While there are many opinions about the state of the housing industry, one thing we know is that prices are on the rise in Southern California. According to DataQuick, spring 2014 saw housing in California jump to its highest level since 2008. Just a year ago, buyers looking to purchase in Southern California could get a good deal. Those levels are starting to even out, but if the trend continues and housing costs rise, buyers thinking about moving toCalifornia should look to make their move soon.
Not only is Southern California popular among its current residents, but it is also increasing in popularity among the international community. According to the National Association of Realtors, real estate sales to foreign buyers reached new highs last year. The international community sees the United States as a potential investment opportunity and a place to educate their children. Southern California has proven to be a key destination for a number of international buyers from countries such as China, the United Kingdom, Australia, Russia and Mexico.
Before buying a home, ensure you’re making the right investment by comparing the cost of owning a home (property taxes, repairs, fees) to what rent would be in your desired neighborhood. Keep in mind that as a buyer, the process might take longer in Southern California as sellers hold on to their homes longer to get the full asking price, and fewer homes are on the market.