior citizens may feel a bit foolish looking to purchase their first home, but the truth is there is no reason to feel this way. Buying residential property is an investment like any other, and it can provide a payoff by helping people of any age meet their personal goals. A report from the National Association of Realtors found that people over the age of 52 made up nearly one-fourth of first-time buyers, so California seniors should not feel out of place in making this move.
Orange County and the rest of the extended LA metro area is among the favorite American housing markets for prospective buyers from China. According to a recent report conducted by Investorist, an online platform for real estate transactions, Chinese buyers are the most dominant foreign investors in the United States housing market, and they cannot be dismissed as opportunistic buyers.