Buyers who recently purchased a home in Southern California with a mortgage found their payments lower – $1,084, down from $1,101 in August and $1,177 in September 2010. Record low interest rates make home buying conditions even more attractive.
Housing sales for 2011 are on track to parallel the volume achieved in 2010, when half the year’s sales were boosted by federal and state incentives. In fact, unsold inventories are at 5.1 months on hand… in many price ranges (first time buyers), inventory is 3 months or less.
Many investors are snapping up homes without paying for a mortgage – a whopping 59% of non-occupying home buyers paid cash for homes in September.
By any measure, it’s a great time to buy a home, especially in Southern California.
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Prudential Real Estate, Southern California
Mortgage, Title, Escrow, Insurance, Home Warranty, Relocation
