Real Estate Recovering in California?
Saturday, April 4th, 2009
There are numerous signs that the real estate industry in California is recovering.
Sales are up. Inventories are down.
Conforming loan amounts are up. Mortgage loan rates are down.
Tax credits for purchasing homes are up. Prices are down.
And, while many talking heads are still babbling about the bubble bursting in the real estate industry, savvy buyers are quickly and efficiently buying the homes they never dreamed they would be able to afford. This trend is starting to get noticed by the more sophisticated media.
Yesterday, CNNMoney.com posted an article stating there are signs of a reawakening in the housing market in California. “Signs of Life in California Real Estate” discusses how the increase in sales, lower inventories, lower prices and lower mortgage rates could be turning around the real estate markets of California. Les Christie says “all of those factors add up to a more optimistic forecast for California, which is seen as a harbinger of things to come for the rest of the country.”
From personal experience, I can add that there is an improving level of consumer confidence exhibited by prospective purchasers visiting the sales offices of our San Diego and Riverside new home communities. Questions about state and federal home buying tax credits, loan programs and delivery schedules are opening topics in our model homes. Frustration with the lack of responsiveness to short sale and foreclosure offers have buyers looking more seriously at new home offerings.
Whatever factors have sparked your interest in new homes, realize that now is a great time to buy a new home and visit a Brookfield Homes community for more information.
Things are certainly improving in California and many other markets across the nation. I’m glad to hear that you’re noticing confidence increasing, it plays a major role in our economy and will be an essential part of a recovery.
The new study on builder confidence shows that builders are more hopeful also; I hope things continue to improve.
Jayson,
As additional evidence of the improving buyer confidence, over 35% of the California Tax Credit has been requested and over 600,000 first time home buyers have taken advantage of the Federal Tax Credit. Those are impressive numbers!
Steve