1 in 7 California Home Buyers Thinks They Overpaid
Poll results released by the California Association of Realtors earlier this week suggest that a slew of homeowners in the state may be suffering from a bit of buyer’s remorse. According to the findings, 85 percent of buyers believed that the home they bought was worth the price they paid, while 14 percent believed the price was too high for what they got. As Builder Online reports, the median sales price of a single-family home in California is $432,570, which is up 10 percent from a year ago.
Are Houses in California Expensive?
Let’s start with the cost of living. California’s median home prices were over 88 percent more than the national median of $320,000 in March 2020! Meanwhile, the typical monthly rent for a two-bedroom apartment was over $1,900, which was about 55% higher than the national median of $1,200.
How to Handle Housing Costs in California
Make sure you can afford to rent or buy in your new city. Cross off all cities where your monthly housing payment exceeds a fourth of your take-home earnings.
This comprises principle, interest, property taxes, homeowner’s insurance, private mortgage insurance (PMI), and homeowners association (HOA) costs. Enter your down payment amount and explore different home prices within your budget.
Ask Rate Marketplace about a 15-year fixed-rate conventional loan. Any other mortgage will swamp you in interest and fees for decades.
Stay positive despite California’s high home expenses. The best real estate agents can help you find a home within your budget. We help you identify the top-performing agents that understand the obstacles of buying a house in a high-priced location. Their goal is to help you choose a property that allows you to achieve all of your financial goals.