California’s State of the Real Estate Market
The California Association of Realtors (CAR) recently published a report on “The State of the Real Estate Market”. Some of the more interesting facts included the following:
- Price per square foot was $257, down 3.3% from December, but up 5.9% YTD
- Inventory at the lowest level since June 2004 with supply constraints crossing all price ranges (no surprise there!)
- Home prices started picking up in the second half of 2017
- California median home prices continued to grow at a fast pace with January 2018 median home price at $547,800, representing an increase of +7.3% over the same period last year.
What does 2018 hold for real estate in California? All signs point to a continued healthy market with inventory a persistent problem. In some cases, the issues that arise from this stumbling block can be mitigated by a bridge loan. In this instance, if a buyer finds the home of his/her dreams, but hasn’t yet listed their own home, our bridge loan program can provide the temporary funds necessary to secure the new home before selling their existing property. When their property sells, they can pay off the bridge loan and live happily ever after in their new home.
If you or someone you know needs help getting into the market or is looking to refinance their property, Sun Pacific Mortgage is here to assist with our Hard Money loan programs.
We have found financing for many who have been turned down elsewhere. Give us a call!