Buying A House In California 2017 «Tested & Working»
Cities like Vallejo emerged as top national performers due to their relative affordability compared to the surging San Francisco Bay Area . Regional Pricing Snapshot (Late 2017) Region/County Median Home Price Year-over-Year Change Statewide $549,560 (Dec) Orange County Los Angeles County San Bernardino County Riverside County Bay Area (Forecasted) Key Buying Tips for the 2017 Landscape
The average interest rate for a 30-year fixed mortgage was roughly 4.0% , a slight increase from the near-record lows of 3.6% in 2016. buying a house in california 2017
Buyers were encouraged to set aside 1.5% to 5% of the purchase price for closing costs, which in California include escrow fees, title insurance, and appraisals. Steps to Buying a Home | CA Housing Finance Agency - CalHFA Cities like Vallejo emerged as top national performers
Supply hit historic lows, with an "unsold inventory index" of just 2.5 months toward the end of the year—the lowest level since 2004. Steps to Buying a Home | CA Housing
In 2017, the California housing market was characterized by a severe inventory shortage that drove prices to record highs while slowing the pace of sales. Despite these challenges, the state dominated the national real estate landscape, housing many of the country's "hottest" and most expensive markets.
Competitive markets often resulted in multiple-bid situations. Buyers were advised to remain data-driven and avoid overextending their budgets.
California buyers are legally required to receive a Natural Hazards Disclosure Statement , which was particularly critical in 2017 as wildfires impacted regions like Santa Rosa .
Anastasia Matveyeva
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