The Chicago Tribune published a new article that is both interesting and helpful. They provided a snapshot of what the real estate market looks like in each state. Below is what they had about California.
Why is the below information important or relevant? It gives you an idea of the market you are stepping into. Whether you want to sell, buy, or invest. It may sound like a cliché, but knowledge is power. The real estate market is extremely active and competitive right now. Understanding the facts and figures can be a huge advantage for you, especially if you want to buy a home or invest in property.
Total housing units: 14,367,012 – Everything already built across the state.
Occupied housing units: 13,157,873 (54.9% owner-occupied, 45.1% renter-occupied) – This gives potential investors an idea of how big the renter market is in California.
Vacant housing units: 1,209,139 (1.2% homeowner vacancy rate, 4.1% rental vacancy rate) – The vacancy rate may not seem like it is low, however, considering how high demand is right now, it is quite low. This is gives you an idea of the type of advantage you have as a seller right now.
Median rooms per house: 5.0 – Bedrooms 4.5% no bedrooms, 13.8% one bedroom, 27.1% two bedrooms, 33.2% three bedrooms, 17.1% four bedrooms, 4.3% five bedrooms – Three-bedroom homes being the highest number is an indication of what is popular in the state. An investor or developer can use this information.
Average household size: 2.9 – This makes sense since three-bedroom homes are the highest number.
Median gross rent: $1,614 – If you plan to rent your property out or if you want to see the differences being paying rent and paying a mortgage.
Median homeowner cost: $2,421 with mortgage and $622 without mortgage – As a buyer, seller or investor knowing the median expenses in the state is useful.
Average days homes are on the market: 66 (308, 867 homes currently) – Once again for California, which is so densely populated, this is a small number, but you still have a chance to find the perfect home.
Current median listing price of homes in California: $525, 000 (7.9% less than 2020, 5.0% greater than 2019) (Source: Shutterstock) – We were already aware that the market is still pretty hot this year but not as hot as 2020.
Are you still unsure how this information can help you? That is perfectly normal, and the reason why we are here for you. We can not only help you break down the information and increase your knowledge, but we can also use this information to act in your best interest. Contact us at Amin Vali Real Estate Investment and talk to us about all your questions and concerns.