5 Facts That You Should Know about California Real Estate Trends before Renting an Apartment
With a population of over 38.8 million, California is considered the tangible version of paradise. Encompassing some of the most lavishing slices of real estate that you could ever dare to imagine, superb oceanfront properties and even modest condos that are far from being affordable, this state offers extremely diverse for rent and for sale properties tailored to each price point and manages to please the widest segment of potential buyers and tenants. In this context, would it be a smart move to invest in a California-based house or apartment? You don’t have to be an experienced real estate agent to figure things out; you just have to analyze recent real estate trends, pay attention to new predictions and determine how they could impact your future plans. Here are some facts that you should take into consideration before making your first move.
- Prices Have Gone Up. As a Forbes article points out, price tags carried by California-based properties have managed to reach pre-crash levels; in some cases, prices actually succeed in eclipsing the ones that were set by buyers before the apocalyptic collapse. This means that very few people with limited financial means can enjoy the perks of ownership. On the other side of the coin, when owning a house or apartment is not a valid option, renting a new roof over your head could represent the best alternative worth considering.
- Reasonably Priced Pieces of Real Estate Can Be Difficult to Spot in the Largest Cities. Families with a modest income will inevitably have a hard time targeting affordable for rent or for sale properties in some of the most sought-after Californian cities. In San Francisco, San Diego and Los Angeles, home values are witnessing a rapid growth that may take most prospects by surprise. When buying or renting a slice of real estate in these overcrowded areas is not an option, you could always focus your attention on smaller or less populated Californian cities that could provide equally tempting employment opportunities and accommodation options without forcing you to break the bank to pay rent each month. For instance, the median home value in Fresno is estimated at $178,100, while the median rent price is in the $790 range. Less than $800 spent on rent is a real bargain, taking into consideration the fact that a San Francisco-based rental could cost you anywhere from $3,000 to $5,000 and up on a monthly basis.
- Several Factors Will Make It Even More Difficult for Prospects to Buy a Place of Their Own. Wondering why buying a house or apartment in California has almost become a mission impossible? The past actions of investors who have profited from sales and foreclosures to turn properties into moneymaking rentals, scarce land (especially in some of the most desirable neighborhoods from San Francisco or Los Angeles), and deep-pocketed foreign buyers that keep inflating the prices by stimulating sellers to raise the bar too high are just a few of the negative elements that stop so many middle-class families from owning a house or apartment in California. Very limited land available for new developments is one pressing problem that is difficult to address in a satisfying manner. When old properties are being demolished, they are usually replaced in no time with new shiny ones that are two or three times more expensive than their predecessors. Therefore, there are quite a few obstacles standing in the way of California’s residents who are contemplating the idea of becoming homeowners. Nonetheless, stumbling across a convenient rental represents an event that is more likely to occur. With help from a professional apartment finder, one could identify and compare different California-based rentals in their neighborhoods of choice, filter and save their searches and come in contact with landlords and property managers at a touch of a button. Clearly, exceptional client-oriented apartment finding services have changed the way in which individuals fish for bargains on the local rental market, making it possible for everyday people to find a decently-priced house or apartment for rent in less than a week.
- Renting a Place in California Is a Good Choice for a Number of Reasons. For those who actually dislike any type of long-term commitment and aren’t very fond of the idea of putting down roots in one place, renting a Californian house would be a good call. Rentals offer tenants the highest level of flexibility and freedom of choice. Ownership may ensure a certain level of stability, but at the same time it also involves more than a few responsibilities such as mortgage payments, repairs and maintenance work; not to mention the fact that in today’s market some sellers may be forced to sell at a loss, which is a great disadvantage that each prospect should factor in before pouring money into a piece of real estate.
- Finding a Decently Priced Californian Rental Is Easier Than You Think. As a newcomer or a busy professional who knows very little or nothing at all about California’s real estate market, you are probably thinking about counting on the services of a real estate agent to find a good home for yourself and your family. This is only one option that you can explore if you’re interested in renting. On the other hand, the assistance offered by a reputable apartment finding service could be the cost-effective alternative to hiring a realtor. By analyzing the latest real estate trends, checking out recent listings and using a plethora of additional perks and features (such as 24/7 client support, iConnect feature ensuring a rapider connection between tenants in landlords in real time), you could spot and compare different for rent properties in the comfort of your home or office. With the support offered by Apartment Hunterz, California’s most popular apartment finder, you could maximize your odds of conducting a successful home hunt with minimal expenses.