Good News For California
California has created more new jobs between September 2010 and September 2011 than any other state, with the creation of 250,700 additional jobs. The state has more high tech jobs as well with over one million, and it is home to 53 the fortune 500 companies. That is why the demand for living in California is so high. Right now, housing prices have never been so affordable throughout the Southern California market, and Simi Valley is no exception. Buyers have been choosing Simi Valley as their place to call home for this very reason. In fact, Zillow reported that the median sales price for a home in Simi Valley as of September 30, 2011 was $354,500, with the median list price of $395, 000. There were a total of 187 homes sold. California mortgage rates on a 30 year fixed rate mortgage are averaging around 3.92%. With rates so low, buyers have no excuse not to buy their dream home.
Historic low interest rates and affordable home prices are just two good reasons why buyers are taking advantage of this market to find their dream Simi Valley properties. Sellers are motivated as well and are offering all sorts of incentives to buyers to entice them to buy their home. For those of you who are interested in distressed properties, there still is a large selection of foreclosure and short sale homes to choose from in most price ranges and neighborhoods. You should be able to find luxury homes as well. Your Simi Valley Realtor can help you with all your home buying needs by putting you in touch with a reputable mortgage broker or lender that can help you get pre-qualified so you know where you stand and how much home you can afford. Your Realtor will then be able to narrow down the homes that only meet your criteria and help you with the negotiations with the seller and their agent.
In fact, according to recent studies conducted at a 2011 Realtors Conference and Expo, the conclusion was that over a 31 year and 23 metropolitan area study, the ownership benefits of appreciation and interest deductions revealed that homeowners accumulate more wealth than renters. Also owning a home enhances personal happiness and price and reduces crimes according to industry studies. A homeowner’s net worth according to the Federal Reserve Board is 45.9% more than that of a renter. People who plan on staying in a home for a long time benefit much more by buying a home than renting. A study conducted by Johnson, Beracha, Hilla Skiba and Mark Hirshey determined that since housing affordability is at all time records, with 23 states at a 30 year record level of affordability and all 50 states at a 30 year affordability for mortgage payments, homeowner is much more affordable now than it has been in the last 30 years. So if you are thinking about purchasing a Simi Valley home, now is one of the best times to do so especially, towards the end of the year when sellers and lenders holding REO’s are extremely motivated to sell their properties.