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.
Californians who are involved in the real estate market might be interested in learning that the sale of existing homes fell by 1.8 percent nationwide in June. While fewer closings occurred, that does not mean that the demand for homes fell. Instead, experts say that the process slowed because of a tight supply of homes combined with a price growth that has made it more difficult for buyers to find homes to purchase that fit their budgets.
According to a report from the National Association of Realtors, 71 percent of homeowners in California and the rest of the country believe that now is a good time to sell a home. This degree of confidence is higher than what was reported among homeowners in the last quarter and a year ago.
California residents who want to become residential property owners need to approach real estate purchases with caution, as these transactions deserve careful consideration. For instance, buyers should think about whether they might resell their home in the future and remember that their needs may change as their family members age.
According to a study by Apartment List, 70 percent of millennials around the country have less than $1,000 for a down payment on a home. Fewer than 30 percent of those between the ages of 25 to 34 would be able to save 10 percent of a home's purchase price within three years. Furthermore, only 15 percent would be able to do so in the next year.
The pace of home sales in California and around the country generally picks up during the spring and summer months, but recent reports suggest that today's buyers have a dwindling supply of houses to choose from. Desirable homes are being snapped within days of being listed, and bidding wars are becoming increasingly common. The problem is especially acute at the entry level, and realtors say that it is not uncommon for sellers to receive a dozen or more offers for affordable properties.
California residents who have purchased a home know that completing a residential real estate transaction involves signing copious amounts of documents and dealing with a profusion of legal issues. Deciding how residential properties will be titled is a crucial consideration when more than one buyer is involved, and understanding the differences between joint tenancies and tenancies in common can prevent bitter legal disputes should one of the buyers die.
California residents who wish to challenge a tax assessment may meet with an assessor to make their case. However, the request must be based on solid evidence as opposed to a general complaint that the rate is too high. For instance, it may be possible to get a reduction if the assessment was based on an extra bedroom or bathroom that the house doesn't have.
Buying a California home for the first time can feel overwhelming, but prospective purchasers should keep in mind that they can remain in control of the process throughout. First, it is important to decide how much to spend including closing costs. A person who is interested in a particular house might want to see what comparable homes are worth. Prices may be driven up or down by the local real estate market.
When buying a home in California, it is important to have it inspected by an independent professional. This is because most homeowners will present their homes in the best possible light to prospective buyers, which means that an individual may not see its flaws right away. Typically, the inspection process occurs either before making a formal offer or after the offer has been accepted.