The new Countrywide Real Estate developments in the housing marketplace have reduced the new and current household sales to file lows in California. In northern California and in the rural locations, actual estate and household selling prices have been holding regular with a slight drop in sales. Even so, the most major fall in new and current household selling prices and sales are in the southern 50 percent of the state and in the urban locations this sort of as San Diego, Los Angeles and San Francisco.
I see two to three year stagnation in the new household sales marketplace for California. Numerous new household builders have a substantial inventory of unsold models which results in a major fall in household values. This would make a prospective buyers marketplace with quite a few bargains to opt for from.
The current household sales marketplace is also affected by the substantial offer and small demand from customers of new properties in the household builders inventory. The regular property owner would like prime dollar for their house, nevertheless in present day marketplace this is most hard. The substantial inventory of new properties would make a hard condition for the property owner that wishes to market their house.
In California, the household and apartment rental marketplace is on the upswing, with quite a few new developments being below building.
The future outlook for the California actual estate marketplace is bleak and may possibly acquire a number of several years to rebound. Even so, thanks to quite a few beneficial belongings that attract household prospective buyers from other states, this sort of as weather and task chances, this carries on to make California a excellent relocation location.