In a news release dated June 15, 2015, the California Association of Realtors (CAR) reports that the statewide price for an existing single-family detached home rose by 0.8%, or $485,830 in May from April’s $481,880. This was reportedly the fourth consecutive increase this year and the highest it’s ever been since November, 2007.
Despite the rise in prices, the CAR said that the spring home-buying season has remained solid, with even higher results for the fourth consecutive month. CAR president Chris Kutzkey explained that this may be due to a sense of urgency on the part of buyers to get into the market before mortgages skyrocket and increased Federal Reserve rates are felt. With costs within the income of buyers, regional sales in the state will show more improvements for this year.
The effects of softened home values last spring may still remain this summer for you to benefit from. Here are a few tips for buying a house in the state.
Know Your Needs
Before looking for homes for sale in Menifee, CA and elsewhere, your needs and priorities in buying a house should always be considered, like proximity to work, public transportation, school and other essential amenities. It’s also important for the cost of your ideal home to fit into your affordability, otherwise, you will have to adjust to meet your actual purchasing power. A basic tip in narrowing down options is that the amount of mortgage you have to pay should not exceed the third of your monthly net income.
In line with this, finances also have to be prepared and this includes getting mortgage pre-approvals, a good credit history and getting rid of all financial obligations.
Consult a Professional
Real estate brokers Team Robinson are natives of the Valley. They have the experience to guide you through the whole process from choosing among many houses for sale in Menifee, CA all the way to closing the deal. These professionals ensure that their clients receive their desired home with the right value.
Steps to Buy a House in California. Homeguides.sfgate.com.
California home sales soften in May but spring home-buying season continues momentum. Car.org. June 15, 2015.