California may rank as among the best places to live in the United States. However, according to an Owners.com report, Virginia Beach was ranked as the top location to call home. Homes there sell for an average of 3 percent less than their list prices while rent in the region has only increased by an average of $7 in the past year.
Of locales in the top 10, rent prices only increased $26 in that same time period. This compares to a national average of $40 in the past 12 months. Owners.com also did an analysis of cities where the market was overheated and where conditions were better for sellers than buyers. Individuals would need to spend more than 33 percent of their monthly income on a mortgage in housing markets labeled as overheated. Of the top 10 most overheated markets, nine of them were in California with San Jose taking the top spot.
Los Angeles and San Diego were other locations on the list along with Napa and Santa Cruz. Sacramento and San Francisco were among the California cities that were most friendly to sellers. Portland, Dallas and Kansas City were also most favorable to sellers. As prices increase along the west coast, some believe that states such as Texas will become more desirable for buyers because of the relatively low housing prices.
When the sale of a residential property closes, the new owner is generally responsible for maintenance and other issues related to the property. The buyer is also generally responsible for tax, mortgage and homeowners insurance payments. Therefore, it is important that a buyer fully understand the terms of both a purchase contract and a mortgage contract. An attorney may be able to review those documents prior to closing as well as ensure that required disclosures about the home were made.