With the dawn of another new year just around the corner, will California real estate continue to grow and prosper?
Based on an extremely hot California housing market, the answer is likely to be a resounding yes!
According to the California Association of Realtors, the price of housing actually fell in 2018 – particularly in some of the state’s major metropolitan areas like Los Angeles, San Diego, San Francisco, and San Jose.
However, based on Zillow’s rankings, California as a whole has been given a 9.6 out of a possible 10, as well as a forecast of 8.3% price growth overall. So, what exactly is driving the “gold rush” for property purchases in the Golden State?
One key catalyst is that, in addition to those who are seeking housing as their personal residence, California continues to be an attractive market for both U.S. and foreign property investors. This, too, can equate to some stiff competition for available inventory, which in turn means that over the coming year, housing prices are anticipated to rise again.
It also doesn’t hurt that California has once again been noted as the “most prosperous state” in 2018, along with being considered the world’s sixth largest economy. On top of that, the state offers desirable weather, miles upon miles of beautiful coastline, and a plethora of parks and recreational areas. Based on Zillow’s research, California also has fewer home owners with negative equity in their properties, as well as fewer delinquent mortgages.
If you’re looking for property in the Bakersfield, California, or surrounding southern California locale, give us a call. We can locate the perfect match for you – and, with access to both advertised and non-advertised listings, we could even help you to find a hidden treasure.