Home Prices Haven’t Risen This Fast in 45 Years
Every year, real estate prices naturally go up. But things haven’t been so normal over the past couple of years. In 2021, California’s median home price jumped by an estimate of 20.3%. Contrast this to the expected rise in 2022 — 5.2% — and we can clearly see that real estate in the Golden State is clearly in high demand. Our team at CalSun Mortgage is here to detail what is happening in the market and how you can navigate it.
LA vs the rest of America
It shouldn't be a surprise to find out that the average California home is priced at a rate higher than that of the average property in the rest of the country. The state is one of the most recognizable locations in the nation with numerous landmarks and attractions. However, the rate at which California rates compare to the rest of the USA is remarkable. Relative to the rest of the median national home prices, California prices are close to 2.5 times higher.
Demand vs Supply
The drastic difference between the California market and everyone else can be explained by supply and demand. There is more demand to live in the California sun than there is supply to home everyone.
Record Low Mortgage Rates
The record boom in home prices, however, can be explained by a different factor: mortgage rates. To accommodate the demand for California real estate, mortgage lenders are providing record-low mortgage rates.
Choose CalSun Mortgage
To join this California gold rush, choose the best mortgage lender Los Angeles has to offer: CalSun Mortgage. With over 30 years of experience in the real estate and lending industry, we are some of the most reliable figures on the market. For a range of loan options, give our team a call.
If you are on the search for a home in the Los Angeles area, there is no better mortgage lending company than CalSun. Our expertise in the Los Angeles market is unparalleled. Contact us today to learn more!