The real estate market has been a bumpy ride in 2007, and investors are trying to find out where the stability will be in the market for 2008. Some real estate prospectors are heading west to California, and with good reason. Here is the lowdown on why you should consider buying property in California as a residence or with an eye towards selling down the road.
Location and Buying or Selling California Real Estate
Location is the number one consideration when determining the value of property. California is on the coast and has access to the Pacific Ocean. The view of the Pacific from some California locations is indescribable, and the beaches are an appeal to residents and visitors alike. Those with property further inland can still find themselves with real estate that allows easy access to sports venues (Dodger Stadium, Angel Stadium) and popular tourist attractions (Disneyland, Hollywood).
California Real Estate and Job Growth
Job growth is an important indicator of growing real estate value. According to a 2007 study by the Milken Institute, Bakersfield, Vallejo-Fairfield and Sacramento were among the top 25 cities for large metro area job growth.
Industry and California Real Estate
Southern California is the prime location of the American film industry, meaning actors, directors and producers live there. In addition to the many jobs that filming a motion picture provides, the “celebrity atmosphere” offers a unique appeal for many potential residents.
Where to Buy Real Estate in California
If you’re looking to buy in California, consider San Luis Obispo, where the median home price for 2007 was around $440,000. The popularity of the Paso Robles wine country should continue to grow in upcoming years, providing increasing value for property in this area.
Where to Sell Real Estate in California
In 2007, the most overpriced market in the country was in San Diego, where the median single family home price was also around $440,000. While the housing market is always unpredictable and there are no guarantees, selling your San Diego property for something in San Luis Obispo might be a shrewd financial move at this time.
